Executive Vice-President Teresa Ribera, in a written answer on 3 July 2026, defended the independence of the monitoring trustee and the effective risk transfer under Greece's 'Hercules' non-performing loan securitisation programme, rejecting suggestions of conflicts of interest or inadequate oversight. The response, addressed to MEP Maria Zacharia (NI), aims to reassure stakeholders—including EU taxpayers, Greek banks, and investors—that the state aid approval conditions have been met.
The answer confirms that Greece committed to regular monitoring by an independent trustee under the 2019 Hellenic Asset Protection Scheme (HAPS) decision. Ribera stated that the Commission received a declaration from the monitoring trustee affirming no conflicts of interest and no improper contacts with banks. On risk transfer, she noted that a substantial portion of junior and mezzanine notes had to be sold to third-party private investors, excluding the originating bank, to ensure Significant Risk Transfer recognition by the European Central Bank.
However, the answer contains no concrete proposals for further review or transparency. Ribera declined to make public the independence assessment documents, monitoring trustee reports, or correspondence with Greek authorities, citing the presumption that disclosure would undermine interests protected under EU transparency rules. This leaves MEP Zacharia's concerns about potential undisclosed relationships between credit institutions, servicers, and funds unaddressed.
The policy orientation is one of defending the existing framework rather than tightening oversight. No institutional follow-up is signaled; the Commission appears to consider the programme compliant. The answer may face scrutiny from the European Parliament's Committee on Economic and Monetary Affairs, which could press for more detailed information or a review of the Hercules programme's implementation.