The Hellenic Financial Stability Fund and the National Bank of Greece appear to have reached an agreement regarding the systemic bank’s administrative troubles. Reports indicate that the two sides have reached an agreement on the bank’s presidency, with Panagiotis Thomopoulos expected to remain in place.

During the general council meeting held last Tuesday, where the National Bank’s managing director Leonidas Frangiadakis attended, it was agreed not to carry out any changes in the senior administrative positions. Earlier Mr. Thomopoulos has been elected as bank president, against the HFSF’s wishes.

Although the HFSF has threatened to call an extraordinary general meeting where it could replace the entire bank management, it was eventually dissuaded by the Bank of Greece, as such a development could have a major affect on the domestic banking sector.