October 30, 2015 / 9:32 AM / 4 years ago

Greece unveils bank recapitalisation bill, vote on Saturday

ATHENS, Oct 30 (Reuters) - Greece on Friday unveiled a bank recapitalisation bill that outlines how fresh funds will be pumped into its ailing banks to shore up their capital base.

The legislation was submitted to parliament a day before the European Central Bank releases the results of its health check on the country’s four big lenders.

The bill is expected to be voted on Saturday.

The bill states that bank rescue fund HFSF will have full voting rights on any shares it acquires from banks in the recapitalisation.

Under the bill the bank rescue fund will have a more active role, assessing bank managements.

The exact mix of shares and contingent convertible bonds the HFSF will buy from banks in exchange for providing state aid will be decided by the cabinet.

Reporting by George Georgiopoulos

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