Bank of Greece Administration and Decision-Making Bodies and Executives
General Meeting of Shareholders
Articles 11-19 of the Statute
It is the Bank’s supreme organ that represents all shareholders and binds them by its decisions. Held regularly once a year, not later than in April, it is the only competent organ for deciding on its own proceedings, as well as on the following matters:
- approval of the Bank’s Annual Report and balance sheet, appropriations to reserve and other special funds, fixing of dividends and any other disposal of net profits;
- election, or removal of members of the General Council and Auditors and fixing their fees;
- discharge of members of the General Council and Auditors from all personal responsibility;
- proposals to amend the Bank’s Statute, which are then submitted by the Government to Parliament ; and
- proposals on any other matter submitted to it by the General Council.
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General Council
Articles 20-27 of the Statute
It comprises the Governor, the two Deputy Governors, the other (three) members of the Monetary Policy Council and six Councillors. Entrusted with the general management of the Bank’s affairs, it is responsible to the General Meeting of Shareholders. The General Council within the limits of the Statute makes decisions and exercises powers not specifically reserved to the General Meeting of Shareholders, the Monetary Policy Council or the Governor.
List of members of the General Council
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Monetary Policy Council
Article 35A of the Statute
The Monetary Policy Council is responsible for:
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implementing the instructions of the European Central Bank (ECB) concerning the conduct of monetary and exchange rate policy,examining economic and monetary developments and discussing the implications of the monetary policy formulated within the framework of the Eurosystem; and
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deciding on matters concerning the operation of payment systems and systems for trading, settlement and clearing of over-the-counter transactions in financial instruments, as well as putting into circulation euro banknotes.
In performing its Eurosystem-related tasks, the Monetary Policy Council acts in accordance with the guidelines and instructions of the ECB.
The Monetary Policy Council comprises:
- the Governor of the Bank of Greece as chairman;
- the two Deputy Governors; and
- three other Members appointed for a six-year term by Presidential Decree on a recommendation from the Council of Ministers following an opinion of the Governor .
List of Members of the Monetary Policy Council
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Governor and Deputy Governors
Articles 29-35 of the Statute
The Governor and the two Deputy Governors are each appointed by a Presidential Decree for a term of six years.
The Governor chairs the meetings of the General Council and of the Monetary Policy Council; represents the Bank before judicial authorities; exercises permanent control on the Bank’s asset management and general business; decides on any matter not specifically reserved to the General Council or the Monetary Policy Council or governed by regulations issued by these Councils; and participates in the Governing Council of the European Central Bank. With the exception of matters specifically assigned to the Monetary Policy Council, the Governor decides on all other matters falling within the duties of the European System of Central Banks (ESCB). The Governor also exercises the powers (mainly supervisory) of the former Currency Committee, which, following the latter’s abolition, were transferred to the Bank of Greece pursuant to Article 1 of Law 1266/1982 (now Article 55A of the Statute – see below). The Governor may delegate any of his duties to any of the Deputy Governors.
The senior Deputy Governor replaces the Governor when absent or unable to be present to the full extent of his duties.
Governor: Governor: Georgios A. Provopoulos
Deputy Governors: Eleni Dendrinou-Louri, Ioannis Papadakis
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Banking and Credit Committee (BCC)
The powers of the Bank of Greece in the field of prudential supervision, as explicitly stated in Article 55Α of its Stature and Article 25 of Law 3601/2007, are exercised through Acts of its Governor or of bodies or officials authorised by the Governor.
In this context, according to Bank of Greece Governor's Act No. 336/29.2.1984, as currently in force, the Banking and Credit Committee is entrusted with the following tasks :
(a) to issue decisions pertaining to the Bank's tasks (whether such tasks are based on its Statute and Law 3601/2007, as currently in force, or have been conferred upon the Bank by Article 1 of Law 1266/1982, as currently in force), including but not limited to decisions regarding the establishment and operation of credit and financial institutions, as well as to take measures and impose sanctions and fines on non-compliant natural persons or legal entities; and
(b) to issue special decisions authorising, under Article 2(1) of Mandatory Law 1611/1950, as currently in force, the release of reserves held by public entities as defined in Article 1 of the aforementioned Law (enabling the use of the relevant funds for lending or for financing investments not fulfilling the requirements for public entities' investment laid down by specific provisions of law) with the exception of entities coming within the scope of Law 3586/2007 .
The Governor reserves the right to exercise, through Governor's Acts, any of the powers that have been conferred on the Banking and Credit Committee under Bank of Greece Governor's Act No. 336/29.2.1984, as currently in force.
The composition of the Committee is as follows:
Chairman: The Governor
Members: The two Deputy Governors
The Directors of the following Departments:
- Department for the Supervision of Credit and Financial Institutions
- Government Financial Operations and Accounts Department
- Legal Department
- Financial Operations Department
- Financial Stability Department
When the Governor is absent or unable to attend, Committee meetings are chaired by one of the Deputy Governors, as specified in Article 32 of the Bank’s Statute.
Secretaries to the Committee, and their alternates, are appointed from among the members of the staff of the Department for the Supervision of Credit and Financial Institutions.
List of Members of the Banking and Credit Committee
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