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Implementation

The ECB Decision was implemented into Greek law by Bank of Greece Monetary Policy Council Act 77/17.12.2010 “Authenticity and fitness checking and recirculation of euro banknotes; imposition of penalties for failure to comply with Decision ECB/2010/14 and Council Regulation (EC) No 1338/2001”.

Cash handlers, within the meaning of Article 2 of the ECB Decision and of Article 6 of Council Regulation (EC) No 1338/2001, are required to observe the rules and procedures on the authenticity and fitness checking and recirculation of euro banknotes laid down in the ECB Decision.

Any cash handlers not wishing to carry out banknote authenticity and fitness checks:

  • may not recirculate euro banknotes; and
  • will continue to have their euro banknote requirements met by the networks of the Bank of Greece or by any other cash handler that has carried out authenticity and fitness checks in accordance with the procedures laid down in the ECB Decision.

All cash handlers,

  • whether carrying out checks and recirculating euro banknotes,
  • or having their euro banknote requirements met by the Bank of Greece or any other cash handler,

are required to withdraw from circulation all euro banknotes received by them which they know or have sufficient reason to believe to be counterfeit, and to deliver them without delay to the local police authorities so that they will be forwarded to the “Hellenic National Analysis Centre” operated by the Hellenic Police.

Cash handlers are required to notify the Bank of Greece by 1.1.2011, according to the reporting modalities set out in the special IT Technical Specifications Booklet, of their start of operations in banknote authenticity and fitness checking and recirculation.

Furthermore, in order for the ECB and the Bank of Greece to monitor cash handlers’ compliance with the provisions of the ECB Decision and oversee developments in the cash cycle, cash handlers are required to:

  • notify the Bank of Greece before putting into operation a certain type of banknote processing machine; and
  • dispatch the information set out in Annex IV of the ECB Decision in the format defined in the IT Technical Specifications Booklet.

As of 1 January 2011 (effective date of the ECB Decision and of Bank of Greece Monetary Policy Council Act 77/17.12.2010), Bank of Greece Administration’s Circular 7/25.07.2003 on the supply of Automated Teller Machines (ΑΤΜs) with euro banknotes and Bank of Greece Monetary Policy Council Act 62/20.2.2007 on the processing and recirculation of euro banknotes are repealed. Moreover, any reference, in connection with euro banknotes, to Bank of Greece Governor’s Act 2484/27.12.2001 on the imposition of penalties on credit institutions and bureaux de change for failure to withdraw from circulation counterfeit euro banknotes and coins is construed as a reference to Bank of Greece Monetary Policy Council Act 77/17.12/2010.