Minimum Initial Capital
With Bank of Greece Governor's Act 2471/10 April 2001, that modified and codified former decisions of the Bank of Greece with similar content, the minimum initial capital required by the Bank of Greece to authorise credit institutions was increased.
The main elements of Bank of Greece Governor's Act 2471/10 April 2001 "Minimum initial capital of credit institutions" are as follows:
The minimum initial capital per category of credit institutions is:
- Credit institutions in the form of sociétés anonymes: €18,000,000.00;
- Credit institutions in the form of credit cooperatives referred to in Law 1667/1986 engaged:
a) within the prefecture where they are based: €6,000,000.00;
b) in neighbouring prefectures or the administrative district where they are based: €10,000,000.00; and
c) in the Region of Attica, the Prefecture of Thessaloniki or all the regions of the country: €18,000,000.00, i.e. the minimum initial capital for credit institutions in the form of sociétés anonymes.
- Branches of credit institutions based in non-EU countries:
a) one to four branches: € 9,000,000.00;
b) over four branches: €18,000,000.00, i.e. the minimum initial capital for credit institutions in the form of sociétés anonymes.
The level of credit institutions' own funds may not fall below the above limits throughout their term of operation.