Institutional framework governing the establishment and operation of credit and certain categories of financial institutions

The Bank of Greece, pursuant to Article 55A of its Statute, exercises prudential supervision over  credit institutions, and certain categories of financial institutions. The left-hand menu provides extensive information on the institutional framework governing their establishment and operation.

The objective of supervision is to ensure the stability and efficiency of the banking system and, more generally, the financial sector of the economy. In addition, supervision aims at ensuring transparency of procedures and terms of transactions (see Bank of Greece Governor's Act 2501/2002, as currently in force).

The Supervisory Framework draws heaving on the relevant Community legislation, which is in turn consistent with the Basel principles. Specifically, Law 3601/2007 and Bank of Greece Governor's Acts 2630/2010, 2588/2007, 2589/2007, 2590/2007, 2646/2011, 2592/2007, 2645/2011, 2594/2007, 2595/2007 and 2635/2010 make up the new supervisory framework (Basel II), Bank of Greece Governor's Acts 2577/2006, 2595/2007 and 2597/2007, concern Internal Control Systems (ICS), including the auditing, the compliance and the risk management functions, the Pillar 2 (ICAAP and SREP) and other matters. Similarly, Banking and Credit Committee decisions, 281/5/26 March 2009, 285/6/9 July 2009 and 290/12/11 November 2009, constitute the institutional framework for the prevention of the use of the financial system for money laundering and the financing of terrorism, and other matters based on Law 3691/2008. In addition, the Bank of Greece Governor's Act 2640/18 January 2011, stipulates the supervisory data and information to be submitted to the Bank of Greece by the supervised entities and defines the persons that have a special relationship with the credit institution.

Credit and Insurance Committee (CIC) 

The Bank of Greece Governor's Act 2638/14 December 2010, amending the Bank of Greece Governor’s Act 336/29 February 1984,2008established the Credit and Insurance Committee (CIC), a body that consists of the Governor (president) the Deputy Governors and the Directors of the Department for the Supervision of Credit and Related Financial Institutions, the Department of Private Insurance Supervision, Legal Department, Government Financial Operations and Accounts Department Financial Operations Department and Financial Stability Department (members) The CIC performs, inter alia, the following duties: