This section presents the supervisory function of the Bank of Greece in the new financial environment. Τhe Department for the Supervision of Credit and Financial Institutions of the Bank of Greece is responsible for the prudential supervision of credit and financial institutions, with a view to ensuring the smooth operation and stability of the Greek financial system.

The Greek supervisory framework draws heavily 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 2587/2007, 2588/2007, 2589/2007, 2590/2007, 2591/2007, 2592/2007, 2593/2007, 2594/2007, 2595/2007 and 2596/2007 make up the new supervisory framework (Basel II) and Bank of Greece Governor's Acts 2577/2006, 2595/2007 and 2597/2007, relate to the Internal Control Systems (ICS), including the auditing, the compliance and the risk management functions, to the Pillar 2 (ICAAP and SRP) and other matters. Similarly,Banking and Credit Committee decisions, 281/5/26.3.2009, 285/6/9.7.2009 and 290/12/11.11.2009, constitute the institutional framework for the prevention of the use of the financial system for money laundering and the financing of terrorism.

In addition, Bank of Greece Governor's Act 2606/21 February 2008, which replaced Bank of Greece Governor's Act 2563/19 July 2005, laying down and codifying credit institutions' obligations in the area of supervisory data and information reporting to the Bank of Greece, updates the obligations said in the new supervisory framework and also defines the persons that have a special relationship with the credit institution.

Moreover, with the purpose of informing supervised institutions and other agents of the banking market and customers, this section presents consultation papers, cooperation with other authorities, certification of officers, as well as supervisory Announcements in chronological order.

The Supervisory Announcements webpage presents the institutional framework and the guidelines (Circular on Pillar II) relating to the implementation of credit institutions' new capital adequacy framework. It also provides clarifications on the implementation of the framework in the form of Frequently Asked Questions (FAQs). Finally, Lists of Institutions Supervised by the Bank of Greece are available.