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Βanking Supervision

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 (as modified by Laws 3693/2008, 3746/2009, 3862/2010 and 4002/2011) 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 comprise the 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, which have been completed and amended by Banking and Credit Committee Decision 300/30/28.7.2010, Bank of Greece Governor’s Act 2652/29.2.2012 and Credit and Insurance Committee Decision 94/23/15.11.2013, constitute the institutional framework for the prevention of the use of the financial system for money laundering and the financing of terrorism.

The Bank of Greece Governor’s Acts regarding Basel II incorporate the provisions of the Directives 2006/48/EC, 2006/49/EC and 2009/111/EC of the European Parliament and of the Council and Commission Directives 2009/27/EC and 2009/83/EC.

In addition, 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 credit institutions and certain financial institutions and defines the persons that have a special relationship with the credit institution.

Moreover, with a view to informing supervised institutions, participants of the banking market and customers, this section presents consultation papers, cooperation with other authorities, professional certifications, as well as Announcements of supervisory concern in chronological order.

The “Supervisory Disclosure” webpage section 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, you may find Lists of Supervised Institutions by the Bank of Greece under the “Supervised Institution” webpage section. 

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