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 Bank of Greece Administration and Decision-Making Bodies and Executives

General Meeting of Shareholders

Articles 11-19 of the Statute

It is the Bank’s supreme decision-making body that represents all shareholders and binds them by its decisions. The ordinary General Meeting is convened by the General Council, it is held once a year, not later than in April, and it decides upon its rules of procedure. Furthermore, it is the only competent body to decide on the following matters:

- approval of the Bank’s Annual Report and balance sheet, appropriations to reserves and other special funds, determination of dividends and any other disposal of net profits;

- election or removal of members of the General Council and of the Auditors and the determination of their fees;

- discharge of members of the General Council and of the Auditors from all personal responsibility;

- proposals to amend the Statute of the Bank, except for capital increases (Article 9 of the Statute), which are then submitted to the Parliament through the Government; and

- proposals on any other matter submitted to the Meeting by the General Council.

Extraordinary General Meetings are convened by the General Council and are held whenever required.

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General Council

Articles 20-27 of the Statute

It comprises the Governor, the two Deputy Governors, the other (three) members of the Monetary Policy Council and six Councillors. Entrusted with the general management of the affairs of the Bank, it is responsible to the General Meeting of Shareholders. The General Council within the limits of the Statute makes decisions and exercises powers not specifically reserved to the General Meeting of Shareholders, the Monetary Policy Council, the Executive Committee or, as provided for in the last sentence of Article 31, to the Governor.

The General Council

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Executive Committee

Articles 28 and 55A of the Statute

The Executive Committee comprises the Governor and the Deputy Governors and is convened by the Governor, or in his absence, by the Deputy Governor replacing him, and decides with a quorum and majority of two members, one of which must be the Governor, unless he is replaced as mentioned above. If no quorum is achieved, the General Council member appointed in accordance with the last sentence of Article 32 also participates in the Executive Committee. Every year, the General Council appoints three of its members other than those participating in the Executive Committee to monitor the exercise of the tasks of the Executive Committee. Such persons may report to the General Council.

Pursuant to Article 55Α of its Statute, the powers of the Bank of Greece in prudential supervision are exercised by acts of the Executive Committee or organs empowered by it to that effect.

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Monetary Policy Council

Article 35A of the Statute

The Monetary Policy Council is responsible for:

  • analysing economic and monetary developments and examining the implications of the monetary policy formulated within the framework of the Eurosystem; and
  • deciding on matters concerning the conduct of exchange rate policy, the operation and efficiency of payment systems and means of payment, as well as the issue of euro banknotes.

In performing its Eurosystem-related tasks, the Monetary Policy Council acts in accordance with the guidelines and instructions of the European Central Bank.  

The Monetary Policy Council comprises:

  • the Governor of the Bank of Greece as chairperson;
  • the two Deputy Governors; and
  • three other Members appointed for a renewable six-year term by Presidential Decree on a proposal from the Council of Ministers, following an opinion of the Governor .
List of Members of the Monetary Policy Council

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Governor and Deputy Governors

Articles 29-35 of the Statute

The Governor and the two Deputy Governors are appointed by a Presidential Decree on a proposal of the Council of Ministers, following a proposal by the General Council of the Bank, for a term of six years.

The Governor chairs the meetings of the General Council and of the Monetary Policy Council and participates in the Executive Committee, he represents the Bank before judicial authorities, he exercises, on behalf of the General Council, permanent control of the management of the Bank’s assets and general business and decides on any matter not specifically reserved to the Executive Committee, or the General Council or the Monetary Policy Council or not governed by regulations issued by these Councils. He also participates in the General Council and the Governing Council of the European Central Bank. With the exception of matters specifically assigned to the Monetary Policy Council, the Governor decides on all other matters falling within the tasks of the European System of Central Banks. The Governor may delegate any of his duties to any of the Deputy Governors.

The senior Deputy Governor replaces the Governor when absent or unable to be present to the full extent of his duties.

Governor: Yannis Stournaras
Deputy Governors: John (Iannis) Mourmouras
Theodoros Mitrakos

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Credit and Insurance Committee

The powers of the Bank of Greece in prudential supervision, as explicitly stated in Article 55Α of its Stature, article 25 of Law 3601/2007, as currently in force, article 20 of Law 3862/2010, and article 1 of Law 3867/2010, are exercised through the Bank of Greece Governor’s Acts or through the Governor’s delegated bodies.

In this context, according to Bank of Greece Governor's Act No. 336/29 February 1984, as currently in force (last amendment Bank of Greece Governor's Act No. 2653/29 February 2012, the Credit and Insurance Committee is entrusted with the following:

(a) to issue decisions pertaining to the supervisory responsibility of the Bank of Greece, based on its Statute and relevant Laws, as currently in force, including decisions regarding the establishment and operation of credit institutions, financial institutions and insurance companies, as well as to take measures and impose sanctions and fines on natural persons and legal entities; and

(b) to issue special decisions authorising, under Article 2(1) of Mandatory Law 1611/1950, as currently in force, the release of reserves held by public entities as defined in Article 1 of the aforementioned Law (enabling the use of the relevant funds for lending or for financing investments not fulfilling the requirements for public entities' investment laid down by specific provisions of law) with the exception of entities subject to the scope of Law 3586/2007.

The Governor reserves the right to exercise, through Governor's Acts, any of the powers that have been conferred on the Credit and Insurance Committee under the abovementioned Bank of Greece Governor's Act No. 336/29 February 1984, as currently in force. 

The composition of the Committee is as follows:

Chairman: The Governor

Members: The Deputy Governor in charge of the Banking Supervision Department. 

The Directors of the following Departments: 

• Banking Supervision Department 
• Private Insurance Supervision Department
• Government Financial Operations and Accounts Department
• Supervised Institutions Inspection Department
• Financial Stability Department

When the Governor is absent or unable to attend, Committee meetings are chaired the Deputy Governor, as specified in Article 32 of the Bank of Greece Statute.

Secretaries to the Committee are appointed from the Banking Supervision Department or the Private Insurance Supervision Department.  

List of Members of the Credit and Insurance Committee 

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Resolution Measures Committee
 
The tasks of the Bank of Greece regarding the resolution of credit institutions are performed, as explicitly provided for under Article 55A of its Statute and Article 3 within Article 2 of Law 4335/2015, by acts of its Executive Committee or its authorised bodies.
 
In this context, by Executive Committee Act 6/8.1.2013, as currently in force (last amended by Executive Committee Act 158/10.5.2019), the Resolution Measures Committee has been entrusted with issuing all the decisions and recommendations of the Bank of Greece as resolution authority under Article 2 (“Recovery and resolution of credit institutions and investment firms”) of Law 4335/2015 “Transposition of Directive 2014/59/EU (OJ L 173), and other provisions” (Government Gazette A87), as well as the decisions on resolution procedures that were pending as at the entry into force of the said law.

This Committee is composed of the following persons:

Chairman: The Deputy Governor to whom the Resolution Department reports
.

Members
:

The Directors of the following Departments:
 
• Payment and Settlement Systems Department
 
• Statistics Department

• Financial Operations Department

• Resolution Department

If the Deputy Governor is absent or prevented from discharging his/her duties, he/she is replaced by a General Council member appointed in accordance with the last sentence of Article 32 of the Statute of the Bank of Greece. In case of a tie, the Chairman has a casting vote.
Duties of secretary of the Committee are discharged by a member of the Resolution Department.

List of members of the Resolution Measures Committee

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