Task of the National Resolution Athority
The tasks of the Bank of Greece in its capacity as national resolution authority derive from Law 4335/2015 (only in Greek), transposing Directive 2014/59/EU (on the establishment of a framework for the recovery and resolution of credit institutions and investment firms) into Greek law; Regulation 806/2014 on a Single Resolution Mechanism – SRM; and the relevant Delegated and Implementing Regulations of the European Commission and of the Council.
The main tasks of the Bank of Greece, as national resolution authority, are the following:
- drawing up resolution plans for less significant credit institutions under its direct supervision and closely cooperating with the Single Resolution Board (SRB) in drawing up resolution plans for systemic credit institutions;
- evaluating the necessity of resolution measures in relation to less significant credit institutions, assessing and selecting the appropriate resolution tools and implementing the adopted resolution scheme;
- implementing and following up on the decisions of the Single Resolution Board with regard to credit institutions established in Greece;
- recommending to the competent bodies (namely the Resolution Measures Committee);
- ensuring the collection of contributions from credit institutions within the remit of the Single Resolution Mechanism and calculating and collecting contributions from domestic branches of third-country credit institutions;
- participating in resolution colleges for cross-border Greek banking groups; and
- participating in committees and working groups of the Single Resolution Board, the European Banking Authority and the European Commission.