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Cooperation with Other Authorities

In order to perform its supervisory tasks effectively and recognising the benefits of and the need for close cooperation with other Greek and foreign authorities, the Bank of Greece fully complies with the provisions of European legislation as well as with the procedures and standards set by the Basel Committee on Banking Supervision, the European Central Bank, the European Banking Authority (EBA) and other institutions, concerning cooperation between authorities at national and cross-border level.

Moreover, the Bank of Greece has signed a number of bilateral and multilateral Memoranda of Understanding (MoUs) with supervisory authorities of other EU Member States and of third countries in which Greek banking groups conduct business through subsidiaries or branches. Multilateral MoUs have mostly been developed on the initiative of the European Central Bank in an aim to ensure cooperation on matters relating to the preservation of financial stability and cross-border crisis management.

A multilateral MoU on cooperation in the field of banking supervision was developed on the initiative of the Bank of Greece and signed by the central banks of nine South-Eastern European countries.

It should be noted that since November 2014 and with a view to safeguarding the stability, as well as the smooth functioning of the European banking system, the prudential supervision of significant credit institutions of the euro area has been transferred to the Single Supervisory Mechanism (SSM), which comprises the ECB and the national supervisory authorities of the participating countries.

In order to ensure cooperation and exchange of supervisory information in the transitional stage, the SSM adhered to existing agreements and cooperation arrangements and acceded to the MoUs signed between national supervisory authorities and the relevant authorities of third countries. At a later stage, it will enter into its own cooperation agreements with interested supervisory authorities.

Please use the left-hand menu to access further information on the MoUs and other cooperation arrangements signed by Greece.