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Prudential Supervision

The prudential supervision of credit and financial institutions is being exercised by the Banking Supervision Department in cooperation with the Supervised Institutions Inspection Department.

The supervisory responsibilities of the Banking Supervision Department include:

  • monitoring ongoing compliance with the capital, liquidity and risk frameworks, and collaboration with the European Central Bank in the context of the Single Supervisory Mechanism;
  • evaluating submitted applications for authorisation and other issues and examining the fulfilment of the specified requirements or conditions; 
  • examining compliance by supervised entities, on a solo and consolidated basis, with the regulatory framework governing their operation;
  • assessing the internal control systems of supervised entities, including their risk management and compliance systems;
  • addressing matters relating to the transparency of transaction procedures, terms and conditions, excluding issues of abusive market practices which are outside the Bank’s field of responsibility under the legislation in force;
  • recommending the imposition of any administrative sanctions that the Bank of Greece may impose on supervised entities.

The Supervised Institutions Inspection Department is responsible for the inspection of supervised credit and financial institutions.

Single Supervisory Mechanism

The Single Supervisory Mechanism was established under Council Regulation (EU) 1024/2013 conferring specific tasks on the European Central Bank (ECB) concerning policies relating to the prudential supervision of credit institutions. Its operational framework is specified by Regulation (EU) 468/2014 of the European Central Bank establishing the framework for cooperation between European Central Bank, national competent authorities and national designated authorities within the Single Supervisory Mechanism.

Euro area countries participate automatically in the Single Supervisory Mechanism, while other EU countries can participate, if they wish to do so, by establishing “close cooperation” between their national competent authorities and the ECB.

Under the above regulatory framework, the ECB has undertaken the direct prudential supervision of credit institutions established in euro area member countries and classified as significant institutions, while the other (less significant) institutions are supervised by the national competent authorities under the guidance of the ECB.

Classification of credit institutions as significant and less significant is carried out on the basis of criteria laid down in Regulation (EU) 1024/2013 and further specified in Regulation (EU) 468/2014.

Accordingly, the following credit institutions established in Greece are subject to direct supervision by the ECB:

  • Alpha Bank S.A.
  • Eurobank Ergasias S.A.
  • National Bank of Greece S.A.
  • Piraeus Bank S.A.

Bank of Greece representantive to the Supervisory Board
Ilias Plaskovitis