Greece was one of the first countries in the EU to develop an institutional framework for the resolution of credit institutions, assigning the relevant powers to the Bank of Greece.
The institutional framework governing the resolution of credit institutions within the euro area is Regulation 806/2014, which established a harmonised resolution framework for euro area credit institutions, by creating the Single Resolution Mechanism (SRM).
Overview
Greece
In Greece, the institutional framework for resolution started to be developed in 2011.
In October 2011, Law 4021/2011 amended Law 3601/2007, among other things with regard to bank resolution.
This was followed by Law 4261/2014, which transposed into Greek legislation Directive 2013/36/EU (Capital Requirements Directive – CRD IV), including its provisions on bank resolution.
In 2015, Law 4335/2015 transposed Directive 2014/59/EU (Bank Recovery and Resolution Directive – BRRD) establishing a framework for the resolution of credit institutions in the European Union.
This was followed by Law 4261/2014, which transposed into Greek legislation Directive 2013/36/EU (Capital Requirements Directive – CRD IV), including its provisions on bank resolution.
In 2015, Law 4335/2015 transposed Directive 2014/59/EU (Bank Recovery and Resolution Directive – BRRD) establishing a framework for the resolution of credit institutions in the European Union.
The European resolution framework: Key milestones