Τhe new legislative framework for the issuance and the public supervision of covered bonds, as established with the transposition of Directive (EU) 2019/2162 into Law 4920/2022 (available only in Greek) and Ex. Com. Act 215/1/3.2.2023 aims to strengthen the legislative framework and ensure a high level of investor protection.
The Bank of Greece is the competent authority that grants permission for the issuance of covered bond programs by credit institutions established in Greece. In addition, the Bank of Greece supervises the issuance of covered bonds, aiming to assess compliance with the requirements of the legislative framework, collect from credit institutions the information necessary for the assessment of compliance with the requirements of the institutional framework, investigate possible breaches of these requirements and may impose administrative sanctions and other administrative measures.
Greek Covered Bond Framework
List of Covered Bonds
The Bank of Greece, pursuant to point c) of par. 1, of art. 28 of Law 4920/2022, publishes the list of covered bonds that are entitled to use the label ‘European Covered Bond’ and the list of covered bonds that are entitled to use the label ‘European Covered Bond (Premium)’.
The use of these labels is at the discretion of the credit institution, provided that it has obtained the relevant permission from the Bank of Greece for the issuance of the particular covered bond program.
For covered bond programs, which have been authorized in the past (before 08.07.2022) by the Bank of Greece, in accordance with the previous legislative covered bond framework (thus under the provisions of art. 152 of Law 4261/2014 and Gov. Act 2620/28.8.2009), the following holds. If the credit institution, even if it has updated the program aiming to harmonize it with the new legislative covered bonds framework (i.e. Law 4920/2022 and Ex. Com. Act 215/1/03.02.2023), has not submitted a request to the Bank of Greece to approve the issuance of the program using the "European Covered Bond" or "European Covered Bond (Premium)" label in accordance with article 27 of Law 4920 /2022, then such covered bond programs are not eligible to use such labeling.
Find here the list of covered bonds
Covered Bonds Assessment Methodology
Assessment Questionnaire for Covered Bond Program (available in Greek)
Notification template for Covered Bond Program (available in Greek)
EU legislation and other information