Transparency of banking transactions

The Bank of Greece, based on its responsibilities for the transparency of banking transaction, has introduced through the Bank of Greece Governor’s Act2501/2002, information rules for the counterparties of credit and financial institutions.

Basic principles of transparency rules

• the informing of the counterparties regarding the nature and characteristics of the products and services offered and, in general, the conditions governing banking transactions as pre-contractual and during the term of validity of the contract,

• the responding of the institutions within a specified time period to customer inquiries and complaints,

• configuration of the advertisement in a clear and comprehensible way,

• appropriate training of employees for the provision of specialized services.

Institutional framework

Bank of Greece Governor's Act 2501/2002 was clarified and supplemented by the following Banking and Credit Committee Decisions:

1. BCCD 178/3/19.07.2004

It has been explicitly stated that the administrative setting of a ceiling is not compatible on bank interest rates, which are freely formed following the weighing of the case-by-case risks, the circumstances of the financial markets, and the general obligations of the banks arising from the provisions governing their operation.

Also, issues were clarified regarding the configuration mode of the floating interest rate, the criteria of specialization on the grounds and the reasonable amount for the expenses and expenses incurred by the provision of banking services, the provision of periodic information free of charge etc.

2. BCCD 234/20/11.12.2006 

The collection of idle costs in savings account was forbidden, to the extent that they exceed interest and affect the balance of the deposit capital. It was also established that in the event of a change in the term of the contract with unilateral action by the credit institution, the information will be provided on an individualized basis.

3. BCCD 243/2/16.05.2007 

The collection of management fees in savings deposit accounts was forbidden for at least five (5) transactions per month at the check-in counters.

4. BCCD 259/4/02.05.2008 and 263/2/21.07.2008  

Clarification was provided on how to present the key information contained in the credit institutions' advertisements.


Customer Complaints Services of Credit and Financial Institutions

1. Credit institutions are responsible for dealing with customer complaints about all the products and services they offer through the special service that they must have established for that purpose.

The complaint or dispute settlement procedure is communicated to the counterparties in a clear and comprehensible manner in accordance with the relevant provisions of paragraph 1 of Chapter C of the Bank of Greece Governor’s Act 2501/2002. The outcome of the examination and the relative position of the institution's bank shall be communicated to the counterparties within 45 days of complaints’ receipt.

2. Within one month after the closure of each calendar year, the credit institutions shall disclose to the Bank of Greece the total number of complaints submitted in the following analysis:

• number of complaints by category (loans, deposits, investment products),

• average response time (with minimum and maximum time reporting),

• Number of cases under examination.

3. The Bank of Greece, in the context of its responsibilities to enhance transparency in banking transactions, displays on this website information on contacting the special business units set up by credit institutions and credit companies.

These are the services to which the institutions have assigned to deal with complaints and disputes from their clients concerning the products and services provided by them, in accordance with the provisions of the Bank of Greece Governor's Act 2501/2002.

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