Press Releases

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04/02/2023 - Press Releases

-  “OLYMPUS COOPERATIVE BANK” does not meet the minimum capital requirements and failed to raise the necessary funds, following the expiry of the deadline granted for the purpose of meeting minimum own funds, as per Regulation (EU) 575/2013.

- The Bank of Greece, following the withdrawal of the license of “OLYMPUS COOPERATIVE BANK”, has decided to transfer all deposits to the “NATIONAL BANK OF GREECE S.A.”.

- All deposits of the cooperative bank are secure in full.

In accordance with Regulation (EU) 575/2013, “OLYMPUS COOPERATIVE BANK” does not meet the minimum capital requirements and has failed to raise the necessary funds by the deadline granted for that purpose. Consequently, its authorisation was withdrawn, according to the procedure prescribed in Regulation (EU) 1024/2013.

 The Bank of Greece, with a view to safeguarding customers’ deposits held in “OLYMPUS COOPERATIVE BANK” and aiming to maintain financial stability, explored, in the context of the transfer of assets and liabilities (in special liquidation as per the procedure provided for in article 145B of Law 4261/2014) the interest of other credit institutions to acquire all the deposits of “OLYMPUS COOPERATIVE BANK”. It opted for the transfer of all deposits to the “NATIONAL BANK OF GREECE S.A.”, following its offer.

The deposits of all “OLYMPUS COOPERATIVE BANK”’s customers are secure in full and their transfer to the “NATIONAL BANK OF GREECE S.A.” has already started. The “National Bank of Greece S.A.” will inform the public with an announcement regarding all relevant information.

The difference between the value of liabilities and assets to be transferred to the acquiring credit institution is covered by the Hellenic Deposit and Investment Guarantee Fund (TEKE) and the Greek State. “OLYMPUS COOPERATIVE BANK” was placed under special liquidation, the proceeds of which will be used to satisfy claims of third parties in order of priority as specified by law. “PQH SINGLE LIQUIDATION SOCIETE ANONYME, SPECIAL LIQUIDATOR FOR CREDIT INSTITUTIONS” was appointed as the liquidator.

Banking and Credit Committee Decision (in Greek)

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