The powers of the Bank of Greece in prudential supervision, as explicitly stated in Article 55Α of its Stature, article 25 of Law 3601/2007, as currently in force, article 20 of Law 3862/2010, and article 1 of Law 3867/2010, are exercised through the Bank of Greece Governor’s Acts or through the Governor’s delegated bodies.
In this context, according to Bank of Greece Governor's Act No. 336/29 February 1984, as currently in force (last amendment Bank of Greece Governor's Act No. 2653/29 February 2012, the Credit and Insurance Committee is entrusted with the following:
- to issue decisions pertaining to the supervisory responsibility of the Bank of Greece, based on its Statute and relevant Laws, as currently in force, including decisions regarding the establishment and operation of credit institutions, financial institutions and insurance companies, as well as to take measures and impose sanctions and fines on natural persons and legal entities; and
- to issue special decisions authorising, under Article 2(1) of Mandatory Law 1611/1950, as currently in force, the release of reserves held by public entities as defined in Article 1 of the aforementioned Law (enabling the use of the relevant funds for lending or for financing investments not fulfilling the requirements for public entities' investment laid down by specific provisions of law) with the exception of entities subject to the scope of Law 3586/2007.
The Governor reserves the right to exercise, through Governor's Acts, any of the powers that have been conferred on the Credit and Insurance Committee under the abovementioned Bank of Greece Governor's Act No. 336/29 February 1984, as currently in force.
The composition of the Committee is as follows:
Chairman: The Governor
Members: The Deputy Governor in charge of the Banking Supervision Department.
The Directors of the following Departments:
- Banking Supervision Department
- Private Insurance Supervision Department
- Government Financial Operations and Accounts Department
- Supervised Institutions Inspection Department
- Financial Stability Department
When the Governor is absent or unable to attend, Committee meetings are chaired the Deputy Governor, as specified in Article 32 of the Bank of Greece Statute.
Secretaries to the Committee are appointed from the Banking Supervision Department or the Private Insurance Supervision Department.
The chairman of the Credit and Insurance Committee is the Governor Yannis Stournaras and the members are the Deputy Governor, Theodoros Mitrakos, as well as the Directors: S. Papagiannidou (Banking Supervision Department), Ioanna Seliniotaki (Department of Private Insurance Supervision), Eythimios K. Gatzonas (Government Financial Operations and Accounts Department), Georgios Paschas (Supervised Institutions Inspection Department) and S. Ch. Pantelias (Financial Stability Department).