The supervisory powers of the Bank of Greece are exercised, as explicitly provided for in Article 55Α of its Statute, through Acts of the Executive Committee or bodies authorised thereby.
In this context, by Bank of Greece Executive Committee Act no. 1/20.12.2012 (Government Gazette Β 3410) “Reestablishment and mandate of the Credit and Insurance Committee”, as currently in force after its amendment by Executive Committee Act no. 52/2.10.2015 “Composition and responsibilities of the Credit and Insurance Committee and the Resolution Measures Committee of the Bank of Greece” (Government Gazette Β 2312), the Credit and Insurance Committee has been entrusted with the following task:
To issue the regulatory and individual decisions and recommendations of the Bank of Greece in the exercise of its powers under Article 55Α of its Statute. The above decisions and recommendations include, without being limited to, those related to the authorisation, withdrawal of authorisation and operational requirements for supervised institutions, adoption of measures and imposition of sanctions and financial penalties on natural and legal persons.
The Credit and Insurance Committee is composed of the following persons:
Chair: The Governor.
The Deputy Governor in charge of the Banking Supervision Department;
The Directors of the following Departments:
- Banking Supervision Department
- Department of Private Insurance Supervision
- Government Financial Operations and Accounts Department
- Supervised Institutions Inspection Department
- Financial Stability Department.
The Credit and Insurance Committee is chaired by Governor Yannis Stournaras and its members are Directors Heather Gibson (Banking Supervision Department), Ioanna Seliniotaki (Department of Private Insurance Supervision), Efthymios K. Gatzonas (Government Financial Operations and Accounts Department), Ioanna Pantou (Supervised Institutions Inspection Department) and Ioannis Tsikripis (Financial Stability Department).