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
Members:
The Deputy Governor not participating in the Resolution Measures Committee
The Director General Prudential Supervision and Resolution
The Directors of the following Directorates:
- Banking Supervision Directorate
- Occupational and Private Insurance Supervision Directorate
- Government Financial Operations and Accounts Directorate
- Supervised Institutions Inspection Directorate
- Financial Stability Directorate
The Credit and Insurance Committee is chaired by Governor Yannis Stournaras and its members are the Deputy Governor Christina Papaconstantinou, the Director General Prudential Supervision and Resolution Ioannis Tsikripis, the Directors Heather Gibson (Banking Supervision Directorate), Stavros Konstantas (Occupational and Private Insurance Supervision Directorate), Elpis Magkoura (Government Financial Operations and Accounts Directorate), Ioanna Pantou (Supervised Institutions Inspection Directorate) and Nikolaos Stavrianou (Financial Stability Directorate).