The Banking Supervision Department is responsible for the prudential supervision of credit institutions, as well as of undertakings and institutions of the financial sector that are subject to supervision by the Bank of Greece, apart from those falling within the scope of the Supervised Institutions Inspection Department and the Department of Private Insurance Supervision. It is also entrusted with the supervision of compliance of all supervised by the Bank of Greece entities with their obligations arising from the regulatory framework on the prevention of money laundering and terrorist financing (AML/CTF).
Main tasks
- to review compliance of supervised entities, on a solo and consolidated basis, with the regulatory framework governing their operation;
- to review applications for banking licenses and related authorisations and to monitor the continued fulfillment of conditions for authorisation;
- to monitor, on an ongoing basis, compliance with the capital, liquidity and risk frameworks and to collaborate with the European Central Bank in the context of the Single Supervisory Mechanism;
- to develop supervisory methodologies for assessing capital adequacy, securitisation and covered bond risks, as well as for carrying out the Supervisory Review and Evaluation Process (SREP);
- to establish the regulatory framework for the supervision of credit and financial institutions;
- to assess the internal control systems of supervised entities, including risk management and compliance systems;
- to supervise transparency in banking procedures and transactions (under the legislation in force, the Bank of Greece has no competence in respect of any unfair contractual clauses);
- to establish the AML/CTF regulatory framework and monitor compliance therewith;
- to recommend the imposition of administrative sanctions that the Bank of Greece may impose on supervised entities;
- to develop supervisory methodologies and issue guidance and other documentation to be used for the identification, monitoring and management of crises, as well as ESG (Environmental, Social and Governance) issues;
- to monitor and manage supervisory quality assurance issues.
The Banking Supervision Department comprises the following Sections:
- Authorisations Section
- Crisis Management and ESG Coordination Section
- Other Institutions Supervision Section
- Non-Systemic Credit Institutions Supervision Section
- Systemic Credit Institutions Supervision Section A
- Systemic Credit Institutions Supervision Section B
- Risk Supervisory Methodology Section
- Prudential Reporting Section
- Regulatory Framework Section
- Anti-Money Laundering Regulation and Supervision Section
- Supervised Institutions’ Customers Complaints Section