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Bank of Greece
The Bank of Greece (Greek: Τράπεζα της Ελλάδος Trapeza tis Ellados, abbr. ΤτΕ) is the national central bank for Greece within the Eurosystem. It was the Greek central bank from 1927 to 2000, issuing the drachma.
Unusually among contemporary central banks, the Bank of Greece still has private shareholders and its stock is listed on the Athens Exchange.
In addition to its monetary role, the Bank of Greece is also a financial supervisory authority. In that capacity, it increasingly implements policies set at the European Union level. It is the national competent authority for Greece within European Banking Supervision. It is a voting member of the respective Boards of Supervisors of the European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA). It is Greece's designated National Resolution Authority and plenary session member of the Single Resolution Board (SRB). It provides the permanent single common representative for Greece in the Supervisory composition of the General Board of the Anti-Money Laundering Authority (AMLA). It is also a member of the European Systemic Risk Board (ESRB).
The Bank of Greece was established by Law 3424/7 December 1927, under the conditions of the stabilization loan coordinated by the Economic and Financial Organization of the League of Nations, and its operations started officially in 1928. The shares of the Bank of Greece are registered and have been listed on the Athens Exchange since June 12, 1930.
During the Axis occupation of Greece (1941–44), Governor Kyriakos Varvaresos and Deputy Governor Georgios Mantzavinos followed the Greek government in exile to London. The collaborationist governments in Greece fired Varvaresos and Mantzavinos in 1941 and appointed first Miltiadis Negrepontis as Governing Counsellor (April 24, 1941 – July 3, 1941), then Dimitrios Santis as Governor (July 3, 1941 – January 20, 1943) and Andreas Papadimitriou as Deputy Governor (July 3, 1941 – November 18, 1941), and finally Theodoros Tourkovasilis as Governor (April 19, 1943 – April 13, 1944) and Spyridon Hatzikyriakos as Deputy Governor (April 5, 1943 – October 5, 1944). After the liberation, all dismissals and appointments by occupation-era governments concerning members of the administration of the Bank of Greece were declared null and void.
Until January 2001 (when Greece adopted the euro) the bank was responsible for the former national currency, the drachma. Greece had failed to meet the membership criteria and was excluded from participating when the euro was launched on 1 January 1999. Use of physical drachma notes and coins continued until 31 December 2001, as denominations of the euro.
The bank has a staff of more than 1,800 employees. Its primary objective is to ensure price stability in Greece. It also supervises the private banks and acts as a treasurer and fiscal agent for the Greek government. Since law 3867/2010 was passed the Bank of Greece is also responsible for supervising private insurance companies, merging with the Committee for the Supervision of Insurance Companies established by law 3229/2004.
Its Euro banknotes printer identification code is Y. The Bank of Greece also sells gold sovereigns.
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Bank of Greece
The Bank of Greece (Greek: Τράπεζα της Ελλάδος Trapeza tis Ellados, abbr. ΤτΕ) is the national central bank for Greece within the Eurosystem. It was the Greek central bank from 1927 to 2000, issuing the drachma.
Unusually among contemporary central banks, the Bank of Greece still has private shareholders and its stock is listed on the Athens Exchange.
In addition to its monetary role, the Bank of Greece is also a financial supervisory authority. In that capacity, it increasingly implements policies set at the European Union level. It is the national competent authority for Greece within European Banking Supervision. It is a voting member of the respective Boards of Supervisors of the European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA). It is Greece's designated National Resolution Authority and plenary session member of the Single Resolution Board (SRB). It provides the permanent single common representative for Greece in the Supervisory composition of the General Board of the Anti-Money Laundering Authority (AMLA). It is also a member of the European Systemic Risk Board (ESRB).
The Bank of Greece was established by Law 3424/7 December 1927, under the conditions of the stabilization loan coordinated by the Economic and Financial Organization of the League of Nations, and its operations started officially in 1928. The shares of the Bank of Greece are registered and have been listed on the Athens Exchange since June 12, 1930.
During the Axis occupation of Greece (1941–44), Governor Kyriakos Varvaresos and Deputy Governor Georgios Mantzavinos followed the Greek government in exile to London. The collaborationist governments in Greece fired Varvaresos and Mantzavinos in 1941 and appointed first Miltiadis Negrepontis as Governing Counsellor (April 24, 1941 – July 3, 1941), then Dimitrios Santis as Governor (July 3, 1941 – January 20, 1943) and Andreas Papadimitriou as Deputy Governor (July 3, 1941 – November 18, 1941), and finally Theodoros Tourkovasilis as Governor (April 19, 1943 – April 13, 1944) and Spyridon Hatzikyriakos as Deputy Governor (April 5, 1943 – October 5, 1944). After the liberation, all dismissals and appointments by occupation-era governments concerning members of the administration of the Bank of Greece were declared null and void.
Until January 2001 (when Greece adopted the euro) the bank was responsible for the former national currency, the drachma. Greece had failed to meet the membership criteria and was excluded from participating when the euro was launched on 1 January 1999. Use of physical drachma notes and coins continued until 31 December 2001, as denominations of the euro.
The bank has a staff of more than 1,800 employees. Its primary objective is to ensure price stability in Greece. It also supervises the private banks and acts as a treasurer and fiscal agent for the Greek government. Since law 3867/2010 was passed the Bank of Greece is also responsible for supervising private insurance companies, merging with the Committee for the Supervision of Insurance Companies established by law 3229/2004.
Its Euro banknotes printer identification code is Y. The Bank of Greece also sells gold sovereigns.