From The Washington PostBy Cornel Ban and Kevin GallagherDecember 17, 2014 Cornel Ban...
Statute of the Bank of Greece
This statute establishes the Bank of Greece, one of two financial regulators along with the Hellenic Capital Markets Commission. The bank works with the statutes of both the ECSB (European Center for Small Business and Entrepreneurship) as well as the ECB (European Central Bank.)
According to the bank’s website, the bank was established to “oversee payment systems and settlement systems for over-the-counter transactions, with a view to ensuring the efficiency and soundness of these systems.” Other functions include reducing systemic risk and strengthening competition. Additional important components of the Statute of the Bank of Greece include:
– The establishment of the Electronic Secondary Securities Market (HDAT). This is the regulated market (per Government Gazette, Β 998/27.05.09) for “Greek government fixed-income debt securities (ie. bonds) issued by corporations and other entities.
– The establishment of the CIC (Credit and Insurance Committee). Amongst other duties, this committee helps determine the conditions of establishment and operation of credit and financial institutions. It also has the power to impose penalties and fines on natural and legal persons.