Bank of Greece

The Bank of Greece (Greek: Τράπεζα της Ελλάδος Trapeza tis Ellados, abbreviated ΤτΕ) is the central bank of Greece. Its headquarters is located in Athens on Panepistimiou Street, but it also has several branches across the country. It was founded in 1927 and its operations started officially in 1928. The building that currently houses its headquarters was completed ten years later in 1938.[1]

The Bank of Greece is listed on the Athens Exchange.[2]

Coordinates: 37°58′43″N 23°44′0″E / 37.97861°N 23.73333°E

Bank of Greece
Τράπεζα της Ελλάδος
Bank of Greece logo
HeadquartersAthens
Established1927
GovernorYannis Stournaras
Central bank ofGreece
Preceded byNational Bank of Greece (1928)
Succeeded byEuropean Central Bank (2001)1
WebsiteOfficial website
1 The Bank of Greece still exists but many functions have been taken over by the ECB.

Introduction

The Bank of Greece, a member of the European System of Central Banks (ESCB), is the national central bank of Greece and was established by Law 3424/7 December 1927. The shares of the Bank of Greece are registered and have been listed on the Athens Exchange since June 12, 1930.

It is a partially state owned S.A. share company with special privileges, special restrictions, and duties.[3] It cannot operate as a commercial bank and the percentage of shares that can be under Greek state ownership cannot exceed 35%[4] (initially this limit was 10%[5]). It has a staff of more than 3,000 employees.

The primary objective of the Bank of Greece 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.[6]

The Bank of Greece also sells gold sovereigns.

Governor

Main entrance to the Bank of Greece central building
The main entrance to the Bank of Greece headquarters in Athens. The inscription reads "ΤΡΑΠΕΖΑ ΤΗΣ ΕΛΛΑΔΟΣ", meaning "BANK OF GREECE".
Bank-of-greece-1433962356C85
Bank of Greece inscription close-up

The chief officer of the Bank of Greece is the Governor (Greek: διοικητής, IPA: [ðiiciˈtis]), a governmental appointee.[7]

List of Governors of the Bank of Greece

Officeholder Entered office Left office Notes
Alexandros Diomidis April 21, 1928 September 29, 1931 Prime Minister 1949–50
Emmanouil Tsouderos October 31, 1931 August 13, 1935 First term
Emmanouil Tsouderos March 20, 1936 July 10, 1939 Second term; Prime Minister 1941–44 (in exile)
Ioannis Drosopoulos July 10, 1939 July 28, 1939
Kyriakos Varvaresosa August 4, 1939 February 2, 1946
Xenophon Zolotas October 12, 1944 January 8, 1945 First term; co-Governor
Georgios Mantzavinos February 11, 1946 February 2, 1955
Xenophon Zolotas February 5, 1955 August 7, 1967 Second term
Dimitrios Galanis August 7, 1967 May 4, 1973
Konstantinos Papagiannis May 7, 1973 August 9, 1974
Panagis Papaligouras August 9, 1974 October 24, 1974
Xenophon Zolotas November 26, 1974 November 3, 1981 Third term; Prime Minister 1989–90
Gerasimos Arsenis November 3, 1981 February 20, 1984
Dimitrios Chalikias February 20, 1984 February 20, 1992
Efthymios Christodoulou February 20, 1992 December 1, 1993
Ioannis Boutos December 1, 1993 October 26, 1994
Lucas Papademos October 26, 1994 June 14, 2002 Prime Minister 2011–12
Nikolaos Garganas June 14, 2002 June 14, 2008 Greek Financial Audit, 2004
Georgios Provopoulos June 20, 2008 June 20, 2014 Greek government-debt crisis; European debt crisis
Yannis Stournaras 20 June 2014 Incumbent Greek government-debt crisis; European debt crisis

a During the Axis occupation of Greece (1941–44), Governor Kyriakos Varvaresos followed the Greek government in exile to London. The collaborationist governments in Greece fired Varvaresos in 1941 and appointed first Miltiadis Negrepontis as Governing Counsellor (April 24, 1941 – July 3, 1941) and then Dimitrios Santis (July 3, 1941 – January 20, 1943) and finally Theodoros Tourkovasilis (April 19, 1943 – April 13, 1944) as Governors. 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.

Deputy Governors

The deputy governor (Greek: υποδιοικητής, romanizedypodioikētés) is the Bank's second-in-line officer. Traditionally the Deputy Governors' main remit is administration, whereas Governors supervise monetary policy at large.[8]

Bank of Greece Thessaloniki 4
The Bank of Greece branch in Greece's second-largest city Thessaloniki.
Bank of Greece in Rhodes
The Bank of Greece branch on the island of Rhodes.
  • Emmanouil Tsouderos: April 21, 1928 – October 31, 1931
  • Emmanouil Kamaras: November 25, 1931 – May 30, 1932
  • Kyriakos Varvaresos: March 1, 1933 – August 4, 1939
  • Georgios Mantzavinos (*): September 28, 1936 – February 11, 1946
  • Ioannis Arvanitis: August 4, 1939 – April 26, 1941
  • Stylianos Gregoriou: March 28, 1945 – February 2, 1955
  • Vasileios Kyriakopoulos: February 5, 1955 – December 24, 1955
  • Dimitrios Galanis: December 31, 1955 – August 7, 1967
  • Ioannis Pesmazoglou: February 11, 1960 – August 5, 1967
  • Konstantinos Thanos: January 5, 1968 – September 10, 1969
  • Efstathios Panas: September 11, 1969 – August 9, 1974
  • Nikolaos Kyriazidis: August 9, 1974 – January 5, 1977
  • Nikolaos Charisopoulos: October 21, 1975 – November 6, 1981
  • Evangelos Devletoglou: December 23, 1977 – November 8, 1978
  • Georgios Drakos: November 24, 1978 – October 20, 1981
  • Dimitrios Chalikias: November 16, 1981 – February 6, 1984
  • Evangelos Kourakos (1st period): July 10, 1982 – February 11, 1986
  • Panagiotis Korliras: February 20, 1984 – August 30, 1985
  • Efstathios Papageorgiou: September 17, 1985 – September 17, 1989
  • George Provopoulos: October 1, 1990 – November 29, 1993
  • Vasileios Antonioudakis: October 1, 1990 – December 19, 1991
  • Panagiotis Pavlopoulos: February 21, 1992 – November 29, 1993
  • Evangelos Kourakos (2nd period): December 1, 1993 – September 4, 1996
  • Lucas Papademos: December 1, 1993 – October 26, 1994
  • Panagiotis Thomopoulos: October 26, 1994 – February 26, 2009
  • Nikolaos Garganas: September 5, 1996 – June 13, 2002
  • Nikolaos Palaiokrassas: June 14, 2002 – June 14, 2008
  • Eleni Dendrinou Louri: June 20, 2008 – June 20, 2014
  • Iannis Mourmouras: September, 2014 -
  • Theodoros Mitrakos: March 2015 -

(*): During the Axis occupation of Greece (1941–44), Deputy Governor Georgios Mantzavinos followed the Greek government in exile to London. The collaborationist governments in Greece fired Mantzavinos in 1941 and appointed Andreas Papadimitriou (July 3, 1941 – November 18, 1941) and Spyridon Hatzikyriakos (April 5, 1943 – October 5, 1944) as Deputy Governors. 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.

See also

General:

References

  1. ^ "Bank of Greece (en) - Contemporary Monuments Database". National Hellenic Research Foundation. Retrieved 27 September 2014.
  2. ^ AthexTELL
  3. ^ Bank of Greece articles of association, Edition Θ, 2000 Chapter Χ, «ΕΡΓΑΣΙΑΙ ΤΗΣ ΤΡΑΠΕΖΗΣ ΚΑΙ ΜΕΣΑ ΝΟΜΙΣΜΑΤΙΚΗΣ ΠΟΛΙΤΙΚΗΣ» (Retrieved 31/03/2011)
  4. ^ Bank of Greece articles of association, Edition Θ, 2000, Chapter ΙΙ, Article 8, «ΚΕΦΑΛΑΙΟ ΚΑΙ ΑΠΟΘΕΜΑΤΙΚΑ» (Retrieved 31/03/2011)
  5. ^ Bank of Greece articles of association, Edition Α, 1928, Part ΙΙ, Article 8, «ΚΕΦΑΛΑΙΟ ΚΑΙ ΑΠΟΘΕΜΑΤΙΚΑ» (retrieved 11/11/2016).
  6. ^ "Euro FAQ". The Euro Information Website. Retrieved 15 January 2009.
  7. ^ Governors of the Bank of Greece
  8. ^ Deputy Governors of the Bank of Greece

[1] Hellenic Parliament June 2015 Page 22

External links

Alexandros Diomidis

Alexandros Diomedes (Greek: Αλέξανδρος Διομήδης) (January 3, 1875 – November 11, 1950) was a governor of the Central Bank of Greece who became Prime Minister of Greece upon the death of Themistoklis Sophoulis.

Diomedes was born in Athens, Greece to an Arvanite family from Spetses on January 3, 1875. His grandfather was former Prime Minister Diomidis Kiriakos. He studied law and economics in Weimar and Paris and earned a doctorate from the University of Berlin. In 1905, he became a professor at the National and Kapodistrian University of Athens. He was a member of the Athens Academy.

Diomedes was appointed prefect ("nomarch") of the Attica and Boeotia Prefecture in 1909. In 1910, he was elected to the Hellenic Parliament under the banner of the Liberal Party. From 1912 to 1915 and again in 1922 he served as Minister for Finance. Diomedes became Governor of the National Bank of Greece in 1923 and Governor of the Bank of Greece in 1928.

Diomedes became Prime Minister upon the death of Sophoulis. It was during his brief term in office (June 28, 1949 – January 6, 1950) that the Greek Civil War was concluded. He was forced to resign amid a scandal involving his Minister for Transport, Hatzipanos. He died later in that same year (November 11, 1950).

Besides being an economist and politician, Diomedes also authored several literary works, including a two-volume work on Byzantine Empire studies.

Along with his wife Julia, Dimides left part of his fortune to the Greek state for the purposes of establishing a botanical garden in Athens, opened in 1952 as the "Julia and Alexander N. Diomides Botanic Garden".

Alpha Bank

Alpha Bank is the second largest Greek bank by total assets, and the largest by market capitalization of €2.13 billion (as of December 4, 2018). It has a subsidiary and branch in London, England and subsidiaries in Albania, Cyprus and Romania. Founded in 1879, it has been controlled by the Costopoulos family since its inception. Currently Ioannis Costopoulos, grandson of original founder John F. Costopoulos, and nephew of Stavros Costopoulos, foreign minister in the government of Georgios Papandreou, is the honorary chairman. On January 16, 2015, Alpha Bank requested Emergency Liquidity Assistance (ELA) from the Bank of Greece.

Banking in Greece

Banking in Greece is an industry that has an average leverage ratio (assets/net worth) 16 to 1, and short-term liabilities equal to 35% of the Greek GDP or 38% of the Greek national debt, as of 11 October 2008.

On the 29th of June 2015 banks were shut down and capital controls were imposed.As of October 2018, the capital controls were brought to an end

Bank of Greece

Cultural Center of the National Bank of Greece in Thessaloniki

The Cultural Center of the National Bank of Greece in Thessaloniki (Πολιτιστικό Κέντρο του Μ.Ι.Ε.Τ. στη Θεσσαλονίκη) is a museum in Thessaloniki, Central Macedonia, Greece. It belongs to the National Bank of Greece Cultural Foundation.

The centre was established in 1989 in the restored Villa Mehmet Kapanci, which was built between 1890 and 1895, designed by Pietro Arrigoni for Mehmet Kapanci, a Dönmeh of Thessaloniki.

Eleftherios Venizelos used also the historic building when he was in Thessaloniki in 1916–17 during the Movement of National Defence and in later years it was a high school. The centre houses the collection of contemporary Greek art owned by the National Bank Cultural Foundation.

The Cultural Centre is a department of the National Bank of Greece which was established in 1989 with the aim of contributing to the intellectual life of northern Greece. It mounts exhibitions, holds lectures, shows films, and liaises with other cultural institutions in Thessaloniki.

It also mounts exhibitions on the history of Thessaloniki, Mount Athos and northern Greece in general, backed up by scholarly papers, publications, and experimental lessons in landscape painting for schools.

It mounts frequent exhibitions of visual art, applied art, and architecture. The first half of 2000 saw an exhibition titled “Likourgos Koyevinas: Drawings and Copperplate Engravings”, three exhibitions of photographs by Nick Wapplington (England), Ulf Lundin (Sweden), and Hristina Vazou (Greece) as part of the “Photosynkyria” festival, and an exhibition of autochrome photographs titled “Thessaloniki 1913 and 1918: The First Colour Photographs of the Century”.

Emmanouil Tsouderos

Emmanouil Tsouderos (Greek: Εμμανουήλ Τσουδερός, also transliterated as Emmanuel Tsuderos; 19 July 1882 – 10 February 1956) was a political and financial figure of Greece. During World War II he served as Prime Minister of Greece from 1941 to 1944, for all but one week of that tenure as head of the Greek government in exile.

Emporiki Bank

Commercial Bank of Greece (Greek: Εμπορική Τράπεζα της Ελλάδας) was a Greek bank. Its headquarters was in Athens. On 1 February 2013, Alpha Bank bought Commercial Bank.

Finansbank

QNB Finansbank A.Ş. is a Turkish bank with headquarters in Levent, Istanbul. It was established by leading Turkish banker Hüsnü Özyeğin in 1987 and for a period was the Turkish bank with the largest network of foreign branches. In 2016 the QNB Group headquartered in Doha, Qatar (the largest bank in the Middle East and Africa in that year), acquired Finansbank from the National Bank of Greece (NBG), which had purchased the bank's domestic operations back in 2006, spinning the international operations off under the name Credit Europe Bank.

As of September 30, 2015, the bank operated with 647 branches and 13,000 employees. In the third quarter of 2015, Finansbank's profit was 673 million TL; its total loans rose to 57 billion 194 million TL; total assets rose to 90 billion 410 million TL; customer deposit portfolio rose to 47 billion 306 million TL; and total equities reached 8 billion 937 million TL.In late 2015, the National Bank of Greece announced its decision to sell Finansbank to Qatari QNB Group in a deal worth 2.7 billion Euros. On June 15, 2016, the acquisition of Finansbank by the QNB Group was completed.

George S. Mercouris

George S. Mercouris (Greek: Γεώργιος Σ. Μερκούρης; 1886 – December 1943) was a Greek politician who served as a Member of Parliament and Cabinet Minister, and later founded the Greek National Socialist Party; a minor fascist party, they were one of several small far right parties in Greece at the time. During the occupation of Greece, Mercouris was appointed by the Nazis as Governor of the National Bank of Greece.

Georgios Mavros

Georgios Mavros (Greek: Γεώργιος Μαύρος) (Kastellorizo, 15 March 1909 – Athens, 6 May 1995) was a Greek jurist and politician. He served in several ministerial posts, and was Minister for Foreign Affairs and Deputy Prime Minister in the 1974 national unity government following the restoration of democracy.

He taught Law at the University of Athens from 1937 to 1942, and became a politician following the liberation of Greece from the Axis Occupation, being elected to the Hellenic Parliament from 1946 on. He held cabinet posts as Justice Minister (1945), Minister for National Education (1946), Commerce and Industry (1949), Finance (1951), National Defence (1952) and Government Coordination (1963–1965).

He was governor of the National Bank of Greece, and in 1966 established the National Bank of Greece Cultural Foundation (MIET). After the Greek military junta of 1967–1974, as part of the Centre Union – New Forces he served as Minister for Foreign Affairs and Deputy Prime Minister of Greece under Prime Minister Konstantinos Karamanlis. Increasingly sidelined by Karamanlis' New Democracy, Mavros joined the Panhellenic Socialist Movement and was elected an MP with it in 1981, and an MEP in 1984.

Greek euro coins

Greek euro coins feature a unique design for each of the eight coins. They were all designed by Georgios Stamatopoulos with the minor coins depicting Greek ships, the middle ones portraying famous Greeks and the two large denominations showing images of Greek history and mythology. All designs feature the 12 stars of the EU, the year of imprint and a tiny symbol of the Bank of Greece. Uniquely, the value of the coins is expressed on the national side in the Greek alphabet, as well as being on the common side in the Roman alphabet. The euro cent is known as the lepto (λεπτό; plural lepta, λεπτά) in Greek.

Greece did not enter the Eurozone until 2001 and was not able to start minting coins as early as the other eleven member states, so a number of coins circulated in 2002 were not minted in Athens but in Finland (€1 and €2 – mint mark S), France (1c, 2c, 5c, 10c and 50c – mint mark F) and Spain (20c – mint mark E). The coins minted in Athens for the euro introduction in 2002, as well as all the subsequent Greek euro coins, carry only the Greek mint mark.

Kotzia Square

Kotzia Square (Greek: Πλατεία Κοτζιά) is a square in central Athens, Greece. The square retains several characteristics of 19th-century local neoclassical architecture, such as the City Hall of the Municipality of Athens and the National Bank of Greece Cultural Center. It is named after Konstantinos Kotzias, former Mayor of Athens.

List of banks in Greece

This is a list of all the banks incorporated in Greece as of 8 September 2015 and some defunct banks.

List of companies listed on the Athens Stock Exchange

These are the companies traded on the Athens Stock Exchange.

Lucas Papademos

Lucas Demetrios Papademos (Greek: Λουκάς Παπαδήμος; born 11 October 1947) is a Greek economist who served as Prime Minister of Greece from November 2011 to May 2012, leading a provisional government in the wake of the Greek debt crisis. He previously served as Vice President of the European Central Bank from 2002 to 2010 and Governor of the Bank of Greece from 1994 to 2002.

He was a Visiting Professor of Public Policy at the Kennedy School of Government at Harvard University and is a Senior Fellow at the Center for Financial Studies at the University of Frankfurt.

Mycenaean Revival architecture

Mycenaean Revival is a rare revival architectural style developed as part of the 20th century neoclassicist architectural revival in Greece.The National Bank of Greece in Nafplio, built near the heart of the Mycenaean civilization in the 1930s by the architect Zouboulidis, is built in Mycenaean Revival, or neo-Mycenaean style. The door of the bank is an evocation of the form of the Lion Gate and the Tomb of Clytemnestra at Mycenae. The form of the columns is copied from the column on the Lion Gate, and the building is painted in colors used at Mycenae.

National Bank of Greece

The National Bank of Greece (NBG; Greek: Εθνική Τράπεζα της Ελλάδος) is a global banking and financial services company with its headquarters in Athens, Greece.

85% of the company's pretax preprovision profits are derived from its operations in Greece, complemented by 15% from Southeastern Europe. The group offers financial products and services for corporate and institutional clients along with private and business customers. Services include banking services, brokerage, insurance, asset management, shipping finance, leasing and factoring markets. The group is the largest Greek bank by total assets and the third largest by market capitalisation of 1.06 Billion Euro as at 4 December 2018. It is the second largest by deposits in Greece after Piraeus Bank. It is fourth largest by Greek loan assets trailing Piraeus Bank, Alpha Bank and Eurobank Ergasias.

The Swiss banker Jean-Gabriel Eynard and Georgios Stavros founded NBG in 1841 as a commercial bank. Stavros was also elected as the first director of the Bank until his death in 1869. From NBG's inception until the establishment of the Bank of Greece in 1928, NBG enjoyed the right to issue banknotes. When the Athens Stock Exchange was founded in 1880, NBG immediately listed on the exchange, a listing it has retained to the present.

The bank is currently listed on the Athens Exchange (Athex: ETE, ISIN GRS003003019); it is a constituent of the FTSE/Athex Large Cap index. From 1999 to 2015 it was listed on the New York Stock Exchange (NYSE:NBG, ADR, ISIN US6336437057).

Xenophon Zolotas

Xenophon Zolotas (Greek: Ξενοφών Ζολώτας, 26 April 1904 – 10 June 2004) was a Greek economist and served as an interim non-party Prime Minister of Greece.

Yannis Stournaras

Yannis (or Giannis) Stournaras (Greek: Γιάννης Στουρνάρας; born 10 December 1956), is a Greek economist who has been the Governor of the Bank of Greece since June 2014.Previously, he had been the Greek Minister of Finance from 5 July 2012 serving until 10 June 2014.

As every Governor of an IMF member country, he is on the Board of Governors of the International Monetary Fund.

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