Central Bank of Greece
The Bank of Greece (
Greek : Τράπεζα της Ελλάδος Trapeza tis Ellados , abbr. ΤτΕ ) is the Greek member of the
Eurosystem and has been the
monetary authority for
Greece from 1927 to 2000, issuing the
drachma . Since 2014, it has also been Greece's national competent authority within
European Banking Supervision .
[3] Its headquarters is located in
Athens on
Panepistimiou Street , and it also has several branches across the country. Unlike most contemporary central banks, the Bank of Greece still has private shareholders and its stock is listed on the
Athens Exchange .
[4]
History
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 ,
[5] 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.
[6]
The building that currently houses its headquarters was completed ten years later in 1938.
[7]
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.
Operations
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 .
[8] The Bank of Greece also sells
gold sovereigns .
Legal status and ownership
The Bank of Greece is a joint-stock company with special privileges, special restrictions, and duties.
[9] It is prohibited from operating as a commercial bank.
The percentage of shares under Greek state ownership cannot exceed 35 percent
[10] (initially this limit was 10 percent
[11] ). As of early 2024, the government share was slightly over 21 percent, of which 8.9 percent directly held by the Greek state and 12.4 percent through the
National Social Security Fund [
el ] . The rest of the bank's equity was widely dispersed, with no single shareholder known to hold more than 1 percent.
Leadership
Governors
The chief officer of the Bank of Greece is the Governor (
Greek : διοικητής , IPA:
[ðiiciˈtis] ), a governmental appointee.
[12]
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 Varvaresos a
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 [
el ]
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 ,
romanized : ypodioikētés ) is the Bank's second-in-line officer. Traditionally the Deputy Governors' main remit is administration, whereas Governors supervise monetary policy at large.
[13]
The Bank of Greece branch in Greece's second-largest city
Thessaloniki
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
References
^
"Profile - athexgroup.gr" .
^ Weidner, Jan (2017).
"The Organisation and Structure of Central Banks" (PDF) . Katalog der Deutschen Nationalbibliothek .
^
"National supervisors" . ECB Banking Supervision .
^
Athex :
TELL
^ Kakridis, Andreas (2023), Kakridis, Andreas; Eichengreen, Barry (eds.),
" 'Nobody's Child': The Bank of Greece in the Interwar Years" , The Spread of the Modern Central Bank and Global Cooperation: 1919–1939 , Cambridge University Press, pp. 225–267,
doi :
10.1017/9781009367578.012 ,
ISBN
978-1-009-36757-8
^ Michalis Psalidopoulos (October 2019),
History of the Bank of Greece 1928-2008: From government's banker to guardian of financial stability (PDF) , Athens: Bank of Greece
^
"Bank of Greece (en) - Contemporary Monuments Database" . National Hellenic Research Foundation . Retrieved 27 September 2014 .
^
"Euro FAQ" . The Euro Information Website. Retrieved 15 January 2009 .
^
Bank of Greece articles of association
Archived 2013-10-15 at the
Wayback Machine , Edition Θ, 2000 Chapter Χ, «ΕΡΓΑΣΙΑΙ ΤΗΣ ΤΡΑΠΕΖΗΣ ΚΑΙ ΜΕΣΑ ΝΟΜΙΣΜΑΤΙΚΗΣ ΠΟΛΙΤΙΚΗΣ» (Retrieved 31/03/2011)
^
Bank of Greece articles of association
Archived 2013-10-15 at the
Wayback Machine , Edition Θ, 2000, Chapter ΙΙ, Article 8, «ΚΕΦΑΛΑΙΟ ΚΑΙ ΑΠΟΘΕΜΑΤΙΚΑ» (Retrieved 31/03/2011)
^
Bank of Greece articles of association , Edition Α, 1928, Part ΙΙ, Article 8, «ΚΕΦΑΛΑΙΟ ΚΑΙ ΑΠΟΘΕΜΑΤΙΚΑ» (retrieved 11/11/2016).
^
"Governors of the Bank of Greece" (PDF) . Archived from
the original (PDF) on 2014-08-09. Retrieved 2014-06-24 .
^
Deputy Governors of the Bank of Greece
[1] Hellenic Parliament June 2015 Page 22
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