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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.[3]
The Bank of Greece is listed on the Athens Exchange.[4]
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.[5] It cannot operate as a commercial bank and the percentage of shares that can be under Greek state ownership cannot exceed 35%[1] (initially this limit was 10%[6]). It has a staff of more than 1,800 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.[7]
The Bank of Greece also sells gold sovereigns.
Governor
The chief officer of the Bank of Greece is the Governor (Greek: διοικητής, IPA: [ðiiciˈtis]), a governmental appointee.[8]
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 [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.[9]
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
iconBanks portal
Banking in Greece
List of banks in Greece
General:
Economy of Greece
European System of Central Banks
References
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)
Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
"Bank of Greece (en) - Contemporary Monuments Database". National Hellenic Research Foundation. Retrieved 27 September 2014.
Athex: TELL
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, Edition Α, 1928, Part ΙΙ, Article 8, «ΚΕΦΑΛΑΙΟ ΚΑΙ ΑΠΟΘΕΜΑΤΙΚΑ» (retrieved 11/11/2016).
"Euro FAQ". The Euro Information Website. Retrieved 15 January 2009.
"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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