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Commission Decision (EU) 2015/1092Show full title

Commission Decision (EU) 2015/1092 of 23 July 2014 on the State aid SA.34824 (2012/C), SA.36007 (2013/NN) SA.36658 (2014/NN), SA.37156 (2014/NN), SA.34534 (2012/NN) implemented by Greece for National Bank of Greece Group related to: Recapitalisation and restructuring of National Bank of Greece S.A., Resolution of First Business Bank S.A. through a transfer order to National Bank of Greece S.A., Resolution of Probank S.A. through a transfer order to National Bank of Greece S.A., Resolution of Cooperative Bank of Lesvos-Limnos, Cooperative Bank of Achaia, and Cooperative Bank of Lamia (notified under document C(2014) 5201) (Only the English text is authentic) (Text with EEA relevance)

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  1. Introductory Text

  2. Article 1.(1) The following measures implemented or planned by Greece constitute...

  3. Article 2.This Decision is addressed to the Hellenic Republic.

  4. Signature

    1. ANNEX

      2. HELLENIC REPUBLIC

      3. MINISTRY OF FINANCE

      4. OFFICE SECRETARY GENERAL

      5. Athens, June 2014

      6. National Bank of Greece — Commitments by the Hellenic Republic...

        1. CHAPTER I. DEFINITIONS

        2. CHAPTER II. RESTRUCTURING COMMITMENTS

          1. (1) Number of branches in Greece: The number of branches in...

          2. (2) Number of employees in Greece: The number of Full Time...

          3. (3) Total costs in Greece: The total costs in Greece (Greek...

          4. (4) Costs of deposits in Greece: In order to restore its...

          5. (5) Ratio net loans to deposits in Greece: For the Greek...

          6. (6) Support to operations in Turkey: Until 30 June 2018, the...

          7. (7) Disposal of […] of […] foreign businesses and […] of...

          8. (8) Sale of […]: […]

          9. (9) Sale of securities: The portfolio of listed securities, defined as...

          10. (10) Disposal of private equity subsidiary: The Bank shall divest NBG...

          11. (11) For any sale under these commitments, the Hellenic Republic commits...

          12. (12) Investment policy: Until 30 June 2017, the Bank shall not...

          13. (13) Salary cap: Until […], the Bank will not pay to...

        3. CHAPTER III. COMMITMENTS ON CORPORATE GOVERNANCE AND COMMERCIAL OPERATIONS– PROLONGATION AND AMENDMENTS...

          1. (1) The Bank shall continue to implement the Commitments on Corporate...

          2. (2) In case an individual Commitment does not apply at the...

          3. Section A. Setting up an efficient and adequate internal organisation

            1. (3) The Bank, excluding its foreign subsidiaries, shall abide at all...

            2. (4) The Bank, excluding its foreign subsidiaries, shall comply at all...

            3. (5) The Bank shall abide by the provisions of Governor's Act...

            4. (6) The Bank shall have an efficient organisational structure, so as...

            5. (7) The Bank shall make public to the competent authorities the...

          4. Section B. Commercial practices and risk monitoring

            1. General principles

              1. (8) The Credit Policy shall specify that all customers shall be...

              2. (9) For all the Greek banking activities, the Bank shall fully...

            2. Specific provisions

              1. (10) The specific provisions listed in paragraphs (8) to (18) of...

              2. (11) The Credit Policy shall require that the pricing of loans...

              3. (12) The Risk Management Department shall be responsible for the assessment...

              4. (13) Regarding loans to individuals and legal entities, for all the...

              5. (14) Granting loans to enable borrowers to purchase shares or hybrid...

              6. (15) All loan requests by non-connected borrowers greater than [[…] %...

              7. (16) The Credit Policy shall give clear instructions on the restructuring...

              8. (17) For all the Greek banking activities, the Bank shall enact...

              9. (18) The Bank shall monitor credit risk through a well-developed set...

            3. Provisions applying to connected borrowers

              1. (19) All the provisions applying on connected borrowers shall apply at...

              2. (20) Within the Credit Policy, a specific section shall be devoted...

              3. (21) The Risk Management Department shall be responsible for the mapping...

              4. (22) Regarding loans to individuals and legal entities, the Bank, on...

              5. (23) The Bank shall monitor separately its exposure to connected borrowers...

              6. (24) The credit criteria applied to employees/managers/shareholders shall be no less...

              7. (25) All loan requests by connected borrowers greater than [[…] %...

              8. (26) The restructuring of loans involving connected borrowers shall comply with...

          5. Section C: Other restrictions

        4. CHAPTER IV. MONITORING TRUSTEE

          1. (1) The Hellenic Republic commits that the Bank shall amend and...

          2. (2) Four weeks after the Effective Date of the Commitments, the...

          3. (3) Additional provisions on the Monitoring Trustee are specified in a...

      7. The Secretary-General

      8. Christina Papakonstantinou

    2. Appendix I

      MACROECONOMIC PROJECTIONS FOR GREEK DOMESTIC OPERATIONS

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