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Parliament Approves Prudential Supervision Bill

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Today, a prudential supervision of financial institutions bill passed its initial reading, by the Greek Permanent Affairs Committee of Parliament.

The mandate was approved by governmental coalition associates New Democracy and PASOK, along with Democratic Left. Meanwhile, the Communist Party of Greece and Independent Greeks political parties voted against the bill. Golden Dawn refrained from voting.

SYRIZA stated that the bill's review period for examination was too short. The main opposition party reserved its right to vote on the bill, when it passes through Parliament plenum. In November 2014, the European Central Bank will start supervising the four systemic Hellenic banks, after the Bank of Greece's term ends.

Hellenic Bank Association General Secretary Christos Gortsos explained of the bill: "...to the degree that incorporates the European directive, constitutes part of [BIS banking supervision accord] Basel III, which contains provisions most of which are already in force for Greek banks".