Article: Greek Legislative Act on the Special Bank Holiday : What You Can Pay, What You Can't and the Fines29 June 2015 | Bill Hodgson
The government act defining this weeks 'bank holiday' makes interesting reading. It defines the limited cases where money can move into, and generally not out of Greece. Buried in the text below is a clear directive that payment mistakes will earn a fine of 10% of the payment amount and the person who made the payment to lose their job. It's a tough time to be in the back office. The translation came via Google, so apologies for some of the weird words below. [Comments in square brackets by me]. Seek your own legal and compliance advice about interpreting these rules and don't rely on me, please.
Bank short holiday.
THE PRESIDENT THE GREEK REPUBLIC
Taking into consideration:
1. Article 44 para. 1 of the Constitution.
2. The extraordinary circumstances of an urgent and unforeseen need to protect the Greek financial system and the Greek economy generally from a lack of liquidity caused the decision of the Eurogroup of 27 June 2015 to refuse the extension of the loan agreement Greece.
3. The proposal of the Cabinet, decide:
1. The period from June 28 until July 6 declared a bank holiday. The bank holiday deposits take all credit institutions operating in Greece in any form, perilamvanome- images of branches of foreign credit institutions within the scope of n. 4261/2014 (A 107), the Deposits Fund and ex-eases, payment institutions of l. 3862/2010 (A 113) and electronic money institutions of l. 4021/2011 (A 218), branches and representatives payment institutions and electronic money institutions
Matos established in other Member States of the Union and operating legally in Greece (Hereinafter the "institutions"). By decision of the Minister Finance The above period may be shortened or extended. When the bank holiday institutions will remain closed to the public and It is only accessible to the staff necessary for the implementation of this Act and preparing for the resumption of trade with the audience after the bank holiday.
The payment of pensions is exempt from cus-limit on roads banking hereof. The
administrations of credit institutions shall communicate the arrangements for payment of pensions and the specific me by area branches, which will
function for this purpose.
2. When a bank holiday may be carried poiountai: [During a bank holiday these are the permitting transactions]
a) cash withdrawals from automated tameiologistikes engines, subject to a daily limit per card, which is set at 60 euros, capable amended by decision of the Minister of Finance. Automatic teller machines will leitourgi-Sun within twelve (12) hours during the first day force of this.
b) unrestricted transactions other than those force before the adoption of this credit and debit cards for payments within the country, ie payments credited held in Greece.
c) payments using prepaid cards only up to the amount appearing as balance before the start of bank holiday. New prepaid cards can not be issued.
d) transactions from a distance (e-banking ment - Web Banking - transactions or by phone) for payments in the country, ie payments are credited to the account held Greece.
e) cash withdrawals through cards that have been issued paid abroad by the automatic tameiologi-tions engines. Limitations in withdrawal limits these the cards may be specified by decision of Finance Minister.
During bank holiday can not be performed no other banking business.
By decision of the Finance Minister may to exempt other categories of transactions, with the same, no decision is determined and the procedure followed in such cases.
3. Paragraph 2 shall not apply to the following event of:
a. transactions with the Bank of Greece,
b. Cross-border payment orders concerning exclusively to credit an account kept in a financial institution operating in the Hellada, [Payments into Greece]
c. clearing of transactions, which have been recorded chorithei in their central payment systems (TARGET2-GR, EURO1, DIAS) and arrangements, indicative exists as Athens Central Depository System Monitoring Transactions in Book Form / Entry Securities, before the entry into force of presence Your Act
d. specific transactions that are deemed necessary by decision of the Commission for the next paragraph,
e. Transactions of the Greek Republic.
4. It is recommended to the General Accounting Office Banking Committee Approval. Respon-competence of that Committee is the adoption in accordance with paragraph 3, letter d of the present transactions during the bank holiday, provided that such transactions are lilium
They are necessary to safeguard a public or Commercial interest, including, other, transactions for the payment of medical expenses or import pharmaceuticals. The Commission is five members and consists of the following persons:
a) the Director General of Fiscal Policy and Budget of the State Treasury the Ministry of Finance as Chairman, with Diefthynti Budget General Accounting The Ministry of Finance as Deputy of,
b) the Director General of Economic Policy Ministry of Finance, the Director of Directorate Directorate of Credit and Financial Affairs Ministry of Finance, as alternate,
c) Director of the Supervised Companies the Bank of Greece and the Section Head Directorate Financial Operations Bank of Greece, as a deputy, d) one representative of the Greek Banks Association and a representative Capital Market Commission that certain down by decision of the Presidents. The President The Commission further appoint an official from General Accounting Office, a university class sity education (EE), as Secretary of the Commission.
5. There will be due interest on arrears for struc-course of the bank holiday in regards requirements payable under its duration. At the same time suspended the pro-deadlines expired, appearance and payment and securities judicial deadlines are suspended.
6. The Bank of Greece requires credit institutions for each violation of this fine up to one tenth of the amount of the corresponding transaction. Moreover, the credit institution obliged to terminate the contract of employment or work the person responsible for the infringement.
7. By decision of the Minister of Finance rythmize- opens every other matter concerning the application of settings of this.
The strength of this, which will be ratified legislation according to Article 44 para. 1 of the Constitution, starting from its publication in the Official Gazette.
Athens, June 28, 2015
THE PRESIDENT OF THE REPUBLIC
PROKOPIOS B. PAVLOPOULOS