## Greece: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Less Significant Institutions

_IMF Staff Country Reports, June 17, 2026_

## Source details

**Canonical URL:** [Greece: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Less Significant Institutions](https://www.imf.org/en/publications/cr/issues/2026/06/17/greece-financial-sector-assessment-program-technical-note-on-regulation-and-supervision-of-576991)

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## Bibliographic details
- Published: June 17, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229050104.002

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### Executive findings
- Supervision of less significant institutions (LSIs) is effective in Greece.
- The Bank of Greece (BoG) approach to LSI supervision is described as thorough, systematic and intrusive.
- The core of the supervisory approach is the Supervisory Review and Evaluation Process (SREP), an EU framework that BoG uses with adaptations for Greece, its local risks and environment.
- The SREP process is transparent internally and to the LSIs themselves, with risks clearly identified and reflected in both supervisory actions and Pillar 2 capital add-ons.
- BoG benefits from robust independence and an ability to attract and retain staff with the desired skills and experience, as illustrated during the last recruitment process.
- BoG has increased resources to reflect changing needs (such as DORA implementation).
- Collaboration and coordination with other parties are effective, both internally (such as the AML supervisors) and externally (with other supervisors and authorities).
- One area identified for improvement is the enforcement and sanctioning regime, where penalties might better reflect the offence and provide the right level of deterrence.

### Risk areas and resourcing
- Emerging risks requiring continued vigilance:
  - Information Communication Technologies (ICT)
  - Cyber
- Resourcing observations:
  - Increased resources have been allocated for changing needs (example cited: DORA implementation).
  - A need exists for some medium-term resource planning to ensure emerging risks are adequately resourced.

### Supervisory framework and processes
- SREP implementation:
  - BoG uses the EU SREP framework with Greek-specific adaptations.
  - The process is systematic, intrusive, and transparent to both supervisors and supervised entities.
  - Identified risks are translated into supervisory actions and Pillar 2 capital add-ons.
- Coordination:
  - Effective collaboration internally (including AML supervisors).
  - Effective external coordination with other supervisors and authorities.

### Governance, independence, and staffing
- BoG governance attributes:
  - Robust independence enabling effective supervision.
  - Demonstrated ability to attract and retain skilled staff (evidence: last recruitment process).
- Staffing and capacity:
  - Increased staffing/resources to address new requirements.
  - Recommendation for medium-term planning to match staffing with evolving risks.

### Enforcement and sanctioning
- Identified shortcoming:
  - Enforcement and sanctioning regime could be tighter and better calibrated.
  - Penalties may not always reflect the offence or provide the appropriate level of deterrence.

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## Content in this bundle

- **1grcea2026005**
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_Source: https://www.imf.org/en/publications/cr/issues/2026/06/17/greece-financial-sector-assessment-program-technical-note-on-regulation-and-supervision-of-576991_