LEGISLATIVE ACT

Bank holiday of short duration

THE PRESIDENT OF 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 in general from a lack of liquidity caused by the
decision of the Eurogroup of 27 June 2015 to refuse the extension of the loan agreement to
Greece.
3. The proposal of the Cabinet, we decide:
First article
1. The period from 28 June until 6 July is declared a bank holiday. The bank holiday captures all
credit institutions operating in Greece in any form, including branches of foreign credit
institutions within the scope of Law 4261/2014 (A 107), the Fund for Deposits and Loans,
payment institutions of Law 3862/2010 (A 113) and electronic money institutions of Law
4021/2011 (A 218), branches and representatives of payment institutions and electronic money
institutions that are established in other Member States of the European Union and operate
legally in Greece (hereinafter the "institutions"). By decision of the Minister of Finance the
above-mentioned period may be shortened or extended. During the bank holiday, institutions
will remain closed to the public and only be accessible to the staff
necessary for the implementation of this Act and for preparing for the resumption of
transactions with the public after the bank holiday.The payment of pensions is exempt from the
restriction of bank transactions hereof. The administrations of credit institutions shall
communicate the arrangements for payment of pensions and the specific by area branches,
which will function for this purpose.
2. During the bank holiday the following may be carried-out:
a) cash withdrawals from ATMs, subject to a daily limit per card, which is set at 60 euros, which
may be amended by decision of the Minister of Finance. ATMs will operate (at the latest) within
twelve (12) hours during the first day of force of the present act.
b) unrestricted transactions, other than those in force before the adoption of the present act
with credit and debit cards for payments within the country, i.e. for payments credited in an
account held in Greece.
c) payments using prepaid cards, only up to the amount appearing as balance before the start of
the bank holiday. New prepaid cards cannot be issued.

d) transactions from a distance (e-banking - Web Banking - transactions by phone) for payments
within the country, i.e. for payments credited in an account held in Greece.
e) cash withdrawals through cards that have been issued abroad from ATMs. Restrictions to the
withdrawal limits of these cards may be specified by decision of the Minister of Finance.
During the bank holiday no other banking business may be performed.
By decision of the Minister of Finance other categories of transactions may be exempt. With the
same decision, the procedure followed in such cases will be determined.
3. Paragraph 2 shall not apply to the following cases:
a. transactions with the Bank of Greece.
b. Cross-border payment orders concerning exclusively the crediting of an account kept in a
financial institution that operates in Greece.
c. Clearing of transactions, which have been recorded in the relevant central payment systems
(TARGET2-GR, EURO1, DIAS) and arrangements, indicatively as the Central Depository of Athens
and the System for Monitoring of Transactions in Accounting Form / Entry Securities, before the
entry into force of the present Act.
d. Specific transactions that are deemed necessary by decision of the Commission for the next
paragraph.
e. Transactions of the Greek Republic.
4. A Committee for Approval of Banking Transactions is formed in the General Accounting Office
of the State. The approval, in accordance with paragraph 3 letter d of the present Act, of
transactions during the bank holiday, will fall within the competence of that Committee
provided that such transactions are deemed necessary to safeguard a public or social interest,
including among others, transactions for the payment of medical expenses or imports of
pharmaceuticals. The Commission has five members and consists of the following persons:
a) the Director General of Fiscal Policy and Budget of the General Accounting Office of the State
of the Ministry of Finance as Chairman, and with the Director of Budget of the General
Accounting Office of the State of the Ministry of Finance as his replacement.
b) the Director General of Economic Policy of the Ministry of Finance, the Director of Directorate
of Credit and Financial Affairs of the Ministry of Finance, as his replacement.
c) the Director of the Directorate of Supervised Companies of the Bank of Greece and the
Section Head of the Directorate of Financial Operations of the Bank of Greece, as his
replacement.
d) one representative of the Greek Banks Association and a representative of the Capital Market
Commission that are assigned by decision of their Presidents.

The President of the Commission further appoints an official of the General Accounting Office of
the State, with university education, as Secretary of the Commission.
5. There will be no due interest on arrears during the bank holiday as regards requirements
payable under its duration.
During the same period, the deadlines for expiry, appearance and payment of securities are
suspended. Judicial deadlines are also suspended.
6. The Bank of Greece imposes on credit institutions for each violation of the present Act fine up
to one tenth of the amount of the relevant transaction. Moreover, the credit institution is
obliged to terminate the contract of employment or work of the person responsible for the
infringement.
7. Any other matter concerning the application of the provisions of the present Act may be
regulated by decision of the Minister of Finance.
Second Article
The application of the present Act, which will be legislatively ratified according to Article 44
para. 1 of the Constitution, begins as of publication in the Official Gazette.
Athens, 28 June 2015
THE PRESIDENT OF THE REPUBLIC
PROKOPIOS B. PAVLOPOULOS
THE PRIME MINISTER
ALEXIOS TSIPRAS