Covered Bonds Program
The legal basis for Covered Bond issues is articles 1-33 of Law 4920/2022 which transposed into national law the Directive (EU) 2019/2162 on Covered Bonds, as in force (the Covered Bonds Law). Pursuant to this Law, secondary legislation has been enacted to set out the regulatory framework with respect to the issuance of covered bonds, notably Bank of Greece Executive Committee Act nr. 215/1/03.02.2023 (the Secondary Covered Bonds Legislation).
Covered Bond Law adopted the grandfathering provisions of Directive (EU) 2019/2162 and covered bonds issued prior to 8th July 2022 that meet the requirements of Greek law 4099/2012 on UCITS, as in force at the time of their issuance, will continue to be referred to as covered bonds pursuant to this law until their maturity.
Overcollateralization
| By Law | 5,3% |
| Committed* - CB I |
23,50% |
| Committed* - CB II | 21,96% |
*The Nominal Value Test will be calculated on the basis of an Asset Percentage of 81.0 per cent (OC of 23.5 per cent) for the Covered Bonds I Programme and 82.0 per cent (OC of 21,96% per cent) for the Covered Bond Programme II.
Covered Bond Programme I Ratings
| Rating Agency | Long Term Issuer |
Last Evaluation Date |
| Moody's (Link) | A3 | 10/11/2020 |