The legal basis for Covered Bond issues is art. 91 of Law 3601/2007, 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 Act nr. 2620/28.8.2009 (the Secondary Legislation). The Covered Bond Law supersedes general provisions of law contained in the Civil Code, the Code of Civil Procedure and the Bankruptcy Code. The Greek Covered Bonds laws and regulations have been enacted, with a view, inter alia, to complying with the standards of article 22(4) of Directive 85/611/EEC (UCITS).
Under this €10 billion global covered bond programme (the Programme), National Bank of Greece S.A. (the Issuer) may from time to time issue bonds (the Covered Bonds) denominated in any currency. The maximum aggregate nominal amount of all Covered Bonds from time to time outstanding under the Programme will not exceed €10 billion (or its equivalent in other currencies calculated as described in the Prospectus). The payment of all amounts due in respect of the Covered Bonds will constitute direct and unconditional obligations of the Issuer, having recourse to assets forming part of the cover pool (the Cover Pool).
*As of 6th of july 2015 and in relation to the Global Covered Bond Programme I, the Nominal Value Test will be calculated on the basis of an Asset Percentage of 80.0 per cent (OC of 25.0 per cent).