Banks will not be open on these dates – what will happen to payments?

Residents of Greece should be especially attentive to banking transactions that they carry out in the last days of the month. After all, banks may not be open these days.

Friday, March 29, 2024 and Monday, April 1, 2024 (Good Friday and Easter Monday for Catholics), have been declared special rest days for interbank transactions in accordance with Article 11 of Law no. 3336/2005. Article 11, under the heading “Special holiday for interbank transactions”, states the following:

1. Those Trans-European Automated Real Time Express Transfers (TARGET) holidays applicable on the basis of the guidelines of the European Central Bank, which do not coincide with statutory holidays in the territory, are defined as special holidays for interbank transactions. The Bank of Greece, before the end of October of each year, announces special holidays for interbank transactions referred to in this paragraph, which will apply in the following year.

The special holidays established by this paragraph for interbank transactions apply to the Bank of Greece, the Athens Stock Exchange SA, the Central Depository of Securities SA, the Athens Derivatives Exchange, the Clearing House for Derivatives Transactions (ET.ESEP), the Interbank Systems Company SA, as well as the following categories enterprises:

1. Credit institutions operating in Greece, including Greek credit institutions, Postal Savings Bank, Deposit and Loan Fund and branches of foreign banks.
2. Investment service providers.
3. Leasing companies and debt agency agencies.
4. Mutual fund management companies and investment holding companies limited by guarantee.

2. On the day of the special holiday for interbank transactions, all outstanding obligations arising from existing agreements between the organizations referred to in paragraph 1 and their clients of all types, as well as other obligations of their clients to any third party, which are usually subject to execution on the same day must be executed on the next business day, at which time the consequences of any failure to perform will begin.

3. Transactions made in the institutions referred to in paragraph 1(a) on the day of a special interbank holiday are recorded in the systems of these institutions on the next business day.

4. The special day off for interbank transactions is a working day for employees of the above institutions and enterprises.

5. During a special holiday of interbank transactions, obligations arising in connection with the servicing of public debt, loans and securities of the Hellenic Republic must be fulfilled in accordance with the special conditions for their implementation on the previous or next business day.

Source link