Which is the applicable legal framework of covered bonds (the “Covered Bonds”) in Greece?
In Greece, the primary legal basis for Covered Bond issuance is article 91 of Law 3601/2007 “On the Undertaking and Exercise of Activities by Credit Institutions, Sufficiency of Own Funds of Credit Institutions and Investment Services Undertakings and Other Provisions”(the “Primary Legislation”). The Primary Legislation supersedes general provisions of law contained in the Civil Code, the Code of Civil Procedure and the Bankruptcy Code. By way of implementation of the Primary Legislation and pursuant to an authorization provided by the latter, the Governor of the Bank of Greece has issued Act nr.2620/28.8.2009 (the “Secondary Legislation”). Finally the legislative framework in Greece is supplemented by Law 3156/2003 “On Bond Loans, Securitization of Claims and of Claims from Real Estate” (the “Securitization Law”), to the extent that the Primary Legislation cross-refers to it.