Bank of Greece

Annual / Quarterly Financial Statement • Oct 1, 2015

A S S E T S	31.12.2007	31.12.2006	L I A B I L I T I E S	31.12.2007	31.12.2006
1. Gold and gold receivables	2,616,818,200	2,210,725,255	1. Banknotes in circulation	16,269,736,665	15,338,479,600
2. Claims on non-euro area residents denominated in foreign currency	438,938,791	486,131,282	2. Liabilities to euro area credit institutions related to monetary policy operations denominated in euro	7,107,978,508	4,529,984,822
2.1 Receivables from the IMF	82,587,355	125,814,163
2.2 Balances with banks and security investments, external loans and other external assets	356,351,436	360,317,119	2.1 Current accounts (covering the minimum reserve system) 2.2 Deposit facility 2.3 Fixed term deposits	6,602,978,508 5,000,000 500,000,000	4,526,984,822 3,000,000 0
3. Claims on euro area residents denominated in foreign currency	700,340,293	553,330,050
3.1 General government	283,313,841	302,662,973	3. Other liabilities to euro area credit institutions denominated in euro	33,400,000	22,195,000
3.2 Other claims	417,026,452	250,667,077	4. Liabilities to other euro area residents denominated in euro	1,215,526,026	912,830,809
4. Claims on non-euro area residents denominated in euro	1,002,041,543	649,303,017
			4.1 General government	1,159,332,273	893,567,625
4.1 Balances with banks, security investments and loans 4.2 Claims arising from the credit facility under ERM II	1,002,041,543 0	649,303,017 0	4.2 Other liabilities	56,193,753	19,263,184
			5. Liabilities to non-euro area residents denominated in euro	838,556,609	851,539,789
5. Lending to euro area credit institutions related to monetary policy operations denominated in euro	8,727,274,500	4,795,146,004	6. Liabilities to euro area residents denominated in foreign currency	81,162,206	83,723,120
5.1 Main refinancing operations	6,759,000,000	3,083,000,000	7. Liabilities to non-euro area residents denominated in foreign currency	102,325,450	111,747,203
5.2 Longer-term refinancing operations	1,968,274,500	1,712,146,004
6. Other claims on euro area credit institutions denominated in euro	232,122,255	942,132,861	7.1 Deposits and other liabilities 7.2 Liabilities arising from the credit facility under ERM II	102,325,450 0	111,747,203 0
7. Securities of euro area residents denominated in euro	10,518,594,994	6,298,382,914	8. Counterpart of special drawing rights allocated by the IMF	111,207,295	118,206,311
8. General government long term debt denominated in euro	8,231,573,922	8,744,528,645	9. Intra-Eurosystem liabilities	13,195,830,237	9,752,092,960
9. Intra-Eurosystem claims	1,443,521,602	1,453,912,102	9.1 Liabilities related to promissory notes backing
9.1 Participating interest in the ECB	390,235,477	393,403,998	the issuance of ECB debt certificates 9.2 Liabilities related to the allocation of euro	0	0
9.2 Claims equivalent to the transfer of foreign			banknotes within the Eurosystem (net)	2,399,261,590	1,568,551,555
reserves to the ECB 9.3 Claims related to promissory notes backing the	1,046,595,328	1,055,840,343	9.3 Net liabilities related to transactions with the ESCB (TARGET) 9.4 Other liabilities within the Eurosystem (net)	10,796,568,647 0	8,183,541,405 0
issuance of ECB debt certificates	0	0
9.4 Claims related to the allocation of euro banknotes			10. Items in course of settlement	43,934,772	55,474,879
within the Eurosystem (net) 9.5 Net claims related to transactions with the ESCB (TARGET)	0 0	0 0	11. Other liabilities	747,352,247	778,947,772
9.6 Other claims within the Eurosystem (net)	6,690,797	4,667,761
10. Items in course of settlement	3,352,187	2,039,130	11.1 Accruals and income collected in advance 11.2 Sundry	151,550,812 595,801,435	170,041,389 608,906,383
11. Other assets	8,746,291,885	8,789,731,911
			12. Provisions	1,173,625,858	1,052,296,846
11.1 Coins	50,594,774	41,305,892
11.2 Tangible and intangible fixed assets 11.3 Other financial assets	822,814,486 6,500,144,114	755,690,484 6,813,977,432	13. Revaluation accounts	965,418,437	650,634,500
11.4 Accruals and prepaid expenses 11.5 Sundry	808,539,286 564,199,225	705,669,379 473,088,724	14. Capital and reserves	774,815,862	667,209,560

A S S E T S	31.12.2007	31.12.2006	L I A B I L I T I E S	31.12.2007	31.12.2006
1. Gold and gold receivables	2,616,818,200	2,210,725,255	1. Banknotes in circulation	16,269,736,665	15,338,479,600
2. Claims on non-euro area residents denominated in foreign currency	438,938,791	486,131,282	2. Liabilities to euro area credit institutions related to monetary policy operations denominated in euro	7,107,978,508	4,529,984,822
2.1 Receivables from the IMF	82,587,355	125,814,163
2.2 Balances with banks and security investments,			2.1 Current accounts (covering the minimum reserve system)	6,602,978,508	4,526,984,822
external loans and other external assets	356,351,436	360,317,119	2.2 Deposit facility 2.3 Fixed term deposits	5,000,000 500,000,000	3,000,000 0
3. Claims on euro area residents denominated in foreign currency	700,340,293	553,330,050
			3. Other liabilities to euro area credit institutions
3.1 General government	283,313,841	302,662,973	denominated in euro	33,400,000	22,195,000
3.2 Other claims	417,026,452	250,667,077
4. Claims on non-euro area residents denominated in euro	1,002,041,543	649,303,017	4. Liabilities to other euro area residents denominated in euro	1,215,526,026	912,830,809
			4.1 General government	1,159,332,273	893,567,625
4.1 Balances with banks, security investments and loans	1,002,041,543	649,303,017	4.2 Other liabilities	56,193,753	19,263,184
4.2 Claims arising from the credit facility under ERM II	0	0
5. Lending to euro area credit institutions related to			5. Liabilities to non-euro area residents denominated in euro	838,556,609	851,539,789
monetary policy operations denominated in euro	8,727,274,500	4,795,146,004	6. Liabilities to euro area residents denominated in foreign currency	81,162,206	83,723,120
5.1 Main refinancing operations	6,759,000,000	3,083,000,000	7. Liabilities to non-euro area residents denominated in foreign currency	102,325,450	111,747,203
5.2 Longer-term refinancing operations	1,968,274,500	1,712,146,004
			7.1 Deposits and other liabilities	102,325,450	111,747,203
6. Other claims on euro area credit institutions denominated in euro	232,122,255	942,132,861	7.2 Liabilities arising from the credit facility under ERM II	0	0
7. Securities of euro area residents denominated in euro	10,518,594,994	6,298,382,914	8. Counterpart of special drawing rights allocated by the IMF	111,207,295	118,206,311
8. General government long term debt denominated in euro	8,231,573,922	8,744,528,645	9. Intra-Eurosystem liabilities	13,195,830,237	9,752,092,960
9. Intra-Eurosystem claims	1,443,521,602	1,453,912,102	9.1 Liabilities related to promissory notes backing
9.1 Participating interest in the ECB	390,235,477	393,403,998	the issuance of ECB debt certificates 9.2 Liabilities related to the allocation of euro	0	0
9.2 Claims equivalent to the transfer of foreign			banknotes within the Eurosystem (net)	2,399,261,590	1,568,551,555
reserves to the ECB	1,046,595,328	1,055,840,343	9.3 Net liabilities related to transactions with the ESCB (TARGET)	10,796,568,647	8,183,541,405
9.3 Claims related to promissory notes backing the			9.4 Other liabilities within the Eurosystem (net)	0	0
issuance of ECB debt certificates	0	0
9.4 Claims related to the allocation of euro banknotes			10. Items in course of settlement	43,934,772	55,474,879
within the Eurosystem (net)	0	0
9.5 Net claims related to transactions with the ESCB (TARGET)	0	0	11. Other liabilities	747,352,247	778,947,772
9.6 Other claims within the Eurosystem (net)	6,690,797	4,667,761
10. Items in course of settlement	3,352,187	2,039,130	11.1 Accruals and income collected in advance 11.2 Sundry	151,550,812 595,801,435	170,041,389 608,906,383
11. Other assets	8,746,291,885	8,789,731,911
11.1 Coins	50,594,774	41,305,892	12. Provisions	1,173,625,858	1,052,296,846
11.2 Tangible and intangible fixed assets	822,814,486	755,690,484	13. Revaluation accounts	965,418,437	650,634,500
11.3 Other financial assets	6,500,144,114	6,813,977,432
11.4 Accruals and prepaid expenses	808,539,286	705,669,379	14. Capital and reserves	774,815,862	667,209,560
11.5 Sundry	564,199,225	473,088,724
			14.1 Capital	88,994,690	88,994,690
			14.2 Ordinary reserve	88,994,690	88,994,690
			14.3 Extraordinary reserve	55,000,000	19,000,000
			14.4 Special reserve from the revaluation of land
			and buildings	541,550,688	470,018,863
			14.5 Special reserve from the acquisition (free) of fixed assets	275,794	201,317

T O T A L A S S E T S	42,660,870,172	34,925,363,171	T O T A L L I A B I L I T I E S	42,660,870,172
OFF-BALANCE-SHEET ITEMS	31.12.2007	31.12.2006
1. Investments in Greek government securities relating to the management of the "Common
capital of legal persons in public law and social security funds" according to Law 2469/97	19,361,048,419	18,034,147,613
2. Investments in Greek government securities and other securities relating to the management
and custody of funds of public entities, social security funds and private agents	13,474,822,865	10,753,664,510
3. Other off-balance-sheet items	13,461,812,780	7,035,832,577
TOTAL OFF-BALANCE-SHEET ITEMS	46,297,684,064	35,823,644,700

NOTES:

1. Under Article 54A of the Bank's Statute, the balance sheet was drawn up in compliance with the accounting rules and techniques determined by the European Central Bank and government securities issued by other euro area countries; these securities constitute fixed investment to be held by the Bank up to maturity. 2. The weighted key for subscription of the Bank of Greece to the ECB's capital fully paid up by the 13 national central banks of the Eurosystem is 2.61375%.

2. Claims/liabilities denominated in euro or foreign currency are broken down into claims on/liabilities to euro area residents and non-euro area residents. transferred to the "special reserve from the revaluation of land and buildings".

3. Account balances related to monetary policy operations are shown under separate items. 9. The depreciation of buildings and banknote production costs is calculated, as of financial year 2005, at a rate of 2.5% and 20%, respectively, according to the estimated

4. The value of gold has been calculated on the basis of the euro price of the gold ounce referred to in the ECB's exchange rate list of 31 December 2007 ( €568.236 per ounce useful life of buildings (40 years) and the lifetime of banknotes (5 years on average). compared with €482.688 per ounce on 29 December 2006). 10. Out of the profit for financial year 2007, € 36 million were allocated to the extraordinary reserve.

5. Claims and liabilities in foreign currency have been valued on the basis of the exchange rates referred to in the ECB's exchange rate list of 31 December 2007. 11. Some items of the profit and loss account for financial year 2006 have been reclassified so as to be comparable with the corresponding items for 7. The value of securities has been calculated on the basis of average market prices applying on 31 December 2007, except for the securities included in asset item 11.3 "Other financial year 2007. financial assets", which have been valued at cost. This item monitors the investment portfolio of the Bank of Greece, which comprises Greek government securities

PROFIT AND LOSS ACCOUNT FOR THE YEAR 2007

2 0 0 7 2 0 0 6 (in euro)

1. Net interest income 540,922,539 426,049,483 1.1 Interest income 1,195,082,817 929,862,887 1.2 Interest expense -654,160,278 -503,813,404

2.1 Realised gains arising from financial operations	119,336,142	241,705,184		2 0 0 7	2 0 0 6
2.2 Write-downs on financial assets and positions	-43,333,253	-22,939,084		(in euro)
2.3 Transfer from provisions for foreign exchange rate			Dividend €0.67 per share on 15,891,909 shares	10,647,579	10,647,579
and price risks	28,000,000	22,939,084	Extraordinary reserve	36,000,000	19,000,000
			Additional dividend €2.53 per share on 15,891,909 shares*	40,206,530	35,438,957
3. Net income from fees and commissions	131,739,075	121,812,074	Tax payment on dividends (Law 3296/2004, Article 6)	16,951,370	18,824,078
3.1 Fees and commissions income	132,948,968	122,842,921	To the Government	180,878,382	160,724,850
3.2 Fees and commissions expense	-1,209,893	-1,030,847		284,683,861	244,635,464

2. Net result of financial operations, write-downs
and risk provisions	104,002,889	241,705,184
2.1 Realised gains arising from financial operations	119,336,142	241,705,184		2 0 0 7	2 0 0 6
2.2 Write-downs on financial assets and positions	-43,333,253	-22,939,084		(in euro)
2.3 Transfer from provisions for foreign exchange rate			Dividend €0.67 per share on 15,891,909 shares	10,647,579	10,647,579
and price risks	28,000,000	22,939,084	Extraordinary reserve	36,000,000	19,000,000
			Additional dividend €2.53 per share on 15,891,909 shares*	40,206,530	35,438,957
3. Net income from fees and commissions	131,739,075	121,812,074	Tax payment on dividends (Law 3296/2004, Article 6)	16,951,370	18,824,078
3.1 Fees and commissions income	132,948,968	122,842,921	To the Government	180,878,382	160,724,850
3.2 Fees and commissions expense	-1,209,893	-1,030,847		284,683,861	244,635,464
4. Income from equity shares and participating interests	3,383,702	3,472,030
			* The dividend for the year 2007 totals €3.20 per share, against €2.90 for the year 2006.
5. Net result of pooling of monetary income	6,690,797	4,667,120
6. Other income	38,758,703	33,147,655
Total net income	825,497,705	830,853,546
			Athens, 17 March 2008
7. Staff costs	-230,209,907	-214,591,454
7.1 Wages and salaries	-149,801,715	-140,353,929
7.2 Employer´s contributions and other levies	-80,408,192	-74,237,525
			THE GOVERNOR
8. Pensions	-61,544,339	-55,381,266
			NICHOLAS C. GARGANAS		DIMITRIOS E. MATSIMANIS
9. Administrative and other expenses	-58,143,853	-50,203,499
10. Depreciation of tangible and intangible fixed assets	-42,786,390	-38,436,988
11. Provisions	-148,129,355	-227,604,875

Total expenses	-540,813,844	-586,218,082
Profit for the year	284,683,861	244,635,464

This is a translation from the original "INDEPENDENT AUDITOR'S REPORT" issued in the Greek Language

(ECB) and applying to the members of the European System of Central Banks (ESCB). 8. Fixed assets are valued at cost, except land and buildings, which are valued at market prices, determined by independent appraisers, less depreciation. In financial year 2007, the book value of the Bank's real estate was adjusted to its reasonable (market) value, as determined by independent appraisers. The resulting surplus value ( €71.5 million) was

We have audited the accompanying financial statements of BANK OF GREECE AE (the Bank), which comprise the balance sheet as at December 31, 2007, the income statement, and the statement of profit distribution.

Management's Responsibility for the Financial Statements: Management is responsible for the preparation and fair presentation of these financial statements in accordance with the accounting principles determined by the European Central Bank (ECB) as they have been adopted by the Bank in Article 54A of its Articles of Association and the Greek Company Law. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility: Our responsibility is to express an opinion on these financial statements based on our audit. Except as discussed in the following paragraph, we conducted our audit in accordance with the Greek Auditing Standards which are based on International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion: The recorded provision for pension and other liabilities to Employee Funds amounts to €1,003 million, which is not supported by an analysis of the calculation method and, consequently, we could not assess its adequacy. In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to satisfy ourselves as to adequacy of the provision for pension and other liabilities to Employee Funds, the financial statements give a true and fair view of the financial position of BANK OF GREECE AE as of December 31, 2007, and of its financial performance for the year then ended in accordance with the accounting principles determined by the European Central Bank as they have been adopted by the Bank in Article 54A of its Articles of Association and the Greek Company Law.

Report on Other Legal and Regulatory Requirements: The General Council report is consistent with the information required by the Directives of the European Central Bank and the aforementioned financial statements.

The Certified Auditors - Accountants

Christos Glavanis Despina Xenaki Ernst & Young (Hellas) A.E. (Registration no 10 371) (Registration no 14 161) Certified Auditors Accountants 11ο klm National Road Athens Lamia (Registration no 107) 144 51 Metamorphosi Attiki

B A N K OF G R E E C E EIGHTIETH YEAR E U R O S Y S T E M

B A L A N C E S H E E T AS A T 3 1 D E C E M B E R 2 0 0 7 (in euro)

To the Shareholders of BANK OF GREECE AE.

Report on the Financial Statements

Athens, 17 March 2008

DISTRIBUTION OF NET PROFIT (Article 71 of the Statute)

THE DIRECTOR OF THE ACCOUNTS DEPARTMENT