Bank of Greece

Annual / Quarterly Financial Statement • Sep 22, 2015

	31.12.2010	31.12.2009		31.12.2010	31.12.2009
A S S E T S			L I A B I L I T I E S
1. Gold and gold receivables	5,005,114,533	3,633,315,395	1. Banknotes in circulation	21,748,281,800	20,886,044,900
2. Claims on non-euro area residents denominated in foreign currency	1,009,983,571	1,108,075,094	2. Liabilities to euro area credit institutions related to
			monetary policy operations denominated in euro	10,528,376,123	8,008,073,640
Receivables from the International Monetary Fund (IMF)	908,925,790	947,530,824
Balances with banks and security investments,			2.1 Current accounts (covering the minimum reserve system)	3,303,376,123	4,616,073,640
external loans and other external assets	101,057,781	160,544,270	2.2 Deposit facility 2.3 Fixed-term deposits	7,165,000,000 60,000,000	3,392,000,000 0
3. Claims on euro area residents denominated in foreign currency	283,797,006	281,553,987
			3. Other liabilities to euro area credit institutions
General government	200,915,553	270,390,666	denominated in euro	0	0
Other claims	82,881,453	11,163,321
			4. Liabilities to other euro area residents denominated in euro	2,339,465,608	1,381,108,771
4. Claims on non-euro area residents denominated in euro	165,813	177,285	4.1 General government	781,941,428	1,333,377,502
Balances with banks, security investments and loans	165,813	177,285	4.2 Other liabilities	1,557,524,180	47,731,269
Claims arising from the credit facility under ERM II	0	0
			5. Liabilities to non-euro area residents denominated in euro	766,281,837	719,806,349
monetary policy operations denominated in euro	97,668,800,000	49,655,100,000	6. Liabilities to euro area residents denominated in foreign currency	22,321,537	73,079,424
Main refinancing operations	18,023,000,000	2,355,000,000	7. Liabilities to non-euro area residents denominated in foreign currency	56,827	84,505,484
Longer-term refinancing operations	78,382,800,000	47,300,100,000
Fine-tuning reverse operations	1,263,000,000	0	7.1 Deposits and other liabilities	56,827	84,505,484
			7.2 Liabilities arising from the credit facility under ERM II	0	0
6. Other claims on euro area credit institutions denominated in euro	71,609,150	72,760,162
			8. Counterpart of special drawing rights allocated by the IMF	905,349,233	851,675,401
7. Securities of euro area residents denominated in euro	23,860,877,515	20,668,018,576	9. Intra-Eurosystem liabilities	95,054,832,880	49,122,200,115
Securities held for monetary policy purposes	4,898,275,295	674,147,384	9.1 Liabilities related to promissory notes backing
Other securities of euro area residents denominated in euro	18,962,602,220	19,993,871,192	the issuance of ECB debt certificates	0	0
			9.2 Liabilities related to the allocation of euro
8. General government long term debt denominated in euro	6,867,002,312	7,294,205,864	banknotes within the Eurosystem (net)	7,921,552,125	86,137,460
			9.3 Net liabilities arising from balances of TARGET2 Accounts	87,088,090,137	49,036,062,655
			9.4 Other liabilities within the Eurosystem (net)	45,190,618	0
9. Intra-Eurosystem claims	1,600,050,638	1,597,874,267	10. Items in course of settlement	23,305,724	26,358,624
Participating interest in the ECB	468,140,047	435,391,713
Claims equivalent to the transfer of foreign			11. Other liabilities	787,477,099	764,807,737
reserves to the ECB	1,131,910,591	1,131,910,591
Claims related to the allocation of euro banknotes			11.1 Off-balance-sheet instruments revaluation differences	1,719	191,109
within the Eurosystem (net)	0	0	11.2 Accruals and income collected in advance	114,941,633	68,547,768
Net claims arising from balances of TARGET2 Accounts	0	0	11.3 Sundry	672,533,747	696,068,860
Other claims within the Eurosystem (net)	0	30,571,963
			12. Provisions	2,385,419,686	1,953,462,075
10. Items in course of settlement	415,701	2,369,833
11. Other assets	2,272,489,005	2,280,203,801	13. Revaluation accounts	3,263,692,564	1,917,223,958
			14. Capital and reserves	815,444,326	805,307,786
11.1 Coins	69,322,438	58,087,539
11.2 Tangible and intangible fixed assets	755,550,905	763,695,749	14.1 Capital	111,243,362	111,243,362
11.3 Other financial assets	29,172,193	29,260,593	14.2 Ordinary reserve	111,243,362	111,243,362
11.4 Off-balance-sheet instruments revaluation differences	1,653,134	0	14.3 Extraordinary reserve	84,500,000	72,500,000
11.5 Accruals and prepaid expenses	988,458,366	1,009,094,586	14.4 Special reserve from the revaluation of land
11.6 Sundry	428,331,969	420,065,334	and buildings	507,247,856	509,257,925
			14.5 Other special reserves	1,209,746	1,063,137
T O T A L A S S E T S	138,640,305,244	86,593,654,264	T O T A L L I A B I L I T I E S	138,640,305,244	86,593,654,264

	31.12.2010	31.12.2009		31.12.2010	31.12.2009
A S S E T S			L I A B I L I T I E S
1. Gold and gold receivables	5,005,114,533	3,633,315,395	1. Banknotes in circulation	21,748,281,800	20,886,044,900
2. Claims on non-euro area residents denominated in foreign currency	1,009,983,571	1,108,075,094	2. Liabilities to euro area credit institutions related to monetary policy operations denominated in euro	10,528,376,123	8,008,073,640
2.1 Receivables from the International Monetary Fund (IMF)	908,925,790	947,530,824
2.2 Balances with banks and security investments, external loans and other external assets	101,057,781	160,544,270	2.1 Current accounts (covering the minimum reserve system) 2.2 Deposit facility	3,303,376,123 7,165,000,000	4,616,073,640 3,392,000,000
			2.3 Fixed-term deposits	60,000,000	0
3. Claims on euro area residents denominated in foreign currency	283,797,006	281,553,987
3.1 General government	200,915,553	270,390,666	3. Other liabilities to euro area credit institutions denominated in euro	0	0
3.2 Other claims	82,881,453	11,163,321
			4. Liabilities to other euro area residents denominated in euro	2,339,465,608	1,381,108,771
4. Claims on non-euro area residents denominated in euro	165,813	177,285	4.1 General government	781,941,428	1,333,377,502
4.1 Balances with banks, security investments and loans	165,813	177,285	4.2 Other liabilities	1,557,524,180	47,731,269
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	766,281,837	719,806,349
monetary policy operations denominated in euro	97,668,800,000	49,655,100,000	6. Liabilities to euro area residents denominated in foreign currency	22,321,537	73,079,424
5.1 Main refinancing operations	18,023,000,000	2,355,000,000	7. Liabilities to non-euro area residents denominated in foreign currency	56,827	84,505,484
5.2 Longer-term refinancing operations	78,382,800,000	47,300,100,000
5.3 Fine-tuning reverse operations	1,263,000,000	0	7.1 Deposits and other liabilities 7.2 Liabilities arising from the credit facility under ERM II	56,827 0	84,505,484 0
6. Other claims on euro area credit institutions denominated in euro	71,609,150	72,760,162
			8. Counterpart of special drawing rights allocated by the IMF	905,349,233	851,675,401
7. Securities of euro area residents denominated in euro	23,860,877,515	20,668,018,576	9. Intra-Eurosystem liabilities	95,054,832,880	49,122,200,115
7.1 Securities held for monetary policy purposes	4,898,275,295	674,147,384	9.1 Liabilities related to promissory notes backing
7.2 Other securities of euro area residents denominated in euro	18,962,602,220	19,993,871,192	the issuance of ECB debt certificates	0	0
8. General government long term debt denominated in euro	6,867,002,312	7,294,205,864	9.2 Liabilities related to the allocation of euro banknotes within the Eurosystem (net)	7,921,552,125	86,137,460
			9.3 Net liabilities arising from balances of TARGET2 Accounts	87,088,090,137	49,036,062,655
			9.4 Other liabilities within the Eurosystem (net)	45,190,618	0
9. Intra-Eurosystem claims	1,600,050,638	1,597,874,267
9.1 Participating interest in the ECB	468,140,047	435,391,713	10. Items in course of settlement	23,305,724	26,358,624
9.2 Claims equivalent to the transfer of foreign			11. Other liabilities	787,477,099	764,807,737
reserves to the ECB	1,131,910,591	1,131,910,591
9.3 Claims related to the allocation of euro banknotes			11.1 Off-balance-sheet instruments revaluation differences	1,719	191,109
within the Eurosystem (net) 9.4 Net claims arising from balances of TARGET2 Accounts	0 0	0 0	11.2 Accruals and income collected in advance 11.3 Sundry	114,941,633 672,533,747	68,547,768 696,068,860
9.5 Other claims within the Eurosystem (net)	0	30,571,963
			12. Provisions	2,385,419,686	1,953,462,075
10. Items in course of settlement	415,701	2,369,833	13. Revaluation accounts	3,263,692,564	1,917,223,958
11. Other assets	2,272,489,005	2,280,203,801
			14. Capital and reserves	815,444,326	805,307,786
11.1 Coins	69,322,438	58,087,539
11.2 Tangible and intangible fixed assets 11.3 Other financial assets	755,550,905 29,172,193	763,695,749 29,260,593	14.1 Capital 14.2 Ordinary reserve	111,243,362 111,243,362	111,243,362 111,243,362
11.4 Off-balance-sheet instruments revaluation differences	1,653,134	0	14.3 Extraordinary reserve	84,500,000	72,500,000
11.5 Accruals and prepaid expenses	988,458,366	1,009,094,586	14.4 Special reserve from the revaluation of land
11.6 Sundry	428,331,969	420,065,334	and buildings	507,247,856	509,257,925
			14.5 Other special reserves	1,209,746	1,063,137
T O T A L A S S E T S	138,640,305,244	86,593,654,264	T O T A L L I A B I L I T I E S	138,640,305,244	86,593,654,264
OFF-BALANCE-SHEET ITEMS	31.12.2010	31.12.2009
1. Greek government securities relating to the management of the "Common capital
of legal entities in public law and social security funds" according to Law 2469/97	22,599,433,438	20,167,881,047	5. Gold has been valued at the price provided by the ECB as at 31 December 2010: €1,055.418 per fine oz, compared with €766.347 as at 31 December 2009.
2. Greek government securities and other securities relating to the management			6. Claims/liabilities denominated in foreign currency have been converted into euro using the euro foreign exchange reference rates of the ECB as at 31 December 2010.
and custody of funds of public entities, social security funds and private agents	9,408,108,799	9,624,298,900	7. Marketable securities (other than held-to-maturity) are valued at the mid-market prices of 31 December 2010. Marketable securities classified as held-to-maturity and non-marketable
3. Assets eligible as collateral for Eurosystem monetary policy operations and intraday credit	162,000,732,695	77,190,735,706	securities are valued at amortised cost subject to impairment. In financial year 2010 no impairment losses incurred.
4. Other off-balance-sheet items	10,870,038,657	282,506,757	8. Fixed assets are valued at cost, with the exception of land and buildings which are valued at market prices determined by independent appraisers, less depreciation.

TOTAL OFF-BALANCE-SHEET ITEMS 204,878,313,589 107,265,422,410 9. From 2005 onwards, depreciation of buildings is calculated at a rate of 2.5%, over their expected life (40 years).

1. In 2010 an amount of €47 million (2009: €45 million) was released from the provision of €149.5 million against counterparty risks related to the monetary policy operations of NOTES: the Eurosystem, initially established in 2008. This amount of €47 million was transferred to income from unused provisions.

2. Under Article 54A of the Bank's Statute, the financial statements of the Bank of Greece are drawn up in accordance with the accounting principles and rules established by 11. From the profit of financial year 2010, an amount of €12 million was transferred to the extraordinary reserve.

the European Central Bank (ECB) and applying to all the members of the European System of Central Banks (ESCB). 12. Certain items of the balance sheet and the profit and loss account for the year 2009 have been reclassified to ensure comparability with the respective items of the year 2010. 2. The Bank's key for subscription to the ECB's capital fully paid up by the 16 National Central Banks of the Eurosystem is 2.81539%. 13. "Other off-balance-sheet items" include a promissory note of €10.6 billion (SDR 9.1 billion) issued by the Greek government for the total amount of the loan received from the IMF until

1. Claims/liabilities denominated in euro or foreign currency are broken down into claims on/liabilities to euro area residents and non-euro area residents. 31 December 2010.

2. Account balances related to monetary policy operations are shown under distinct items.

				2 0 1 0	2 0 0 9
2. Net result of financial operations, write-downs					(in euro)
and risk provisions	50,321,799	58,209,232	Dividend €0.67 per share (number of shares 19,864,886)	13,309,473	13,309,473
Realised gains arising from financial operations	50,321,799	58,209,232	Extraordinary reserve	12,000,000	17,500,000
Write-downs on financial assets and positions	-21,326,568	-5,170,554	Additional dividend €0.89 per share*	17,679,749	34,366,253
Transfer from provisions for foreign exchange rate,			Tax payment on dividends**	20,659,482	15,891,909
interest rate, credit and gold price risks	21,326,568	5,170,554	To the Government	126,803,588	147,092,978
				190,452,292	228,160,613

PROFIT AND LOSS ACCOUNT FOR THE YEAR 2010			DISTRIBUTION OF PROFIT
	2 0 1 0	2 0 0 9 (in euro)		(Article 71 of the Statute)
1. Net interest income	825,890,005	766,668,842
1.1 Interest income	1,741,334,930	1,432,540,058
1.2 Interest expense	-915,444,925	-665,871,216
				2 0 1 0 2 0 0 9
2. Net result of financial operations, write-downs				(in euro)
and risk provisions	50,321,799	58,209,232	Dividend €0.67 per share (number of shares 19,864,886)	13,309,473 13,309,473
2.1 Realised gains arising from financial operations	50,321,799	58,209,232	Extraordinary reserve	12,000,000 17,500,000
2.2 Write-downs on financial assets and positions	-21,326,568	-5,170,554	Additional dividend €0.89 per share*	17,679,749 34,366,253
2.3 Transfer from provisions for foreign exchange rate,			Tax payment on dividends**	20,659,482 15,891,909
interest rate, credit and gold price risks	21,326,568	5,170,554	To the Government	126,803,588 147,092,978
				190,452,292 228,160,613
3. Net income from fees and commissions 3.1 Fees and commissions income	141,548,446 143,186,356	174,827,731 176,416,753
3.2 Fees and commissions expense	-1,637,910	-1,589,022
4. Income from equity shares and participating interests	12,288,700	66,983,496
			* The total gross dividend for financial year 2010 amounts to €2.60 per share compared to €3.20 in the previous year.
5. Net result of pooling of monetary income	1,834,971	53,376,709	**Dividends are subject to withholding tax of 40%, in accordance with Article 13 of Law 3842/23.4.2010.
			In case of the amendment of the above Law, before the dividend payment, the tax and the dividend amounts will be adjusted appropriately.
6. Other income	12,630,271	19,410,623
Total net income	1,044,514,192	1,139,476,633	Athens, 14 March 2011
7. Staff costs and pensions	-319,516,458	-332,781,100
			THE GOVERNOR	THE DIRECTOR OF THE ACCOUNTS DEPARTMENT
8. Administrative and other expenses	-48,198,051	-46,498,739
9. Depreciation of tangible and intangible fixed assets	-13,481,729	-59,807,274
10. Provisions	-472,865,662	-472,228,907	GEORGE A. PROVOPOULOS	CHRISTOS K. PAPAKONSTANTINOU
Total expenses	-854,061,900	-911,316,020
Profit for the year	190,452,292	228,160,613

NOTE: Item 5 "Net result of pooling of monetary income", includes amounts regarding the partial release of the provision of €149,522,606 against

counterparty risks related to the monetary policy operations of the Eurosystem, first established in 2008 (2010: €47,025,589, 2009: €44,966,265).

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

We have audited the accompanying financial statements of the BANK OF GREECE S.A. ('the Bank'), which comprise the Balance Sheet as at December 31, 2010, the income statement, and the statement of profit distribution for the year then ended, and a summary of significant accounting policies and other explanatory information.

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 prescribed by the European Central Bank (ECB) as adopted by the Bank in article 54A of its Statute, and note 12 in the financial statements as concerns the method used to provide for general risks and the Accounting Standards prescribed by Greek legislation, and for such internal controls as Management determines are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility: Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards of Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about 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.

The balance sheet item 'Provisions' includes provision for pensions, other liabilities to employee funds amounting to € 1,465 million (December 31, 2009: €1,275 million) for which we were unable to obtain audit evidence concerning their calculation and, consequently, we are unable to satisfy ourselves as to the adequacy of such provision.

Opinion: In our opinion, except for the possible effects of the matter described in the paragraph above, the financial statements present fairly, in all material respects, the financial position of the BANK OF GREECE S.A.

as at December 31, 2010, and of its financial performance for the year then ended in accordance with the accounting principles prescribed by the European Central Bank as adopted by the Bank in article 54A of its Statute and note 12 in the financial statements as concerns the method used to provide for general risks and the Accounting Standards prescribed by the Greek legislation.

Report on Other Legal and Regulatory Requirements: We confirm the reconciliation and correspondence of the information given in the Report of the Governor with regard to the income statement for the year ended 2010 with the attached financial statements, according to articles 43a and 37 of the Law 2190/1920.

Christodoulos Seferis Sofia Kalomenides

(Registration Number of the Greek Body of (Registration Number of the Greek Body of Chartered Accountants 23 431) Chartered Accountants 13 301)

Ernst & Young (Hellas) S.A. Certified Auditors Accountants (Registration Number of the Greek Body of Chartered Accountants 107) 11th klm National Road Athens-Lamia 144 51 Metamorfosi Attiki

The Certified Auditors Accountants

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of the BANK OF GREECE S.A.

Report on the Financial Statements

Athens, 14/03/2011

THE GOVERNOR THE DIRECTOR OF THE ACCOUNTS DEPARTMENT

(in euro)

DISTRIBUTION OF PROFIT (Article 71 of the Statute)

B A N K O F G R E E C E E U R O S Y S T E M EIGHTY THIRD YEAR B A L A N C E S H E E T A S A T 31 D E C E M B E R 2 0 1 0