Particulars of the body:

Structure: The Banking Ombudsman is a new, independent institution created by the Hellenic Banking Association (HBA) with a view to examining, on a just and impartial basis, with the aid of transparent procedures and in as short a time as possible, disputes between banks and their clients, and to settling them on an amicable basis.

At its Annual General Assembly of 19 March 1998, the HBA unanimously decided to create the Ombudsman and approved the body's Articles of Association. The Banking Ombudsman is an independent authority in the framework of the HBA. It is elected for a three year term of office by the General Assembly of the HBA with a qualified majority (3/4 of all votes), with the possibility of renewal. At the regular General Assembly of the HBA on 31 March 1999, Mr F. Panagiotopoulos - former Deputy Manager of the Agricultural Bank of Greece - was elected first Banking Ombudsman. At the same time, the HBA's Articles of Association were amended with a view to enshrining the Institution's operational and financial independence. The Institution's remit covers the entire country and all banks affiliated to the HBA participate therein and contribute to its funding. Detailed information on its work can be found in the Annual Report from the Banking Ombudsman.

The Bureau of the Banking Ombudsman has already been in operation since 15 March 1999; it is staffed by specialised lawyers and bankers and is fully computerised. In parallel, each affiliated bank now has a Customer Service which is answerable to the bank's central management or regional directorate, and whose task it is to examine and direct clients' complaints and to provide information and clarification about the banking services on offer.

Powers: The Banking Ombudsman examines complaints about the provision of banking services provided by affiliated banks to private parties (other than legal persons), provided these complaints concern activity in the course of business. There are no limits as to the financial amount at stake in the dispute.

The Banking Ombudsman does not examine disputes which:

Procedure: In principle the complainant must first contact the branch manager, who should normally reply within ten working days. If he is not satisfied with the proposed solution he may contact the bank's Customer Service in writing, which shall answer in writing within ten working days. If the customer is not satisfied with the answer he receives from the bank's Customer Service, or if he does not receive an answer within ten working days, he may, at the latest within one month, file his complaint in writing with the Banking Ombudsman by regular letter or by filling in the special "Complaints Form" which is available at all the bank's branches or which can be printed out from the Ombudsman's website. The procedure for examining complaints is a written one.

The Banking Ombudsman immediately confirms receipt of the complainant's letter and at the same time, if he considers it necessary, asks for further information from the complainant. At the same time he forwards the written complaint together with the annexes to the bank's Customer Service and asks for their opinion. Subsequently, having examined the arguments put forward by both sides, he issues a principled reasoned opinion concerning the acceptability of the complaint.

If the complaint is considered acceptable, the Banking Ombudsman examines the case in depth at his complete discretion and, in a short space of time, proposes an amicable settlement designed to reconcile the parties. If this fails, the Banking Ombudsman issues a written recommendation (opinion) to both parties with a view to resolving the dispute. The Banking Ombudsman's assessment is based on the legislation in force, jurisprudence, the contractual bonds between the parties, and the general principles of good banking practice and the associated code of ethics.

Cost: The Banking Ombudsman's services are provided free of charge to the banks' customers. The Bureau's running costs are covered by the affiliated banks.

Nature of the Decision: The Ombudsman's recommendation is not binding on either party. Consequently both the complainant and the bank may refer the dispute to the courts.

Enforcement: The Banking Ombudsman forwards the recommendation to the complainant and the bank. The complainant must, within a month, declare in writing whether or not he accepts the recommendation with a view to the full and final settlement of the dispute. If the bank does not agree it must state so in writing within ten working days. If the complainant accepts the recommendation, the Banking Ombudsman duly informs the bank, which must inform the Ombudsman as to the implementation of its recommendation within ten working days. If the recommendation is accepted by one party only, the Banking Ombudsman duly informs the other party.