Audit Committee
The Committee had 35 sessions during 2011 and in order to examine more specialized issues, executive from the Finance Division, Internal Audit and other divisions of the Bank are invited to participate. The main responsibilities of the Audit Committee are:

• To monitor and produce the annual evaluation of adequacy and effectiveness of the Internal Audit System.
• To supervise and evaluate the procedures of compiling the annual financial statements.
• To supervise the audit of the annual financial statements as performed by the external auditors – accountants.

 In this regard, the Committee requests these auditors

• To submit a proposal to the Board of Directors for the selection or replacement of the external auditors.
• To guarantee the independence of the external auditors - accountants.
• To evaluate the performance of the Internal Audit Department, placing emphasis on issues relating to its level of independence, the quality and scope of audits performed, the priorities determined by changes in the economic environment, systems and level of risks as well as the overall effectiveness of its operation.

 Assets – Liabilities Committee (ALCO)
The Committee is responsible for the Assets and Liabilities management thus the arising risks and the overall risk management setting respective policies and procedures. It defines the strategy related to the development of the markets, approves the introduction of new or the modification of existing services, defines the pricing policy, as well as the business development in other sectors of the economy. The President of the Committee is the Chairman of the Board and Managing Director and its members are senior Bank executives.

Steering Committee
It is responsible for ordering, evaluating and selecting the sequence of priorities for the execution of new important projects, as well as any adjustments which may be applied during the year, by evaluating the feasibility of their implementation, the assessment of their benefits (quantitative and qualitative) as well as the approval of new projects in the annual Business Plan.

Credit Committee
The Credit Committee is chaired by the Bank’s Managing Director and comprises of the General Managers and the Deputy General Managers. The committee’s main responsibility is to approve major credit limits as well as to compile or modify the Bank’s credit policy. Moreover, it recommends the assignment of credit approval authority to officers, Bank and subsidiaries, defining their credit limits and setting the terms and conditions of credit committee operation.

Executive Committee
It is the highest collective executive body of the Bank. It meets regularly chaired by the Chairman and Managing Director, and attended by the General Managers and the Deputy General Managers. The basic responsibilities of the Executive Committee are:

• To supervise the realization of the Budget and undertaken projects.
• To coordinate the activities of the Bank, its services and its subsidiaries, in order to improve the productivity and effectiveness of the Bank and the Group.
• To approve the marketing strategy and monitoring its execution and effectiveness.
• To approve the annual employee remuneration policy within the budget’s framework as well as to make recommendations to the Board of Directors, when required.
• To approve new operational guidelines, procedures and organizational issues.
• To make decisions on Compliance following recommendations by the appropriate Units or Committees.