Financial Statements 31.12.2022 XBRL

ANNUAL 
FINANCIAL 
REPORT 
FOR THE YEAR ENDED 
31 DECEMBER 2022 
According to 
Article 4 of the Law 3556/2007

Table 
of Contents 
A.
Corporate Governance 
I.
Statements of the members of 
the Board of Directors 
II.
Report of the Directors and Corporate 
Governance Statement 
 
Appendix: Audit Committee Activity Report 
B.
Auditor’s Reports and Financial Statements 
I.
Ιndependent Auditor’s Report 
(on the Consolidated Financial Statements) 
II.
Consolidated Financial Statements of the Company 
for the year 
ended 31 December 2022 
III.
Ιndependent Auditor’s Report 
(on the Financial Statements of the 
Company) 
IV.
Financial Statements οf the Company 
for the year 
ended 31 December 2022 

Statements 
of Members of the Board of Directors 
(according to the article 4 par. 2 of the Law 3556/2007) 
We declare that to the best of our knowledge: 
●
 
the annual 
financial 
statements 
for the 
year 
ended 31 
December 2022, 
which 
have been 
prepared in accordance with the applicable accounting standards, 
present fairly the assets, 
liabilities, equity 
and annual 
results of Eurobank 
Ergasias Services 
and Holdings 
S.A. and 
the companies included in the consolidation, 
and 
●
 
the annual report 
of the Board 
of Directors presents fairly 
the development, the performance 
and the position of the 
Eurobank Ergasias Services and Holdings S.A 
and of the companies 
included in 
the consolidation, 
including the 
description 
of the 
main risks 
and uncertainties 
they face. 
Athens, 6 April 2023 
Georgios P. 
Zanias 
I.D. No AI – 414343 
CHAIRMAN 
OF THE BOARD OF 
DIRECTORS
Fokion C. Karavias 
I.D. No ΑΙ - 677962 
CHIEF EXECUTIVE 
OFFICER
Stavros E. Ioannou 
I.D. No AH - 105785 
DEPUTY 
CHIEF EXECUTIVE 
OFFICER 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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The directors 
present their report 
together with 
the financial statements 
for the 
year ended 31 December 2022. 
General information 
Eurobank Ergasias Services and Holdings S.A. (the Company or Eurobank Holdings) is a holding company listed 
on the Athens Exchange, owning 100% of the share 
capital of Eurobank S.A. (the Bank). Eurobank 
Holdings and 
its 
subsidiaries 
form 
a 
group 
(Group), 
consisting 
mainly 
of 
Eurobank 
Group, 
that 
being 
the 
Bank 
and 
its 
subsidiaries. The Company’s operations principally relate to the 
strategic planning of the non-performing loans 
management and the provision 
of services to the 
Group entities and third 
parties. 
Financial Results Review and Outlook
1
In 
2022, 
the 
economic activity 
remained 
strong 
in Greece 
and 
the 
other 
countries 
in which 
the 
Group 
has 
a 
substantial presence, despite the negative impact of increased geopolitical volatility, disruption in supply chains 
and persistent inflationary pressures. In 
this environment, the Group exceeded its targets in 
terms of profitability, 
asset quality and capital strength, 
expanded its loan portfolio 
and improve 
d 
further its 
liquidity position. 
As at 
31 December 
2022 total 
assets increased 
by €3.6bn 
to €81.5bn 
(Dec. 2021: 
€77.9bn) 
with gross 
customer 
loans amounting to €43.5bn (Dec. 
2021: €40.8bn) and investment securities reaching €13.3bn 
(Dec. 2021: €11.3bn). 
Out of the total loan portfolio, €28.2bn has been 
originated from Greek operations (Dec. 2021: €26.5bn), €10.4bn 
from international 
operations 
(Dec. 2021: €9.2bn) 
and €4.9bn 
refer 
to senior and 
mezzanine notes 
of the 
Pillar, 
Cairo 
and 
Mexico 
securitizations 
(Dec. 
2021: 
€5.1bn). 
Business 
(wholesale 
and 
small 
business) 
loans 
stood 
at 
€25bn 
(Dec. 
2021: 
€22.4bn) 
and 
accounted 
for 
57% 
of 
total 
Group 
loans, 
while 
loans 
to 
households 
reached 
€13.6bn 
(Dec. 
2021: 
€13.3bn), 
of which 
75% is 
the 
mortgage 
portfolio 
and the 
rest 
are 
consumer 
loans. 
Group 
deposits 
reached 
€57.2bn 
(Dec. 
2021: 
€53.2bn) 
with 
those 
from 
Greek 
operations 
increasing 
by 
€2.6bn 
to 
€39.6bn 
(Dec. 2021: 
€37bn), while 
international 
operations 
added €1.5bn 
totalling €17.7bn 
(Dec. 2021: 
€16.2bn). 
As a result, the (net) loan–to–deposit (L/D) ratio stood at 73.1% 
for the Group (Dec. 2021: 73.2%) and at 79.5% 
for 
Greek 
operations 
(Dec. 
2021: 
80.1%). 
The 
funding 
from 
the 
targeted 
long 
term 
refinancing 
operations 
of 
the 
European Central Bank (ECB)– 
TLTRO III programme 
decreased by €2.9bn amounting to €8.8bn as at December 
2022 (Dec. 2021: 
€11.7bn). During the 
year, 
in the context 
of the 
implementation of 
its medium-term 
strategy 
to 
meet the Minimum Requirements for Eligible Own Funds and Eligible Liabilities (MREL), the Bank proceeded with 
the issuance of a preferred senior note of €500m at a coupon of 4.375% 
and maturity date on 9 March 2025 
and 
the Company 
completed the 
issuance of a 
Tier 2 
debt instrument of 
€300m at a 
coupon of 10% which 
matures 
in December 2032. More recently, in January 
2023, the Bank completed the issuance of 
a €500m senior 
preferred 
note at a 
coupon of 
7% which 
matures in January 
2029 (notes 4 
and 34 
of the consolidated financial 
statements). 
The 
rise in high 
quality liquid 
assets of the 
Group led 
the respective 
Liquidity Coverage 
ratio 
(LCR) to 
173% (31 
December 2021: 152%). 
Pre-provision 
Income 
(PPI) 
increased 
to 
€2,218m 
or 
€1,893m 
excluding 
the 
€325m 
gain 
on 
sale 
of 
Bank’s 
merchant acquiring business (project “Triangle”) (2021: €1,024m or €1,028m excluding 
the €5m derecognition loss 
on “Mexico” loans), while core pre-provision income (Core PPI) increased by 30.6% year-on-year to €1.176m (2021: 
€900m). Net interest 
income (NII) grew 
by 17.4% 
to €1,550m (2021: €1,321m), mainly driven by 
the higher 
interest 
rates, 
the organic 
loans growth 
and the 
increased income 
from investment 
bonds partly 
offset by 
higher 
debt 
issued and deposits cost. Net 
interest margin (NIM) stood at 1.94% (2021: 1.84%) with the fourth quarter reaching 
2.28%. 
Fees 
and 
commissions 
expanded 
by 
19.1% 
to 
€543m 
(2021: 
€456m), 
of 
which 
banking 
fees 
and 
commissions 
by 
25.4% 
to 
€449m 
(2021: 
€358m), 
mainly 
due 
to 
the 
increased 
fees 
from 
network 
operations, 
lending 
activities 
and 
credit/debit 
cards 
business. 
Fees 
and 
commission 
accounted 
for 
68bps 
of 
total 
assets 
(2021: 
64bps). 
Operating 
expenses 
increased 
by 
4.7% 
to 
€917m 
(2021: 
€876m) 
due 
to 
higher 
costs 
from 
international 
operations 
amounting to 
€273m (2021: 
€234m), partly 
attributed 
to the 
merger 
of Eurobank 
a.d. 
Beograd with 
Direktna Bank 
in Serbia, 
while in Greece 
slightly increased 
by 0.3% to 
€645m (2021: €643m). 
The 
cost to 
income (C/I) 
ratio 
for 
the 
Group 
reached 
32.6%, excluding 
the 
€325m gain 
on project 
“Triangle” 
(2021: 
46%), 
while 
the 
international 
operations 
C/I 
ratio 
stood 
at 
46.1% 
(2021: 
47.5%). 
Furthermore, 
the 
cost 
to core 
income
2
 
ratio for the Group reached 
43.8% (2021: 49.3%), while the international operations cost to core income
2
ratio stood at 
45.6% (2021: 47.4%). 
Trading 
and other 
activities recorded net 
income of €1,042m (2021: 
€123m income) including 
a) €550m realised 
gains 
from 
the 
unwinding 
of 
interest 
rate 
swaps, 
following 
the 
reassessment 
of 
Group’s 
hedging 
strategies, 
which are 
mainly related 
with the 
upward movement 
of the 
euro interest 
rate curve 
in 2022 (notes 
9 and 19 
of 
the 
consolidated 
financial 
statements), 
b) 
€70m 
gains 
from 
portfolio 
hedging 
of 
interest 
rate 
risk 
(macro 
hedging) (notes 
9 and 19 of the 
consolidated financial statements), 
c) €107m gains from 
short positions in debt 
instruments 
entered 
into 
in 
the 
context 
of 
Group’s 
economic 
hedging 
strategies 
(notes 
9 
and 
35 
of 
the 
consolidated 
financial 
statements), 
d) 
€325m 
gain 
from 
the 
completion 
of 
project 
“Triangle” 
(note 
30 
of 
the 
consolidated financial 
statements), e) 
€34m gains from 
changes in fair 
value of investment 
properties, 
f) €34m 
gain on 
sale of 
5.1% 
shareholding 
in Group’s 
joint venture 
Grivalia Hospitality 
S.A. and 
from the 
measurement 
of the retained 
interest as a financial 
asset at FVTPL (note 24 
of the consolidated 
financial statements), and 
g) 
€76m 
loss 
from 
the 
recyclement 
of 
currency 
translation 
losses, 
previously 
recognized 
in 
other 
comprehensive 
income, 
to 
income 
statement 
due 
to 
liquidation 
of 
ERB 
Istanbul 
Holding 
A.S. 
(note 
23.1 
of 
the 
consolidated 
financial statements). 
1
 
Definitions of the selected financial ratios and the source of the financial data are provided in the Appendix. 
2
 
Total operating expenses divided by total 
core income.
International Operations: Operating expenses: €273m, (2021: 
€234m), Core income: 
€598m (2021: €493m). 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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As at 31 December 
2022, following 
the classification 
of project “Solar” 
underlying loan portfolio 
as held for 
sale 
(note 
20 
of 
the 
consolidated 
financial 
statements)
and 
other 
initiatives, 
the 
Group’s 
NPE 
stock 
amounted 
to 
€2.3bn 
(31 
December 
2021: 
€2.8bn) 
driving 
the 
NPE 
ratio 
to 
5.2% 
(31 
December 
2021: 
6.8%), 
while 
the 
NPE 
coverage 
ratio 
stood at 
74.6% (31 
December 
2021: 69.2%). 
During the 
year, 
the NPE 
formation 
was positive 
by 
€46m (fourth 
quarter: 
€35m positive) 
(2021: €44m 
positive). 
The 
loan provisions 
(charge) 
reached 
€291m and 
corresponded 
to 0.72% 
of average 
net 
loans 
(2021: 
€418m 
excluding 
the 
impairment 
loss 
of 
€72m 
on project 
“Mexico” which corresponded 
to 1.11% of average 
net loans). 
Furthermore, 
the Group 
recognised in 2022 other 
impairment losses and provisions 
amounting to €108m (2021: 
€52m), 
which 
are 
analysed 
in 
a) 
€21m 
on 
investment 
bonds, 
including 
€7m 
loss 
attributable 
to Russian 
debt 
exposures 
b) 
€15m 
on 
real 
estate 
properties 
c) 
€23m 
on 
computer 
hardware 
and 
software 
and 
d) 
€49m 
for 
litigations and 
other 
operational 
risk events. 
In addition, 
it recorded 
restructuring costs 
of €102m (2021: 
€25m) 
consisting of 
a) €60m 
cost for 
Voluntary 
Exit Schemes 
(VES) and 
related 
costs, mainly 
referring 
to the 
scheme 
that was launched in February 
2022 for eligible units in Greece
and b) €42m costs mainly related to the 
merger 
and the 
integration 
thereafter 
of Eurobank 
a.d. Beograd 
with Direktna 
Banka in Serbia, 
as well 
as the 
Group’s 
transformation 
project (note 12 of the 
consolidated financial statements). 
Profit or Loss 
Overall, 
in 2022, 
the 
profit 
attributable 
to shareholders 
amounted to 
€1,330m (2021: 
€328m), as 
set out 
in the 
consolidated 
income 
statement. 
The 
adjusted 
net 
profit, 
excluding 
the 
€230.5m 
gain 
(after 
tax) 
on 
project 
“Triangle” 
and the 
€75m restructuring 
costs (after 
tax), amounted 
to €1,174m 
for 
the 
Group 
(2021: €424m), 
of 
which €224m (2021: €148m) 
was related to 
international business.
After deducting the 
significant trading 
gains 
of €727m (€516m after tax) stated above for 
2022 (gains on derivatives and short bond positions), the 
return on 
tangible book value grew to 11.4% (2021: 8.2%). 
Going forward, 
the 
Group, pursues 
its objectives 
set out 
in the 
business plan 
for 
the 
period 
2023-2025, 
which 
includes 
targets 
for 
a) 
loans 
organic 
growth, 
b) 
the 
further 
strengthening 
of 
the 
core 
profitability 
(EPS 
and 
RoTBV), 
c) improvement 
of the asset quality ratios, 
d) solid organic capital generation 
adequate to support the 
business 
growth, 
and 
e) 
the 
initiation 
of 
dividend 
distribution 
in 
the 
form 
of 
cash 
dividends 
and/or 
share 
buybacks, subject to regulatory approval, 
mainly through the 
following initiatives 
and actions: 
a)
Higher NII 
mainly driven by 
the positive 
effect 
of the 
interest rates’ 
increase and 
the sustainable 
growth 
in 
loan volumes and 
the increase, at 
a relatively lower 
pace, of customer deposits 
, 
b)
Organic increase of Group’s 
performing loans mainly through 
business lending, 
c)
Growth of 
fee and commission 
income in a number 
of fee business 
segments such as 
lending, network and 
assets under management activities, 
bancassurance, 
card’s issuing and investment 
property rentals, 
d)
Initiatives 
for 
pursuing 
further 
operating 
efficiency, 
cost 
containment 
of 
“run 
the 
bank” 
activities, 
and 
proceeding 
with 
further 
simplification 
and 
digitalisation 
in 
Greece 
and 
abroad,
maintaining 
the 
annual 
increase of the operating expenses at a low to mid-single digit %, 
considering the inflationary pressures and 
the “grow 
the bank” needs, 
e)
Maintaining low 
NPE ratios 
with high 
coverage 
levels in 
all core 
markets in 
which the 
Group has 
presence, 
which 
may 
be 
challenged 
by 
the 
higher 
interest 
rates 
and 
inflationary 
pressures' 
impact 
on 
households 
disposable income and corporate 
profit margins, 
f)
Strengthening 
core 
markets 
presence 
and 
increasing 
earnings 
contribution 
by 
international 
activities 
through organic 
growth and the 
exploration of potential 
market opportunities. 
g)
Major 
transformation 
initiatives 
introduced 
in 
the 
context 
of the 
Group’s 
transformation 
plan 
“Eurobank 
2030”, 
h)
Support the 
green 
transition 
and financial 
inclusion through 
the 
adoption 
of the 
Environment, 
Social and 
Governance 
(ESG) criteria in all Group’s 
activities and processes. 
The 
geopolitical 
and macroeconomic 
risks, mainly 
related 
with the 
prolongation 
of the 
inflationary 
wave 
and 
the 
impact 
of 
interest 
rate 
hikes 
on 
both 
households 
and 
businesses, 
combined 
with 
potential 
political 
uncertainty in Greece, 
set a number of challenges 
to the achievement 
of the Group’s 
2023-2025 Business Plan, 
mainly 
related 
with 
growth 
potential, 
lending 
margins, 
deposit 
rates, 
asset 
quality 
and 
operating 
costs. 
The 
headwinds 
coming 
from 
the 
geopolitical 
upheaval 
and 
the 
macroeconomic 
environment 
are 
likely 
to 
be 
mitigated by: 
a)
The 
efficient 
mobilization 
of 
the 
already 
approved 
EU 
funding, 
mainly 
through 
Recovery 
and 
Resilience 
Facility (RRF), 
b)
The substantial pipeline 
of new investments, 
c)
The accumulated 
liquidity in the 
economy mainly related 
with the 
extensive state 
support measures 
of the 
pandemic period, 
d)
The decrease 
of the unemployment 
rate in 2022 to its lowest 
level in the 
last twelve years, 
e)
The positive 
developments in the 
tourism sector and the strong 
investment inflows, 
f)
The potential 
upside, related with the 
interest rates’ 
increase impact on the 
profitability of the 
Group. 
(see also further 
information in the 
section “Macroeconomic Outlook 
and Risks”) 
The 
Group 
Management 
and Board, 
mindful 
of the 
recent 
banking 
turmoil across 
some 
markets, 
has 
done 
a 
proactive 
internal 
review 
to 
re-assure 
itself 
of 
the 
continued 
resilience 
of 
Eurobank 
business 
model 
to 
such 
possible external shocks and is pleased to report that 
this model is well supported by sound business 
practices, 
diversified 
activities and prudent 
risk management 
approaches. 
The 
resulting stability 
of the 
Group’s 
business 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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operating 
model 
and 
the 
strength 
of 
its 
financial 
position 
is 
also 
further 
well-reflected/ 
supported 
by 
the 
following significant 
aspects: 
a)
an increased level of high-quality liquid assets 
connected, inter alia, with the resilience of retail deposits and 
with the 
debt issued 
to wholesale markets, 
leading to an 
LCR of 
173%, well 
above 
the regulatory 
minimum 
(100%), 
b)
the wide and diversified 
deposit mix, displaying a significant deposit base from retail, 
which accounts for c. 
70% of total deposits (Bank level), 
c)
a well-managed debt securities portfolio, accounting for 16% of total assets mostly invested in 
EU Sovereign 
Bonds and 
on investment 
grade 
securities. This 
portfolio 
is to 
a great 
extent hedged 
for 
the 
interest 
rate 
risk, 
d)
low interest 
rate 
risk exposure 
on its core 
banking book, 
since the 
vast majority of 
assets are 
floating rate 
loans, which bear immaterial interest rate risk and fixed rate loans, with their interest rate risk being hedged 
to a large extent, 
e)
the strong capital 
adequacy, the 
earnings generation 
capacity and the 
high NPE coverage 
ratio, 
f)
the MREL ratio, which, at the end of 2022 amounted to 23.1% and, proforma 
with the €500m senior issuance 
in January 2023, to 24.3%, exceeding the 
non-binding January 1st 2024 MREL target of 22.9%, 
g)
a 
robust 
internal 
risk 
management 
and 
governance 
framework 
for 
effectively 
monitoring 
and 
mitigating 
risks 
as 
well 
as 
a 
high 
level 
of 
Board 
engagement 
for 
the 
alignment 
of 
business 
model 
with 
sound 
risk 
management and control 
functions, 
h)
the comprehensive 
regulatory and supervisory EU framework 
applicable even to small-sized 
banks. 
Capital adequacy 
As at 
31 December 
2022, the 
Group’s 
Total 
Regulatory 
Capital 
amounted to 
€8bn (31 
Dec 
2021: €6.4bn) 
and 
accounted for 19.2% 
(total CAD) of Risk Weighted Assets (RWA) 
(Dec. 2021: 16.1%), compared 
to the CAD Overall 
Capital Requirements (OCR) ratio of 14.39%
3
. Respectively, the Common Equity Tier 1 (CET1) stood at 16% of 
RWA 
(Dec. 
2021: 
13.7%) 
compared 
to 
the 
CET1 
OCR 
ratio 
of 
9.57%
3
. 
At 
the 
same 
date, 
the 
fully 
loaded 
CET 
1 ratio 
(based on the full implementation of the Basel III rules in 2025) would be 
15.2% (Dec. 2021: 12.7%). 
Pro-forma with 
the completion of project 
“Solar”, the total CAD 
and CET1 ratios would 
be 19% and 16% respectively. 
In the context of the Group’s initiatives for the optimization 
of its regulatory capital, in December 2022 the Bank 
proceeded with 
the execution of the 
third synthetic 
risk transfer 
transaction (project 
“Wave III”) 
in the form 
of a 
financial guarantee, 
providing 
credit protection 
over 
the 
mezzanine loss 
of a 
portfolio 
of performing 
shipping 
loans amounting 
to $1.7bn, 
which resulted 
in a capital 
benefit of 
40 bps (note 
20 of 
the consolidated 
financial 
statements). 
As at 31 December 2022, the Bank’s MREL ratio 
at consolidated level stands at 
23.07% of RWAs, higher 
than the 
interim binding MREL target 
for 2022 of 18.21% 
but also than 
the interim non-binding MREL target from 1 
January 
2023 of 20.48% (note 
4 of the 
consolidated financial statements). 
According to the 
2022 SREP decision, for 
the 
first quarter of 
2023, the 
Group is required 
to meet a Common Equity 
Tier 1 
Ratio of at 
least 9.75% 
and a Total 
Capital Adequacy 
Ratio 
of at 
least 14.45% 
(Overall 
Capital Requirements 
or OCR) 
including Combined 
Buffer 
Requirement of 3.70%. 
Pursuant to the Regulation (EU) 
No 575/2013 (CRR), 
the deferred tax assets (DTAs) that rely on future profitability 
and 
exceed 
certain 
limits 
shall 
be 
deducted 
in 
the 
calculation 
of 
the 
CET1 
capital. 
This 
deduction 
should 
be 
applied gradually by 2025. The enactment of the article 27A of Law 4172/2013, as 
in force, provided for the Greek 
credit institutions that the eligible DTAs are accounted on a) the losses from the Private Sector 
Involvement (PSI) 
and the 
Greek State 
Debt Buyback 
Program 
and b) 
on the 
sum of 
(i) the 
unamortized part 
of the 
crystallized 
loan losses from write-offs and disposals, (ii) the accounting debt write-offs and (iii) the 
remaining accumulated 
provisions and other 
losses in general due to credit 
risk recorded up to 30 June 2015 and can be converted 
into 
directly enforceable 
claims (tax credits) against the 
Greek State, provided 
that the Bank’s after 
tax accounting 
result for the 
period is a loss. This 
legislative provision 
enabled the Greek 
credit institutions, including the 
Bank, 
not to deduct the eligible 
DTAs 
from CET1 capital but recognise 
them as a 100% weighted 
asset, with a positive 
effect 
on the 
capital 
position. As 
at 
31 December 
2022, the 
Bank’s eligible 
DTAs 
for 
conversion 
to tax 
credits 
amounted 
to 
€ 
3,402m 
(Dec.2021: 
€3,547m) 
(note 
13 
to 
the 
consolidated 
financial 
statements). 
A 
potential 
change in 
the 
regulatory 
treatment 
of eligible 
DTAs 
as tax 
credits 
may have 
an adverse 
effect 
in the 
Group’s 
capital position. 
Climate risk stress test 
The 
Group participated 
in the 
ECB supervisory 
climate risk 
stress test, 
which was 
conducted in 
the first 
half of 
2022. The 
2022 climate risk 
stress test assessed 
how well banks 
are set up 
to deal with 
climate-related risks. 
A 
total 
of 
104 
significant 
banks 
participated 
in 
the 
test 
consisting 
of 
three 
modules, 
in 
which 
banks 
provided 
information 
on their: (i) 
own climate stress 
-testing capabilities, 
(ii) reliance on carbon 
-emitting sectors, and (iii) 
performance 
under different 
scenarios 
over 
several 
time horizons. 
The 
test, which 
was part 
of the 
ECB’s wider 
climate roadmap, was not a capital adequacy exercise but rather a learning one for banks and 
supervisors alike, 
aiming at identifying vulnerabilities and best practices and 
providing guidance to banks for the green transition. 
In this context, the Group 
has successfully completed the 
2022 climate risk stress test exercise. 
3
 
The 
‘Overall 
capital 
requirement 
(OCR)’ 
is 
the 
sum 
of 
the 
total 
SREP 
capital 
requirement 
(TSCR) 
and 
the 
combined 
capital 
buffer 
requirement. 

 
 
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REPORT OF THE DIRECTORS 
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In July 2022, the ECB published the climate risk stress test 
aggregated results, showing that banks must improve 
their 
focus 
on 
climate 
risk. 
Furthermore, 
all 
participating 
entities, 
including 
the 
Group, 
received 
individual 
feedback and are expected to take action 
accordingly, in line with 
the set of good practices 
for climate-related 
and environmental 
risk management 
that the 
ECB published in 
November 
2022 along with 
the good 
practices 
for climate stress 
testing published in December 
2022. The results 
showed that the 
Group has made significant 
progress 
in incorporating 
a climate 
risk stress 
testing framework, 
with an 
overall 
performance 
in line 
with the 
average 
score 
of European 
Banks. The 
Group 
continues 
to work 
in order 
to implement 
its climate 
risk action 
plan, to further 
integrate climate risks into its business strategy 
and risk management practices 
and to support 
its clients towards climate transition 
and sustainable business growth. 
2023 EU – wide stress test 
In January 2023, the European 
Banking Authority (EBA) launched 
the 2023 EU-wide stress test exercise 
which is 
designed 
to provide 
valuable input 
for 
assessing 
the 
resilience 
of the 
European 
banking 
sector in 
the 
current 
uncertain and changing macroeconomic 
environment. 
This exercise 
is coordinated by the 
EBA in cooperation 
with the ECB and national 
supervisory authorities and is 
conducted 
according 
to 
the 
EBA’s 
methodology. 
It 
is 
carried 
out 
on 
the 
basis 
of 
year-end 
2022 
figures 
and 
assesses 
the 
performance 
of 
EU 
banks 
under 
a 
baseline 
and 
adverse 
macroeconomic 
scenario, 
covering 
the 
period 
from 
2023 
to 
2025. 
The 
baseline 
scenario 
for 
EU 
countries 
is 
based 
on 
the 
projections 
from 
the 
EU 
national 
central 
banks of 
December 
2022. The 
adverse 
scenario, 
although unlikely 
to unfold, 
is used 
to assess 
the resilience 
of banks to a hypothetical 
severe 
scenario of a significant 
deterioration 
in the overall 
outlook for 
the economy and financial markets in the 
next three years. The 
narrative 
depicts an adverse scenario related 
to 
a 
hypothetical 
worsening 
of 
geopolitical 
developments 
leading 
to 
a 
severe 
decline 
in 
GDP 
with 
persistent 
inflation and 
high interest 
rates. In 
terms of GDP 
decline, the 
2023 adverse 
scenario is the 
most severe 
used in 
the EU wide stress up to now. 
Eurobank Holdings 
Group is participating 
in the EBA-led stress test. 
In parallel, the ECB will 
conduct its own stress 
test for a number of 
medium sized- banks that it supervises directly 
and that are not included 
in the EBA-led stress test sample. 
The EBA expects to publish the 
results of the exercise 
at the end of July 2023. The 
stress test results will be used 
to update each bank’s Pillar 
2 Guidance in the 
context of the SREP, 
while qualitative findings 
on weaknesses in 
banks’ stress testing practices 
could also affect their 
Pillar 2 Requirements. 
International Activities 
The Group has a significant presence 
in four countries apart from Greece. In Cyprus it offers Corporate 
Banking, 
Private Banking, International Business Banking, and Shipping services 
through a network of 8 business centres. 
In Luxembourg it provides 
Private Banking and Corporate Banking services. 
Additionally, the 
subsidiary bank in 
Luxembourg operates 
a branch in London. In Bulgaria and 
Serbia, it operates 
in Retail and Corporate Banking, 
Wealth Management 
and Investment Banking through 
a network of 306 branches 
and business centres. 
In December 2021, the merger of the Bank’s subsidiary in Serbia, Eurobank a.d. Beograd (“Eurobank Serbia”) with 
Direktna Banka 
a.d. Kragujevac 
(“Direktna”) was 
completed, after 
all necessary 
approvals 
from the 
competent 
authorities were 
obtained and 
the 
combined Bank 
was renamed 
to Eurobank 
Direktna a.d. 
On 2 
March 2023, 
the 
Bank 
announced 
that 
it 
has 
signed 
binding 
agreement 
(share 
purchase 
agreement) 
with 
AIK 
Banka 
a.d. 
Beograd 
(“AIK”) 
for 
the 
sale 
of 
Eurobank 
Direktna, 
the 
Bank’s 
subsidiary 
in 
Serbia 
(the 
“Transaction”). 
The 
Transaction 
values 100% 
of Eurobank 
Direktna 
at 
€280m and 
is consistent 
with 
Eurobank’s 
strategy 
to direct 
capital 
to opportunities 
with 
more compelling 
RoTBV 
and to 
further 
enhance 
its presence 
in its 
core markets. 
The 
Transaction 
is expected 
to contribute ca. 
50 bps to 
Eurobank’s 
CET1 ratio 
(based on 
third quarter 
of 2022 
ratio), 
reflecting 
the 
release 
of 
related 
RWAs. 
It 
is 
expected 
to 
be 
completed 
within 
year 
2023, 
subject 
to 
customary regulatory and other 
approvals. 
On 30 December 2022, the 
Bank announced the 
acquisition of a 3.2% holding in Hellenic 
Bank Public Company 
Limited (“Hellenic Bank”) thus increasing 
its shareholding to 15.8% 
in Hellenic Bank. Furthermore, 
on 1 December 
2022, the 
conclusion of 
a share 
purchase agreement 
(“SPA”) 
with Wargaming 
Group 
Limited was 
announced, 
according 
to which 
the 
Bank has 
agreed 
to acquire 
an additional 
13.41% 
holding 
in Hellenic 
Bank, 
subject 
to 
regulatory 
approvals. 
On 
4 
April 
2023, 
following 
the 
receipt 
of 
the 
relevant 
regulatory 
approvals, 
the 
above 
acquisition 
was 
completed, 
and 
the 
Bank’s total 
holding 
in Hellenic 
Bank reached 
29.2%. 
Following 
that, 
the 
investment in Hellenic Bank 
will be 
accounted for as a 
Group’s associate in the consolidated financial 
statements 
as of the second quarter of 2023. The said investment is aligned with the overall strategy 
of the Group to further 
strengthen 
its presence 
in its core 
markets in which 
retains a strategic 
interest (further 
information 
is provided 
in note 22 to consolidated financial statements). 
Furthermore, 
the 
implementation 
of the 
new banking 
system in 
Cyprus (Temenos) 
is progressing 
according 
to 
plan. The 
project is key 
for the 
technological transformation 
of Eurobank 
Cyprus, which in turn aims to enhance 
functionality 
and to 
improve 
efficiency 
thus ensuring 
the 
best experience 
for 
the customers, 
in the 
new digital 
era. 
On 9 
December 
2022, Eurobank 
Holdings announced 
that 
it had 
reached 
an agreement 
for 
the 
acquisition of 
BNP Paribas Personal Finance 
Bulgaria (the “Business”) by 
Eurobank’s subsidiary in Bulgaria, Eurobank 
Bulgaria 
A.D. (“Postbank”). 
The 
transaction is 
in line with 
the Group’s 
strategy 
to further 
strengthen 
Postbank’s position 
in 
the 
Bulgarian 
retail 
sector 
and 
is 
expected 
to 
burden 
the 
Group’s 
regulatory 
capital 
ratios 
by 
ca. 
25 
bps, 

 
 
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reflecting mainly the increase 
in the Group’s 
Risk Weighted Assets. The 
completion of the 
transaction is subject 
to approvals by all competent 
regulatory authorities (further information 
is provided in note 23.1 to consolidated 
financial statements). 
The positive 
prospects remain 
valid despite the 
war in Ukraine. Although 
International Operations 
do not have 
a 
direct 
exposure 
in 
these 
two 
countries, 
the 
deterioration 
of 
the 
key 
macroeconomic 
indicators, 
both 
at 
European 
and 
global 
level, 
will 
have 
an 
impact 
on 
the 
local 
economies. 
International 
Operations 
solid 
fundamentals though, allow for absorbing potential shocks and 
safeguarding their profitability while supporting 
the local communities. 
Risk management 
The 
Group acknowledges 
that 
taking risks 
is an 
integral 
part of 
its operations 
in order 
to achieve 
its business 
objectives. 
Therefore, 
the 
Group’s 
management 
sets adequate 
mechanisms to 
identify those 
risks at 
an early 
stage and assesses their potential 
impact on the achievement 
of these objectives. 
Due 
to 
the 
fact 
that 
economic, 
industry, 
regulatory 
and 
operating 
conditions 
will 
continue 
to 
change, 
risk 
management 
mechanisms 
are 
set 
in 
a 
manner 
that 
enable 
the 
Group 
to 
identify 
and 
deal 
with 
the 
risks 
associated with those changes. The Bank’s structure, internal processes 
and existing control mechanisms ensure 
both the 
independence principle and the exercise 
of sufficient supervision. 
The Group's 
Management considers effective 
risk management as a top priority, as well as a major competitive 
advantage, 
for 
the 
organization. 
As 
such, 
the 
Group 
has 
allocated 
significant 
resources 
for 
upgrading 
and 
maintaining 
its 
policies, 
methods 
and 
infrastructure 
up 
to 
date, 
in 
order 
to 
ensure 
compliance 
with 
the 
requirements 
of the 
European 
Central 
Bank (ECB) 
and of 
the 
Single Resolution 
Board 
(SRB), the 
guidelines 
of 
the 
European 
Banking 
Authority 
(EBA) 
and 
the 
Basel 
Committee 
for 
Banking 
Supervision 
as 
well 
as 
the 
best 
international banking 
practices. The 
Group implements 
a well-structured 
credit approval 
process, independent 
credit reviews 
and effective 
risk management policies 
for all material 
risks it is exposed 
to, both in 
Greece and 
in each 
country of 
its international 
operations. 
The 
risk management 
policies 
implemented 
by 
the 
Group 
are 
reviewed 
on a regular basis. 
The 
Group 
Risk 
and 
Capital 
Strategy 
outlines 
the 
Group’s 
overall 
direction 
regarding 
risk 
and 
capital 
management issues, 
the risk 
management mission 
and objectives, 
risk definitions, risk 
management principles, 
risk governance framework, 
strategic objectives and key management initiatives for 
the improvement 
of the risk 
management framework 
in place. 
Risk 
culture 
is 
a 
core 
element 
of 
the 
organisation. 
Risk 
management 
function 
provides 
the 
framework, 
procedures and guidance 
to enable all employees to proactively 
identify, manage and monitor the 
risks in their 
own areas 
and improve 
the control 
and co-ordination 
of risk taking 
across their 
business. Ongoing 
education, 
communication and awareness takes place via dedicated learning programs, 
monthly meetings, sharing of best 
practices 
and other 
initiatives. 
The 
Group 
has also 
a policy 
in place 
to address 
any risks 
associated 
with 
the 
introduction, significant 
modifications and periodic 
monitoring of its products and services. 
The 
maximum amount 
of risk 
which the 
Group 
is willing 
to assume 
in the 
pursuit of 
its strategic 
objectives 
is 
articulated via a 
set of 
quantitative and qualitative statements for specific risk 
types, including specific 
tolerance 
levels as described 
in the Group’s 
Risk Appetite Framework. 
The objectives 
are to support the 
Group’s business 
growth, balance 
a strong capital position with higher 
returns on equity and to ensure the Group’s 
adherence 
to 
regulatory requirements. 
The Risk appetite, that 
is clearly communicated throughout 
the Group determines 
risk 
culture 
and forms 
the 
basis on 
which 
risk policies 
and risk 
limits are 
established 
at Group 
and regional 
level. 
Within the 
context of its Risk Appetite Framework, 
the Bank has further 
enhanced the risk identification 
process 
and the risk materiality 
assessment methodology. 
The 
identification 
and 
the 
assessment 
of 
all 
risks 
is 
the 
cornerstone 
for 
the 
effective 
Risk 
Management. 
The 
Group aiming 
to ensure 
a collective 
view on the 
risks linked 
to the 
execution of 
its strategy, 
acknowledges the 
new developments 
at an early stage and assesses the potential 
impact. 
In 
order 
to 
strengthen 
further 
the 
existing 
Operational 
Risk 
Framework 
according 
to 
increased 
regulatory 
expectations as 
defined in the: 
i) EBA Guidelines 
on Internal Governance 
(2021) under 
Directive 
2013/36/EU, (ii) 
BCBS Revisions to the 
Principles for the 
Sound Management of Operational 
Risk (2021), (iii) BCBS Principles 
for 
Operational Resilience, and (iv) EBA 
Guidelines on ICT 
and security risk 
management EBA/GL/2019/04, the Group 
had 
decided 
to 
move 
towards 
managing 
Non-Financial 
Risks 
(NFRs) 
holistically, 
whereas 
NFRs 
include 
all 
operational 
risks as 
well as 
specific additional 
risks such 
as strategic 
and reputational 
risk. NFR 
management 
comprises 
risk 
identification, 
assessment, 
and 
mitigation 
while 
employing 
independent 
oversight 
and 
an 
effective 
risk culture to 
ensure that 
business objectives 
are met 
within the 
NFR appetite that 
is reflected in 
the 
Group’s Policies 
and Guidelines. 
The Board Risk Committee (BRC) is a committee of the Board of Directors (BoD) and its task is to assist the BoD 
to 
ensure 
that 
the 
Group 
has 
a 
well-defined 
risk 
and 
capital 
strategy 
in 
line 
with 
its 
business 
plan 
and 
an 
adequate and 
robust risk 
appetite framework. 
The 
BRC assesses 
the Group’s 
risk profile, 
monitors compliance 
with 
the 
approved 
risk 
appetite 
and 
risk 
tolerance 
levels 
and 
ensures 
that 
the 
Group 
has 
developed 
a 
risk 
management 
framework 
with 
appropriate 
methodologies, 
modelling tools, 
data 
sources 
as well 
as 
sufficient 
and 
competent 
staff 
to 
identify, 
assess, 
monitor 
and 
mitigate 
risks. 
Moreover, 
BRC 
is 
conferred 
with 
certain 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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approval authorities. The 
BRC consists of five (5) non-executive directors, meets at least on a monthly basis and 
reports to the BoD on a quarterly 
basis and on ad hoc instances if it is needed. 
The Management Risk Committee (MRC) is 
a management committee established by the Chief Executive Officer 
(CEO) 
and 
its 
main 
responsibility 
is 
to 
oversee 
the 
risk 
management 
framework 
of 
the 
Group. 
As 
part 
of 
its 
responsibilities, the 
MRC facilitates 
reporting to 
the 
BRC on the 
range of 
risk-related 
topics under 
its purview. 
The MRC supports 
the Group 
Chief Risk Officer 
to identify material risks, to promptly 
escalate them 
to the BRC 
and to ensure that the 
necessary policies and procedures 
are in place to prudently manage risks and to comply 
with regulatory requirements. 
In the 
context of the 
climate risk 
stress testing 
process, 
the MRC 
is responsible 
to review, 
challenge and 
agree 
on the 
material climate 
risks identified 
in the 
risk identification 
process 
as well 
as the 
transition scenarios 
and 
physical 
risk 
events 
developed 
in 
the 
scenario 
design 
process. 
Further 
to 
MRC’s 
clearance, 
appropriate 
management actions are proposed to the Executive Board Committee (“ExBo”) and consequently to the BRC for 
review, 
challenge and approval. 
The 
Group’s 
Risk 
Management 
General 
Division 
which 
is 
headed 
by 
the 
Group 
Chief 
Risk 
Officer 
(GCRO), 
operates independently from the business units and is responsible for the identification, assessment, monitoring, 
measurement 
and 
management 
of 
the 
risks 
that 
the 
Group 
is 
exposed 
to. 
It 
comprises 
of 
the 
Group 
Credit 
General 
Division 
(GCGD), 
the 
Group 
Credit 
Control 
Sector 
(GCCS), 
the 
Group 
Credit 
Risk 
Capital 
Adequacy 
Control 
Sector (GCRCACS), 
the Group 
Market and 
Counterparty Risk 
Sector (GMCRS), 
the Group 
Operational 
Risk Sector (GORS), 
the Group Model Validation and Governance Sector (GMVGS), the Group Risk 
Management 
Strategy 
Planning 
and 
Operations 
Division 
(GRMSPO), 
the 
Supervisory 
Relations 
and 
Resolution 
Planning 
Sector (SRRPS), the Group 
Climate Risk Division (GCRD) and the 
Risk Analytics Division (RAD). 
As part of its overall system 
of internal controls, Eurobank 
Ergasias Services and Holdings 
S.A. has engaged in a 
Service 
Level 
Agreement 
(SLA) 
with 
Eurobank 
S.A. 
(the 
banking 
subsidiary 
of 
the 
Group) 
in 
order 
to 
receive 
supporting and advisory services in all areas 
of risk management undertaken 
by the Group. 
The most important types of 
risk that are addresse 
d 
by the risk management 
functions of the 
Group are: 
Credit Risk 
Credit risk is the 
risk that a counterparty 
will be unable to fulfill 
its payment obligations 
in full when 
due. Credit 
risk is also 
related with country risk and 
settlement risk. Credit risk arises 
principally from the wholesale and retail 
lending activities of the Group, as well as from credit enhancements 
provided, such as financial guarantees and 
letters of credit. The Group is also exposed to credit risk arising from other activities such as investments in debt 
securities, trading, 
capital markets 
and settlement activities. 
Taking 
into account that 
credit risk is 
the primary 
risk the Group is exposed to, 
it is very closely managed and monitored by 
specialised risk units, reporting to the 
GCRO. 
The 
credit 
review 
and approval 
processes 
are 
centralized 
both 
in Greece 
and in 
the 
International 
operations 
following 
the 
“four-eyes” 
principle and 
specific 
guidelines 
stipulated 
in the 
Credit 
Policy 
Manual 
and the 
Risk 
Appetite 
Framework. 
The 
segregation 
of 
duties 
ensures 
independence 
among 
executives 
responsible 
for 
the 
customer relationship, the 
approval process and the loan disbursement, as well as monitoring of the loan during 
its lifecycle. The credit approval 
process in Corporate Banking is centralized 
through the establishment of Credit 
Committees with escalating Credit 
Approval Levels, 
which assess and limit to the extent possible the 
corporate 
credit risk. Rating 
models are used 
in order to calculate 
the credit 
rating of corporate 
customers, reflecting 
the 
underlying 
credit 
risk. The 
most significant 
ones 
are 
the 
MRA (Moody’s 
Risk Analyst) 
applied 
for 
companies 
-
mostly- 
with 
industrial 
and 
commercial 
activity 
and 
the 
slotting 
rating 
models, 
used 
for 
specialised 
lending 
portfolios 
(shipping, 
real 
estate 
and 
project 
finance) 
with 
ring 
fenced 
transactions. 
Credit 
risk 
assessment 
is 
performed 
by 
Group 
Credit 
General 
Division 
(GCGD), 
which 
assesses 
the 
credit 
requests 
submitted 
by 
the 
Business Units, a procedure including the evaluation of the operational 
and financial profile of the customer, the 
validation of the borrower’s 
rating and the 
identification of potential risk factors 
for the 
Bank. 
The credit review and approval processes 
for loans to Small Businesses (turnover up to €5m) 
are also centralised 
following 
specific 
guidelines 
and 
applying 
the 
‘four-eyes’ 
principle. 
The 
assessment 
is 
primarily 
based 
on the 
analysis 
of 
the 
borrower's 
operational 
characteristics 
and 
financial 
position. 
The 
same 
applies 
for 
Individual 
Banking (consumer 
and mortgage 
loans), where 
the 
credit 
risk assessment 
is based 
on criteria 
related 
to the 
characteristics of the 
retail portfolio, 
such as the financial position of the 
borrower, 
the payment behaviour, 
the 
existence of real estate property 
and the type and quality of securities. 
The 
ongoing monitoring 
of 
the 
portfolio 
quality 
and 
of 
any deviations 
that 
may arise, 
lead to 
an immediate 
adjustment 
of 
the 
credit 
policy 
and 
procedures, 
when 
deemed 
necessary. 
The 
quality 
of 
the 
Group’s 
loan 
portfolios 
(business, consumer 
and mortgage 
in Greece 
and abroad) 
is monitored 
and assessed 
by the 
Group 
Credit Control 
Sector (GCCS) via 
field, desktop and thematic 
reviews in 
order to timely 
identify emerging 
risks, 
vulnerabilities, 
compliance 
to credit 
policies and 
consistency in 
underwriting. Furthermore, 
the 
GCCS assumes 
oversight 
and 
supervisory 
responsibilities 
for 
proper 
operation 
of 
corporate 
rating 
and 
impairment 
models. 
Moreover, 
GCCS regularly reviews the adequacy of provisions of all loan portfolios. Finally, the 
sector formulates 
Group’s 
credit 
policies 
while at 
the 
same time 
it monitors 
regulatory 
developments 
proposing 
relevant 
policy 
updates 
when 
necessary. 
GCCS 
operates 
independently 
from 
all 
the 
business 
units 
of 
the 
Bank 
and 
reports 
directly to the GCRO. 

 
 
 
 
 
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The 
measurement, 
monitoring and 
periodic 
reporting of 
the 
Group’s 
exposure 
to counterparty 
risk (issuer 
risk 
and market driven counterparty risk), which is the risk 
of loss due 
to the customer’s failure to meet its contractual 
obligations 
in 
the 
context 
of 
treasury 
positions, 
such 
as 
debt 
securities, 
derivatives, 
repos, 
reverse 
repos, 
interbank placings, etc. are performed 
by the Group 
Market and Counterparty Risk Sector (GMCRS). The 
Group 
sets limits on 
the level of counterparty risk that are based mainly on 
the counterparty’s credit rating, as provided 
by international rating 
agencies, the product 
type and the maturity of the 
transaction (e.g. control 
limits on net 
open 
derivative 
positions 
by 
both 
amount 
and 
term, 
sovereign 
bonds 
exposure, 
corporate 
securities, 
asset 
backed 
securities, 
etc.). 
GMCRS 
maintains 
and 
updates 
the 
limits’ 
monitoring 
systems 
and 
ensures 
the 
correctness and compliance of all financial 
institutions limits with the Bank’s policies as 
approved by the Group’s 
relevant 
bodies. 
The 
utilization 
of 
the 
abovementioned 
limits, 
any 
excess 
of 
them, 
as 
well 
as 
the 
aggregate 
exposure 
per 
Group’s 
entity, 
counterparty 
and 
product 
type 
are 
monitored 
by 
GMCRS 
on 
a 
daily 
basis. 
The 
Group from 2021 applies the 
new regulatory framework 
for the 
counterparty risk from derivatives 
(SA-CCR). 
Market Risk 
The Group 
has exposure to market 
risk, which is the 
risk of potential financial 
loss due to an adverse 
change in 
market 
variables. 
Changes 
in 
interest 
rates, 
foreign 
exchange 
rates, 
credit 
spreads, 
equity 
prices 
and 
other 
relevant 
factors, 
such as 
the implied 
volatilities, 
can affect 
the Group’s 
income or 
the fair 
value of its 
financial 
instruments. 
The 
market 
risks, the 
Group 
is 
exposed 
to, are 
monitored, 
controlled 
and 
estimated 
by 
GMCRS. 
GMCRS is responsible 
for the 
measurement, 
monitoring, control 
and reporting 
of the 
exposure on market 
risks 
including the Interest Rate Risk in the Banking Book (IRRBB) of the Group. The GMCRS reports to the GCRO. The 
exposures and the utilisation 
of the limits are reported 
to the Board Risk Committee. 
Market risk in Greece and 
International Subsidiaries is managed and monitored 
mainly using Value at Risk 
(VaR) 
methodology, 
Sensitivity 
and 
stress 
test 
analysis. 
VaR 
is 
a 
methodology 
used 
in 
measuring 
financial 
risk 
by 
estimating the potential negative 
change in the market value of a portfolio at a given confidence level and over 
a specified 
time horizon. The 
VaR 
that the 
Group measures 
is an estimate 
based upon a 
99% confidence 
level 
and a holding 
period of 
1 day and 
the methodology 
used for 
the calculation 
is Monte Carlo 
simulation (full 
re-
pricing of the 
positions is performed). 
Since VaR 
constitutes an integral 
part of the 
Group's market 
risk control 
regime, VaR 
limits have been established 
for all portfolios 
(trading and investment) 
measured at fair 
value and 
actual exposure 
is reviewed 
daily by 
management. However, 
the use 
of this 
approach 
does not 
prevent 
losses 
outside 
of 
these 
limits 
in 
the 
event 
of 
extraordinary 
market 
movements. 
For 
that 
reason 
the 
Group 
uses 
additional monitoring metrics such as: Stressed 
VaR, Expected Shortfall 
and Stress Tests. 
Finally, the Group 
has 
the required systems and procedures 
for the application 
of the new regulatory framework 
for market risk (FRTB) 
according to the regulatory 
plan. 
Interest Rate Risk in the 
Banking Book (IRRBB) 
The IRRBB 
is defined as 
the current 
and the 
prospective 
risk of a negative 
impact to the 
institution’s economic 
value 
of 
equity, 
or 
to 
the 
institution’s 
net 
interest 
income, 
taking 
market 
value 
changes 
into 
account 
as 
appropriate, which arise from 
adverse movements 
in interest rates 
affecting interest 
rate sensitive instruments, 
including gap risk, basis risk and option risk. 
GMCRS is the 
unit responsible 
for the 
monitoring, control, 
reporting and estimation 
of IRRBB on 
a group 
level. 
Both 
the 
Economic 
Value 
of 
Equity 
(EVE) 
and 
NII 
sensitivity 
to 
a 
number 
of 
stresses 
on 
interest 
rates 
are 
estimated on a 
periodic basis 
and are compared 
with the 
approved 
by BRC limits. The 
Group is now 
using the 
recently established 
Asset and Liability 
Management (ALM) 
tool for 
a significant 
part of the 
analysis on a 
solo 
level. The 
plan is to further 
increase the 
use of the 
ALM tool for 
any analysis related 
to IRRBB on a 
group level. 
The 
policy 
for 
the 
management 
of 
IRRBB 
as 
approved 
by 
BRC 
and 
BoD 
provides 
a 
clear 
description 
of 
the 
methodologies, governance, 
limits that are used for 
the management of IRRBB. 
Liquidity 
Risk 
The Group 
is exposed on a daily basis 
to liquidity risk due to deposits 
withdrawals, maturity 
of medium or long 
term 
notes, 
maturity 
of secured 
or unsecured 
funding 
(interbank 
repos 
and money 
market 
takings), collateral 
revaluation 
as a 
result 
of market 
movements, 
loan draw 
-downs 
and forfeiture 
of guarantees. 
The 
Board 
Risk 
Committee 
sets 
liquidity 
limits 
to 
ensure 
that 
sufficient 
funds 
are 
available 
to 
meet 
such 
contingencies. 
The 
Group 
monitors 
on 
a 
continuous 
basis 
the 
level 
of 
liquidity 
risk 
using 
regulatory 
and 
internal 
metrics 
and 
methodologies (LCR, 
NSFR, buffer 
analysis, cash flow analysis, short-term 
and medium-term stress test 
etc.). 
BRC 
role 
is 
to 
approve 
all 
strategic 
liquidity 
risk 
management 
decisions 
and 
monitor 
the 
quantitative 
and 
qualitative aspects of liquidity risk. Group 
Assets and Liabilities Committee (G-ALCO) has the 
mandate to form 
and implement 
the 
liquidity policies 
and guidelines 
in conformity 
with Group's 
risk appetite, 
and to 
review 
at 
least monthly 
the overall 
liquidity position 
of the 
Group. Group 
Treasury 
is responsible 
for the 
implementation 
of the 
Group's 
liquidity strategy, 
the 
daily management 
of the 
Group’s 
liquidity and 
for 
the 
preparation 
and 
monitoring of the 
Group’s 
liquidity budget, while 
GMCRS is responsible 
for measuring, 
control, monitoring 
and 
reporting the liquidity 
of the Group. 

 
 
 
 
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Operational 
Risk 
Operational 
risk is defined as the 
risk of loss resulting from inadequate 
or failed internal processes, 
people and 
systems or from 
external events. 
This definition 
includes legal 
risk, but excludes 
strategic and 
reputational 
risk. 
Operational risk is embedded in 
every business activity undertaken by the Group. The primary 
aim of 
operational 
risk management is to ensure the integrity of the Group’s operations and its reputation by mitigating its impact. 
To manage operational 
risk more efficiently, the 
Group operates 
an Operational Risk Management 
Framework, 
which defines its approach to identifying, 
assessing, monitoring and reporting operational 
risks. 
Governance 
responsibility for 
operational 
risk management 
stems from 
the 
Board of 
Directors (BoD), 
through 
the Executive 
Board and 
Senior Management, 
and passes 
down to the 
Heads and staff 
of every 
business unit. 
The 
BoD establishes 
the 
mechanisms used 
by the 
Group 
to manage 
operational 
risk, by 
setting the 
tone and 
expectations 
at 
top management 
and delegating 
relevant 
responsibility. 
The 
Board 
Risk Committee 
and the 
Audit Committee 
monitor the 
operational 
risk level 
and profile, 
including the 
level 
of operational 
losses, their 
frequency and severity. 
The 
Heads of each 
Business Unit (the 
risk owners) 
are primarily 
responsible for 
the day-today 
management of 
operational 
risk and the adherence 
to relevant controls. 
To this 
end, every business 
unit: 
a)
Identifies, 
evaluates 
and 
monitors 
its 
operational 
risks, 
and 
implements 
risk 
mitigation 
controls 
and 
techniques, 
b)
Assesses the efficiency 
of control mechanisms, 
c)
Reports all relevant issues, 
d)
Has access and 
uses the 
methods and tools 
introduced by 
the Group 
Operational 
Risk Sector, 
to facilitate 
in identifying, evaluating and monitoring operational 
risks. 
Each 
Business 
Unit 
has 
appointed 
an 
Operational 
Risk 
Partner 
(OpRisk 
Partner) 
or 
an 
Operational 
Risk 
Management Unit 
(ORMU) depending 
on the 
size of 
the 
business unit 
who is 
responsible for 
coordinating 
the 
internal 
operational 
risk 
management 
efforts 
of the 
business unit. 
OpRisk Partners 
and ORMUs 
form 
the 
link 
between Line 1 and 
Line 2 of 
the Three Lines of Defense Model for all 
operational risk matters. In addition, OpRisk 
Partners also exist at Units 
that are part of Line 2 
and Line 3 
to ensure the appropriate operational risk oversight 
in those functions. 
Group Operational Risk Sector (GORS) has 
been positioned as 
an overlaying framework coordinator for all Non-
Financial 
Risks 
(NFRs). 
The 
GORS 
overlaying 
responsibilities 
aim 
to 
harmonize 
Two 
Lines 
of 
Defense 
(2LoD) 
activities across the Group and to holistically ensure the effective, 
consistent application of the NFR Framework. 
2LoD 
Units maintain 
their 
responsibilities 
for 
specific 
Risk Theme(s) 
owned. 
NFR 
management 
comprises 
risk 
identification, 
assessment, and 
mitigation while 
employing independent 
oversight 
and an effective 
risk culture 
to ensure that 
business objectives 
are met within 
the NFR appetite 
that is reflected 
in the Group’s 
Policies and 
Guidelines. The update 
and implementation of the 
NFR Management Framework 
is in progress. 
Climate related risk 
The 
Group has 
recognized climate 
change as 
a material 
risk and based 
on supervisory 
guidelines, is 
adapting 
its policies and methodologies 
for identifying and monitoring the 
relevant risks. 
Specifically, 
climate 
risk 
is 
the 
risk 
deriving 
from 
potential 
loss 
or 
negative 
impact 
to 
the 
Group, 
including 
loss/damage 
to physical 
assets, disruption 
of business 
or system 
failures, 
from 
the 
adverse 
effects 
of climate 
change and natural disasters. 
Climate-related and environmental 
risks are commonly understood to include the 
following risks: 
a)
Physical 
risk, which 
refers 
to the 
financial impact 
of a 
changing climate, 
including more 
frequent 
extreme 
weather 
events and gradual changes in climate, as well as of environmental degradation, 
such as air, water 
and land pollution, water 
stress, biodiversity 
loss and deforestation, 
b)
Transition 
risk, which 
refers 
to an 
institution’s 
financial 
loss that 
can 
result, 
directly 
or indirectly, 
from 
the 
process of adjustment 
towards a lower 
-carbon and more environmentally 
sustainable economy. 
The 
Group is 
adopting a 
strategic 
approach towards 
sustainability, 
climate change 
risk identification 
and risk 
management, 
signifying 
the 
great 
importance 
that 
is 
given 
in 
the 
risks 
and 
opportunities 
arising 
from 
the 
transitioning to a low-carbon 
and more circular economy. 
In this context, the Bank is in the 
process of finalizing 
its Financed Impact Strategy, 
which will focus on: 
a)
Clients’ engagement and awareness 
to adapt their business so as to address 
climate change challenges, 
b)
Actions 
for 
supporting 
customers 
in 
their 
transition 
efforts 
towards 
a 
more 
ESG-friendly 
economic 
environment, 
c)
Enablers and tools such as frameworks 
and products to underpin 
Sustainable Financing, 
d)
The risk assessment 
of climate-related material 
exposures. 
In 
line 
with 
good 
practices 
identified 
by 
the 
ECB, 
the 
Financed 
Impact 
Strategy 
of 
the 
Bank 
will 
focus 
on 
sustainable 
financing 
targets 
/ 
commitments. 
In 
particular, 
the 
Bank 
identified 
total 
portfolio 
and 
sectoral 
targets 
with 
regards 
to 
financing 
the 
green 
transition 
of 
its 
clients. 
To 
facilitate 
the 
classification 
of 
sustainable/green 
financing 
opportunities 
in 
a 
structural 
manner, 
the 
Bank 
has 
developed 
its 
Sustainable 
Finance 
Framework 
(SFF). 
Through 
its 
SFF, 
the 
Bank 
classifies 
sustainable 
lending 
solutions 
offered 
to 
its 
customers, 
specifying 
the 
applied 
classification 
approach 
and 
the 
activities 
defined 
as 
eligible 
to 
access 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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sustainable financing (eligible 
green and social 
assets). Similar initiatives for the establishment of 
SFF framework 
is under way in the subsidiaries. 
Furthermore, 
the 
Group 
has 
updated 
its 
governance 
structure 
by 
introducing 
and 
defining 
the 
roles 
and 
responsibilities in relation 
to climate related 
and environmental 
(CR&E) risks, embedding 
regulatory guidelines 
and market practices. 
The 
CR&E Risk 
Governance 
involves 
various 
key 
stakeholders 
(i.e. Business 
functions, 
Units, and 
Committees). 
The Group applies a model of defined roles and responsibilities regarding the management of CR&E risks 
across 
the 3 Lines of Defense. 
The Group Climate Risk Division (GCRD) has the overall 
responsibility for overseeing, monitoring, and managing 
CR&E risks. Specifically, 
the GCRD operates 
as Project office 
responsible for 
the implementation 
of the Climate 
related and Environmental risks roadmap, with a 
coordinating and supervisory role on 
all related project streams 
to 
ensure 
alignment 
with 
the 
Bank’s 
business 
strategy 
and 
the 
regulatory 
authorities’ 
expectations. 
In 
this 
context, GCRD ensures the implementation of environmental 
and sustainability initiatives (frameworks, 
policies, 
procedures and products) 
and compliance with existing and upcoming sustainability-related regulations, 
under 
an ongoing bank-wide program, in alignment with the supervisory agreed roadmap, which is accelerated 
where 
possible. 
Also, 
GCRD 
is 
responsible 
for 
the 
co-ordination 
with 
Business 
and 
Risk 
Units, 
the 
preparation 
and 
submission for 
approval of 
the Financed 
Impact Strategy, 
as well as monitors 
its implementation. 
Furthermore, 
the 
GCRD leads 
the 2nd 
Line of 
Defense independent 
sustainable lending 
re-assessment 
process. 
Specifically, 
in the 
context of implementing 
the approved 
Sustainable Finance 
Framework 
(SFF), the 
Division is responsible 
to 
assess 
the 
sustainability 
features 
of 
new 
loans 
and 
products 
according 
to 
the 
criteria 
set 
within 
the 
SFF. 
Further information 
on ESG risk is provided in the 
Consolidated Pillar 3 Report on the 
Company’s website. 
The Group applies the elements of the 
Three Lines of Defense Model for the management of all types of risk. The 
Three 
Lines 
of 
Defense 
Model 
enhances 
risk 
management 
and 
control 
by 
clarifying 
roles 
and 
responsibilities 
within the organization. Under the oversight 
and direction of the Management Body, the responsibilities of each 
of these lines of defense 
are: 
Line 
1 
- 
Own 
and 
manage 
risk 
and 
controls. 
The 
front 
line 
business 
and 
operations 
are 
accountable 
for 
this 
responsibility as they 
own the rewards 
and are the primary risk generators, 
Line 2 
- Monitor 
risk and 
controls 
in support 
of Executive 
Management, 
providing 
oversight, 
challenge, advice 
and group-wide direction. 
These mainly include the 
Risk and Compliance Units, 
Line 3 - Provide 
independent assurance 
to the 
Board and Executive 
Management concerning 
the effectiveness 
of risk and control management. 
This refers 
to Internal Audit. 
Further 
information 
on the 
Group’s 
financial risk 
management 
objectives 
and policies, 
including the 
policy for 
hedging each major type of transaction for 
which hedge accounting is used is set out in the notes 2, 5 and 19 to 
the consolidated 
financial statements for 
the year ended 31 December 
2022. 
Non Performing Exposures 
(NPE) management
The 
Group, 
following 
the 
strategic 
partnership 
with 
doValue 
S.p.A. 
and 
the 
transition 
to 
the 
new 
operating 
model 
for 
the 
management 
of 
NPE, 
realizes 
the 
NPE 
Strategy 
Plan 
through 
its 
implementation 
by 
doValue 
Greece for 
the assigned portfolio 
and the securitization 
transactions. 
Troubled 
Assets Committee 
The Troubled Assets Committee (TAC) is established according to the regulatory provisions and its main purpose 
is to act 
as an independent 
body, closely 
monitoring the 
Bank’s troubled 
assets portfolio 
and the 
execution of 
its NPE Management Strategy. 
Remedial and Servicing Strategy 
(RSS) 
Remedial 
Servicing 
& 
Strategy 
Sector 
(RSS) 
has 
the 
mandate 
to 
devise 
the 
NPE 
reduction 
plan 
and 
closely 
monitor the overall performance of the NPE portfolio as well as 
the relationship of the Bank 
with doValue Greece. 
Furthermore, 
following 
Bank’s 
commitments 
against 
the 
significant 
risk 
transfer 
(SRT) 
monitoring 
regulatory 
requirements 
pertaining 
to 
Bank’s 
concluded 
transactions, 
RSS 
has 
a 
pivotal 
role 
in 
ensuring 
that 
relevant 
process 
is performed 
smoothly and 
in a timely 
manner and 
that any 
shortcomings are 
appropriately 
resolved, 
while 
providing 
any 
required 
clarifications 
or 
additional 
material 
required 
by 
the 
regulatory 
authorities. 
The 
Head of RSS reports to the General 
Manager of Group Strategy. 
In this context, RSS has been assigned inter alia with 
the following 
responsibilities: 
a)
Develop and actively 
monitor the NPE targets 
and reduction plan, 
b)
Set the 
strategic 
principles, priorities, 
policy framework 
and KPIs 
under which 
doValue 
Greece 
is servicing 
the portfolio, 
c)
Closely monitor 
the 
execution 
of 
the 
approved 
strategies, 
as well 
as all 
contractual 
provisions 
under 
the 
relevant 
contractual 
agreements 
for 
Eurobank’s 
portfolio 
assigned 
to 
doValue 
Greece 
including 
the 
securitized portfolio 
of ERB Recovery DAC, 
d)
Monitoring of the performance 
of the senior notes of the 
securitizations in collaboration 
with Group Risk so 
as to 
ensure compliance to 
significant risk transfer (SRT) and 
to the Hellenic 
Asset Protection Scheme (HAPS), 
e)
Budget and monitor the Bank’s expenses and revenues 
associated with the 
assigned portfolio, 
f)
Cooperate closely with 
doValue Greece 
on a daily basis in achieving the 
Group’s objectives, 
g)
Maintain supervisory dialogue. 

 
 
 
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NPE Management Strategy 
and Operational 
targets 
Ιn 
line 
with 
the 
regulatory 
framework 
and 
Single 
Supervisory 
Mechanism’s 
(SSM) 
requirements 
for 
Non-
Performing 
Exposures’ (NPE) management, 
in March 2023, 
the Group 
submitted its NPE Management 
Strategy 
for 2023-2025, 
along with the 
annual NPE stock targets 
at both 
Bank and Group 
level. The 
plan envisages the 
decrease of the Group’s 
NPE ratio at 5.2% at 
the end of 2023 and at 4.5% in 2025. 
In the 
context of 
its NPE 
management strategy, 
the 
Group has 
initiated, jointly 
with the 
other 
Greek systemic 
banks, 
an 
NPE 
securitization 
transaction 
of 
a 
wholesale 
portfolio 
consisting 
of 
common 
borrower 
exposures 
(project ‘Solar’). The 
Group targets to the prudential 
and accounting derecognition of the 
underlying corporate 
loan 
portfolio 
from 
its 
balance 
sheet 
by 
achieving 
a 
Significant 
Risk 
Transfer 
(SRT) 
and 
including 
‘Solar’ 
securitization 
under 
the 
Hellenic 
Asset 
Protection 
Scheme 
(HAPS), 
with 
the 
senior 
note 
of 
the 
securitization 
becoming 
entitled 
to 
the 
Greek 
State’s 
guarantee. 
In 
parallel, 
the 
Management 
along 
with 
the 
other 
participating 
banks 
have 
initiated 
actions 
towards 
the 
disposal 
of 
the 
majority 
stake 
of 
the 
mezzanine 
and 
junior 
notes 
to 
be 
issued 
in 
the 
context 
of 
the 
above-mentioned 
securitization 
(note 
20 
to 
the 
consolidated 
financial statements). 
Macroeconomic Outlook 
and Risks 
2022 was marked by the war 
in Ukraine, which gave rise 
to a global –but 
predominantly European– 
energy crisis, 
added 
to 
the 
mounting 
inflationary 
pressures, 
and 
led 
to 
widespread 
economic 
uncertainty 
and 
increased 
volatility in the 
global economy and financial markets. 
Nevertheless, 
the post-pandemic recovery 
continued for 
a second consecutive year in 
Greece, with its GDP growth overperforming that of most of its EU 
peers. According 
to 
the 
Hellenic 
Statistical 
Authority 
(ELSTAT) 
provisional 
data, 
the 
Greek 
economy 
expanded 
by 
5.9% 
on 
an 
annual 
basis 
in 
2022 
driven 
by 
strong 
increases 
in 
household 
consumption, 
fixed 
investment, 
and 
exports 
of 
services, with the European 
Commission (EC) estimating the full-year 
2022 growth rate at 5.5% and 1.2% in 2023
in its winter 
economic forecast 
(February 
2023). The 
inflation rate, 
as measured 
by the 
change in the 
12-month 
average 
Harmonized Index of Consumer Prices (HICP), increased 
to 9.3% in 2022 according to ELSTAT, 
primarily 
as a result of supply-side 
shocks (including the hikes in energy, food and other raw material prices, the 
continued 
disruptions in 
the supply 
chain and 
the rising 
nominal wages), 
alongside the 
steep post-pandemic 
recovery 
of 
domestic and 
external demand. 
The 
EC expects that 
the inflation 
rate 
will decline 
to 4.5% in 
2023, and 
further 
de-escalate to 2.4% in 2024.
Moreover, 
provisional ELSTAT 
data shows that the average monthly unemployment 
in 
2022 
decreased 
to 
12.4%, 
from 
14.8% 
in 
2021, 
while 
the 
Organisation 
for 
Economic 
Co-operation 
and 
Development (OECD) 
in its latest report (January 2023) expects unemployment 
to decline to 11.5% in 2023. 
A significant boost to growth in Greece and in 
other countries of presence is expected from European Union (EU) 
funding, 
mainly 
under 
the 
Next 
Generation 
EU 
(NGEU) 
instrument 
and 
the 
Multiannual 
Financial 
Framework 
(MFF) 2021–2027, 
EU’s long-term budget. Greece shall receive 
EU funds of more than €30.5bn (€17.8bn 
in grants 
and €12.7bn 
in loans) 
up to 
2026 from 
NGEU’s Recovery 
and Resilience 
Facility 
(RRF) to 
finance 
projects 
and 
initiatives laid down in its 
National Recovery and Resilience Plan (NRRP) titled “Greece 2.0”. 
The NRRP estimates 
that 
the 
aforementioned 
amount 
will 
be 
supplemented 
by 
an 
additional 
€26.5bn 
of 
private 
funds. 
A 
pre-
financing of €4bn was disbursed in August 2021, and the first two regular payments of €3.6bn each in April 2022 
and January 
2023 respectively. 
Greece 
has been 
also allocated 
about €40bn 
through 
MFF 2021–2027, 
out of 
which 
close 
to 
€21bn 
will 
fund 
investments 
and 
initiatives 
under 
its 
new 
Partnership 
Agreement 
for 
the 
Development Framework 
(ESPA 2021–2027). 
On the monetary policy front, although net 
bond purchases under the temporary Pandemic Emergency Purchase 
Programme (PEPP) ended in March 2022, as scheduled, the ECB will continue to reinvest principal from maturing 
securities at least until 
the end of 2024, 
including purchases of Greek 
Government Bonds (GGBs) over and above 
rollovers 
of redemptions. As 
of 31 January 2023, 
ECB net purchases 
of GGBs under PEPP amounted 
to €37.8bn. 
Furthermore, the 
Governing Council of the ECB, in line with its strong commitment 
to its price stability mandate, 
has proceeded with six rounds of interest rate hikes (in July, September, 
October, December 
2022, February and 
in March 2023), raising the three 
key ECB interest rates by 350 basis points in aggregate. 
Moreover, 
it approved 
a 
new 
instrument 
(the 
“Transmission 
Protection 
Instrument” 
– 
TPI) 
aimed 
at 
preventing 
fragmentation 
in the 
sovereign 
bonds 
market. 
Finally, 
following 
the 
expiration 
of the 
special 
terms 
and conditions 
applying 
to the 
TLTRO 
III (Targeted 
Longer-Term 
Refinancing Operations) 
on 23 
June 2022, 
the 
ECB will 
keep 
assessing how 
targeted lending operations 
are contributing to its monetary policy stance. 
On 
the 
fiscal 
front, 
the 
general 
government 
balance 
was 
to 
post 
a 
primary 
deficit 
of 
1.6% 
of 
GDP 
in 
2022 
according to 
the 2023 
Budget (latest 
outlook point to 
a primary 
deficit of ca. 
1% of GDP 
or even 
lower), 
and a 
primary surplus 
of 0.7% 
of GDP 
in 2023 
(2021: deficit 
of 5%). 
The 
deviation 
from 
the 
primary surplus 
target of 
3.5% 
of 
GDP 
in 
2022 
shall 
not 
be 
considered 
a 
violation 
of 
the 
country’s 
commitments 
under 
the 
Enhanced 
Surveillance (ES) framework, as in March 2020 
the EC activated the so-called 
general escape clause, which allows 
for 
non-permanent 
deviations 
from 
the 
agreed 
fiscal 
paths 
of 
the 
member-states 
due 
to 
the 
extraordinary 
health and economic distress caused by the pandemic. The EC has proposed that the clause should be 
extended 
through 2023 and be deactivated in 2024. Greece 
exited the ES regime in August 2022, following 
the successful 
completion of 
the 
fourteenth 
and final 
quarterly review 
(May 2022). 
The 
total benefit 
between 2018 
and 2023 
exceeds €6.1bn 
(disbursements of €5.1bn 
and interest reductions 
of €1bn). The gross 
public debt-to-GDP ratio 
is 
expected 
to 
decline 
to 
168.9% 
and 
159.3% 
in 
2022 
and 
2023 
respectively 
(2021: 
194.5%) 
owing 
to 
the 
robust 
economic recovery 
and the 
effect 
of the 
sharp price 
level 
increase on 
nominal GDP. 
The 
above 
forecasts 
may 
change in case 
of potential adverse international developments that could affect energy and other goods 
prices, 
interest rates, 
external and domestic demand, and bring about the need for additional fiscal 
support measures. 
Regarding sovereign 
rating 
changes in 
the past 
12 months, 
DBRS Morningstar 
upgraded 
the rating 
of Greece 
to BB (high) 
with stable 
outlook fro 
m 
BB with 
positive 
outlook on 
18 March 
2022. Similarly, 
Standard & 
Poor’s, 

 
 
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on 
22 
April 
2022, 
and 
Fitch 
Ratings, 
on 
27 
January 
2023, 
upgraded 
their 
rating 
for 
Greece 
to 
BB+ 
from 
BB, 
changing 
their 
outlook 
to 
stable. 
Although 
Greece’s 
sovereign 
credit 
rating 
remains 
one 
notch 
below 
the 
investment grade according 
to three of the four External Credit 
Assessment Institutions (ECAIs) accepted by the 
Eurosystem, the aforementioned 
upgrades signal that the rating agencies’ view on the sustainability of Greece’s 
fiscal 
position 
keeps 
improving 
despite 
the 
uncertain 
economic 
environment. 
In 
2022, 
the 
Greek 
State 
proceeded with 
the issuance 
of nine bonds of various 
maturities (5-year, 
10-year, 
15-year and 20-year) 
through 
the Public Debt Management Agency (PDMA), raising 
a total of €8.3bn from international financial markets. 
On 
17 January 2023, the PDMA issued a 10-year bond of €3.5bn at a yield of 4.279%
and more recently, on 29 March 
2023, issued a 5-year 
bond of €2.5bn at a yield 
of 3.919%. 
As of end 2022, the 
cash reserves 
of the Greek 
State 
stood in excess 
of €30bn, and 
as of early 
February 
2023, its 
sovereign 
rating 
was one 
notch below 
investment 
grade by 
three of the 
four ECAIs 
accepted by 
the Eurosystem 
(DBRS Morningstar: ΒΒ (high); 
S&P Ratings, Fitch 
Ratings: BB+). 
According to Bank of Greece (BoG) data, the stock of 
credit to the non-financial private sector stood at €107.1bn 
at the 
end of 
2022, from 
€102.6bn at 
the 
end of 
2021, marking 
an annual 
gross 
increase 
of 4.4% 
in spite 
of a 
significant deleveraging 
of non-performing 
exposures through 
the “Hercules 
II” scheme. Adjusted 
for write-offs, 
reclassifications 
and 
foreign 
exchange 
fluctuations, 
domestic 
credit 
to 
the 
non-financial 
sector 
increased 
by 
6.2% 
in 
2022. 
On 
the 
other 
side 
of 
the 
ledger, 
domestic 
non-financial 
private 
sector 
deposits 
amounted 
to 
€185.1bn 
at the end of 2022 from €175.5bn at 
the end of 2021, increasing by 5.5%. This 
significant annual growth 
follows 
the 
sharp increase 
in nominal GDP 
and the 
effect 
of the 
government’s 
energy 
crisis support 
measures. 
Provisional 
BoG 
data 
shows 
that 
residential 
real 
estate 
prices 
increased 
by 
10.2% in 
the 
first nine 
months 
of 
2022, and commercial 
real estate prices 
increased by 2.4% 
in the first 
half of 2022 compared 
to their end-2021 
levels. 
In 
2022, 
the 
geopolitical 
turmoil 
caused 
by 
the 
war 
in 
Ukraine 
has 
resulted 
in 
the 
deterioration 
of 
the 
macroeconomic outlook in Central, 
Eastern and Southeastern Europe 
(CESEE) countries. 
However, 
the economic 
downturn 
in CESEE 
region 
has 
not 
been 
that 
sharp 
as 
formerly 
anticipated, 
given 
the 
resilience 
the 
regional 
economies have 
demonstrated 
towards 
the 
war fallout. 
Looking 
ahead, 
the 
main risks 
continue to 
stem from 
the lingering 
geopolitical upheaval 
and the inflationary 
outlook. Prospects 
over 
inflation in the 
region for 
2023 
have broadly 
improved on the 
back of energy prices 
de-escalation. In this context, 
regional Central Banks 
have 
embarked since mid-2021 to tightening monetary cycles by increasing the key 
policy rates throughout 2022 and 
with some of those not having 
terminated yet the 
restrictive policy. 
In tandem with 
the entire 
CESEE region, 
the Bulgarian 
economy expanded 
by 3.4% 
in 2022 (2021: 
7.6%), 
based 
on data from the 
National Statistical 
Institute of Bulgaria, supported by strong 
growth in exports and by 
wage 
and social 
transfer increases that compensated for increasing consumer prices, while inflation averaged at 15.3% 
in 2022 (2021: 3.3%). According to EC’s winter economic forecasts (February 2023), real GDP is expected to grow 
by 1.4% in 
2023 and 2.5% in 2024 
mainly due to the 
implementation of 
the Recovery 
and Resilience Plan 
which 
is considered as the main factor behind the 
expected rebound of investment growth, 
while the HICP is expected 
at 7.8% 
in 2023. 
In Cyprus, 
according to 
the EC’s 
winter economic 
forecasts 
(February 
2023) the 
real GDP 
growth 
is forecasted 
at 5.8% in 2022 and 1.6% in 2023 (2021: 
6.6%) mainly based on stronger household consumption underpinned 
by 
government 
measures 
to compensate 
for 
high energy 
prices, and 
higher 
exports of 
services, 
mainly in tourism 
and transport, 
which were 
the main 
growth 
drivers in 
the previous 
three quarters. 
Despite the 
negative 
effects 
from 
the 
war 
in 
Ukraine, 
the 
tourism 
revenues 
expanded 
by 
63.2% 
year 
on 
year 
during 
the 
period 
January-
November 
2022, thus 
the 
role of 
the 
tourism sector 
was dominant 
for 
economic growth 
in 2022. 
Respectively, 
the 
Consumer 
Price 
Index 
(CPI) 
is 
estimated 
at 
8.1% 
in 
2022 
and 
4% 
in 
2023 
(2021: 
2.3%) 
mainly 
due 
to 
a 
deceleration 
in energy 
and commodity 
prices. Implementation 
of the 
Recovery 
and Resilience 
Plan and 
much 
stronger activity in the 
Tourism sector in 2022 are 
expected to boost investments in 2023. 
Regarding the 
outlook for 
the next 
12 months the 
major macroeconomic 
risks and uncertainties 
in Greece 
and 
our 
region 
are 
as 
follows: 
(a) 
the 
ongoing Russia 
- Ukraine 
war 
and 
its 
ramifications 
on regional 
and 
global 
stability and security, 
as well as the 
European and Greek 
economy, (b) a 
potential prolongation 
of the ongoing 
inflationary 
wave and 
its impact 
on economic growth, 
employment, 
public finances, 
household budgets, 
firms’ 
production 
costs, 
external 
trade 
and 
banks’ 
asset 
quality, 
as 
well 
as 
any 
potential 
social 
and/or 
political 
ramifications 
these 
may 
entail, 
(c) 
the 
ongoing 
and 
potential 
upcoming 
central 
bank 
interest 
rate 
hikes 
worldwide, 
and 
in 
the 
euro 
area 
in 
particular, 
that 
may 
exert 
upwards 
pressures 
on 
sovereign 
and 
private 
borrowing 
costs, 
especially 
those 
of 
highly 
indebted 
borrowers, 
deter 
investments, 
increase 
volatility 
in 
the 
financial markets and lead 
economies to slow down 
or even a temporary recession, (d) the recent banking sector 
turmoil to 
continue and 
expand in 
the 
euro 
area, affecting 
customers’ 
confidence, 
with a 
potential impact 
on 
assets under management levels and on liquidity, (e) the 
impact of a potential curtailment or discontinuation of 
the government energy support measures on growth, employment and the servicing of household and corporate 
debt, 
(f) 
the 
persistently 
large 
current 
account 
deficits 
and 
the 
prospect 
of 
them 
becoming 
once 
again 
a 
structural 
feature 
of the 
country’s growth 
model, (g) 
the absorption 
capacity of 
the NGEU 
and MFF funds 
and 
the 
attraction 
of 
new 
investments 
in 
the 
country, 
(h) 
the 
effective 
and 
timely 
implementation 
of 
the 
reform 
agenda 
required 
to 
meet 
the 
RRF 
milestones 
and 
targets 
and 
to 
boost 
productivity, 
competitiveness, 
and 
resilience, (i) a 
delay in the 
implementation of 
planned reforms, 
projects and the 
budget’s fiscal agenda due 
to 
the 
possibility of 
the 2023 
national elections 
resulting in 
an inability 
or delay 
to form 
a government 
with solid 
Parliament majority, 
(j) the geopolitical 
developments in 
the near region, 
(k) the evolution 
of the pandemic and 
the 
probability 
of 
emergence 
of 
new 
Covid-19 
variants 
that 
could 
further 
impact 
economic 
growth, 
fiscal 
balances 
and 
international 
trade 
by 
prolonging 
the 
disruptions 
in 
the 
global 
supply 
chain, 
and 
(l) 
the 

 
 
 
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exacerbation of natural disasters due to the climate change 
and their effect on GDP, employment, fiscal balance 
and sustainable development 
in the long run. 
Materialization 
of the 
above 
risks would 
have 
potentially 
adverse 
effects 
on the 
fiscal 
planning of 
the 
Greek 
government, as it could decelerate 
the pace of expected growth and on the liquidity, asset quality, solvency 
and 
profitability of the 
Greek banking sector. In this 
context, the Group holds 
non-significant exposure in Russian or 
Ukrainian 
assets 
and 
in 
the 
banks 
that 
have 
recently 
faced 
solvency 
or 
liquidity 
difficulties, 
is 
continuously 
monitoring the 
developments 
on the 
macroeconomic, 
financial and geopolitical 
fronts as 
well as the 
evolution 
of its asset quality and 
liquidity KPIs and has 
increased its level 
of readiness, so 
as to accommodate 
decisions, 
initiatives 
and policies 
to protect 
its capital 
and liquidity 
standing as 
well 
as the 
fulfilment, 
to the 
maximum 
possible degree, of its strategic 
and business goals in accordance with 
the business plan for 
2023–2025. 
Share Capital 
As at 31 December 2022: 
a)
The 
total 
share 
capital 
of 
Eurobank 
Holdings 
amounted 
to 
€816,349,051.76 
divided 
into 
3,710,677,508 
common voting shares 
of nominal value of €0.22 each. 
All shares are 
registered, listed 
on the Athens 
Stock 
Exchange and incorporate all the 
rights and obligations set by 
the Greek legislation, 
b)
The 
number 
of 
Eurobank 
Holdings 
shares 
held 
by 
the 
Group’s 
subsidiaries 
in the 
ordinary 
course 
of 
their 
business was 260,036 (31 December 
2021: 784,540) (note 37 to the consolidated 
financial statements), 
c)
The 
percentage 
of the 
ordinary voting 
shares of 
Eurobank 
Holdings held 
by the 
Hellenic Financial Stability 
Fund (HFSF) amounted to 1.40%. 
On 21 July 
2022, the Annual General Meeting (AGM) of the shareholders of Eurobank Holdings approved, among 
others, 
the 
offsetting 
of a) 
the 
total of 
the 
account “Corporate 
law Reserves” 
amounting to 
€6,919.3m 
and b) 
part 
of 
the 
account 
“Share 
Premium” 
amounting 
to 
€6,894.4m 
with 
accumulated 
losses 
of 
equivalent 
value 
amounting to €13,813.7m, 
included in the 
account “Retained earnings/(losses)”. The 
above offsetting, 
which was 
approved 
by the 
competent supervisory 
authorities in 
October 
2022, does 
not affect 
the Company’s 
own and 
regulatory capital. 
By decision of the Board of Directors dated 30.08.2022, the share capital increased 
by €333,444.32, through the 
issue of 1,515,656 
new shares 
of a nominal value 
of €0.22 each. This 
increase was effected 
through the 
exercise 
of stock options 
granted to key 
executives of the 
Group at 
the price 
of €0.23 per share. 
The total 
issue price of 
the above 
shares, amounting 
to €348,600.88, 
was fully paid 
up in cash. 
The 
total difference 
above 
par (before 
directly attributable expenses), which amounts to €15,156.66, 
was credited into the “Share 
premium” account. 
Share options 
The 
Annual 
General 
Meeting 
of 
the 
shareholders 
of 
Eurobank 
Holdings 
held 
on 
28 
July 
2020 
approved 
the 
establishment of a five-year shares award plan, starting from 2021, in the form of share 
options rights by issuing 
new shares 
with a 
corresponding 
share capital 
increase, in 
accordance with 
the provisions 
of article 113 
of law 
4548/2018, awarded 
to executives 
and personnel of 
Eurobank 
Holdings and its 
affiliated 
companies according 
to 
article 
32 
of 
law 
4308/2014. 
The 
maximum 
number 
of 
rights 
that 
can 
be approved 
was 
set 
at 
55,637,000 
rights, each of which 
would correspond 
to one new share. 
The exercise 
price of each new 
share would 
be equal 
to € 
0.23. 
The 
Annual General 
Meeting authorized 
the 
Board 
of Directors 
of Eurobank 
Holdings 
to define 
the 
eligible staff and determine 
the remaining terms and conditions 
of the plan. 
The 
options are 
exercisable 
in portions, 
annually during 
a period 
from 
one to 
five 
years. 
Each portion 
may be 
exercised wholly 
or partly and converted 
into shares at the 
employees’ option, 
provided they 
remain employed 
by the Group until the first available exercise date. The share options also comply with the restrictions regarding 
remuneration 
of Law 3864/2010, as each 
time in force. 
In 
this 
context, 
the 
BoD approved 
the 
final 
terms 
and 
the 
implementation 
of 
the 
2nd 
series 
of 
the 
plan 
and 
11,654,117 
share 
options 
were 
awarded 
to 
executives 
and 
personnel 
of 
the 
Group 
in 
December 
2022 
at 
an 
exercise price of € 0.23. 
Further information 
is provided in note 39 to 
consolidated financial statements. 
Dividends 
Pursuant to the provisions 
of the Company Law 4548/2018, companies are 
required to pay dividends of at least 
35% of 
after-tax profit, 
after necessary 
deductions for 
the formation 
of the 
statutory reserve 
and other 
credit 
balances in the income 
statement that 
do not arise from realized 
earnings. 
For the financial year 2022, Eurobank Holdings has no profits and 
therefore 
will not distribute minimum 
dividend. 
Furthermore, 
in 2023 
the 
Group 
has 
announced 
that 
the 
amount earmarked 
for 
dividend 
distribution 
will be 
used in an optimal way to bid for the 
1.4% HFSF stake through 
a share buyback scheme. 
Major Shareholders 
Based on the most recent notifications that 
Eurobank Holdings has received 
from shareholders controlling 
5 per 
cent or more of Eurobank 
Holdings’ voting 
rights, such significant shareholders 
are the following: 
a)
“Fairfax Financial Holdings Limited”, controlling 
32.99% of Eurobank 
Holdings’ total number of voting 
rights, 
corresponding 
to 
1,224,002,259 
voting 
rights 
of 
Eurobank 
Holdings’ 
ordinary 
shares. 
Excluding 
the 
52,080,673 
voting 
rights 
held 
by 
the 
HFSF, 
the 
aforementioned 
percentage 
is 
formed 
to 
33.46% 
(the 
reporting date 
for the 
aforementioned 
is on 14 
July 2021, while 
the percentage 
calculation is 
based on the 
new total company’s listed shares that are tradeable on the Athens Stock Exchange, following the last share 
capital increase due to the 
exercise of stock option rights), 

 
 
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b)
“The Capital 
Group Companies, Inc”, 
controlling 5.06% 
of Eurobank 
Holdings’ total number 
of voting rights, 
corresponding 
to 187,812,291 
voting rights 
of Eurobank 
Holdings’ ordinary 
shares. Excluding 
the 52,080,673 
voting rights 
held by 
the 
HFSF, 
the 
aforementioned 
percentage 
is formed 
to 5.13% 
(the 
reporting date 
for 
the 
aforementioned 
is 
on 
1 
December 
2020, 
while 
the 
percentage 
calculation 
is 
based 
on 
the 
new 
total 
company’s listed 
shares that 
are tradeable 
on the 
Athens Stock 
Exchange, following 
the last 
share capital 
increase due to the exercise 
of stock option rights), 
c)
The 
“Helikon 
Investments 
Limited”, 
controlling 
5.01% 
of 
Eurobank 
Holdings’ 
total 
number 
of 
voting 
rights, 
corresponding to 185,957,220 
voting rights of Eurobank 
Holdings’ ordinary shares. 
Excluding the 52,080,673 
voting rights 
held by 
the HFSF, 
the aforementioned 
percentage 
is formed 
to 5.08% 
(the reporting 
date for 
the aforementioned 
is on 25 January 2023). 
Finally, 
reflecting 
the 
HFSF’s status 
as a 
shareholder 
of Eurobank 
Holdings 
(it currently 
owns 1.4% 
of Eurobank 
Holdings’ shares, 
which corresponds 
to 52,080,673 
ordinary shares 
with voting 
rights out 
of total 
3,710,677,508 
ordinary shares 
with voting 
rights issued by Eurobank 
Holdings), and following 
the completion 
of the demerger 
of Eurobank 
Ergasias 
S.A., Eurobank 
Holdings, 
Eurobank 
and the 
HFSF are 
parties to 
a Tripartite 
Relationship 
Framework 
Agreement (TRFA) 
signed on 23 March 2020 and amended on 3 February 2022. The TRFA 
allows the 
HFSF to enforce against Eurobank 
all the rights which it had against the former Eurobank 
Ergasias S.A. under an 
earlier Relationship Framework 
Agreement (RFA) 
between it and Eurobank 
Ergasias S.A. 
Accordingly, 
the TRFA, 
among other 
matters, specifies 
the way 
HFSF’s rights, as 
derived 
from the 
provisions 
of 
Law 
3864/2010 
(“HFSF 
Law”), 
were 
to 
be 
implemented, 
in 
particular 
on 
issues 
relating 
to 
the 
corporate 
governance 
of 
Eurobank 
Holdings 
and 
the 
Bank 
and 
the 
implementation 
of 
the 
Bank’s 
NPEs 
management 
framework. 
However, 
the 
HFSF Law 
has been 
recently 
amended by 
the 
Law 4941/2022 
(Government 
Gazzette 
A’113/16.06.2022) 
and 
a 
number 
of 
provisions 
of 
the 
TRFA 
either 
do 
not 
arise 
from 
the 
HFSF 
Law 
or 
directly 
contradict 
with 
it, 
therefore 
the 
TRFA 
has 
become 
out 
of 
date. 
In 
particular, 
under 
the 
current 
HFSF 
Law 
as 
amended by Law 4941/2022, the HFSF no longer has the right to 
carry out evaluations of Eurobank Holdings and 
the 
Bank’s 
corporate 
governance 
framework 
or 
the 
right 
to 
establish 
evaluation 
criteria 
for 
their 
Board 
members. 
In 
addition, 
the 
HFSF 
representative 
no longer 
has 
the 
right 
to convene 
a 
General 
Assembly 
or to 
approve the 
CFO or to veto any resolution of the Board which may jeopardise depositors' interests or materially 
affect 
liquidity, 
solvency or, 
in general, 
the prudent 
and orderly 
operation 
of Eurobank 
Holdings and 
the 
Bank. 
Moreover, 
the facilitation 
of the 
management of the 
Bank’s NPEs has also 
been removed 
from the 
remit of the 
HFSF which 
has been 
modified in 
such a 
way as 
to explicitly 
and visibly 
envisage the 
effective 
disposal of 
the 
shares 
it 
owns 
in 
Eurobank 
Holdings, 
based 
on 
a 
divestment 
strategy, 
with 
a 
specific 
time 
horizon 
until 
31 
December 
2025. 
However, 
under 
the 
current 
HFSF Law, 
the 
HFSF has 
the 
right to 
appoint one 
Director 
to the 
Board 
and this 
representative 
has the 
right to 
veto any 
Board 
resolutions 
relating 
to corporate 
changes that 
can 
significantly 
affect 
HFSF’s 
participation 
to 
Eurobank 
Holdings 
share 
capital 
(anti-dilution 
protection). 
Regarding the 
right of the 
HFSF’s representative 
to veto any 
Board resolution 
related to dividend 
distributions 
or the remuneration 
policy and proposed 
bonuses to Board members 
and General 
Managers or their 
deputies, 
the current 
HFSF Law provides 
that this is 
applicable to credit 
institutions whose ratio 
of non-performing 
loans 
to total loans exceeds 10%. Moreover, 
the representative 
of the HFSF has the right to request Eurobank Holdings 
or the Bank’s Board to be convened 
or any Board meeting to be adjourned for 
up to 3 business days. 
Board of Directors 
The Board 
of Directors (BoD) was elected by the Annual General 
Meeting (AGM) of the Shareholders 
held on 23 
July 2021 for 
a three years 
term of office 
that will expire 
on 23 July 2024, 
prolonged 
until the end 
of the period 
the AGM for 
the year 2024 will take 
place. 
The BoD of Eurobank 
Holdings is set out in note 47 to the consolidated 
financial statements. Personal details of 
the Directors are 
available on the website 
of Eurobank Holdings 
(www.eurobankholdings.gr). 
Sundry information 
required under Law 3556/2007 
(article 4, par.7) 
By derogation of the ordinary shares 
held by HFSF 
which carry special rights 
and restrictions under the legislation 
in force and 
the TRFA 
signed between Eurobank 
Holdings, the Bank and the 
HFSF on 23 March 2020, according 
to the Articles of Association: 
a)
there 
are no restrictions on the 
transfer 
of the Eurobank 
Holdings’ shares, 
b)
there 
are no shares with special controlling 
or voting rights, 
c)
there 
are no restrictions on voting 
rights, 
d)
the 
rules 
related 
to 
the 
appointment 
and 
replacement 
of 
directors 
as 
well 
as 
to 
the 
amendment 
of 
the 
Articles of Association are in accordance 
with the provisions 
of company law. 
The 
Eurobank 
Holdings is not 
aware of 
any shareholders’ 
agreements resulting 
in restrictions 
in the 
transfer 
of 
its shares or in the exercise of the shares’ voting rights. There are no significant agreements that enter into force, 
are amended 
or expire if there 
is change in the 
control of the 
Eurobank Holdings 
following 
a public offer. 
There 
are no agreements between the 
Eurobank Holdings and the 
Directors or the staff for compensation 
in the event 
of departure as a result of a public offer. 
Information required 
under Law 4548/2018 (article 97, 
par.1 
(b)) 
According to article 
97 par. 
1 (b) of Law 4548/2018 
the BoD members 
owe to disclose 
in a timely and adequate 
manner to the other 
members of the BoD their 
own interests, which may arise from the 
company's transactions, 
which fall 
within their 
duties, as 
well as 
any conflict 
of their 
interests 
with those 
of the 
company or 
its related 
companies. In 
such case 
and in line 
with the 
provisions 
of article 
97 par 
3 of the 
same law, 
the member 
of the 

 
 
 
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BoD is not entitled to vote on issues in which there is a conflict of interest with his own company 
or persons with 
whom he is a related party. 
In these cases, decisions 
are taken by the 
other BoD members. 
For 2022, the 
following issues 
were noted 
in which there was a conflict of interest 
with Eurobank 
Holdings: 
For 
the 
purposes of 
decisions related 
to the 
conclusion of 
a Share 
Purchase Agreement 
(SPA) 
as well 
as of 
an 
Amended 
and 
Restated 
Shareholders’ 
Agreement 
(SHA) 
related 
to 
the 
Bank’s 
participation 
in 
the 
company 
”Grivalia 
Hospitality 
S.A” 
(Grivalia 
Hospitality 
οr 
GH) 
between 
the 
Bank 
and 
1) 
the 
companies 
“DEBT 
INVESTMENT 
OPPORTUNITIES 
III 
DESIGNATED 
ACTIVITY 
COMPANY” 
(DOF 
III) 
and 
“DEBT 
INVESTMENT 
OPPORTUNITIES 
IV DESIGNATED 
ACTIVITY 
COMPANY” 
(DOF IV) 
(controlled 
by 
M&G), 2) 
the 
company 
under 
the corporate 
name “GRIVALIA 
MANAGEMENT COMPANY 
SOCIETE ΑΝΟΝΥΜΕ” 
(GRIVALIA), 
which is a 
related 
party to both the 
Bank within the meaning 
of paragraph 2 (b) 
of article 
99 of 
Greek Law 4548/2018 
and Eurobank 
Holdings within the 
meaning of paragraph 
2 (a) of article 99 of 
Greek Law 4548/2018, 
since the 
Vice Chairman 
of the 
Board of Directors 
of Eurobank 
Holdings and the 
Bank Mr. 
Georgios Chryssikos 
holds the 
majority (68%) 
of the shares of GRIVALIA and is 
an executive member of the board of 
directors of GRIVALIA and 3) the company 
under 
the 
corporate 
name 
“Eurolife 
FFH Life 
Insurance 
Single Member 
Société Anonyme” 
(Eurolife), 
which is 
a 
related party of Eurobank Holdings within the 
meaning of paragraph 2 (a) of article 99 of Greek Law 4548/2018, 
as 
a 
related 
party 
of 
Eurobank 
Holdings 
according 
to 
IAS 
24, 
the 
BoD’s 
approval 
was 
granted 
based 
on 
a 
fairness opinion report 
provided by a certified 
auditor in accordance with article 101 of Law 4548/2018, while 
all 
the necessary 
disclosure procedures 
were adhered 
to as provided 
for in 
articles 100 par. 
3 and 101 par. 
2 and 3 
of Law 
4548/2018. Furthermore, 
for 
the 
same 
issue, a) 
the 
Vice 
Chairman of 
the 
BoD Mr. 
Chryssikos 
also Vice 
Chairman and 
Chief Executive 
Officer 
of GRIVALIA 
holding 68% 
of its 
share capital 
and b) 
the 
member 
of the 
BoD Mr. Martin also Vice 
Chairman of Strategic Investments 
at Fairfax (a company that 
holds the 33.47% of the 
shares of Eurobank 
Holdings), which controls 
Eurolife’s 
parent company “Eurolife 
FFH Insurance 
Group Holdings 
Société Anonyme” and indirectly Eurolife 
itself were note entitled to vote according 
to the provisions of par. 
3 of 
Art. 97 of the Company Law 4548/2018 due 
to conflict of interest. 
For the 
purposes of decisions related to the 
conclusion of a Share Purchase Agreement 
(SPA), which pertains 
to 
the 
participation 
of 
“Eurobank 
S.A.” 
(Eurobank 
or 
Bank) 
in 
the 
company 
“Grivalia 
Hospitality 
S.A.” 
(Grivalia 
Hospitality οr GH) 
between the Bank and “Eurolife FFH 
Life Insurance Single Member Société Anonyme” (Eurolife), 
which 
is 
a 
related 
party 
of 
the 
parent 
company 
of 
the 
Bank, 
“Eurobank 
Ergasias 
Services 
and 
Holdings 
S.A.” 
(Eurobank Holdings), 
within the meaning 
of paragraph 
2 (a) of article 99 of Greek Law 4548/2018, according 
to 
IAS 24, 
the 
BoD’s approval 
was granted 
based on 
a fairness 
opinion report 
provided 
by a 
certified 
auditor in 
accordance with article 
101 of Law 4548/2018, while all the 
necessary disclosure procedures 
were adhered 
to as 
provided 
for 
in articles 
100 par. 
3 and 
101 par. 
2 and 
3 of 
Law 4548/2018. 
Furthermore, 
for 
the 
same issue, 
the 
BoD member 
Mr. 
Martin also 
is Vice 
Chairman of 
Strategic 
Investments 
at Fairfax, 
which holds 
32.99% 
of the 
shares 
of 
Eurobank 
Holdings, 
and 
also 
controls 
Eurolife’s 
parent 
company, 
“Eurolife 
FFH 
Insurance 
Group 
Holdings Société Anonyme”, 
and indirectly Eurolife 
itself, was not entitled to vote 
according to the provisions 
of 
par. 3 of Art. 97 of the 
Company Law 4548/2018 due to conflict of interest. 
For 
the 
purposes 
of 
decisions 
relating 
to 
the 
Stock 
Options 
plan 
(1st 
series 
exercise 
and 
2nd 
series 
implementation) approved 
by the Annual General Meeting of Shareholders 
in July 2021, the CEO Mr. F. 
Karavias 
and the Deputy CEOs 
Messrs. S. 
Ioannou, K. Vassiliou and A. 
Athanasopoulos were not entitled to vote, according 
to the provisions 
of par. 3 of art. 97 of the 
Law 4548/2018, due to conflict of interests. 
External Auditors 
The Eurobank 
Holdings’ Shareholders 
Annual General Meeting 
held on 21 July 2022 approved 
the appointment 
of KPMG, as 
statutory auditor 
for the 
financial statements 
(separate 
and consolidated) 
for the 
year ending 
31 
December 2022. 
During 
2022, 
the 
Audit 
Committee 
reviewed 
KPMG’s 
independence 
and 
effectiveness, 
along 
with 
its 
annual 
audit plan. In 
addition, the Audit Committee ensured 
on a 
quarterly basis that a) the 
non-audit services assigned 
to KPMG, 
have been 
reviewed 
and approved 
as required 
and b) 
there 
is a 
proper 
balance between 
the 
audit 
and non-audit fees 
paid to KPMG, in accordance 
with the 
relevant provisions 
of the Group’s 
Policy on External 
Auditors’ Independence (note 
46 of the consolidated financial statements). 
NON-FINANCIAL INFORMATION 
Business model 
The 
Eurobank 
Holdings Group 
(the 
Group) 
offers 
a wide 
range 
of financial 
products 
and services 
in retail 
and 
business 
banking 
and 
has 
a 
significant 
international 
presence 
in 
four 
countries 
outside 
Greece 
(see 
further 
information 
in the 
section “International 
Activities”).
It is 
among the 
leading providers 
of banking services 
and 
credit 
to large 
corporates, 
SMEs, small 
businesses, 
professionals 
and households, 
concentrating 
its efforts 
on 
financing the growth cycle 
of the Greek economy and the other 
countries of presence, including an instrumental 
participation in Recovery 
and Resilience Facility (RRF) funds. In addition, 
the Group has a strategic 
focus in fee-
generating 
activities, such as asset management, private banking, 
equity brokerage, 
treasury sales, investment 
banking, factoring, real 
estate, trade finance 
and bancassurance. 
The Group has a diversified (through business line, geography and customer) and resilient business model, 
which 
is based 
on three 
revenue 
streams i.e. 
the 
Greek 
banking operations, 
the 
international 
activities and 
the 
real 

 
 
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estate 
business. 
Its 
strategy 
aims 
at 
optimizing 
its 
financial 
performance, 
maintaining 
a 
strong 
capital 
and 
liquidity base, rewarding its 
shareholders as well as contributing 
to the economy 
and society in 
a holistic manner. 
The Group 
continues to implement the Transformation 
Program “Eurobank 
2030”, which is a material enabler in 
achieving 
the 
bank’s 
strategic 
objectives 
and 
enhancing 
its 
competitive 
position, 
as 
it 
focuses 
on 
business 
growth, sustained 
operational resilience, 
constantly improving operational 
efficiencies and, ultimately, 
ensuring 
increased 
customer 
value 
and 
satisfaction. 
In 
tandem, 
the 
Bank 
is 
investing 
in 
the 
People 
– 
Technology 
– 
Sustainability 
three-fold, 
by 
combining 
cutting 
edge 
technology 
and 
the 
expertise 
of 
its 
highly 
trained 
staff, 
using best practices to contribute 
to the effort 
for sustainable development 
for all. 
Its operating model evolves 
around the following 
key pillars: 
a)
Financing 
landmark 
projects 
and 
investments 
of 
large 
and 
medium 
size 
businesses, 
mainly 
through 
investments based on ESG criteria, 
b)
Fully supporting SMEs, in combination with 
the major funding potential 
available through European 
and/or 
Greek programmes for 
small businesses, aiming to boost their competitiveness, gain access to international 
markets, create jobs 
and thus distribute the benefits 
of growth across 
society, 
c)
Sustaining a leading position in Retail Banking by 
offering 
high quality services and innovative 
products to 
distinct client segments leveraging on advanced multi-channel strategies and tailored to customer evolving 
needs, 
d)
Developing a people-centred 
‘phygital’ model, a hybrid of physical and digital, that combines state-of-the-
art technological 
infrastructure 
with the 
Group’s 
human resources, 
offering 
simple, fast, 
personalised, and 
secure services. 
In conducting 
its business 
activities, 
the 
Group 
considers 
the 
particular 
and diverse 
needs of 
its stakeholders 
and focuses on creating 
value for them. In 
this context, the Group: 
a)
designs and offers savings and investment 
products to its depositors and investors; makes 
appropriate use 
of available funds for supporting 
households and businesses to realise 
their plans, financing the 
economies 
in which it operates, 
b)
deploys a client-centric orientation 
with segmental approach 
and relationship-based management, 
c)
relies 
on 
the 
skills 
and 
expertise 
of 
its 
human 
resources 
for 
the 
implementation 
of 
its 
business 
strategy 
including 
the 
improvements 
of 
products 
and 
services 
to 
customers; 
for 
this 
purpose, 
it 
enhances 
staff 
engagement 
by 
strengthening 
the 
knowledge 
and 
experience 
of 
its 
employees 
through 
training 
and 
development 
programmes 
and providing 
a safe 
and productive 
work environment, 
where 
diversity, 
equity 
and inclusion are strongly promoted, 
d)
invests 
in IT 
infrastructures 
and digital 
transformation 
to systemically 
address 
the 
evolving 
technological 
developments and continuously 
improve its business 
and operational 
model, 
e)
has 
established 
a 
system 
of 
internal 
controls 
that 
is 
based 
on 
international 
good 
practice 
and 
aims 
to 
minimize the 
possibility of error 
or financial loss, 
to protect 
the interest 
of shareholders 
and depositors, as 
well as to ensure that the 
requirements of the relevant 
regulatory authorities are complied with at all times, 
f)
uses natural resources 
for its operation, 
while being committed to minimizing its environmental footprint by 
adopting environmentally friendly practices and promoting a green 
economy. Green procurement 
practices 
are applied, embedding environmental 
specifications and guidance 
for selection of products 
and suppliers, 
g)
develops 
an ongoing 
dialogue 
with stakeholders 
and supports 
society and 
local 
communities. The 
Group 
monitors 
and 
reviews 
information 
related 
to 
its 
stakeholders 
and 
their 
requirements, 
shaping 
a 
specific 
framework 
of cooperation 
and approach to communication 
in each case. 
 
The corporate 
governance 
principles of transparency, 
credibility, social 
responsibility and accountability define 
the framework 
for the achievement 
of the Group’s objectives, govern 
the organization, operations 
and activities 
and reflect 
its values, 
safeguarding 
the 
interests 
of shareholders 
and of 
all other 
stakeholders. 
The 
corporate 
values of empathy, drive, cooperation, innovation and trust support 
a strong yet adaptive business 
culture, which 
enables 
the 
Group 
to provide 
top quality 
services 
to every 
client, household 
or business, 
to support 
inclusive 
growth and to create 
sustainable prosperity for 
all the communities it serves. 
Impact Materiality Analysis 
Materiality analysis is the key process used to define 
the content of the Annual 
Report - Business & 
Sustainability 
and 
is 
conducted 
through 
stakeholder 
engagement 
(including 
an 
electronic 
survey 
targeted 
at 
internal 
and 
external stakeholders). 
Adopting the 
new methodology 
of the 
GRI Standards 
(2021), the 
Bank has 
proceeded 
with 
the 
identification, 
assessment, 
prioritization 
and validation 
of the 
positive 
and negative 
effects 
that 
the 
Bank creates or may create on the 
environment, society and the 
economy. 
An 
integral 
part 
of 
the 
Bank’s 
approach 
towards 
Sustainable 
Development 
is 
the 
fostering 
of 
strong 
relationships, cooperation 
and mutual benefit with all 
stakeholders affected 
directly or indirectly by its 
activities. 
In 
this 
context, 
the 
Bank 
promotes 
two-way 
communication 
and 
develops 
an 
ongoing 
dialogue 
with 
stakeholders. 
 
The overall 
Bank’s Materiality Analysis methodology, 
the validated Material Topics, 
Sustainability Indicators per 
the 
GRI 
Standards 
and 
information 
regarding 
initiatives 
across 
the 
ESG 
spectrum 
along 
with 
ESG 
data 
submitted by the Group’s 
subsidiaries are included in the Annual Report 2022 – Business & Sustainability, which 
is published on
www.eurobankholdings.gr. 
 

 
 
 
 
 
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Group’s approach 
towards sustainable development 
The 
Group 
is constantly 
committed to 
investing 
in sustainable 
development 
and to 
consistently designing 
its 
actions to improve 
its environmental performance, 
social responsibility and corporate 
governance. Its strategic 
objective 
is 
to 
adapt 
its 
business 
and 
operation 
in 
a 
way 
that 
addresses 
climate 
change 
challenges, 
to 
accommodate social 
needs within 
its banking business 
model, and to 
safeguard 
prudent governance 
for itself 
and 
its 
counterparties, 
in accordance 
with 
supervisory 
initiatives 
and 
following 
international 
standards/ 
best 
practices. 
Committed to actively 
contributing to the 
achievement 
of the 
United Nations Sustainable 
Development 
Goals 
(SDGs) and the 
2030 Agenda 
goals, the 
Bank is a 
signatory of 
the UN 
Global Compact 
since 2008. 
According 
to the commitment to the UNEP FI Principles for Responsible Banking (PRB) 
since 2019, 
in line with the SDGs and 
the Paris Agreement on Climate Change, the Bank issued its 2nd Progress Report which was incorporated in the 
Annual Report 2021 – 
Business & Sustainability. According to UNEP FI individual feedback report on the 2nd PRB 
Progress 
Report, 
Bank’s 
strengths 
were 
highlighted 
(Impact 
analysis, 
Sustainable 
finance 
and 
green 
bond 
frameworks, 
employee 
training 
and integrated 
reporting) 
and the 
way forward 
for 
full implementation 
of the 
Principles for 
Responsible Banking 
was set 
through 
the 
identification 
of the 
two areas 
the 
Bank has 
the 
most 
significant impacts, performance 
measurement and pertinent 
target 
setting. 
A dedicated Group 
-wide programme 
to address the requirements 
of the ESG ecosystem 
The Group 
launched an initiative, 
namely “Program 
Field”, with an 
aim to implement 
its sustainability strategy, 
integrate 
climate risks, 
fulfil its 
UNEP FI 
signatory commitments 
as well 
as to 
ensure 
readiness 
to comply 
with 
upcoming 
sustainability-related 
regulations 
(i.e. 
“EU 
Green 
Deal”, 
ECB 
Guide 
on 
climate-related 
and 
environmental 
risks, EU 
Taxonomy 
Regulation, 
etc.). Through 
this initiative, 
the 
Group 
has identified, 
assessed 
and implements 
climate-related and environmental 
(CR&E) risk action plans within the 
three Lines of Defence. 
Group ESG Strategy 
The 
Bank is finalizing 
its Strategy 
both in 
terms of its 
financing and other 
products, and 
in terms 
of its internal 
environment and how 
it is organised and operates. 
The ESG Strategy 
will include targets and commitments classified in two 
key dimensions: 
A.
Operational 
Impact Strategy: targets 
related to the ESG operational 
footprint of the 
Bank 
B.
Financed Impact Strategy: targets 
and commitments related to financed impact resulting 
from lending 
and investing activities to specific sectors and clients. 
A. Operational 
Impact Strategy 
The Bank’s Operational 
Impact Strategy will focus 
on three strategic 
axes: 
●
Environmental impact 
(operational 
net zero, paperless 
banking, circular economy), 
●
Social and business impact (sustainable procurement, 
socio-economic effect, 
transparency), 
●
Employer impact 
(diversity and inclusion, 
wellbeing culture, innovative 
environment). 
B. Financed Impact Strategy 
The Bank’s Financed 
Impact Strategy 
will focus on: 
●
Clients’ 
engagement 
and 
awareness 
to 
adapt 
their 
business 
so 
as 
to 
address 
climate 
change 
challenges, 
●
Actions 
for 
supporting 
customers 
in 
their 
transition 
efforts 
towards 
a 
more 
ESG-friendly 
economic 
environment, 
●
Enablers and tools such as frameworks 
and products to underpin Sustainable 
Financing, 
●
The risk assessment 
of climate-related material 
exposures. 
The 
ESG Strategy, 
through 
a set 
of actions 
with measurable 
targets, indicates 
the Group’s 
vision in 
the 
short, 
medium and long term in relation 
to the environment, 
its social footprint, 
with focus 
on its people, and the ESG 
impact in the market 
and its portfolio. 
Progress against targets 
for 2022 
The 
Group 
is 
committed 
to 
specific 
ESG 
Financed 
Impact 
targets 
which 
include 
both 
quantitative 
and 
qualitative elements. More 
specifically, 
the relevant targets 
for 2022 for 
the Bank included the 
following: 
1.
The 
operationalization 
of the 
Sustainable Finance 
Framework 
(SFF) in 
terms of 
policies, 
procedures, 
and 
processes. 
2.
The expansion 
of data collection capabilities 
for climate risk related 
data. 
3.
The increase 
of penetration of ESG products. 
4.
The 
assurance 
that 
at 
least 
20% 
of 
the 
annual 
gross 
new 
corporate 
disbursements 
are 
green 
/ 
environmentally sustainable.

 
 
 
 
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Based 
on actual 
performance 
the 
Bank has 
successfully 
managed 
to accomplish 
all 2022 
Impact 
targets, 
as 
follows: 
1.
Operationalized 
the SFF. 
In particular: 
a)
Has 
developed 
a 
web-based 
SFF 
Assessment 
Tool 
for 
the 
Corporate 
Portfolio, 
to 
underpin 
the 
classification 
and evaluation 
of sustainable/ green 
financing opportunities 
in a structural 
manner. 
The 
SFF 
Assessment 
Tool 
automates 
the 
process 
of 
assessing 
the 
Bank’s 
financings 
against 
the 
criteria 
defined in the SFF, 
b)
Has completed 
the roll 
-out of 
the SFF 
as part 
of its loan 
origination process, 
while the 
SFF is currently 
being localized to international 
subsidiaries, 
c)
Is assessing 
a series 
of new proposed 
Retail SFF-aligned 
products, also 
taking into account 
upcoming 
Greek Government 
Initiatives (ongoing / recurring 
initiatives), 
d)
Is examining (ongoing / recurring 
initiatives) solutions 
for converting 
other 
climate mitigation 
products 
into SFF-eligible products. 
2.
Enhanced its capabilities for 
the collection of climate 
risk data 
The 
Bank is continuously 
enhancing its capabilities 
for the 
collection of 
climate-related 
and environmental 
risk 
data, through 
integration 
of additional 
information 
requirements 
in the 
credit process 
as well 
as cooperation 
with third party data 
providers. 
3.
Increased ESG product offerings 
and designed additional SFF-aligned products 
The Bank received 
the Silver Awards 
for Sustainable Financing for Tourism 
in the Green Awards 2022 and going 
forward, it aims to develop 
additional ESG dedicated products 
for the Retail 
portfolio. 
4.
Achieved its target for over 
20% of the annual gross new corporate disbursements to be classified as green/ 
environmentally sustainable. 
More specifically, 
as regards Sustainable Financing Targets 
in the Corporate Portfolio, 
for 2022, new green SFF-
aligned disbursements 
in the 
Corporate 
Investment 
Banking (CIB) 
portfolio 
of the 
Bank constituted 
more than 
20% of 
the 
total disbursements 
in the 
CIB 
portfolio, 
indicating 
the 
Bank's dedication 
to the 
support of 
green 
transition 
of its 
clients’ operations. 
The 
total outstanding 
balance 
of existing 
green exposures 
was more 
than 
€1,5bn as 
of 31 
December 
2022, indicating 
a year-on-year 
growth 
in green 
financing of 
over 
60%. Specifically, 
more than 
€900mn are 
attributed to 
Renewable Energy 
Sources (RES) 
projects, while 
over 
€400mn have 
been 
allocated to Sustainability Linked Loans, 
supporting clients’ sustainable transition. 
Further 
information 
on the 
Bank’s 2023 ESG 
targets and 
commitments is 
provided 
in the 
Consolidated Pillar 
3 
Report on the Company’s website. 
ESG Governance 
The 
Group 
has updated 
its governance 
structure 
by introducing 
and defining 
the 
roles 
and responsibilities 
in 
relation to climate related 
and environmental risks, embedding regulatory 
guidelines and market practices. 
The 
updated 
governance 
structure 
aims 
to 
further 
enhance 
the 
effective 
oversight 
of 
climate 
related 
and 
environmental risks at 
management/ board level, 
both for transition 
and physical risks. 
The 
CR&E Risk 
Governance 
involves 
various key 
stakeholders 
(i.e., Business 
functions, 
Units, and 
Committees). 
The Group applies a model of defined roles and responsibilities regarding the management of CR&E 
risks across 
the 3 Lines of Defense. 
Moreover, 
the the 
Bank’s BoD has 
assigned an executive 
member as 
the responsible 
BoD member 
for climate-
related and environmental risks. As 
part of its 
duties, the member responsible updates the Board 
Risk Committee 
(BRC), 
in 
alignment 
with 
the 
BRC 
Terms 
of 
Reference, 
and 
the 
BoDs 
of 
Eurobank 
Holdings 
and 
the 
Bank 
on 
climate change and environmental 
related risks at least on a semi - annual basis. 
The 
Bank has 
also established 
the 
ESG Management 
Committee, chaired 
by the 
BoD member 
responsible for 
climate-related and environmental 
risks. As part of its duties, the Committee, 
among other: 
• 
Provides strategic 
direction on ESG initiatives 
• 
Reviews the 
ESG Strategy prior to approval, 
• 
Integrates the 
elements of the ESG Strategy 
into the Bank’s business model and operations, 
• 
Regularly measures and analyses the 
progress of the 
ESG goals and performance 
targets 
• 
Ensures the proper 
implementation of ESG-related 
Policies and Procedures 
• 
Reviews and approves 
ESG-related reports and ensures 
that are in accordance 
with related standards 
and guidelines. 
ESG Data quality 
The 
Group 
has 
established 
processes 
and 
policies 
to 
ensure 
the 
data 
quality 
for 
data 
related 
to 
both 
operational 
and financed impacts. 
The 
ESG 
Division 
is 
responsible 
for 
the 
collection, 
calculation 
and 
review 
of 
data 
related 
to 
the 
operational 
impact in line with the 
associated certified management 
systems (ISO 14001/EMAS, ISO 50001, ISO 14064). 

 
 
 
 
 
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The 
Group Climate 
Risk Division 
is responsible 
for 
establishing internal 
reporting and 
disclosure 
processes 
for 
the 
financed 
impact 
as well 
as 
the 
oversight 
of the 
associated 
data 
collection, 
in 
line 
with 
the 
Group’s 
data 
governance framework. 
Internal and external ESG awareness 
and capacity building 
The Group 
is placing great emphasis in building capacity 
among its employees to be 
able to support its clients 
on their 
sustainability plan and 
their green 
transition. To 
this end, the 
Bank implements 
an ESG upskilling 
plan 
for its 
employees as 
well as launching 
ESG awareness 
initiatives for 
its clients. The 
internal awareness 
sessions 
regarding ESG and CR&E matters cover both members of the 
management body and other stakeholders 
across 
the Bank 
(e.g. Business 
Units). Additionally, 
the Bank 
has offered 
trainings to 
stakeholders 
from all 
Three 
Lines 
of Defense 
(i.e., Business 
Units, Risk 
Management 
Units, Internal 
Audit function) 
regarding 
the 
SFF in 
order 
to 
enhance their understanding 
of sustainable financing criteria. 
ESG ratings 
The Bank actively participates in internationally renowned ESG ratings to highlight the continuous improvement 
in its environmental, social and governance 
performance, upgrade 
the relevant disclosures and further 
enhance 
investor confidence in its practices. In 2022, the Bank posted improvements 
compared to 2021 in important ESG 
ratings such as Sustainalytics (from 
15.3 to 12.1, maintaining the 
“Low Risk” mark), Vigeo Eiris - Moody’s (from 
38 
to 50, 
improving 
from “Limited” 
to “Robust” 
mark), S&P 
(from 48 
to 50) 
and Refinitiv 
(from 69 
to 79). 
Specially 
with respect to Sustainalytics, the Bank achieved the international “ESG Industry Top Rated” distinction and has 
been added in the “Sustainalytics' Top 
-Rated ESG Companies List”. 
In the context of 
networking with 
market for 
sustainable development 
issues, 
the Bank participates 
in the ESG 
Coordinating 
Committee 
of 
the 
Hellenic 
Bank 
Association, 
the 
Corporate 
Responsibility 
Committee 
of 
the 
American-Hellenic Chamber 
of Commerce and 
the Greek Network 
of the UN Global Compact. 
Group’s implementation 
of the EU Taxonomy 
Regulation 
The 
EU Taxonomy 
(Regulation 
(EU) 2020/852 
of the 
European 
Parliament 
and of 
the 
Council) was 
adopted in 
2020 by the 
European Parliament 
and represents 
an important step for 
the EU to achieve 
the Paris 
Agreement 
climate 
neutrality 
goals. 
It 
sets 
out 
the 
criteria 
to 
establish 
a 
common 
classification 
system 
for 
sustainable 
economic activities. The 
EU Taxonomy 
Regulation determines 
whether 
an economic activity 
is environmentally 
sustainable and obligates 
financial and non-financial 
entities subject to 
the Non-Financial 
Reporting Directive 
(NFRD) to disclose the 
alignment of their 
activities. Separate 
reporting requirements 
and extensive criteria 
are 
established 
for 
financial 
and 
non-financial 
undertakings 
under 
the 
Art.8 
Delegated 
Act 
of 
EU 
Taxonomy 
Regulation. 
The 
key 
indicator 
of alignment 
for 
credit 
institutions is 
the 
Green Asset 
Ratio 
(GAR), which 
companies will 
be 
required 
to 
publish 
starting 
in 
2024. 
It 
determines 
the 
extent 
to 
which 
activities 
comply 
with 
the 
criteria 
of 
Taxonomy. 
It 
is 
the 
ratio 
of 
a 
company's 
taxonomy-aligned 
assets 
to 
covered 
assets 
(total 
assets 
excluding 
exposure to sovereigns, 
central banks and the 
trading portfolio). 
For the 
years 2021 and 
2022, financial undertakings 
subject to NFRD are 
required to disclose 
the proportion 
of 
taxonomy-eligible 
and 
taxonomy 
non-eligible 
activities 
related 
to 
the 
environmental 
objectives 
of 
climate 
change adaptation and 
climate change mitigation. 
The following 
four additional 
environmental objectives 
are 
expected to be adopted in 2023: 
a)
Sustainable use and protection 
of water and marine resources, 
b)
Transition 
to a circular economy, 
c)
Pollution control 
and prevention, 
and 
d)
Protection and restoration 
of biodiversity and ecosystems. 
The EU is also working on 
a Social Taxonomy to classify economic activities that significantly contribute to 
social 
goals in the EU, as well 
as an Extended Environmental 
Taxonomy, 
that will focus on 
supporting environmentally 
sustainable transitions 
of different 
categories 
of economic 
activities. However, 
it is 
more likely 
that 
these 
new 
taxonomies will not be prioritized 
in the immediate 
future. 
Integration of Taxonomy 
in the Group’s 
business strategy, 
operating model, products 
and customers 
The Group recognizes the significance 
of the impact of its activities to 
the society and the environment. It places 
high 
importance 
on 
the 
effective 
integration 
of 
sustainability 
principles 
and 
ESG 
aspects 
throughout 
the 
activities of the organization, 
the governance 
model and related commitments. 
Further information 
about ESG 
Governance and the 
way that the Bank has integrated ESG and Climate risks in its operating 
model is provided 
in “ESG Governance” 
in the section “Group’s 
approach towards sustainable 
development”. Moreover, 
it is noted 
that, as 
part of regulatory 
expectations, the 
Bank has fully 
integrated 
climate related 
and environmental 
risks 
through the 
Three Lines of Defense, 
embedding regulatory guidelines and market 
practices. The 
Group Climate 
Risk Division (GCRD) is working towards the advancement of Program 
Field, covering the implementation 
of the 
Climate Risk Roadmap, implementing the 
Bank’s CR&E risk strategy and ensuring compliance 
with existing and 
upcoming sustainability-related regulations. In this context, within 2023, GCRD will monitor the implementation 
of the Financed impact 
strategy and definition of the 
approach and data requirements 
for portfolio 
alignment. 
The 
Group strives 
to invest in 
sustainable development 
with the 
aim of improving 
its impact on 
environmental 
sustainability, social 
responsibility, 
and corporate 
governance. 
The Bank 
is gradually integrating 
ESG practices 
and aspects within its operations and services and will continue to do so as the ESG elements and requirements 

 
 
 
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evolve. 
The 
Bank’s 
Sustainable 
Investment 
Framework 
(SIF) 
outlines 
the 
potential 
sustainable 
investment 
approaches/strategies, 
the 
selection 
of 
eligible 
investments 
and 
the 
monitoring 
frequency 
of 
the 
sustainable 
portfolio 
(the 
sustainable 
portfolio 
is 
part 
of 
the 
Bank’s 
investment 
portfolio). 
The 
Framework 
specifies 
the 
respective 
criteria 
that 
are utilized 
in the 
Bank’s banking 
books investment 
strategy, 
along with 
the 
selection 
process of eligible sustainable investments. 
Committed to being transparent 
about its ESG approach and to ensure 
that the decision 
-making is in line with 
environmental 
protection 
and sustainability, 
the 
Group developed 
its Sustainable 
Finance Framework 
(SFF) in 
accordance with 
internationally recognized 
industry guidelines and 
principles. Indicatively, 
such guidelines are: 
a) International Capital Market Association (ICMA) and Loan Market 
Association (LMA) principles and b) The EU 
Taxonomy 
Climate Delegated Act. 
Through its SFF, the Group classifies sustainable lending solutions 
offered to its customers, specifying the applied 
classification approach 
and the activities defined as eligible to access sustainable financing (eligible green and 
social 
assets). 
The 
SFF 
scope 
encompasses 
a 
wide 
range 
of 
sustainable 
lending 
products 
covering 
both 
Wholesale 
and Retail 
banking 
portfolios. 
Moreover, 
the 
Bank has 
established 
and published 
the 
Green 
Bond 
Framework. The 
framework was prepared in accordance with global best practices and standards and considers 
EU 
Taxonomy 
eligibility 
criteria 
to 
classify 
potential 
investments 
as 
green. 
Furthermore, 
the 
Green 
Bond 
Framework 
has undergone a Second Party 
Opinion (process and a 
positive letter has been issued). 
The Group aims to further align the SFF with the EU Taxonomy requirements, 
that will underpin the identification 
of exposures aligned with the EU Taxonomy, 
the calculation of Green Asset Ratio 
(GAR) and supplementary key 
performance 
indicators. 
GAR 
constitutes 
the 
key 
indicator 
of 
alignment 
for 
credit 
Institutions 
under 
the 
EU 
Taxonomy 
Regulation. The latter 
will be disclosed with reference date of 31 December 2023 in line with the Pillar 
III timeframe. 
Aiming 
to 
integrate 
the 
SFF 
into 
its 
core 
operations, 
the 
Bank 
has 
developed 
governance 
structures 
and 
functions as 
well as 
a digital tool 
(Sustainable Finance 
Framework 
assessment tool) 
that facilitate 
the day-to-
day implementation of the 
SFF. 
The 
SFF assessment 
tool automates 
the process 
of assessing the 
financings against 
the criteria 
defined in 
the 
SFF and incorporates both the internal criteria defined by the Bank (and verified by an independent third party), 
as 
well 
as 
the 
assessment 
steps 
and 
criteria 
defined 
by 
the 
EU 
Taxonomy 
regulation. 
Through 
the 
SFF 
assessment 
tool, 
users 
categorize 
financing 
to 
the 
applicable 
eligible 
activity 
and 
are 
guided 
through 
the 
assessment 
steps 
which 
involve 
substantiating 
alignment 
with 
the 
criteria 
of 
each 
step, 
including 
Taxonomy 
alignment 
assessment 
(Technical 
Screening 
Criteria, 
Do 
Not 
Significant 
Harm 
criteria, 
Minimum 
Social 
Safeguards). 
Central element of the Bank’s ESG strategy 
and the SFF is to support the net zero transition 
of its clients. To this 
end, the 
Bank achieved 
its 2022 goal, 
with greater 
than 20% 
of its annual 
gross new 
corporate 
disbursements 
being 
classified 
as 
Green/ 
Environmentally 
sustainable. 
Further 
information 
is 
provided 
in 
“Financed 
Impact 
Strategy” 
in the section “Group’s 
approach towards 
sustainable development". 
Going forward, the Bank’s key 
priorities include the development 
of a strong and realistic roadmap towards net 
zero transition and the 
increasing client support towards climate transition and sustainable financing. The 
Bank 
also aims to disclose its 
financed impact targets at portfolio and sectoral level and further 
integrate climate risk 
regulatory requirements 
into its business strategy and 
risk management framework. 
Disclosures relating to Article 8 of the 
Taxonomy 
Regulation for 
2022 
The 
Group, upon reviewing 
its business activities, 
to align Taxonomy 
reporting with 
its core activities, 
provides 
the 
key 
performance 
indicators 
(KPIs) 
and 
other 
disclosure 
requirements 
related 
to 
its 
dominant 
financial 
undertakings as laid down in Article 10 of the Art. 8 Delegated Act. For financial undertakings/groups, 
according 
to the abovementioned 
article, the transitional 
rules for the 
period from 1 January 2022 until 31 December 
2023 
are limited to the reporting of the 
extent to which their customers 
and counterparties’ activities are 
Taxonomy-
eligible as well as information 
on assets that cannot 
be assessed under the Taxonomy 
Regulation. 
The Group 
as a financial institution is required to use clients' concrete 
eligibility information 
in order to disclose 
their 
own 
taxonomy 
eligible 
ratio. 
In the 
case 
of corporate 
clients, 
credit 
institutions 
are 
only allowed 
to use 
actual 
information 
that 
has 
been 
disclosed 
by 
clients 
reporting 
under 
the 
Non-Financial 
Reporting 
Directive 
(NFRD). 
Last 
year, 
such 
reported 
information 
was 
not 
yet 
available. 
However, 
NFRD 
companies 
have 
now 
published 
their 
eligibility 
percentages 
for 
2021 
based 
on their 
revenues, 
capital 
expenditure 
and 
operational 
expenditure. 
Companies 
may 
disclose 
additional 
information 
on 
a 
voluntary 
basis. 
The 
Group 
has 
opted 
to 
voluntarily disclose additional information under ‘EU Taxonomy voluntary disclosures’. Voluntary 
reporting under 
the Taxonomy 
Regulation can 
enable non-financial 
and financial 
entities to provide 
more explanation 
of their 
activities. 
The 
preparation 
of 
mandatory 
reporting 
of 
Taxonomy 
eligibility 
as 
well 
as 
the 
aforementioned 
voluntary 
disclosures 
which are 
presented below, 
are based 
on the 
consolidation 
for 
the 
Group, 
in accordance 
with the 
supervisory 
reporting 
of 
institutions 
according 
to 
the 
Commission 
Implementing 
Regulation 
(EU) 
2021/451 
(FINREP). 

 
 
 
 
 
 
 
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Specifically, data 
of the Group’s 
internal systems is used for reporting the 
assets while Taxonomy 
eligibility KPIs 
of 
NFRD 
counterparties 
are 
collected 
based 
on 
the 
latest 
published 
annual 
reports. 
The 
identification 
of 
companies subject to 
NFRD and companies 
not subject 
to NFRD has 
been carried 
based on internal 
customer 
segmentation data 
used for FINREP purposes. 
Lastly, 
it 
is 
noted 
that 
the 
Complementary 
Delegated 
Act, 
which 
entails 
economic 
activities 
related 
to 
the 
nuclear 
and 
gas 
industries, 
was 
adopted 
by 
the 
European 
Commission 
in 
2022 
and 
entered 
into 
force 
on 
1 
January 2023. 
Consequently, 
the 
Group's 
assessment 
of the 
eligibility of 
assets for 
the 
financial year 
2022 is 
based on the 
latest available eligibility KPIs 
and these 
KPIs do not include 
activities under the 
Complementary 
Delegated Act mentioned 
above. 
The data as of 31 December 
2022 have been prepared based 
on a best effort basis to adhere 
to the applicable 
regulations and will evolve 
in the future 
as further 
information becomes 
available from counterparties 
and new 
regulatory 
developments. 
During 
2022, 
the 
Group 
continued 
its 
work 
on 
implementing 
the 
EU 
taxonomy 
requirements 
and 
further 
enhancing 
its 
reporting 
methodology. 
Information 
about 
the 
Group’s 
processes 
to 
ensure 
data 
quality 
is 
provided 
in 
“ESG 
data 
quality” 
in 
the 
section 
“Group’s 
approach 
towards 
sustainable 
development". 
The reported 
KPIs are included in the table below: 
31 December 2022 
Assets 
Amount 
(in € 
million) 
% of total 
assets
⁽
²
⁾
1. 
Taxonomy 
-eligible assets
⁽
¹
⁾
11,937 
14.36% 
2. Taxonomy 
non-eligible assets 
62,138 
74.76% 
 
of which corporate exposures to non-NFRD counterparties 
30,719 
36.96% 
 
of which derivatives, hedge accounting 
1,022 
1.23% 
 
of which on-demand interbank loans 
30 
0.04% 
3. 
Assets to central governments, 
central banks, supranational 
issuers 
8,912 
10.72% 
4. 
Trading 
portfolio 
134 
0.16% 
Total 
assets (1+2+3+4)
⁽
²
⁾
83,121 
100% 
Impairment for debt 
instruments at amortized cost and other 
adjustments according to EU Taxonomy 
methodology 
(1,661) 
Total 
assets according to the 
Consolidated balance sheet 
as at 
31/12/2022 
81,460 
(1)
 
The Taxonomy 
-eligible assets 
of the Group using 
only the Turnover KPI of 
the non-financial counterparties 
subject to 
NFRD amount 
to €11,637m, 
that is 
the 14% 
of the 
total assets and 
the Taxonomy 
non-eligible assets amount to 
€62,437m, that 
is the 
75% of the 
total assets. 
(2)
 
The 
total assets 
in the 
KPIs above 
are presented 
at 
their 
gross 
amounts (except 
for 
collateral 
obtained 
by taking 
possession 
included 
in 
Taxonomy 
eligible 
and 
non-eligible 
assets, 
which 
is 
presented 
in 
carrying 
amount), 
according 
to 
EU 
Taxonomy 
methodology. 
Clarification of Taxonomy 
-related KPIs 
The Taxonomy 
-eligible assets presented in the table above include the reported 
eligibility for exposures to non-
financial companies subject to NFRD based on 
the average 
of the Turnover 
and capital expenditure (CapEx) KPI 
published by 
the counterparties, 
while the 
percentage 
based on 
their 
turnover 
is included 
in the 
footnote. 
The 
Taxonomy 
KPI 
operating 
expenses 
(OpEx) is 
not 
used 
for 
assessing 
taxonomy-eligible 
activities. 
For 
financial 
undertakings subject 
to NFRD, the 
Group’s 
exposures have 
been weighted 
to the 
counterparty’s proportion 
of 
Taxonomy 
-eligible 
assets. 
Furthermore, 
no 
distinction 
between 
general 
purpose 
loans 
and 
specific 
purpose 
loans is made. 
In order 
to determine 
which companies 
are subject 
to the 
NFRD and 
calculate 
the taxonomy 
eligible KPIs, 
an 
assessment 
is 
carried 
out in 
order 
to determine 
that 
all of 
the 
following 
criteria 
are 
met: 
a) if 
the 
country 
of 
incorporation of the 
counterparty is in the EU, and b) whether 
the enterprise is either 
a listed company, a credit 
institution, or 
an insurance 
company, 
and c) 
whether 
the entity’s 
net revenue 
exceeds €40m 
or its 
total assets 
exceed €20m 
and d) 
the counterparty 
has over 
500 employees. 
Financial and 
non-financial undertakings 
that 
do not meet the 
aforementioned 
requirements are 
identified as non-NFRD. 
Undertakings that are not required 
to report under the EU Taxonomy 
regulation (non-NFRD) are not included in 
the calculation of eligible assets since 
estimations in mandatory reporting are not 
allowed. Therefore, 
assets on 
the Group’s 
balance sheet to non-NFRD undertak 
ings are not assessed for 
taxonomy eligibility. 
In accordance with the 
instructions set out in Annex V of Delegated Regulation, 
the exposures to be included in 
the 
numerator 
encompass 
banking 
book 
exposures 
in 
gross 
carrying 
amounts 
in 
respect 
of 
NFRD-relevant 
counterparties and households. Regarding household exposures, ownership of immovable property and vehicles 

 
 
 
 
 
 
 
 
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is considered 
as a 
Taxonomy 
-eligible economic 
activity. 
For 
this reason, 
loans to 
households 
collateralized 
by 
residential 
immovable 
property, 
vehicle 
loans 
and 
repossessed 
real 
estate 
collaterals 
are 
assessed 
as 
Taxonomy 
-eligible, whereas any other type of household exposures are currently not considered to 
be taxonomy 
eligible. 
Assets 
of 
non-NFRD 
counterparties, 
derivatives, 
hedge 
accounting 
and 
on-demand 
interbank 
loans 
are 
not 
included in the calculation of Taxonomy-eligible assets and presented separately in the share of Taxonomy 
non-
eligible assets. The mandatory 
metrics are based on the 
denominator total assets. 
EU Taxonomy 
voluntary disclosures 
Along 
with 
mandatory 
disclosures, 
the 
Group 
implemented 
increased 
information 
with 
a 
breakdown 
of 
Taxonomy eligible and non-eligible assets on a 
voluntary basis. The purpose is to enhance transparency, provide 
additional information 
of the metrics and present 
the eligibility proportion 
of its assets. 
31 December 2022 
Assets 
Amount 
(in € 
million) 
% of total 
covered 
assets
⁽
¹
⁾
% of total 
assets
⁽
¹
⁾
1. Taxonomy 
-eligible assets
⁽
²
⁾
11,937 
16.11% 
14.36% 
 
of which exposures to households 
10,545 
14.24% 
12.69% 
 
of which corporate exposures to undertakings under the NFRD 
827 
1.12% 
0.99% 
 
of which collateral obtained by taking possession: residential and 
commercial immovable properties 
565 
0.76% 
0.68% 
2. Taxonomy 
non-eligible assets 
62,138 
83.89% 
74.76% 
 
of which exposures to households 
3,100 
4.18% 
3.73% 
 
of which corporate exposures to undertakings under the NFRD 
3,963 
5.35% 
4.77% 
 
of which exposures to regional governments or local authorities 
25 
0.03% 
0.03% 
 
of which corporate exposures to non-NFRD counterparties 
30,719 
41.47% 
36.96% 
 
of which derivatives and hedge accounting 
1,022 
1.38% 
1.23% 
 
of which on-demand interbank loans 
30 
0.04% 
0.04% 
 
of which other assets 
23,279 
31.43% 
28.01% 
Total 
covered assets
⁽
¹
⁾
74,075 
100% 
89.12% 
3. Assets to central 
governments, 
central banks, supranational 
issuers 
8,912 
10.72% 
4. Trading 
portfolio 
134 
0.16% 
Total 
assets
⁽
¹
⁾
83,121 
100% 
Impairment for debt 
instruments at amortized cost and other 
adjustments according to EU Taxonomy 
methodology 
(1,661) 
Total 
assets according to the 
Consolidated balance sheet 
as 
at 31/12/2022 
81,460 
(1) 
The total assets and total covered assets in the KPIs above are presented at their gross amounts (except from collateral obtained 
by taking possession, which is presented in carrying amount), according to EU Taxonomy 
methodology. 
(2) 
In terms of eligible 
assets, a breakdown of the Group’s activities shows 
that 12.69% stem from lending 
to households (vehicle loans 
and lending 
with collateral 
in real 
estate which 
are Taxonomy 
-eligible in 
their 
entirety), while 
lending to 
undertakings subject 
to 
NFRD represents 0.99% 
and repossessed collaterals 
represent 0.68%. 
The voluntary 
metrics are 
based both 
on the denominator 
total assets and total 
covered 
assets. Total 
covered 
assets amount to 
€74,075m, excluding exposures to 
sovereigns and the trading portfolio. The share of taxonomy-
eligible assets to total assets is 14.36% while the share 
of taxonomy-eligible assets to total covered 
assets rises 
to 16.11% 
. 
Protection of environment 
The 
Group is 
committed to 
minimizing its 
environmental 
footprint 
and to 
promoting 
a green 
economy. 
In this 
context, 
the 
Bank 
implements 
an 
Environmental 
Policy, 
an 
Energy 
Management 
Policy 
and 
a 
Water 
Management Policy, 
towards the protection 
of the environment in all aspects of its operations. 
In the context of 
implementing these policies, the Group applies certified management systems, in accordance with International 
Standards, 
such 
as 
a 
Quality 
Management 
System 
(ISO 
9001), 
an 
Environmental 
Management 
System 
(ISO 
14001, 
EMAS) 
and 
an 
Energy 
Management 
System 
(ISO 
50001). 
Furthermore, 
the 
Bank, 
has 
established 
sustainability 
practices 
in 
procurement, 
in 
order 
to 
select, 
where 
possible, 
environmentally 
and 
socially 
responsible goods 
and suppliers. 
The 
implementation 
of these 
management systems 
is supported 
by relevant 
e-learning training programs. 
Additionally, for 
the integration 
of the Environmental 
and Social (E&S) issues into 
its 
business 
model, 
the 
Group 
implements 
an 
Environmental 
& 
Social 
Management 
System 
(ESMS) 
in 
accordance, among others, 
with the requirements 
and expectations of institutional investors, 
shareholders and 
other 
stakeholders. 
The 
environmental 
performance, 
with 
respect 
to 
the 
improvement 
of 
the 
operational 

 
 
 
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environmental 
footprint, 
is 
monitored 
through 
specific 
environmental 
indicators 
in 
order 
to 
identify 
any 
deviations and take 
corrective 
actions and is included in the 
Annual Report – Business & Sustainability and 
the 
Environmental 
Report 
(as 
per 
EMAS 
Regulation). 
Both 
reports 
are 
assured 
by 
independent 
parties 
and 
are 
available 
on 
the 
Group’s 
and 
the 
Bank’s 
websites 
(www.eurobankholdings.g 
r 
and 
www.eurobank.gr 
respectively). 
Environmental 
performance 
data 
are 
monitored 
at 
Group 
level 
(specifically 
for 
energy, 
water 
and 
waste). 
However, 
the 
related 
Management 
Systems 
(ISO 
14001/EMAS, 
ISO 
50001 
and 
ISO 
14064) 
and 
corresponding 
certification 
scopes apply only at Bank level and therefore 
environmental performance 
is assured and reported 
only 
at 
Bank 
level. 
In 
this 
context, 
the 
Bank 
has 
implemented 
an 
integrated 
action 
plan 
to 
reduce 
paper 
consumption and fully digitize its operations. 
As a result of these efforts 
in 2022, the paper supply amounted to 
129.9 
tons and 
represented 
a reduction 
of 37.94% 
compared 
to 2021 
(set target 
for 
2022: 196 
tons). Also, 
the 
corresponding 
consumption 
per 
employee 
decreased 
by 
36.23% 
to 
20.82 
Kg/employee 
for 
2022 
from 
32.65 
Kg/employee 
in 2021. In 
addition, the 
increase in the 
use of the 
e-statement service 
was significant in 
2022, as 
more than 222,000 additional e-Banking users 
chose e-statements, resulting in the additional savings 
of 501,000 
physical 
statements. 
The 
Bank’s 
financial 
savings 
from 
the 
discontinuation 
of 
physical 
statements 
are 
also 
substantial, 
amounting 
to 
€30m 
since 
the 
service 
became 
available. 
The 
Bank 
has 
established 
a 
Water 
Management Policy with 
the aim of responsibly managing the 
use of water resources 
and efforts 
for savings. In 
2022, the water consumption 
amounted to 54,460m
3
, which represents a decrease of 12.62% compared 
to 2021 
(62,322 m
3
). 
The Group 
is actively involved 
in a series of International and European 
initiatives for 
environmental protection 
and Sustainable Development, such as 
the EU Eco-Management and 
Audit Scheme (EMAS) and 
the Mastercard’s 
Priceless 
Planet Coalition 
global 
initiative. 
2022 was 
a year 
of significant 
distinctions for 
the 
Bank in 
terms of 
Energy 
Management 
with 
a 
Gold 
Award 
at 
the 
“Facility 
Management 
Awards” 
and 
a 
Silver 
Award 
at 
the 
“Environmental Awards”, 
while at the “Hellenic Responsible 
Business Awards” 
and in the “Green Buildings / Built 
Environment” category 
it was granted with the 
Gold Award. 
Energy and Emissions Management 
The 
importance 
of 
Climate 
Change 
makes 
energy 
consumption 
monitoring 
one 
of 
the 
most 
important 
environmental 
priorities 
of 
the 
Bank. 
The 
Bank 
implements 
a 
certified 
Energy 
Management 
System 
(EMS) 
in 
accordance with the 
ISO 50001 standard, with the purpose of responsible 
energy management in all the 
Bank’s 
facilities (it concerns all the Bank’s Administration 
Buildings / Branches and covers 100% of its operations), which 
aims to 
minimize energy 
cost, the 
environmental 
impact 
of harmful 
greenhouse 
gas emissions, 
as well 
as the 
depletion 
of 
fossil 
fuels. 
In 
accordance 
with 
the 
applicable 
legislative 
requirements 
(Greek 
Climate 
Law 
4936/2022) and 
international 
best 
practices, 
the 
Bank was 
certified 
according 
to the 
International 
Standard 
ISO 14064 for 
the quantification 
and reporting of 
greenhouse gas emissions 
(Category 1-7), with 
the aim of 
the 
reduction 
of 
greenhouse 
gas 
emissions 
and 
its 
environmental 
footprint. 
The 
Bank 
also 
maintains 
the 
corresponding 
matching 
in 
line 
with 
the 
methodology 
of 
the 
“GHG 
Protocol 
Corporate 
Accounting 
and 
Reporting Standard” (Scope 1, 2 & 3). 
Direct 
Green 
House Gases 
(GHG) Emissions 
(Scope 1) 
result 
from 
the 
Bank’s consumption 
of natural 
gas 
and 
heating oil to heat 
buildings and the 
use of fuel for 
the Bank’s own 
vehicles for 
transportation within 
the Attica 
region. It also includes the data on fluorinated gases (F-gases) released by the air conditioning installations and 
automatic 
fire 
extinguishing 
systems 
of 
the 
Bank 
(fugitive 
emissions). 
Also, 
in 
2022, 
the 
greenhouse 
gas 
emissions from the 
use of leased company cars by the 
Bank’s employees were 
included. 
Regarding 
electric energy 
use (indirect 
emissions - 
Scope 
2), the 
Bank calculates 
its emissions 
using both 
the 
location-based 
and market-based 
methods, using 
national annual CO
2
 
emission conversion 
factors. The 
Bank, 
demonstrating 
a 
long-term 
commitment 
to 
environmental 
and 
energy 
management, 
displayed 
remarkable 
reflexes, during the current unprecedented 
energy crisis. Specifically, in September 2022, it announced a specific 
set of measures 
to further 
save energy 
with large-scale 
actions, but also initiatives 
concerning the 
daily energy 
behaviour of employees. 
In this 
context, in 2022 
the total 
electricity consumption 
was at 
38,314 ΜWh decreased 
by 7.44% 
compared to 
2021, while the indirect 
greenhouse gas emissions 
(scope 2) in 
carbon equivalents was 
at 12,824 
tCO
2
e decreased 
by 
20.69%, 
compared 
to 2021 
(16,169 
tCO
2
e). 
Furthermore, 
in 2022, 
the 
total 
energy 
consumption 
(all 
energy 
sources) was decreased by 
7.4% 
compared to 2021 and respectively 
the total greenhouse 
gas emissions (Scope 
1 & 2) 
were decreased by 14.1%. This performance 
exceeded the environmental management targets set for 2022 
of 4% reduction in electricity and 
indirect greenhouse gas emissions (scope 2) compared to 
2021. The Bank, since 
the 
beginning 
of 
the 
Energy 
Management 
System 
implementation 
in 
2014, 
has 
reduced 
electricity 
and 
greenhouse gas emissions by 
42.4% and 73.2% respectively. 
The Bank is 
further 
intensifying the effort 
to reduce 
electricity consumption with the 
aim of further 10% saving, 
cumulative for 
the years 2022 – 2023. 
 
For 2022, 97.90% 
of total electricity 
consumed was sourced by 
Renewable Energy Sources (RES), certified through 
“Guarantees 
of 
Origin”, 
while the 
same 
process 
will continue 
for 
2023. 
Compared 
to 2021, 
this 
indicator 
was 
improved 
by 
0.5%. 
The 
Bank 
monitors 
the 
energy 
intensity 
ratio, 
which 
expresses 
the 
absolute 
energy 
consumption 
of 
the 
Bank 
for 
all 
its 
operational 
revenue 
and 
at 
the 
same 
time, 
assists 
energy 
performance 
monitoring in relation 
to its scale of activities. 
In 2022, the energy 
intensity ratio 
was at 15.26ΜWh/€m reduced 
by 
48.62% 
compared 
to 2021 
(29.71 
ΜWh/€m). Accordingly, 
the 
carbon 
intensity index 
(GHG, scope 
1 & 
2) for 
2022 is of value 5.66tCO
2
e/m€ and displays a decrease of 49.75% 
compared to 2021 (11.26 tCO
2
e/m€). 

 
 
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Regarding scope 3 emissions, the Bank is currently finalizing calculations related to financed emissions, business 
travel, 
employees’ commuting 
and waste generated. 
The respective 
scope 3 figures will be 
disclosed as part 
of 
the 
Annual 
Report 
2022 
- 
Business 
& 
Sustainability. 
Moreover, 
enhanced 
disclosures 
regarding 
financed 
emissions (i.e. emissions intensity and emissions 
per sector) will be disclosed in the Bank’s Climate 
Report 2022. 
Finally, the Bank has certified 18 buildings with the green building certification 
methods of “Leadership in Energy 
and Environmental 
Design - 
LEED” and 
“Building Research 
Establishment Environmental 
Assessment Metho 
d 
– 
BREEAM”, 
thus 
demonstrating 
the 
Bank’s 
excellent 
working 
environment. 
Within 
2022, 
the 
N. 
Ionia 
building 
complex was 
also certified, 
where 
the 
Data 
Center building 
received 
LEED Gold 
certification, 
while the 
rest of 
the building complex LEED Silver. 
Supply Chain 
The 
Bank has established 
and implements a 
Procurement 
Policy which 
defines the 
general 
principles and rules 
governing the procurement of goods and services. Through its implementation, the transparency, objectivity and 
integrity of the execution 
of procurement 
are ensured, while at 
the same time, 
compliance of suppliers with 
the 
applicable 
local, 
national 
and 
international 
legislative 
and 
regulatory 
requirements 
is 
secured 
through 
appropriate 
mechanisms, as 
a condition 
of starting 
and maintaining 
a professional 
relationship 
with them. 
In 
addition, the establishment of an Outsourcing Policy ensures the efficient monitoring of third party relationships 
under their associated 
risks. 
The 
Bank operates 
with a centralized 
and upgraded 
model for 
the administration 
of procurement 
requests for 
goods and 
services and the management of 
contracts which facilitates approval flows, while achieving 
efficiency 
in the 
execution of 
purchases based 
on the 
principle of 
the final 
lowest 
bidder, 
as well 
as in 
the finalization 
of 
new 
assignments 
or 
renewals 
and 
contracts. 
In 
addition, 
aiming 
at 
the 
minimization 
of 
its 
environmental 
footprint and efficiency, the Bank uses an electronic invoicing system, in 
cooperation with specific suppliers while 
at the same time, 
for the supply of some 
types of goods and services, e-auctions 
are held. 
Group Procurement Sector evaluates 
the Bank’s suppliers based on qualitative and quantitative criteria, aiming 
at the 
assessment of risks 
such as for 
the quality 
of services, financial 
status/business continuity of 
the supplier 
and its legal/regulatory compliance. Specifically, 
on an annual basis it measures and weighs all the key financial 
data from 
the 
balance 
sheets of 
the 
suppliers, while 
complementing 
the 
evaluation 
with qualitative 
data, like 
ISO certifications, 
through 
specific targeted 
questionnaires 
to qualified 
evaluators from 
various business 
units 
of the Bank together 
with Group Procurement 
evaluators. In the end, a weighted 
objective score is obtained for 
each supplier that reveals 
the continuation of the cooperation 
between the Bank and the supplier. 
Furthermore, 
for 
reasons 
of 
transparency 
and 
safeguarding 
the 
Group's 
interests, 
the 
Bank 
adheres 
to 
the 
Due 
Diligence 
procedure 
for the 
integration 
of a new 
supplier into the 
Bank. Based on the 
above 
procedure, 
the new 
entrant 
supplier is required, among other 
prerequisites, to provide 
published financial statements and 
all the necessary 
financial data over 
a period of three 
years, information 
on the legal 
form of the 
company, its beneficial 
owners 
and legal representatives, 
as well as regulatory certifications 
it holds. 
On an annual basis, 
the Bank 
carries 
out an assessment 
for IT 
suppliers, consulting, 
technical and 
construction 
services, as well as 
for other goods and services, maintaining for 
quality reasons, specific indicators that measure 
the 
degree 
of dependence 
of suppliers 
and the 
Bank on 
the 
relationship 
between 
them 
in terms 
of the 
total 
turnover 
of 
each 
party. 
In 
addition, 
the 
Procurement 
Committee 
that 
has 
been 
established, 
ensures 
the 
observance 
and safeguarding 
of the 
procedures 
in line 
with 
the 
Bank’ procurement 
policy, 
both 
in relation 
to 
the necessity of the 
procurement and for 
the containment of operating 
costs, together 
with the approval 
of the 
tender results presented. In addition, in the context 
of implementing Sustainable Procurement, ESG criteria have 
been 
established 
for 
the 
tendering 
processes 
of 
non-IT 
goods, 
in 
accordance 
with 
the 
provisions 
of 
a 
the 
tendering procedure 
. 
Factors related 
to the 
impact of 
a product/ 
service/ project 
on Environment 
and Society, 
as well as Governance issues of the company/supplier, 
are taken into consideration. 
As such, contribution to the 
protection of environment, 
green development 
and local society are considered 
to have a positive effect. 
Furthermore, 
regarding 
governance 
factors, 
certifications 
are 
requested 
from 
suppliers 
(e.g. 
ISO 
9001, 
14001, 
50001), 
if 
any, 
as 
well 
as 
disclosures 
in 
relation 
to 
their 
operational 
footprint, 
ESG 
Ratings 
results 
and 
Sustainability 
Report. 
In 
alignment 
with 
the 
applied 
procedure, 
these 
criteria 
are 
embedded 
in 
a 
specified 
section on 
tenders’ 
Requests of 
Proposals (RFP)/ 
Requests of 
Quotation 
(RFQ), and 
are considered 
during the 
technical evaluation conducted. 
The overall 
objective is to select, where 
possible, environmentally and socially 
responsible goods from suppliers 
that 
are 
aligned 
with 
those 
principles. 
Procurement 
processes 
are 
part 
of 
the 
Bank’s 
certified 
Management 
Systems in 
accordance 
with the 
international 
standards 
ISO 9001, 
ISO 14001 
and ISO 
50001. The 
Bank mainly 
works with suppliers who operate 
and are registered or have an office in Greece, 
promoting and supporting the 
local economy. 
Employee Engagement 
Group’s 
employees 
constitute 
its 
greatest 
asset 
as 
far 
as 
development 
and 
sustainability 
are 
concerned. 
Starting 
from 
its 
recruitment 
process, 
the 
Group 
aims 
to 
establish 
a 
long-term 
and 
mutually 
beneficial 
relationship 
with 
every 
employee. 
As 
of 
31 
December 
2022, 
the 
Group 
employed 
11,328 
(Dec.2021: 
11,935) 
employees of which 5,060 
(Dec.2021: 5,275) abroad. 

 
 
 
 
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To 
ensure 
equal 
and 
fair 
opportunities 
to 
all 
employees, 
the 
Group 
follows 
several 
guidelines 
surrounding 
Compensation & 
Benefits, Recruitment, 
People & Talent 
Development, 
Performance 
Management,
Kniship and 
Health & Safety, 
Learning, Engagement & Communication. 
In 2022, the Bank launched 
three new policies 
on C-
Level 
Succession 
Planning, 
Diversity, 
Equity 
& 
Inclusion 
and 
Workplace 
anti-Violence 
&anti-Harassment. 
The 
Group respects 
human rights, equal opportunities 
and diversity 
vis à vis clients, suppliers 
and employees, 
while 
the 
Group’s 
objective 
is 
to 
recruit 
and 
retain 
its 
employees 
regardless 
of 
race, 
religion, 
age, 
gender, 
sexual 
orientation 
or 
disability. 
The 
Group 
strives 
to 
ensure 
that 
its 
workforce 
reflects 
the 
communities 
in 
which 
it 
operates 
and 
the 
international 
profile 
of 
the 
organization. 
The 
Group 
recognizes 
that 
diversity 
is 
a 
key 
component 
of 
a 
responsible 
business 
strategy 
in 
support 
of 
its 
international 
operations. 
Related 
matters 
mentioned above 
are also addressed in the 
2020 Code of Conduct & Ethics for the 
Group. 
The Group 
is constantly revising its compensation and benefits 
policies, taking into account market trends, and 
aiming to 
create 
a competitive 
offering 
that 
will attract, 
engage and 
retain its 
employees, 
while at 
the 
same 
time complies to all regulatory and legal requirements. As a result, the basic principles of the compensation and 
benefits framework 
which ensure 
alignment between 
individual objectives 
and the 
Group’s 
business strategy, 
as well as the long-term 
value creation for 
the shareholders, 
are the following: 
a)
Ensure gender-neutral 
compensation policies. 
b)
Safeguard that total reward is sufficient for retaining and attracting executives 
with high skill and expertise. 
c)
Ensure internal equity between 
Business Units. 
d)
Avoid taking excessive 
risks, including direct and indirect sustainability risk. 
e)
Link compensation with long-term 
performance. 
Furthermore, 
the 
Bank has 
set up 
the 
Eurobank 
Group's 
Occupational 
Pension 
Fund, seeking 
to provide 
long-
term 
support 
to 
all 
its 
employees, 
while 
committing 
to 
strong 
ESG 
standards. 
The 
establishment 
of 
the 
Occupational 
Pension 
Fund 
(OPF), 
acting 
as 
an 
additional 
pillar 
of 
a 
modern 
Retirement 
Scheme, 
allows 
all 
Eurobank 
Group 
employees 
to participate 
on a 
voluntary 
basis. 
Following 
a 
written 
agreement 
between 
the 
employees and the employer, 
the OPF is set up as a Private Legal Entity 
to work in tandem and complement the 
mandatory Public Pension System. 
Internal Job Market (IJM)/ Internal 
Mobility 
The 
Bank 
focuses 
on 
deploying 
its 
existing 
workforce 
to 
meet 
internal 
staffing 
needs, 
according 
to 
their 
qualifications. 
In 
this 
context, 
the 
Bank 
actively 
promotes 
equal 
opportunities 
for 
all 
employees 
to 
fully 
participate 
in IJM, 
regardless 
of role, 
level 
and 
general 
division. 
In 2022, 
66 Job 
openings were 
published 
in 
Internal Job Market, 353 internal 
candidates applied and 40% of job vacancies 
in Greece were 
filled internally. 
Learning 
Building 
and 
strengthening 
professional 
expertise 
with 
updated 
skills 
and 
capabilities, 
as 
well 
as 
providing 
modern learning 
curriculums 
and methodologies 
constitute a 
major priority 
for the 
transformation 
strategy 
of 
the 
Group. 
The 
Group’s 
leading Learning 
Management 
System offers 
enhanced 
self-service 
capabilities 
to all 
employees that 
boost learner engagement, 
while redefining and upgrading the 
knowledge and skills needed in 
the 
workplace 
(reskilling 
& 
upskilling). 
The 
size 
of 
investment 
in 
learning 
for 
2022 
is 
reflected 
briefly 
in 
the 
following indicators: 
a)
The total 
number of learning participations reached 
369,027, 
on Group level, 
b)
The total 
number of training hours exceeded 
790,000 (530,000 hours for 
employees working in Greece) 
, 
c)
Over 
97% 
of 
the 
learning 
activity 
regarding 
employees 
working 
in 
Greece 
takes 
place 
online 
or 
through 
virtual classrooms. 
Upskilling, 
capitalizing 
on technology 
and 
learning certifications 
constitute 
the 
axes of 
the 
strategic 
learning 
framework 
of the Group. 
More specifically: 
a)
LinkedIn Learning Solutions: The 
strategic partnership with 
LinkedIn Learning allows all Group employees 
in 
Greece 
to access 
the platform’s 
online learning 
courses and 
highlights the 
Group’s 
actual commitment 
to 
addressing current 
needs of 
the 
current 
era 
and helping 
its people 
further 
develop 
their 
skills. In 
addition, 
The 
Group has 
extended its 
partnerships 
with other 
internationally 
recognized 
learning platforms 
such as 
Interskill, 
Skillsoft, 
Microsoft 
LxPand 
and 
Pluralsight, 
offering 
thousands 
of 
courses 
on 
cutting-edge 
technologies. 
b)
Digital Accelerator: 
In 2021-2022 
the 
Group 
implemented 
an innovative 
program, 
in accordance 
with the 
European 
Digital 
Competence 
Framework, 
(DigComp)
aiming 
to 
upgrade 
the 
digital 
skills 
of 
all 
its 
employees. 
c)
Leadership 
skills: The 
Group’s 
Top 
Management 
and the 
Heads of 
the 
Group’s 
subsidiaries get 
the 
latest 
information from 
the world of business while, through 
a series of monthly executive master classes, they 
get 
the 
opportunity 
to 
connect 
and 
communicate 
online 
about 
the 
latest 
trends 
in 
strategic 
leadership 
transformation. 
Moreover, 
the 
“Remote 
Work 
Bootcamp”, 
a 
blended 
learning 
experience 
to 
support 
Managers of the Organization 
in the new “phygital” 
era was launched. 
d)
Anti- 
money 
laundering 
(AML) 
Virtual 
Workshops: 
in 
collaboration 
with 
ICA 
(Internal 
Compliance 
Association), 
highly 
practical 
and 
interactive 
workshops, 
addressing 
more 
than 
1,200 managers 
in Retail, 
Corporate and Private 
Banking Networks, as well as all AML related 
central units. 
e)
“PROSPER – 
Class of 
2022”: 
a customized 
talent development 
program 
aiming to 
equip our 
talent pools 
with future 
-proof leadership 
skills and state 
of the 
art knowledge 
and experiences 
in numerous 
fields such 
as ESG, Innovation and Strategy. 
f)
ESG Thinking: 
a 3-module digital 
learning program 
with the 
aim to increase 
awareness on 
all ESG related 
matters, as well as familiarize 
all employees on the 
Group’s strategic 
priorities around the 
ESG agenda. 

 
 
 
 
 
 
 
 
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g)
Role-specific 
certification 
of 
knowledge 
and 
skills: 
The 
Group 
supports 
its 
employees 
acquire 
all 
the 
professional and regulatory 
certifications required 
by their role within the 
organization, offering 
web-based 
courses and virtual classes to help them 
prepare for 
their certification 
exams. 
To 
fully 
meet 
employees’ 
and 
the 
Group’s 
learning 
needs, 
the 
Group 
implements 
policies 
and 
procedures 
certified 
according 
to 
the 
ISO 
9001 
standard. 
At 
the 
same 
time 
and 
since 
2015 
the 
Bank 
holds, 
the 
ACCA 
Approved 
Employer 
(Professional 
Development 
Stream) 
distinction, 
documenting 
the 
high learning 
standards 
provided to its employees. Aimed at empowering 
employees on more demanding roles 
and enhance leadership 
capabilities, 
the 
Group 
Human 
Resources 
Division 
designs 
and 
implements 
specialized 
programs, 
such 
as 
Development 
& 
Succession 
planning, 
Talent 
Development 
& 
Management, 
Career 
Development 
& 
Planning, 
Knowledge & Experience Sharing 
(mentoring & reverse 
mentoring). 
Talent 
Management Programme 
In 2022 the 
Bank continued 
the implementation 
of the 
bank-wide Talent 
Management Programme, 
aiming at 
the 
identification, 
development, 
retention 
and 
effectively 
utilization 
of 
a 
robust 
talent 
pipeline. 
A 
Talent 
Management policy 
is being 
designed and 
will launch 
in 2023 
to set 
out the 
guidelines and 
process 
of Talent 
Management within the 
Bank and to ensure the talent retention 
and utilization. 
Performance 
Management 
Performance 
Management 
in 
the 
Group 
has 
a 
transparent, 
consistent 
and 
effective 
framework 
concerning 
continuous improvement 
of the 
employees and 
aligning with 
the strategic 
objectives and 
values of the 
Group. 
Its 
framework 
translates 
the 
Group’s 
strategy 
into 
tangible 
quantitative 
business 
goals 
(“what”) 
for 
all 
employees 
and supports 
a common 
culture 
by driving 
the 
Group’s 
organizational 
capabilities 
and qualitative 
competencies 
(“how”) 
throughout 
the 
organization. 
Performance 
Management 
is 
grounded 
on 
two 
main 
systems, implemented 
in Greece 
& Cyprus. 
Along with 
Axiopoio 
which is 
the 
main Performance 
Management 
system, the Performance 
Feedback 
for Senior Management was launched
in 2022 in SAP SuccessFactors, which 
is 
based 
on 
the 
360° 
Feedback 
methodology. 
Both 
systems 
have 
a 
developmental 
focus 
and 
continuous 
feedback on their 
core. 
Career Development 
Career 
Development
 
i
s 
of 
great 
importance 
for 
the 
Group. 
In 
this 
context, 
in 
2022 
the 
Group 
utilized 
the 
Development 
Plans, giving 
value to 
a wide 
range 
of functionalities 
like Learning
and Career 
Development. 
On 
that basis, 
employees can 
design their 
personal Development 
and Improvement 
Plan being supported by 
their 
manager, and through relevant training and development activities, to further develop their 
skills and behaviors, 
bolstering their 
profile to match either 
their current 
role or a different 
one in the future. 
C-Level Succession 
Planning 
The 
Bank’s 
C-Level 
Succession 
Planning 
framework 
is 
assessed 
annually 
following 
a 
structured 
and 
comprehensive 
process, 
according 
to 
the 
guidelines 
of 
the
Bank’s 
Nomination 
and 
Corporate 
Governance 
Committee and the BoD of the 
Bank. In 2022, the C-Level 
Succession Planning Policy 
was launched. 
Diversity, 
Equity & Inclusion 
In 2022, the Bank implemented the Women 
in Banking (WiB) - Leadership Acceleration 
Program with the 
aim to 
empower talented 
women in the 
Bank to showcase 
their unique qualities 
as leaders and actively 
participate in 
shaping a more 
people-centric culture 
and inclusive leadership. 
The program 
has a 6-month 
duration, 
offering 
valuable knowledge, experiences 
and skills through 
mentoring women 
with successful 
career paths 
in the Bank, 
as well as through 
interactive learning 
programs. 
WiB Season 1 
success was marked 
by 3 Awards: 
1 Gold Award 
in Women 
Empowerment 
Awards, 
1 Silver Award 
in the 
“Effective 
Use of 
Coaching-Mentoring” 
category 
in HR 
Awards 
and 
1 Bronze 
Award 
in Gender 
Equality 
Awards powered 
by the Diversity 
Charter in Greece. 
In 2022, the Bank was included in the Bloomberg Gender Equality Index (GEI). This distinction reflects the Bank’s 
commitment to support responsible development 
without discrimination and its commitment in the application 
of Diversity, 
Equity & Inclusion criteria and more generally 
of ESG in all aspects of the Group's 
operations. 
Improving Employee 
Experience 
The Group, 
through the 
investment in the 
SAP SuccessFactors upgrades 
the working environment 
and expands 
the possibilities 
of cooperation. 
As part of the 
project, the 
basic technological infrastructure 
has been enriched 
with modern 
applications 
related to 
the acquisition 
of "talent" (talent 
acquisition) and 
performance 
appraisal. 
The 
applications 
of the 
SAP SuccessFactors 
platform 
improve 
the 
daily communication 
in the 
Group, 
increase 
the degree of autonomy and 
mobility of the users, 
while managers can monitor and manage their 
teams. More 
particularly, 
the 
functions 
are available 
both 
from 
the 
office 
space 
and "smart" 
devices 
and the 
users, among 
others: 
a)
Have access, wherever 
they are, to their 
personal profiles and contact details of 
their colleagues, 
b)
Register and manage with self-service 
process, license 
requests and change of personal data, 
c)
Have 
access 
to learning 
and training 
planning for 
themselves 
and their 
teams, can 
attend 
online courses 
and connect to online libraries that 
are available (Learning Management System), 
d)
Have access to a modern evaluation 
and continuous feedback application. 

 
 
 
 
 
 
 
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Strengthening Dialogue 
& Information 
Employees are 
systematically kept 
informed 
on a series of 
issues of interest 
and/ or corporate 
issues through 
a 
variety of 
means including 
print, interpersonal 
and online 
ways. The 
Group, 
through 
its Intranet 
Portal named 
“Connected”, provides 
timely corporate 
and work 
-related 
information 
to all 
its employees 
in Greece. 
Through 
intranet, 
employees 
can 
access 
information 
on 
social 
issues, 
on 
physical 
or 
virtual 
visits 
of 
the 
management 
team, on corporate functions, on interviews given by the 
Group's management to printed and digital media etc. 
In 2022 
Connected acquired a new 
interface, in order to meet the needs 
of the modern era. For the dissemination 
of the 
strategy 
and the 
two-way 
communication 
between 
the 
Group’s 
Management 
and the 
employees, 
the 
program 
"Breakfasts 
with 
the 
Management" 
was 
deployed 
through 
digital 
means 
with 
the 
participation 
of 
employees 
from 
all 
Units. 
In 
addition, 
the 
initiative 
"Executive 
Meetings" 
took 
place 
with 
an 
extended 
participation 
from 
members 
of the 
management 
team. At 
the 
same 
time, 
the 
top management 
conducted 
a 
number of "Virtual Visits" to regional markets throughout 
Greece, an initiative that started during the 
pandemic 
crisis 
and 
continues 
all 
along, 
with 
the 
aim 
to 
strengthen 
an 
"open 
line" 
of 
communication 
with 
Network 
employees across Greece, facilitating the 
exchange of views and the discussion of 
challenges and opportunities. 
Remote Working 
In 2022, the Group introduced the new Hybrid Work Model becoming the first banking group in 
Greece to launch 
a combination 
of working 
at home 
and working 
at the 
office 
(work @ 
home | 
work 
on premises), 
on a 
regular 
basis, 
for 
its 
staff. 
Responding 
to 
a 
new, 
modern, 
social 
and 
labor 
market 
reality 
and 
capitalizing 
on 
the 
successful 
experience 
from 
deploying 
remote 
working 
at 
a 
large 
scale 
during 
the 
pandemic, 
the 
Group 
announced 
its 
new, 
innovative, 
remote 
working 
policy. 
The 
new 
initiative 
aims 
at 
ensuring 
its 
employees’ 
personal 
life 
balance 
while 
reducing 
the 
Group’s 
environmental 
footprint 
by 
limiting 
transportation 
of 
employees and energy 
consumption. 
Recognition and Reward Policy 
As part 
of its 
Employee 
Recognition and 
Reward 
policy, 
the 
Group 
in 2022 
implemented 
the 
“Transformation 
Challenge 
Box”, to 
enable 
all employees 
offer 
their 
ideas, proposals, 
and solutions 
for 
all aspects 
of banking 
operations, 
and make 
their 
own contribution 
to the 
transformation 
of the 
Group. The 
top-3 among 
a total 
of 
408 original ideas 
were 
selected after 
an internal vote 
of the 
employees, as 
well as a 
discussion and a 
vote by 
the 
Transformation 
Operating 
Committee 
members. 
In 
addition, 
recognizing 
long-term 
loyalty, 
the 
Group 
awards 
its 
employees 
after 
15 
and 
25 
years 
of 
service. 
In 
the 
last 
20 
years, 
the 
Group 
has 
recognized 
and 
rewarded 
over 
3,162 
secondary 
and 
higher 
education 
students, 
through 
the 
“Awarding 
Excellence” 
initiative. 
Through 
this 
program, 
the 
Group 
is 
investing 
in 
the 
younger 
generation 
and 
is 
recognizing 
the 
children 
of 
employees 
that 
have 
outperformed 
at 
their 
school. 
The 
program 
also covers 
all 
Group 
employees 
that 
have 
undergone and topped in postgraduate degrees during their tenure in the organization. The 
Group traditionally 
designs and implements initiatives that support the employees and their fami 
lies. In 2022, the Group offered 12-
month gift vouchers 
to more than 
2,000 children 
of employees. 
In a spirit 
of giving back 
to our community, 
the 
Group 
has established 
and supports 
the 
“Team 
Up” initiative. 
This 
is an 
employee 
volunteerism 
program 
that 
has been up and running since 2018. Until the end of 2022, nearly 900 employees have joined the program 
(22% 
higher 
than 
2021). 
In 
2022 
11 
events 
have 
taken 
place 
and 
705 
employees 
offered 
more 
than 
3,250 
hours 
of 
volunteering services. 
Support at work - HR4U 
The 
call 
center 
“HR4U” 
supports 
the 
employees 
of 
the 
Bank 
and 
responds 
daily at 
each 
employee’s 
request, 
taking all 
the 
necessary 
actions for 
their 
best service. 
In 2022, 
more than 
39,000 
requests were 
seen to HR4U. 
Topics include 
a wide range of questions about benefits 
and programs, 
as well as urgent needs. 
Labour Unions 
The 
Group 
respects 
employees’ 
constitutional 
right 
to 
membership 
in 
Labour 
Unions. 
Six 
such 
Unions 
are 
currently active 
within the Bank, representing 
86.4% of the staff, 
i.e. 5,258 employees. The most multitudinous of 
these 
Unions 
is 
recognized 
as 
the 
official 
representative 
Union 
in 
labour 
negotiations 
with 
the 
Bank’s 
Management. All 
employees 
of the 
Bank are 
employed 
full-time 
and covered 
by collective 
labour agreements 
(industry-wide 
and 
enterprise-level), 
while 
labour 
relations 
are 
regulated 
by 
the 
current 
laws 
and 
the 
Bank’s 
Statute 
of 
Internal 
Service. 
Furthermore, 
the 
Bank's 
Management 
cooperates 
with 
the 
labour 
unions 
and 
supports the 
scheduled working 
meetings to 
strengthen 
the dialogue 
and to 
monitor the 
developments 
in the 
working environment. 
Corporate Social Responsibility 
Driven by 
its sense of responsibility 
and commitment 
to giving back 
to society, 
the Group 
has made corporate 
responsibility 
one 
of 
the 
foundations 
of 
its 
strategic 
planning, 
which 
is 
directly 
linked 
to 
the 
UN 
Sustainable 
Development 
Goals 
(SDGs). 
Through 
its 
corporate 
responsibility 
strategy, 
and 
responding 
to 
the 
needs 
of 
today’s 
ever-changing 
environment, 
the 
Group 
aims 
to 
actively 
contribute 
to 
improving 
the 
economy 
and 
society where it operates, 
by adopting responsible practices 
that promote transparenc 
y 
and business ethics. 
The 
Bank has 
a 
solid 
framework 
of 
procedures 
for 
the 
implementation 
of 
its 
Corporate 
Social 
Responsibility 
(CSR) strategy, 
aiming at maximizing the 
value created by 
CSR initiatives and 
shielding the 
Organization from 
the 
possibility 
of 
corruption, 
conflict 
of 
interest 
and 
money 
laundering. 
The 
annual 
Corporate 
Social 
Responsibility 
action 
plan 
is 
approved, 
as 
part 
of 
the 
Marketing 
& 
Corporate 
Communication 
budget 
formulation process, 
by the Communication Committee (COMCOM) in which the 
CEO, the deputy CEOs and the 
Group General 
Manager of Marketing 
& Corporate 
Communication participate. 
Finally, all 
expenses related 
to 

 
 
 
 
 
 
 
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sponsorships, 
donations 
and 
other 
Corporate 
Social 
Responsibility 
actions 
are 
subject 
to 
approval 
levels 
depending on the amount but also the 
criticality and importance for 
the Bank and their 
recipients. 
Corporate social responsibility 
is based on the following 
pillars: 
Education 
Education is a key pillar 
of the Bank's 
corporate responsibility strategy. 
In this context, 
in 2003 the Bank 
launched 
Moving Education 
Forward, 
according 
to which 
awards are 
provided 
to high-school 
graduates 
across 
Greece 
who achieve top marks in the annual national university entrance exams. In the last 20 
years it has been running, 
a 
total 
of 
21,536 
students 
have 
been 
awarded, 
many 
of 
whom 
have 
gained 
recognition 
in 
the 
economic, 
academic and scientific life of Greece. 
The Bank awarded 
975 top graduates during the 
2021-2022 school year. 
Supporting the Society 
Moving 
Family 
Forward 
is 
a 
corporate 
social 
responsibility 
initiative, 
aiming 
to 
address 
the 
country’s 
demographic 
challenge, by providing 
young families 
with incentives 
for 
taking the 
decision to 
have children. 
It 
focuses on the eastern borders 
of Greece - Prefecture of Evros, North Aegean islands and the 
Dodecanesee and 
includes collaborations 
with non-governmental 
organisations (NGOs) for 
supporting future and young parents, 
offering 
banking 
products 
with 
favourable 
terms 
for 
customers 
in 
those 
areas 
and 
a 
number 
of 
actions 
for 
setting the demographic 
challenge higher in the 
agenda of public dialogue. 
The 
Bank has announced 
that it 
will contribute directly 
and significantly 
to the 
long-term initiatives 
to protect 
Greek forests from fires and restore the country's natural wealth, which is currently threatened by the new global 
reality of 
climate change. 
In this 
context, after 
the devastating 
wildfires in 
the summer 
of 2021 and 
along with 
several 
notable NGOs, The Bank restored 
the greater 
area of ancient Olympia
by planting trees in the affected 
forest 
area. Moreover, 
the Bank has 
once more responded 
to the ever 
-increasing needs 
of the National 
Health 
System by renovating the Special Respiratory Infections Unit of the Sotiria Thoracic Diseases Hospital of Athens. 
In 2022 the 
Bank supported 50 NGOs 
and institutions operating 
across Greece, 
which mainly support children 
and 
vulnerable 
social 
groups, 
with 
the 
amount 
of 
€280,000. 
In 
addition, 
it 
has 
been 
steadily 
supporting 
the 
important 
work 
of the 
PNOE – 
Friends of 
Children's 
Intensive 
Care 
non-profit 
association, 
helping 
it meet 
its 
objective, 
which 
is 
to 
create 
and 
equip 
paediatric 
Intensive 
Care 
Units 
(ICUs) 
and 
to 
support 
children 
hospitalised in ICUs and their parents. 
In particular, 
in 2000 the Bank launched 
the EuroLine 
card and has since 
been donating 0.20% of the total value 
of transactions carried 
out by EuroLine cardholders 
to this cause. 
Access to financial services 
for all /Financial inclusion 
As 
part 
of 
the 
EaSI 
programme 
for 
employment 
and 
social 
innovation, 
the 
Bank 
has 
been 
working 
with 
the 
Action Finance Initiative (AFI), providing micro 
-credit facilities (up to €12,500 per individual) to support the long-
term unemployed, 
vulnerable 
social groups 
and businesspeople 
with limited 
access to 
bank loans. 
This 
way, 
it 
offers 
them the 
opportunity to create 
their own job 
(self-employment) or 
establish small businesses resulting 
in 
the creation of new jobs.
In 2022, through the AFI, 
107 entities 
have been provided with credit 
facilities amounting 
in total to € 1.22m, with favourable 
terms, which are guaranteed 
by the EIF. 
Digital literacy and inclusion 
The 
Bank has 
launched the 
“Eurobank 
Digital Academy 
for 
Business”, a 
resource 
hub on 
digital skills for 
Greek 
companies 
that 
treat 
technology 
as 
a 
key 
enabler, 
and 
digital 
transformation 
as 
a 
growth 
strategy 
and 
a 
competitive edge. 
Since 2019, 
19 events 
have been 
held with 
1,685 participations, 
of which 
3 events 
with 1,023 
participants 
in 2022. 
In addition, 
the 
Bank has 
created a 
dedicated 
hotline for 
digitally illiterate 
elder groups 
who wish to access its digital channels. 
Supporting entrepreneurship and 
innovation 
The 
Bank 
actively 
contributes 
to 
economic 
growth 
and 
recognises 
the 
importance 
of 
entrepreneurship 
as 
a 
major 
lever 
for 
the 
expansion 
of 
the 
Greek 
economy. 
It 
focuses 
on 
supporting 
the 
extroversion 
of 
Greek 
businesses 
and 
encouraging 
new 
business 
initiatives. 
In 
this 
context, 
the 
Bank 
has 
launched 
Exportgate, 
an 
international trade 
portal that promotes 
the business networking 
of Greek and Cypriot companies 
worldwide. 
In a strategic partnership with Banco Santander for Global Trade, 
the Bank has joined the “Trade Club Alliance”, 
the first 
Global Digital Business 
Interconnection 
Network, supported 
by 13 international 
banking groups. 
Using 
artificial intelligence 
and other 
technologies, the 
network 
connects more 
than 22,700 
businesses in 
more than 
60 countries. All participating banks follow 
audits to ensure network integrity. 
In 
2016 
the 
Bank, 
in 
partnership 
with 
Grant 
Thornton, 
established 
the 
Growth 
Awards 
to 
award 
business 
excellence 
as a 
growth 
lever 
of the 
Greek economy. 
To 
date, 
the 6 
Growth 
Awards 
ceremonies 
have 
awarded 
38 of the most robust 
Greek enterprises. 
In the area 
of innovative youth 
entrepreneurship, the 
Bank has established 
the egg-enter•grow•go 
initiative, a 
comprehensive 
business incubation 
and acceleration 
programme, 
in partnership 
with 
Corallia. 
Since 
2013 the 
egg 
has 
been 
continuously 
helping 
the 
Greek 
startup 
community 
to 
improve 
its 
competitiveness 
within 
a 
challenging 
global 
market, 
under 
3 
main 
pillars 
extroversion, 
financing 
and 
business 
networking. 
It 
has 
been 
playing a crucial role in shaping the Greek startup scene, boosting innovative entrepreneurship 
through the egg 
Start-Up (incubator) 
and egg 
Scale-Up 
(accelerator) 
platforms. 
In particular, 
its business 
and social 
footprint 
includes, among other 
: 

 
 
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a)
More than 
€12m has been 
invested in the 
egg accelerator 
by the 
Bank, €3.2m 
which has been 
provided 
by 
the 
Bank 
as 
financing 
to 
49 
egg 
startups, 
and 
€43.4m 
in 
equity 
funding, 
which 
has 
been 
drawn 
by 
65 
businesses, 
b)
310 startups 
which have 
been created 
through 
the egg, 
171 startups 
which have 
become businesses, 
92 of 
which with a combined 
turnover 
of €12m.
Specifically, 
during 2022, 35 startups 
have been created 
through 
the egg and 21 startups have 
become businesses. 
The Corporate Social Responsibility actions are described in the Annual 
Report 2022 – Business 
& Sustainability, 
which is published on www.eurobankholdings.gr. 
Actions against corruption 
and bribery incidents 
The 
Group is 
committed to pursuing 
the fundamental 
values of integrity, 
transparency 
and accountability. 
It is 
also committed to safeguarding its reputation 
and client base. 
The 
Group 
follows 
best business 
practices, 
having accepted 
and integrated 
in its 
culture 
the 
ten principles 
of 
the 
UN 
Global 
Compact. 
The 
10th 
principle 
on 
Anti-Corruption 
states 
that 
“Businesses 
should 
work 
against 
corruption 
in all its 
forms, including 
extortion and 
bribery”. The 
Group has 
adopted a zero 
tolerance 
approach 
against 
all 
types 
of 
fraud, 
including 
bribery. 
In 
accordance 
with 
the 
relevant 
legislation, 
the 
Group 
prohibits 
bribery in any form 
either 
direct or indirect 
(through a 
third party). The 
principle of zero 
tolerance 
applies to all 
staff 
and 
prohibits 
all 
forms 
of 
bribery, 
whether 
active 
or 
passive, 
direct 
or 
indirect 
and 
is 
also 
reflected 
in 
contractual documents 
adopted when entering 
into relationships 
with third 
parties, either 
natural or legal. 
The 
principle of zero 
tolerance 
also applies to clients of the 
Group, as the 
Organisation for 
Economic Co-operation 
and Development (OECD) 
anti-bribery convention 
is followed. 
In this context, the Group has adopted the following 
policies and procedures to govern 
the treatment of bribery 
and corruption cases 
encountered: 
a)
Code of Conduct and Ethics, 
b)
Anti-Bribery & Corruption 
Policy (policy statement 
is posted on the Group’s 
website), 
c)
Policy for 
Reporting Unethical Conduct, 
d)
Management of Sponsorships and Donations. 
Recognizing that any involvement 
in cases of bribery not only constitutes a crime, but also reflects 
adversely on 
its reputation and client base, the Group takes 
the following 
measures aimed at limiting its exposure to bribery: 
a)
Setting out a clear approach to deal with 
the risk of bribery, 
b)
Establishing a robust system of internal 
controls that 
does not tolerate 
bribery and corruption, 
c)
Establishing mechanisms for 
monitoring potential incidents of bribery, 
d)
Providing 
confidential reporting 
mechanisms and 
encouraging 
their 
use by 
both staff 
and third 
parties by 
providing protection 
to individuals who report in good faith, 
e)
Providing 
ongoing 
training 
and 
briefing 
to 
staff 
on 
the 
prevention 
and 
identification 
of 
bribery 
and 
corruption incidents. 
Group 
Compliance 
is responsible 
for 
issuing policies 
and procedures 
to combat 
bribery and 
corruption 
cases. 
Each 
unit 
of 
the 
Bank 
is 
responsible 
for 
complying 
with 
the 
existing 
policies. 
The 
Internal 
Conduct 
& 
Ethics 
Division of 
Group 
Compliance 
carries 
out risk 
assessment exercises 
on anti-bribery 
and anti-corruption 
issues 
and performs 
specialized 
monitoring exercises 
for 
potential 
violations. 
The 
Forensic 
Audit 
Division 
of Internal 
Audit investigates all cases 
of suspected internal fraud 
/ corruption. 
Actions against Money Laundering 
(ML) and Terrorist 
Financing (TF) 
Money Laundering 
(ML) and 
Terrorist 
Financing (TF) 
activities are 
threats 
against the 
integrity and 
stability of 
the international financial system that may cause significant economic losses and reputational damages for the 
Group. The 
Group has responsibility towards 
its customers, shareholders 
and authorities to conduct business in 
a lawful and ethical way. 
Based on 
the implementation of the Anti-money laundering/ combating the financing 
of terrorism and Sanctions 
Policy (the 
Policy) the 
Group aims at achieving 
the following 
objectives: 
a)
Maintaining its integrity, credibility 
and reputation, 
b)
Implementing internationally 
accepted best practices, 
c)
Implementing and complying with all the 
legal and regulatory requirements 
that govern 
its operations, 
d)
Ensuring that 
its business, 
channels, products 
and services 
are not 
used, intentionally 
or unintentionally, 
to 
facilitate ML and/or TF, 
e)
Ensuring that sanctions measures 
and controls assist in applying effectively 
applicable regulation, 
f)
Ensuring that adequate processes, systems and controls are in place, up to date and fit for purpose, in 
order 
to detect, prevent and 
deter any activities related to ML/ TF and Sanctions violations. 
The 
requirements 
set forth 
in the 
Policy apply 
to the 
Group, 
including all its 
staff, 
all its functions 
and units, 
as 
well as third parties 
who are given access to Group’s 
information and premises. 
The Group’s 
AML/CFT and Sanctions Control 
Framework 
has two main components: 
a)
AML/CFT and Sanctions Program 
and 
b)
Governance 
and Control Framework. 

 
 
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The 
Group’s 
AML/CFT 
and Sanctions 
Control 
Framework 
includes 
policies, 
guidelines 
for 
conducting 
business 
activity consistent with legal and regulatory requirements and the AML Compliance Risk Appetite. AML/CFT and 
Sanctions 
Governance 
Structure, 
determines 
Roles 
and 
Responsibilities 
that 
are 
allocated 
among 
the 
Three 
Lines of Defense, including the 
role and responsibilities 
of the Money Laundering 
Reporting Officer 
(MLRO) and 
Group 
MLRO, 
together 
with 
ongoing 
training 
necessary 
to 
support 
effective 
execution 
of 
their 
roles 
and 
responsibilities. 
Related party transactions 
In 
January 
2022, 
an 
occupational 
insurance 
fund 
(“Institution 
for 
occupational 
retirement 
provision-
occupational insurance 
fund Eurobank’s 
Group personnel” henceforth 
“the Fund”) was established 
as a not-for-
profit legal entity under Law 4680/2020, for 
the benefit of the employees 
of the Company, the 
Bank and certain 
other 
Greek entities 
of the 
Group, 
which constitute 
the 
sponsoring employers 
of the 
Fund. Accordingly, 
in line 
with IAS 24 Related Parties, the 
Fund is considered to be related party 
to the Group. 
As at 
31 December 
2022, the 
Group’s 
outstanding balances 
of the 
transactions 
and the 
relating 
net income 
/ 
expense for 2022 with (a) the 
key management personnel 
(KMP) and the entities controlled 
or jointly controlled 
by KMP are: compensation 
€8.8m, receivables €5.7m, 
liabilities €24m, guarantees 
received €0.01m, 
net expense 
€17.1m, 
of 
which 
€1.9m 
expense 
relating 
with 
equity 
settled 
share 
based 
payments, 
(b) 
the 
Fairfax 
group 
(excluding Eurolife FFH Insurance Group Holdings S.A., which is also 
a Group’s associate) are: receivables €73.8m, 
liabilities 
€116.3m, 
guarantees 
issued 
€2m, 
net 
income 
€8.3m, 
(c) 
the 
associates 
and 
joint 
ventures 
are: 
receivables €87.2m, 
liabilities €209.3m, net expense 
€66.7m (d) the 
Fund are: liabilities €1m. 
At 
the 
same 
date, 
the 
Company’s 
outstanding 
balances 
of 
the 
transactions 
and 
the 
relating 
net 
income 
/ 
expense for 
2022 with 
(a) KMP 
are: compensation 
€0.2m that 
is referring 
mainly to 
KMP services 
provided 
by 
Eurobank 
S.A. 
in 
accordance 
with 
the 
relevant 
agreement, 
(b) 
the 
Fairfax 
group 
refer 
to 
receivables 
and 
operating income 
of €0.4m related to financial consulting services, 
(c) the subsidiaries are: receivables 
€1,334m, 
liabilities €0.6m 
and net 
income €63.9m 
and (d) 
the 
Group’s 
associate Eurolife 
FFH Insurance 
Group 
Holdings 
S.A. are: operating 
income of €0.1m. 
All transactions 
with related 
parties are 
entered 
into the 
normal course 
of business 
and are 
conducted on 
an 
arm's length basis. Further 
information 
is provided 
in the note 
45 to the 
consolidated financial statements 
and 
note 19 to the financial statements 
of the Company. 
Corporate Governance 
Statement 
In 
compliance 
with 
the 
art. 
17 
of 
the 
Law 
4706/2020 
for 
the 
listed 
companies 
(effective 
from 
18 
July 
2021 
onwards), which 
stipulates that 
listed companies 
should adopt 
and implement 
a corporate 
governance 
code, 
prepared 
by a recognized 
and reputable body, 
and following 
a relevant resolution 
of the 
Board of Directors 
of 
Eurobank 
Holdings 
on 
29 
September 
2021, 
Eurobank 
Holdings 
has 
adopted 
and 
implements 
the 
Hellenic 
Corporate 
Governance 
Code 
(Code). 
The 
Code 
has 
been 
posted 
on 
Eurobank 
Holdings’ 
website 
(www.eurobankholdings.gr 
). 
The Corporate 
Governance Statement 
for the year 
2022, attached herewith, 
is an integral part of the Directors’ 
Report, and outlines how the principles stipulated by the Code were applied, during 2022, to Eurobank 
Holdings 
and to Eurobank S.A. (100% subsidiary 
of Eurobank Holdings). 
Georgios Zanias 
Fokion 
Karavias 
Chairman 
Chief Executive Officer 
6 April 2023

 
 
 
 
 
 
 
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APPENDIX
4
Definition 
of 
Alternative 
Performance 
Measures 
(APMs) 
in 
accordance 
with 
European 
Securities 
and 
Markets 
Authority (ESMA) guidelines, which are 
included in the Report of Directors/Financial 
Statements: 
a)
Loans to Deposits ratio:
 
Loans and advances 
to customers at 
amortised cost divided by 
due to customers 
at the end of the 
reported period, 
b)
Pre-Provision 
Income (PPI):
 
Profit from 
operations 
before 
impairments, provisions 
and restructuring 
costs 
as disclosed in the financial statements 
for the 
reported period, 
c)
Core income:
 
The 
total of 
net interest 
income, 
net banking 
fee 
and commission 
income 
and income 
from 
non banking services, 
d)
Core 
Pre-provision 
Income 
(Core 
PPI):
 
The 
core 
income 
minus 
the 
operating 
expenses 
of 
the 
reported 
period, 
e)
Net Interest 
Margin (NIM):
 
The 
net interest 
income of 
the 
reported period, 
annualised and divided 
by the 
average 
balance 
of continued 
operations’ 
total 
assets (the 
arithmetic 
average 
of total 
assets, 
excluding 
those related 
to discontinued operations’ 
, 
at the end 
of the reported 
period, at the 
end of interim quarters 
and at the end of the 
previous period), 
f)
Fees and commissions:
 
The total of net 
banking fee and commission income and income 
from non banking 
services of the 
reported period, 
g)
Fees 
and commissions 
over assets 
ratio: 
The 
Fees 
and commissions 
of the 
reported period 
divided by 
the 
average 
balance 
of continued 
operations’ 
total 
assets (the 
arithmetic 
average 
of total 
assets, 
excluding 
those related 
to discontinued operations’, 
at the end 
of the reported 
period, at the 
end of interim quarters 
and at the end of the 
previous period),
 
h)
Income from trading and other activities
: The total of net trading income, gains less 
losses from investment 
securities and other 
income/ (expenses) of the 
reported period, 
i)
Cost to Income ratio:
 
Total 
operating expenses 
divided by total operating 
income, 
j)
Adjusted net profit: 
Net profit/loss from continuing operations 
after deducting restructuring costs, goodwill 
impairment, gains/losses related 
to the transformation 
plan and income tax adjustments,
k)
Non-performing 
exposures (NPE):
 
Non Performing 
Exposures (in 
compliance with 
EBA Guidelines) 
are the 
Group’s 
material exposures 
which are 
more than 
90 days 
past-due or 
for 
which the 
debtor is 
assessed as 
unlikely to pay its credit obligations in full without realization of collateral, regardless of the existence of any 
past due 
amount or the 
number of 
days past 
due. The 
NPE, as reported 
herein, 
refer 
to the 
gross loans 
at 
amortised cost except for 
those that have 
been classified as held for sale, 
l)
NPE 
ratio:
 
NPE 
divided 
by 
gross 
loans 
and 
advances 
to 
customers 
at 
amortised 
cost 
at 
the 
end 
of 
the 
reported period, 
m)
NPE 
formation:
 
Net 
increase/decrease 
of 
NPE 
in 
the 
reported 
period 
excluding 
the 
impact 
of 
write 
offs, 
sales and other 
movements,
n)
NPE 
Coverage 
ratio:
 
Impairment 
allowance 
for 
loans 
and 
advances 
to 
customers 
and 
impairment 
allowance 
for 
credit 
related 
commitments 
(off 
balance 
sheet 
items), 
divided 
by 
NPE 
at 
the 
end 
of 
the 
reported period, 
o)
Provisions 
(charge) 
to 
average 
net 
loans 
ratio 
(Cost 
of 
Risk):
 
Impairment 
losses 
relating 
to 
loans 
and 
advances 
charged 
in 
the 
reported 
period, 
annualised 
and 
divided 
by 
the 
average 
balance 
of 
loans 
and 
advances to 
customers 
at amortised 
cost (the 
arithmetic 
average 
of loans 
and advances 
to customers 
at 
amortised cost, including those that have been classified as held 
for sale, at the end of the reported 
period, 
at the end of interim quarters 
and at the end of the 
previous period), 
p)
Return 
on 
tangible 
book 
value 
(RoTBV): 
Adjusted 
net 
profit 
divided 
by 
average 
tangible 
book 
value. 
Tangible 
book value is the total equity excluding preference 
shares, preferred 
securities and non controlling 
interests minus intangible assets, 
Definition of capital and other 
selected ratios in accordance 
with the regulatory 
framework, 
which are included 
in the Report of Directors/Financial 
Statements: 
a)
Total 
Capital 
Adequacy 
ratio:
 
Total 
regulatory 
capital 
as 
defined 
by 
Regulation 
(EU) 
No 
575/2013 
as 
in 
force, 
based on the 
transitional rules for 
the reported 
period, divided by 
total Risk Weighted 
Assets (RWA). 
The RWA are the Group’s 
assets and off-balance-sheet exposures, weighted according to risk factors based 
on Regulation (EU) No 575/2013, 
taking into account credit, market and operational 
risk, 
b)
Common Equity 
Tier 
1 (CET1):
 
Common Equity 
Tier 
I regulatory 
capital 
as defined 
by 
Regulation 
(EU) No 
575/2013 as in force, 
based on the transitional 
rules for the 
reported period, divided by 
total RWA, 
c)
Fully loaded Common Equity 
Tier I (CET1):
 
Common Equity Tier I regulatory capital as 
defined by Regulation 
No 575/2013 as in force, 
without the application 
of the relevant transitional 
rules, divided by total RWA, 
d)
Liquidity Coverage 
Ratio (LCR):
 
The 
total amount of 
high quality 
liquid assets divided 
by the 
net liquidity 
outflows for a 30-day stress 
period. 
4
 
Following the significant reduction of the 
Group’s NPE, the APM “Texas ratio” 
is no longer used as an assets quality metric. 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
31
|
Page 
€ = Euro 
m = million 
bn = billion
e)
Minimum 
Requirements 
for 
Eligible 
Own 
Funds 
and 
Eligible 
Liabilities 
(MREL) 
ratio: 
The 
sum 
of 
i) 
total 
regulatory 
capital 
(at 
Eurobank 
S.A. consolidated 
level) 
as 
defined 
by 
Regulation 
(EU) 
No 
575/2013 
as 
in 
force, 
based on the 
transitional rules 
for the 
reported period 
and ii) liabilities 
issued by Eurobank 
S.A. that 
meet the MREL-eligibility criteria 
set out in Regulation (EU) No 575/2013 as in force, 
divided by RWA. 
The following 
table presents the 
components of the 
calculation of the 
above APMs, 
which are derived 
from the 
Company’s consolidated 
financial statements 
for the 
year ended 31 
December 2022 
and for 
the year 
ended 31 
December 2021: 
Components of Alternative Performance 
Measures 
€ million 
FY 2022 
FY 2021 
Net Interest Income 
⁽
¹
⁾
1,550 
1,321 
Fees and commissions 
543 
456 
Total 
Operating income 
⁽
²
⁾
3,135 
1,900 
Total 
Operating income, 
excluding the gain on project 
"Triangle"
⁽
²
⁾
2,811 
1,904 
Total 
Operating expenses 
⁽
³
⁾
(917) 
(876) 
Pre-provision 
income (PPI)
⁽
¹
⁾
2,218 
1,024 
Pre-provision 
income (PPI), excluding the 
gain on project "Triangle" 
1,893 
1,028 
Core Pre-provision 
income (Core PPI) 
1,176 
900 
Net profit/(loss) from continued 
operations
⁽
¹
⁾
1,330 
327 
Gain on project "Triangle" 
(before tax) 
325 
 
- 
Gain on project "Triangle" 
(after tax) 
231 
 
- 
Restructuring costs, after tax 
(75) 
(19) 
Impairment loss on project 
"Mexico" 
 
- 
(72) 
Derecognition gain/(loss) on 
"Mexico" loans, after tax 
 
- 
(5) 
Adjusted net profit 
1,174 
424 
Impairment losses relating to 
loans and advances 
(291) 
(490) 
Impairment losses for 
loans, excluding the loss on project 
"Mexico" 
(291) 
(418) 
NPE formation 
⁽⁶⁾
46 
44 
Non performing exposures 
(NPE) 
2,257 
2,775 
Due to customers 
57,239 
53,168 
Gross Loans and advances to 
customers at amortized cost 
43,450 
40,815 
Impairment allowance for 
loans and advances to customers 
(1,626) 
(1,872) 
Impairment allowance for 
credit related commitments 
(57) 
(48) 
Due to customers (Greek operations) 
39,575 
37,016 
Gross Loans and advances 
to customers at amortized cost (Greek 
operations) 
32,812 
31,259 
Impairment allowance for 
loans and advances to customers 
(Greek 
operations) 
(1,332) 
(1,606) 
Common Equity Tier 1 (CET1) 
6,715 
5,436 
Average 
balance of continued operations’ 
total assets 
80,030 
71,677 
Average 
balance of loans and advances to customers 
at amortized cost 
⁽⁴⁾
40,388 
37,826 
Average 
balance of tangible book value 
⁽⁵⁾
5,790 
5,139 
(1) 
4Q2022 
NIM: 
Net 
interest 
income 
of 
the 
fourth 
quarter 
2022 
(€470m), 
annualised, 
divided 
by 
the 
average 
balance 
of 
continued 
operations’ 
total 
assets 
(€82,449m). 
The 
average 
balance 
of 
continued 
operations’ 
total 
assets, 
has 
been 
calculated as the arithmetic average of their balances 
at the end of the reporting period (31 December 2022: €81,460m) and 
at the end of interim quarter (30 September 2022: €83,438m).
(2) 
International 
Operations: 
Operating 
income: 
€592m 
(2021: 
€492m). 
Greek 
operations: 
Operating 
income: 
€2,219m, 
excluding the gain on project "Triangle" of €325m (2021: 
€1,412m, excluding the derecognition loss on “Mexico” loans of €5m).
(3)
 
International 
Operations: 
Operating 
expenses: 
€273m 
(2021: 
€234m). 
Greek 
operations: 
Operating 
expenses: 
€645m 
(2021: €643m).
(4) 
The 
average 
balance 
of 
loans 
and 
advances 
to 
customers 
measured 
at 
amortized 
cost, 
has 
been 
calculated 
as 
the 
arithmetic average of their 
balances at the end of the 
reporting period (31 December 2022: €41,824m), at the end of interim 
quarters (30 
September 2022: 
€41,390m, 30 
June 2022: 
€40,513m and 
31 March 
2022: €39,269m), 
and at 
the 
end of 
the 
previous period (31 December 2021 €38,943m).
(5)
 
The average 
balance of tangible book value, has been calculated 
as the arithmetic 
average of the 
total equity minus the 
intangible assets and non controlling 
interests at the 
end of the 
reporting period (31 
December 2022: €6,326m), at the 
end 
of interim quarters (30 
September 2022: €6,038m, 
30 June 2022: €5,934m 
and 31 March 2022: 
€5,380m) and at the 
end of 
the previous period 
(31 December 2021: €5,270m).
(6)
 
NPEs formation 
has been 
calculated 
as the 
decrease 
of NPE 
in 2022 
(€517m), after 
deducting the 
impact of 
write-offs 
€292m, sales €275m and other movements 
(€4m).

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
32
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Page 
€ = Euro 
m = million 
bn = billion
Source of financial Information 
The 
Directors’ 
Report 
includes 
financial 
data 
and 
measures 
as 
derived 
from 
the 
Company’s 
consolidated 
financial statements 
for 
the 
year 
ended 
31 December 
2022 and 
for 
the 
year 
ended 31 
December 
2021, 
which 
have 
been 
prepared 
in 
accordance 
with 
International 
Financial 
Reporting 
Standards 
(IFRS). 
In 
addition, 
it 
includes 
information 
as 
derived 
from 
internal 
information 
systems, 
consistent 
with 
the 
Group’s 
accounting 
policies, 
such 
as 
the 
selected 
financial 
information 
for 
the 
Group’s 
two 
main 
reportable 
segments 
a) 
Greek 
Operations, 
which 
incorporate 
the 
business 
activities originated 
from 
the 
Company, 
the 
Bank and 
the 
Greek 
subsidiaries and b) 
International Operations, which incorporate the business activities originated from the banks 
and the 
local subsidiaries 
operating 
in Bulgaria, Serbia, 
Cyprus and Luxembourg 
(as described 
at the 
relevant 
section on page 4).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
33
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Page 
CORPORATE GOVERNANCE 
STATEMENT 
2022 
1.
Adoption of the Hellenic Corporate 
Governance Code 
 
In compliance 
with art. 
17 of 
L.4706/2020 for 
the 
listed companies 
(effective 
from 
18.7.2021 
onwards), 
which stipulates 
that 
listed companies should adopt and implement a corporate governance 
code, prepared by a recognized and reputable body, 
Eurobank 
Ergasias 
Services 
and 
Holdings 
S.A. 
(Company, 
Eurobank 
Holdings, 
Holdings 
or 
HoldCo) 
has 
adopted 
and 
implements the Hellenic Corporate Governance 
Code (the Code). 
The Code 
is available on Eurobank Holdings’ website 
(https://www.eurobankholdings.gr/en/corporate -governance/corporate-
governance-principles/).
Given that the Eurobank 
Holdings Group (the Group) consists mainly of Eurobank 
S.A. (Eurobank or Bank) and its subsidiaries 
(the 
Eurobank 
or Bank 
Group), 
the 
present 
Corporate Governance Statement
 
outlines how 
the principles 
stipulated by 
the 
Code were applied to both Eurobank 
Holdings and Eurobank during 2022. 
2.
Board of Directors
5
2.1
General 
The HoldCo/Bank 
are managed by 
their respective 
Boards of Directors (Board 
or BoD), which are 
collectively responsible 
for 
their long-term success. The 
Boards exercise their responsibilities 
in accordance with the Greek legislation, 
international best 
practices and 
the HoldCo’s 
and the Bank’s 
contractual obligations 
to the Hellenic 
Financial Stability Fund (HFSF) under 
the 
Tripartite Relationship 
Framework 
Agreement (TRFA) 
signed between the 
HoldCo, the 
Bank and the HFSF, 
as well as with 
its 
Articles of Association and the shareholders’ 
General Meeting’s legitimate decisions. 
The Board's 
role is 
to provide 
entrepreneurial leadership 
to the 
Group within 
a framework 
of prudent and 
effective 
controls 
which 
enables 
risk 
to 
be assessed 
and 
managed. 
The 
Board 
sets 
the 
Group's 
strategic 
goals, 
ensures 
that 
the 
necessary 
financial and human resources 
are in place 
for the 
Group to pursuit its 
purpose and reviews 
management performance. 
The 
Board sets the 
Group's values and standards 
and ensures that its 
obligations to its shareholders 
and others 
are understood 
and met. 
All Directors 
must act 
in what 
they 
consider to 
be the 
best interests 
of the 
Group, consistent 
with their 
statutory 
duties. 
2.2
Composition of the Board 
The members of the 
Board are elected by the HoldCo’s 
and Eurobank’s General 
Meeting, which determines the exact number 
of the directors and their term of office, within the 
limits of the law and of the HoldCo’s and Eurobank’s Articles of Association 
and also designates the independent non-executive directors. 
The 
current 
Boards, as 
of the 
date of 
approval 
of the 
here-in 
Statement, consist 
of thirteen 
(13) Directors 
of whom, 
four (4) 
executives, three (3) non-executives, five (5) independent non-executives and one 
(1) representative of the HFSF, 
who has been 
appointed (as non-executive Director) in accordance with relevant 
legal requirements, as outlined below: 
Eurobank Holdings 
Eurobank 
First 
appointment 
End of 
Term 
First 
appointment 
End of 
Term 
Georgios P. 
Zanias 
Chairperson, Non-Executive Director 
Mar. 2019 
2024
Mar. 2020 
2024 
Georgios K. Chryssikos 
Vice-Chairperson, Non-Executive Director 
Jun. 2014 
2024 
Mar. 2020 
2024 
Fokion 
C. Karavias 
Chief Executive Officer 
Jun. 2014 
2024 
Mar. 2020 
2024 
Stavros E. Ioannou 
Deputy Chief Executive Officer 
Apr. 2015 
2024 
Mar. 2020 
2024 
Konstantinos V. 
Vassiliou 
Deputy Chief Executive Officer 
July 2018 
2024 
Mar. 2020 
2024 
Andreas D. Athanassopoulos 
Deputy Chief Executive Officer 
Dec. 2020 
2024 
Dec. 2020 
2024 
Bradley Paul L. Martin 
Non-Executive Director 
Jun. 2014 
2024 
Mar. 2020 
2024 
Rajeev K. L. Kakar 
Non-Executive Independent Director 
July 2018 
2024 
Mar. 2020 
2024 
Jawaid A. Mirza 
Non-Executive Independent Director 
Jun. 2016 
2024 
Mar. 2020 
2024 
Alice K. Gregoriadi 
Non-Executive Independent Director 
Apr. 2020 
2024 
Apr. 2020 
2024 
Irene Rouvitha Panou 
Non-Executive Independent Director 
Apr. 2020 
2024 
Apr. 2020 
2024 
Cinzia V. 
Basile 
Non-Executive Independent Director 
Dec. 2020 
2024 
Dec. 2020 
2024 
Efthymia P. 
Deli 
Non-Executive Director, HFSF 
Representative 
Jan. 2021 
2024 
Jan. 2021 
2024 
5
Information regarding the Board’s composition is also included in relevant note of the consolidated accounts of HoldCo and Eurobank 
respectively

 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
34
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Page 
The short CVs 
of the HoldCo and Eurobank 
Board members as summarized below are evidence 
that the Boards’ 
composition 
reflects 
the 
knowledge, 
skills 
and 
experience 
required 
for 
the 
execution 
of 
their 
duties, 
in 
accordance 
with 
the 
Board 
Nomination Policy and the 
HoldCo’s/Bank’s business model and strategy. 
It is 
also noted 
that the 
directorships of 
the HoldCo 
and Eurobank 
Board members 
as at 
31.12.2022, are 
outlined in 
Section 
2.7, 
“Directorships of Board members”. 
Georgios Zanias 
Chairperson, Non-Executive Director 
Year of birth: 1955 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
- 
George 
P. 
Zanias 
joined 
Eurobank 
as 
the 
Chairman 
of 
the 
Board 
of 
Directors 
in 
2019. 
He 
is 
also 
a 
Professor 
of 
Economics 
at 
the 
Athens 
University of 
Economics and 
Business and 
a Member 
of the 
Boards of 
the 
American-Greek Chamber of Commerce 
and of IOBE. 
In 
the 
past, 
Mr 
Zanias 
has 
served 
as 
the 
Minister 
of 
Finance 
(2012), 
Chairman of the 
Board of Directors 
of the National 
Bank of Greece (2012-
2015), 
Chairman 
of 
the 
Board 
of 
the 
Hellenic 
Banking 
Association 
(2012-
2015), 
Member 
of 
the 
Board 
of 
the 
European 
Banking 
Federation 
(2012-
2015), Member 
of the 
Intitute International 
d’ Etudes Bancaires 
(2012-2015 
and 
2019-today), 
Chairman 
of 
the 
Council 
of 
Economic 
Advisors 
at 
the 
Ministry 
of 
Finance 
(2009-2012), 
General 
Secretary 
of 
the 
Ministry 
of 
Economy and Finance (2001-2004), Chairman and Scientific Director 
of the 
National Economic Institute (KEPE) (1998-2001). 
He has also 
served as a Director 
on the Boards of 
Hellenic Exchanges (2000-
2001), 
the 
Public 
Debt 
Management 
Office 
(PDMA) 
(2009-2012), 
General 
Bank (1997-1998), CHIPITA 
SA (2015-2019), the 
European Financial Stability 
Mechanism 
(EFSF/ESM) 
(2010-2012). 
Also: 
Member 
of 
the 
Board 
of 
Governors 
of 
the 
Black 
Sea 
Trade 
and 
Development 
Bank 
(2003-2004), 
Alternate 
Governor 
of 
the 
Board 
of 
Governors 
of 
EBRD 
(2002-2004), 
Member of the European Securities Committee (2001-2002), Member of the 
Monetary 
Policy 
Committee 
of 
the 
Bank 
of 
Greece 
(May-July 
2012), 
Chairman of the Board of Directors of Piraeus 
Real Estate SA and Picar SA 
(2017-2019), Vice 
Chairman of the 
Board of ETVA 
Industrial Zone SA (2018-
2019). 
He holds a Doctorate 
from Oxford 
University, an 
M.Sc. for the 
University of 
Reading and a B.Sc. from the Athens University 
of Economics and Business. 
George Chryssikos 
Vice Chairman, Non-Executive Director of 
the BoD 
Membership in Board Committees: 
Remuneration Committee 
–
 
Member 
Year of birth: 1972 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
2.880.000 
Mr. 
Chryssikos 
is 
the 
Founder 
and 
Managing 
Partner 
of 
Grivalia 
Management Company SA and also serves as Chairman & CEO of Grivalia 
Hospitality. 
In 
the 
past, 
Mr. 
Chryssikos 
had 
also 
the 
following 
significant 
posts: 
Non-
Executive Director of the BoD, 
MYTILINEOS (2017-2019), Member of 
the BoD, 
Praktiker 
Hellas 
(2014-2019), Member 
of the 
BoD and 
General 
Secretary, 
British Hellenic Chamber of Commerce (2014-2017), CEO, Executive Director 
of the BoD and Chairman of 
the Investment Committee, Grivalia Properties 
REIC (2013 
-2019), Non-Executive 
Director 
of 
the 
BoD, Lamda 
Hellix 
(2013-
2017), General Manager, Executive Director of the BoD and Chairman of 
the 
Investment 
Committee, 
Grivalia 
Properties 
REIC 
(2008), 
Investment 
Manager 
and 
Member 
of 
the 
Investment 
Committee, 
Grivalia 
Properties 
REIC (2006). 
He 
holds 
an 
MBA 
in 
Corporate 
Finance 
& 
Strategy 
from 
the 
Columbia 
Business School, 
USA, an MSc 
in Engineering & 
Construction Management 
from 
UC 
Berkeley, 
USA, 
as 
well 
as 
a 
MEng 
in 
Civil 
Engineering 
from 
the 
National Technical 
University of Athens. 
Fokion 
Karavias 
Chief Executive Officer (CEO) 
Year of birth: 1964 
Nationality: Hellenic 
Number 
of 
shares 
in 
Eurobank 
Holdings: 
7.569 
Mr. 
Karavias 
joined 
Eurobank 
in 
1997 
and 
served, 
inter 
alia, 
as 
Senior 
General Manager, Group Corporate & Investment Banking, Capital 
Markets 
& 
Wealth 
Management 
(2014-2015) 
and 
Executive 
Committee 
Member 
(2014-2015), 
General 
Manager 
and 
Executive 
Committee 
Member 
(2005-
2013), Deputy General 
Manager and 
Treasurer 
(2002-2005), Head of 
fixed 
income and derivative product 
trading (1997). 
In the past, Mr. 
Karavias had also the 
following significant 
posts: Treasurer 
of 
Telesis 
Investment 
Bank 
(2000), 
Head 
of 
fixed 
income 
products 
and 
derivatives in Greece of Citibank, Athens 
(1994) and has also worked in the 
Market Risk Management Division of JPMorgan NY (1991). 
He holds a 
PhD in 
Chemical Engineering from the University of 
Pennsylvania, 
Philadelphia, 
USA 
and 
an 
MA 
in 
Chemical 
Engineering 
from 
the 
same 
university, as 
well as a Diploma in 
Chemical Engineering from 
the National 
Technical 
University of 
Athens. 
He has 
published articles 
on topics related 
to his academic research. 

 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
35
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Stavros Ioannou 
Deputy Chief Executive Officer (CEO), Group 
Chief Operating Officer 
(COO) & 
International Activities 
Membership in Board Committees: 
Board Digital and Transformation 
Committee - Member 
Year of birth: 1961 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
1.528 
Mr. Ioannou holds several 
other posts in the Eurobank 
Group as member of 
the BoD of Eurobank Direktna 
AD, Serbia (since November 2010), Eurobank 
Bulgaria AD 
(since 
October 
2015), Vice 
-Chairman in 
Eurobank 
Cyprus Ltd 
(since November 
2022) and 
is also 
the Chairman 
of the 
BoD, BE-Business 
Exchanges 
SA 
(since 
January 
2014). 
He 
has 
also 
been 
appointed 
as 
the 
responsible BoD 
member of 
Eurobank 
Holdings and Eurobank 
for climate-
related and environmental risks and for 
the outsourcing function 
He 
is 
currently 
Non-Executive 
Board 
member 
of 
Grivalia 
Management 
Company S.A. (since September 2019). 
In the past, Mr. 
Ioannou had also the following 
significant posts: Chairman 
of 
the 
Executive 
Committee 
in 
the 
Hellenic 
Banking 
Association 
(2020-
2022) where he had been member since 2013, 
Vice Chairman at Cardlink SA 
(2013-2015), Member of 
the BoD in 
Millennium Bank, responsible for 
Retail, 
Private Banking and 
Business Banking (2003), 
Head at Barclays 
Bank PLC, 
responsible for Retail Banking, 
Private Banking and 
Operations (1990-1997). 
He holds 
an MA 
in Banking 
and Finance 
from 
the University 
of Wales, 
UK 
and 
a 
Bachelor 
Degree 
in Business 
Administration 
from 
the 
University 
of 
Piraeus. 
Kostas Vassiliou 
Deputy Chief 
Executive 
Officer 
(CEO), Head 
of Corporate & Investment Banking 
Year of birth: 1972 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
- 
Mr. Vassiliou 
holds several 
other posts in the 
Eurobank Group 
as Chairman 
of the 
BoD of Eurobank 
Factors Single Member 
SA (since December 
2018), 
Member of 
the 
BoD of 
Eurobank 
Equities Single 
Member SA 
(since 
March 
2015). He also serves as Vice-Chairman of the BoD of Eurolife FFH Insurance 
Group 
Holdings 
SA 
(since 
January 
2021), 
Eurolife 
FFH 
Life 
Insurance 
SA 
(since 
December 
2020) 
and 
Eurolife 
FFH 
General 
Insurance 
SA 
(since 
December 2020). 
In the 
past, Mr. 
Vassiliou 
had also 
the following 
significant posts: 
Country 
Manager 
for 
Greece, 
Cyprus 
and 
the 
Balkans, 
Mitsubishi 
UFJ 
Financial 
Group, 
London (2000-2005) 
and Senior 
Relationship 
Manager, 
Mitsubishi 
UFJ Financial Group, London (1998-2000). 
He 
holds 
an 
MΒΑ 
from 
Boston 
University, 
USA 
and 
a 
BA 
in 
Business 
Administration from 
the Athens University of Economics and Business. 
Andreas Athanasopoulos 
Deputy Chief 
Executive Officer, 
Group Chief 
Transformation 
Officer, 
Digital & Retail 
Membership in Board Committees: 
Board 
Digital 
and 
Transformation 
Committee - Member 
Year of birth: 1966 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
- 
In the past, Mr. Athanassopoulos had the following significant posts: Group 
Chief 
Customer 
Officer 
& 
CEO 
Financial 
services, 
Dixons 
Carphone, 
UK 
(2018-2020), 
CEO 
and 
Vice 
President, 
Dixons 
Carphone, 
Greece 
(Kotsovolos) 
(2013-2018), General 
Manager Retail 
Βanking, National 
Bank 
of Greece 
(2008-2013), 
Chairman of 
NBG Asset 
Management (2011 
-2013), 
Deputy General Manager Small Business 
Banking, Eurobank (Greece & New 
Europe) 
(2003-2008), 
Consumer 
Credit 
Director, 
Piraeus 
Bank 
(Greece) 
(2000-2003). 
He holds a Postdoc on Decision Sciences from the 
London Business School, 
UK, a PhD 
in Industrial and Business Studies 
from the University of Warwick, 
UK, an 
MSc in 
Statistics and 
Operational 
Research from 
the 
University 
of 
Essex, 
UK, 
a 
BSc 
in 
Applied 
Mathematics 
from 
the 
University 
of 
Patras, 
Greece. He has 
also served as a 
Professor in Financial Services of 
the Athens 
Graduate 
School 
of Business 
(ALBA) (1997-2001) 
and a 
Senior Lecturer 
of 
the 
Warwick 
Business 
School, 
UK 
(1992-1996) 
and 
has 
published 
35 
scholarly reviewed papers 
in top rated academic journals. 
Alice Gregoriadi 
Independent Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Member 
Remuneration Committee – Member 
Board 
Digital 
and 
Transformation 
Committee – Chairwoman 
Year of birth: 1968 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
- 
In the past, Mrs. 
Gregoriadi had also 
the following significant posts: Hellenic 
Corporation 
of 
Assets 
& 
Participations 
(HCAP), 
Greece, 
Non-Executive 
Board 
member, 
Audit 
Committee 
member, 
Corporate 
Governance 
and 
Nominations 
Committee 
member 
(February 
2017 
– 
February 
2021), 
JPMorgan, London, UK, various posts as Managing Director (February 2010 
– 
May 
2015), 
IBOS Board 
Director 
(April 
2010 
– 
August 2014), 
ABN 
Amro 
Bank, Amsterdam, Netherlands & London, UK, various 
posts as Managing / 
Executive 
Director 
(November 
2001 
– 
December 
2009), 
Citibank 
NA, 
London, UK, various 
Senior Executive Director posts 
(February 1994 – August 
2001), 
Clearing 
House 
Automated 
Payments 
System 
(CHAPS), 
UK, 
Board 
Director (June 1997 – July 2000). 
She 
holds 
an 
MBA 
from 
the 
Manchester 
Business 
School, 
UK 
(1991-1993), 
including an MBA international exchange program from 
the E.J.Cox School 
of 
Management, 
Texas, 
USA 
– 
(1992), 
an 
Executive 
Certification 
on 
Blockchain for business from University College London (2019), an Executive 
Certification 
on eCommerce 
from 
the 
Darden 
School of 
Business, Virginia 
University, 
USA (2000) 
and a 
BSc in Business 
Administration 
from the 
The 
American College, Athens, 
(1987-1990). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Rajeev Kakar 
Independent Non-Executive Director 
Membership in Board Committees: 
Audit Committee – Member 
Board Risk Committee – Chairman 
Nomination 
& 
Corporate 
Governance 
Committee – Member 
Board 
Digital 
and 
Transformation 
Committee – Vice Chairman 
Year of birth: 1963 
Nationality: Indian 
Number of shares in Eurobank Holdings: 
-
Mr. Kakar is a senior international banker with 35 years of financial services 
experience, 
and 
currently 
also 
serves 
as 
a 
board 
member 
of 
several 
Financial 
Institutions- 
including 
Commercial 
International 
Bank 
(Egypt), 
Gulf 
International 
Bank 
Group 
Board 
(Bahrain), 
Gulf 
International 
Bank 
(Saudi Arabia), UTI Asset 
Management Company Ltd. (India), 
and is also a 
Global Advisory Board member at the University of Chicago’s Booth School 
of 
Business. 
In 
the 
past 
Mr. 
Kakar 
has 
also 
served 
as 
board 
member 
on 
several 
international 
financial 
institutions/bank 
boards 
- 
eg., 
as 
Board 
Member 
of 
Visa 
International 
CEEMEA 
(United 
Kingdom 
2004-2006), 
Chairman 
of 
the 
BoD, Fullerton 
Securities & 
Wealth 
Advisors 
(New 
Delhi, 
India 2008-2017), 
board Member 
of Fullerton 
India Credit 
Company (India 
2009-2017), Member of 
the Board 
of Commissioners, 
Adira Dinamika 
Multi 
Finance Tbk, subsidiary of Bank Danamon (Indonesia 2010-2013), etc. 
Between 2006-2018, Mr. Kakar served as 
the Global Co-Founder of Fullerton 
Financial 
Holdings 
(Singapore) 
- 
a 
wholly 
owned 
subsidiary 
of 
Temasek 
Holdings, Singapore. 
In this 
role, he 
also concurrently 
served as 
Fullerton’s 
Global CEO of Consumer Banking, Regional 
CEO for Central Europe, Middle 
East and 
Africa, and 
also as 
the Founder, 
Managing Director 
and CEO 
of 
Dunia Finance (Fullerton’s UAE subsidiary). Prior to 2016, he was at Citibank 
for 
20 
years 
working 
across 
various 
countries 
and 
held 
various 
senior 
management 
positions, 
including, 
his 
most 
recent 
Citibank 
assignment 
where 
he 
served 
as 
the 
Regional 
CEO 
& 
Division 
Executive 
for 
Citibank-
Turkey, 
Middle East and Africa until Jan 2006. 
Mr. 
Kakar holds 
an MBA, 
Finance & 
Marketing from 
the Indian 
Institute of 
Management, 
Ahmedabad 
(India) 
and 
a 
Bachelor 
of 
Technology, 
Mechanical Engineering from the 
Indian Institute of Technology (India). 
Bradley Paul Martin 
Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Member 
Nomination 
& 
Corporate 
Governance 
Committee – Vice Chairman 
Year of birth: 1959 
Nationality: Canadian 
Number 
of 
shares 
in 
Eurobank 
Holdings: 
122.500 
Mr. Martin also serves as a Vice 
Chairman in Strategic Investments of the 
Fairfax Financial Holdings, where 
he has been a senior executive since 
1998. 
In the past Mr. Martin has also served 
as: Member of the BoD, Bank of 
Ireland (2013-2017), Chief Operating Officer 
(COO), Fairfax Financial 
Holdings (2006-2012) and Partner, 
Torys LLP law firm (before 
1998). 
He holds a ΒΑ from Harvard University, 
USA and an LLB from the 
University of Toronto, 
Canada. 
Jawaid Mirza 
Independent Non-Executive Director 
Membership in Board Committees: 
Audit Committee – Chairman 
Nomination 
& 
Corporate 
Governance 
Committee – Member 
Board 
Digital 
and 
Transformation 
Committee – Member 
Remuneration Committee – Vice 
Chairman 
Year of birth: 1958 
Nationality: Canadian 
Number of shares in Eurobank Holdings: 
- 
Mr Mirza is a strong proponent 
and practitioner of 
international corporate 
governance and brings with him over 35 years of diversified experience and 
a 
solid 
track 
record 
in 
all 
facets 
of 
financial 
and 
risk 
management, 
technology, mergers 
and acquisitions, business turnarounds and operation 
management. 
 
In 
the 
past, 
Mr 
Mirza 
was 
also 
the 
lead 
Director 
with 
Commercial 
International Bank of Egypt, as well as Independent 
Non-Executive Director 
with 
South 
Africa 
Bank 
of 
Athens 
(Johannesburg). 
He 
also 
served 
Commercial Bank of Egypt (CIB) as Managing Director & CEO of Consumer 
Banking and Group COO. 
Over the years, Mr Mirza has 
worked with global 
institutions 
like 
Citibank and 
ABN AMRO 
Bank Ltd 
where 
he 
held 
several 
senior 
positions 
as 
CFO 
European 
Region, 
Managing 
Director 
and 
Chief 
Operating Officer for 
Global Private Banking, Asset Management and New 
Growth 
Markets, 
Chief 
Financial 
Officer 
for 
Asian 
region 
including 
Australia/New 
Zealand 
and 
Middle 
East. 
Mr 
Mirza 
led 
several 
due 
diligences for acquiring 
banks in Europe, Asia, 
and Latin America. 
Mr Mirza 
was also a member 
of the Top 
Executive Group 
(TEG) of ABN 
AMRO Bank 
as well as member of the Group 
Finance and Group COO Board. 
 
Mr Mirza 
also serves 
as Non-Executive 
Independent Director 
of AGT 
Food 
& Ingredients (Canada), IDRF (Canada). 
 
Mr 
Mirza 
holds 
various 
business 
management 
courses 
from 
reputable 
institutions like Queens Business school, Wharton Business school, Stanford 
Graduate 
School 
of 
Business 
and 
is 
also 
a 
member 
of 
the 
Institute 
of 
Corporate Directors, Canada. 

 
 
 
 
 
 
 
 
 
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Irene Rouvitha Panou 
Independent Non-Executive Director 
Membership in Board Committees: 
Nomination & Corporate Governance 
Committee – Chairwoman 
Audit Committee – Vice Chairwoman 
Year of birth: 1958 
Nationality: Cypriot 
Number of shares in Eurobank Holdings: -
Mrs. 
Rouvitha 
Panou 
is 
Trustee 
of 
UK-based 
Stelios 
Philanthropic 
Foundation 
(since May 
2022) and 
Member of 
the 
Advisory Council 
of The 
School 
of Economics 
and Management 
at 
the 
University 
of 
Cyprus (since 
May 2020). In the past, she had the following 
significant posts: Chair of the 
Board 
of 
Cyta 
(Cyprus’ 
leading 
integrated 
electronic 
communications 
provider) 
for 
two 
consecutive 
tenures 
(July 
2016-July 
2021), 
Chair 
of 
the 
Pensions & Grants 
Fund of the Personnel 
of Cyta (January 2019-July 2021), 
Board member of Τhe Cyprus Employers 
and Industrialists Federation 
(May 
2020-July 2021) 
and of Vassiliko 
cement public 
company in 
Cyprus, where 
she 
was 
Member 
of 
the 
Board 
Audit 
Committee (February 
2012-October 
2014), 
Independent 
Non-Executive 
Director 
of 
Alpha 
Bank 
Group 
subsidiaries 
(Alpha 
Bank 
Romania, 
Alpha 
Bank 
Cyprus, 
Alpha 
Leasing 
in 
Greece), 
where 
she 
was 
Chair/Member 
of 
the 
Board 
Audit, 
Risk 
and 
Remuneration 
Committees (November 
2014-April 2020). 
She was 
Chair of 
the 
Board 
of 
The 
Cyprus 
Development 
Bank 
following 
the 
Bank’s 
privatisation 
(September 
2008-April 
2014). 
She 
worked 
at 
Laiki 
Group 
(HSBC 
associate 
bank) 
(October 
1991-November 
2006) 
where 
she 
was, 
among 
others, 
Group 
General 
Manager 
(January 
2000-November 
2006) 
and 
Managing 
Director 
of 
Laiki 
Bank 
Hellas 
SA 
(April 
2002-November 
2006), 
also 
serving 
as 
Director 
on 
the 
Boards 
of 
Laiki 
Group 
and 
its 
subsidiaries in 
Greece and 
Australia. She 
held senior 
positions in 
the field 
of 
management 
and 
financial 
services 
consulting 
based 
in 
Boston, 
USA 
(June 1994-September 1991). 
She graduated from the 
London School of Economics, UK (B.Sc. Economics, 
Metcalfe Scholar) and continued with postgraduate studies at University of 
Cambridge, 
UK 
(M.Phil. 
Economics) 
and 
the 
Massachusetts 
Institute 
of 
Technology, 
USA (Master of Science in Management, Fulbright Scholar). 
Cinzia Basile 
Independent Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Vice Chairwoman 
Remuneration Committee – Chairwoman 
Year of birth: 1971 
Nationality: Italian 
Number of shares in Eurobank Holdings: 
-
In the 
past, Mrs. 
Basile had also 
the following 
significant posts: she 
set up 
and 
ran 
Credit 
Suisse 
AG’s 
Investment 
Bank 
multi-asset 
investment 
management 
business 
(Custom 
Markets) 
in 
the 
UK, 
Ireland 
and 
Luxembourg, Non-Executive Member of 
the BoD and 
Chair of 
the Operating 
and 
Risk 
Committee 
of 
Credit 
Suisse 
Custom 
Markets, 
a 
sponsored 
management company 
of Credit 
Suisse located 
Luxembourg (August 
2011 
– 
August 
2017), 
Non-Executive 
Member 
of 
the 
BoD 
and 
Chair 
of 
the 
Operating 
of 
Custom 
Markets 
plc 
and 
Custom 
Markets 
QIAF, 
sponsored 
management companies of 
Credit Suisse located 
in Ireland (August 2011 
– 
August 2017), Non-Executive 
Member of the BoD 
and Chair 
of the Operating 
and Risk Committee of Custom 
Markets QIAF a subsidiary 
of Credit Suisse 
located in Ireland (August 2011 – August 2017). 
She holds a Juris Doctor 
Degree from the University of Rome “La Sapienza”, 
Italy and 
she 
was awarded 
a Thesis 
Scholarship 
(derivative 
instruments), 
London School of Economics, UK. 
Efthymia Deli 
Non-Executive Director, Representative 
of 
the Hellenic Financial Stability Fund under 
Law 3864/2010 
Membership in Board Committees: 
Audit Committee – Member 
Board Risk Committee – Member 
Remuneration Committee – Member 
Nomination & Corporate Governance 
Committee – Member 
Board Digital and Transformation 
Committee – Member 
Year of birth: 1969 
Nationality: Greek 
Number of shares in Eurobank Holdings: 
- 
In 
the 
past, 
Mrs. 
Deli 
had 
also 
the 
following 
significant 
posts: 
Project 
Management 
Office, 
New 
Hellenic 
Postbank 
(merged 
with 
Eurobank 
Ergasias) 
(January 
2014 
– 
August 
2015), 
Deputy 
General 
Manager 
at 
Hellenic Postbank (February 2012 – December 2013), Interim Chief Executive 
Officer 
(CEO) 
at 
T Bank 
(former 
Aspis Bank) 
(July 2011 
– December 
2011), 
Deputy General 
Manager 
at 
Hellenic 
Postbank 
(March 
2008 
– 
July 2011), 
Director, 
Strategic 
Analysis 
Division, 
(Marfin) 
Egnatia 
Bank 
(September 
2004 
– 
March 
2008), 
Director, 
Customer 
Relationship 
Management 
Division, Egnatia Bank (May 2002 – September 
2004), Senior Advisor to the 
Management, 
Strategic 
Planning 
and 
Economic 
Research 
Division, 
National Bank of Greece (1999 – March 2002). 
She holds a MSc in Analysis, Design and Management Information Systems 
(MIS) from the 
London School of Economics 
and Political 
Science (LSE), UK 
and 
a 
BSc 
in 
Statistics 
from 
the 
Athens 
University 
of 
Economics 
and 
Business. 

 
 
 
 
 
 
 
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The short CV of the Secretary to the 
BoD is the following: 
Ioannis Chadolias 
Secretary to the 
BoD, Head of Group 
Company Secretariat 
Sector 
Secretary to the following 
Board Committees: 
Remuneration Committee 
Nomination & Corporate Governance 
Committee 
Board Digital and Transformation 
Committee 
Year of birth: 1970 
Nationality: Hellenic 
Number of shares: 8.216 
Mr. 
Chadolias 
is responsible 
to provide 
effective 
company 
secretarial support to 
the Board 
and Board Committees 
of 
Eurobank 
and 
Eurobank 
Holdings 
as 
well 
as 
to 
their 
most 
important 
Executive 
Committees, 
and 
to 
safeguard 
the 
integrity of 
the 
corporate 
governance 
framework 
of 
these 
companies. 
Mr. Chadolias has 
served within Eurobank 
Group as Deputy 
Company Secretary (September 2016 
– January 2021), 
Head 
of Group Corporate 
Governance Division 
(September 2009 
– 
August 
2016) 
and 
Subsidiaries 
Control 
and 
Compliance 
Manager (December 2006 – September 2009). 
He 
holds 
a 
Master 
of 
Science 
(MSc) 
in 
Project 
Analysis, 
Finance and Investment 
from the 
University of York 
(United 
Kingdom), 
a 
Bachelor 
Degree 
in 
Economics 
from 
the 
Economic 
University 
of 
Athens 
(Greece) 
and 
several 
professional qualifications. 
There 
are no restrictions 
in the 
re-election and cessation 
of Directors in 
the HoldCo’s 
and Eurobank’s 
Articles of Association. 
In all cases of members whose 
membership has lapsed, the Board is entitled to 
continue the management and representation 
of the HoldCo 
and Eurobank, without being 
obliged to replace 
the lapsed members, provided that the 
number of the 
remaining 
members exceeds half of the number of the 
members prior to the event 
that led to the lapse of their 
membership and, in any 
case, is not less than three (3). 
According to the 
HoldCo’s and Eurobank’s 
Articles of Association, 
in compliance with 
Law 4548/2018, the 
Board may consist 
of three 
(3) to 
fifteen (15) 
members, while, 
under the 
TRFA, 
this range 
has been specifically 
set to 
be between 
seven (7) 
and 
fifteen (15) 
members 
(including the 
representative 
of 
the 
HFSF). 
In addition, 
according 
to 
the 
TRFA, 
(a) 
the 
number 
of 
the 
Board’s members 
must always be odd, (b) the 
majority of the directors 
must be non
-
executive members 
with at least half 
of 
the 
non
-
executive 
members 
(rounded 
to 
the 
nearest 
integer) 
and 
in 
any 
case 
not 
less 
than 
three 
(3) 
(excluding 
the 
representative of the 
HFSF), being independent non
-
executive members, in accordance with the provisions 
of Law 4706/2020 
on corporate governance 
, 
the European Commission Recommendation 
2005/162/EC and the Joint ESMA and EBA Guidelines 
on the 
“Assessment 
of the 
suitability of members 
of the 
management body and 
key function 
holders” (EBA/GL/2021/06) 
and 
(c) the Board should include at least two 
(2) executive members. For 
2022, the NomCo at its meetings held 
on 24.5.2022 and 
14.12.2022 reviewed the independence criteria set 
out above and 
concluded that the five 
Independent Non-Executive Members 
continue to meet the 
relevant independence criteria. For 
any differentiations 
from TRFA’s 
provisions the 
HFSF’s prior consent 
should be received. 
Furthermore, 
according to the 
HFSF corporate 
governance review 
criteria developed 
as per the 
relevant 
provisions of Law 3864/2010, the 
target size of the Board should be up to thirteen (13) members. 
2.3
HFSF and Tripartite Relationship Framework 
Agreement (TRFA) 
The 
first 
economic 
adjustment 
programme 
for 
Greece 
required 
the 
establishment 
of 
the 
HFSF, 
funded 
by 
the 
Greek 
government 
out 
of 
the 
resources 
made 
available 
by 
the 
IMF 
and 
the 
EU, 
to 
ensure 
adequate 
capitalisation 
of 
the 
Greek 
banking 
system. 
The 
HFSF 
was established 
in July 
2010 
and its 
duration, 
originally 
set 
until 30 
June 2017, 
was 
repeatedly 
extended until 31 December 2025. 
In Eurobank’s 
case, the 
support provided to 
it by the 
HFSF was through 
the issuance of 
new ordinary shares 
covered 
entirely 
by 
the 
HFSF 
with 
the 
contribution 
of 
bonds 
issued 
by 
the 
EFSF 
and 
owned 
by 
the 
HFSF, 
as 
resolved 
by 
the 
Eurobank’s 
Extraordinary General 
meeting on 30 April 2013. 
Reflecting the HFSF’s status as a shareholder 
of Eurobank Holdings (it currently 
owns 1.4% of Eurobank 
Holdings’ shares), and 
following the 
completion of the demerger, 
Eurobank Holdings, the 
Bank and the HFSF are parties to a Tripartite 
Relationship 
Framework 
Agreement 
(TRFA) 
signed 
on 
23 March 
2020 
and amended 
on 
3 February 
2022. 
The 
TRFA 
allows 
the 
HFSF to 
enforce 
against the 
Bank all the 
rights which it 
had against the 
former 
Eurobank 
Ergasias S.A. under 
an earlier Relationship 
Framework 
Agreement (RFA) between 
it and Eurobank Ergasias S.A. 
Accordingly, the TRFA, 
among other matters, specifies the way HFSF’s rights, as derived from 
the provisions of Law 3864/2010 
(“HFSF Law”), were to be implemented, in particular on issues relating to the corporate governance 
of Eurobank Holdings and 
the Bank and the implementation 
of the Bank’s NPEs management framework. 
However, 
the HFSF 
Law has 
been amended 
by the 
Law 4941/2022 
(Government 
Gazette A’113/16.06.2022) 
and a 
number of 
provisions of the TRFA 
either do not arise from the HFSF Law or directly contradict with it, therefore 
the TRFA has become out 
of date. 
In 
particular, 
under 
the 
current 
HFSF 
Law 
as 
amended 
by 
Law 
4941/2022, 
the 
HFSF 
no 
longer 
has 
the 
right 
to 
carry 
out 
evaluations of Eurobank Holdings and the Bank’s corporate governance framework or the right to establish evaluation criteria 
for their 
Board members. 
In addition, 
the HFSF 
representative 
no longer 
has the 
right to convene 
a General 
Assembly or to 
approve 
the 
CFO 
or 
to 
veto 
any 
resolution 
of 
the 
Board 
which 
may 
jeopardise 
depositors' 
interests 
or 
materially 
affect 
liquidity, 
solvency 
or, 
in 
general, 
the 
prudent 
and 
orderly 
operation 
of 
Eurobank 
Holdings 
and 
the 
Bank. 
Moreover, 
the 
facilitation of the management of the Bank’s NPEs 
has also been 
removed from the remit of the HFSF which 
has been modified 
in such a way as to explicitly and visibly envisage the 
effective disposal 
of the shares it 
owns in Eurobank Holdings, 
based on 
a divestment strategy, 
with a specific time horizon until 31 December 2025. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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However, 
under the current HFSF Law, the HFSF has the right to appoint one Director to the Board and this representative has 
the 
right to 
veto 
any Board 
resolutions 
relating 
to corporate 
changes that 
can 
significantly affect 
HFSF’s participation 
to 
Eurobank Holdings share capital (anti-dilution protection). Regarding the right of the HFSF’s representative to veto any Board 
resolution related to dividend distributions or the remuneration policy and proposed bonuses to Board members and General 
Managers or 
their deputies, 
the current 
HFSF Law 
provides 
that 
this is 
applicable to 
credit institutions 
whose ratio 
of non-
performing loans to total loans 
exceeds 10%. It 
is noted that in 
Eurobank’s case, this ratio stands at 5.6% 
(Source: Press Release 
of Financial Results for the Nine Months of 2022). 
Moreover, 
the representative 
of the HFSF 
has the right 
to request Eurobank 
Holdings or the 
Bank’s Board to 
be convened or 
any Board meeting to be adjourned for up to 3 business days. 
2.4
Division of responsibilities 
There is a clear division of responsibilities at 
the head of the HoldCo and the Bank 
between the proper operation of the Board, 
attributed 
to 
the 
Chairperson, 
and 
the 
day-to-day 
management 
and 
control 
of 
the 
HoldCo’s 
and 
the 
Bank’s 
business, 
attributed to the Chief Executive 
Officer (CEO) and 
the Deputy CEOs. The 
roles of Chairperson and 
CEO are not exercised 
by 
the same person. 
Chairperson 
The 
Chairperson of 
the HoldCo’s/Bank’s 
Board is 
a Non-Executive 
Director and 
does not 
serve as 
Chairperson of 
either 
the 
Risk or Audit Committees. The Chairperson, who is elected unanimously by all the Board members (including the Independent 
Non-Executives) as 
per the 
L. 4548/2018 
and the 
Articles of 
Association, 
chairs the 
Board and 
is responsible 
for 
the overall 
effective and efficient 
operation and organization 
of its meetings. 
The Chairperson is responsible to: 
●
organize and coordinate the work 
of the Board 
●
set the Board’s 
agenda and ensure that 
adequate time is available 
for discussion of 
all agenda items, in particular 
strategic issues 
●
promote a culture of open-mindedness and constructive dialogue 
●
facilitate and promote the establishment of good and constructive relationships between the members of the Board 
and the effective 
contribution of all non-executive members 
●
ensure that the Directors receive accurate, timely and clear information and that their developmental needs are met, 
with the view of enhancing the effectiveness 
of the Board as a team 
●
ensure continuous and 
clear communication 
with the 
representatives 
of the 
Ministry of Finance, 
the BoG, 
the HFSF 
and of other public authorities 
●
ensure that the Board as 
a whole has a satisfactory understanding of the views of the 
shareholders 
●
ensure effective 
communication 
with all 
shareholders 
as well 
as the 
fair and 
equitable treatment 
of their 
interests 
and the development of constructive 
dialogue with them in order to understand their 
positions 
●
work closely with the CEO and Corporate 
Secretary to prepare the BoD and to fully 
inform its members 
The Board has also elected a 
Vice-Chairperson. The Vice-Chairperson who is a Non-executive Director, supports the Chair and 
acts as a liaison between the Chair and the members 
of the Board. 
It is noted that the Board 
has not appointed a Senior Independent Director. 
CEO 
The HoldCo’s/Bank’s 
CΕΟ is accountable for 
and manages strategy 
development and 
implementation in 
line with the 
vision 
of the Group. He is responsible for 
leading the organisation to the 
achievement of its objectives. 
Executive Directors 
The HoldCo/Bank’s 
Executive Directors 
(i.e. the 
HoldCo’s/Bank’s CEO 
and Deputy CEOs) 
have responsibilities 
for the 
day-to-
day management 
and control 
of the 
Group 
and the 
implementation 
of its 
strategy 
defined by 
the 
Board. 
In addition, 
the 
HoldCo’s/Bank’s 
Executive 
Directors 
are 
responsible 
to 
a) 
consult 
regularly 
with 
the 
non-Executive 
Directors 
on 
the 
appropriateness 
of 
the 
implemented 
strategy, 
b) to 
provide 
updates 
to 
the 
Board 
(in 
collaboration 
with 
the 
other 
senior 
managers of the HoldCo/Bank) regarding the market 
and any other developments that 
affect the HoldCo/Bank and c) inform 
the Board 
without delay in writing, 
either jointly or 
separately, 
by submitting a report 
with their 
estimates and proposals, 
of 
situations of crises or risks that are expected to influence the financial situation 
of the HoldCo/Bank. 
The 
HoldCo’s/Bank’s 
CEO and 
Deputy CEOs 
exercise 
their 
responsibilities 
as these 
are defined 
in the 
HoldCo’s 
and Bank’s 
Internal Governance Control 
Manuals (IGCMs) which are approved by the respective 
HoldCo’s/Bank’s Board. The 
HoldCo and 
Bank 
IGCMs 
which 
meet 
the 
legal 
and 
regulatory 
requirements 
on 
corporate 
governance 
issues, 
describe 
the 
overall 
framework 
by which Eurobank Holdings and Bank are directed 
and controlled. 
Non-Executive Directors 
The 
non-Executive 
Directors 
are 
responsible 
for 
the 
overall 
promotion 
and 
safeguarding 
of 
the 
HoldCo’s 
and 
the 
Bank’s 
interests. In 
addition, the 
non-Executive Directors 
monitor and 
examine the 
strategy 
and its 
implementation, 
as well 
as the 
achievement 
of the 
objectives, 
ensure effective 
supervision 
of the 
executive 
members, 
including 
monitoring and 
control 
of 
their 
performance, 
examine 
and 
express 
opinions 
on 
the 
proposals 
submitted 
by 
the 
Executive 
Directors 
on 
the 
basis 
of 
existing information and approve, 
revise and oversee the 
implementation of the remuneration 
policy at Group level. 
The non-Executive Directors may request, in accordance with HoldCo’s/Bank’s established, internal procedures, to contact the 
executives of the company’s senior management through 
regular presentations by the 
heads of departments and services. 
The 
non-Executive 
Directors 
meet 
at 
least 
annually, 
or 
exceptionally 
when 
judged 
appropriate 
without 
the 
presence 
of 
executive members 
in order 
to discuss 
the performance 
of the 
latter. 
At these 
meetings the 
non-Executive Directors 
do not 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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act as a de 
facto body or 
a committee of the 
Board. In 2022, the 
HoldCo’s/Bank’s non-Executive 
Directors had scheduled 
to 
meet 
twice, 
on 
30.06.2022 
and 
15.12.2022, 
however 
the 
meeting 
on 
15.12.2022 
took 
place 
on 
26.01.2023 
due 
to 
the 
tight 
schedule of the quarterly Board and Board 
Committees’ meetings in December 2022. 
The HoldCo and the Bank encourage the non-executive Directors to take care of 
their information regarding all the issues that 
the respective Board deals with. 
The Independent non-Executive Directors have the 
duty, to submit, each one of them or jointly, to the Annual or Extraordinary 
General Meeting of Shareholders, 
their own reports other 
than those of the Board. 
2.5
Operation of the 
Board 
The way 
that the 
Board operates, 
including the manner 
in which it meets 
and takes decisions 
and the procedures 
it follows, 
taking into account the relevant provisions of the HoldCo’s/Bank’s 
Articles of Association and the mandatory legal provisions, 
is 
described in 
the 
HoldCo’s/Bank’s 
IGCM, 
which is 
approved 
by 
the 
respective 
HoldCo’s/Bank’s 
Board 
and is 
drawn 
up in 
compliance with legal and regulatory requirements on corporat 
e 
governance issues. 
Board Meetings 
The 
Board 
meets regularly 
every 
quarter and 
on an 
ad hoc 
basis, whenever 
the 
law or 
the HoldCo’s 
and the 
Bank’s needs 
necessitate it. For each calendar year and within the 3rd Quarter of the preceding year, the 
Board adopts an annual calendar 
of Board 
and Board 
Committees meetings 
and an annual 
action plan, which 
is revised 
according to 
the developments 
and 
needs, in order 
to ensure the 
correct, complete and 
timely fulfilment 
of its tasks, as well 
as the examination 
of all matters on 
which it 
takes 
decisions. 
All updates 
/ amendments 
in the 
adopted annual 
calendar 
of 
Board 
and Board 
Committees are 
promptly communicated to Board and Board 
Committees’ members so that they make 
the necessary planning. 
The Board meetings take place given at least two (2) 
business days’ notice or at 
least five (5) business 
days’ notice, if a specific 
meeting is 
held outside the 
HoldCo/Bank’s registered 
office, as 
per Company Law 
4548/2018 provisions. 
The invitation 
must 
also mention with 
clarity the agenda subjects, otherwise 
a decision is taken only 
when all members of 
the Board are 
present 
or represented 
and nobody 
objects 
to the 
convocation 
of the 
meeting 
and to 
the 
taking 
of decisions. 
Submissions 
to the 
Board are normally circulated together 
with the agenda. 
In addition, according 
to the TRFA 
provisions the 
Board informs 
the HFSF Representative 
and the Observer 
on the activities 
and 
the 
decisions 
of the 
Board 
and 
to 
that 
end it 
shall 
notify 
to 
them 
the 
agenda 
together 
with 
the 
relevant 
supporting 
material at 
least three (3) 
business days prior 
to the 
Board meeting, otherwise, 
unless an emergency 
case unforeseeable 
by 
the HoldCo/Bank exists, 
the HFSF Representative 
is entitled to request a 
postponement of the 
Board meeting which shall 
be 
resumed the 
earliest after three 
(3) business days, provided 
that the 
aforementioned 
documents are provided 
to him/her on 
time. In case where 
an item on the 
agenda requires, as per 
TRFA provisions, 
the prior HFSF 
consent, the HoldCo/Bank 
should 
not submit 
it for 
approval to 
the Board 
before HFSF 
consent is granted, 
unless otherwise 
agreed between 
the HoldCo/Bank 
and the HFSF. 
For urgent matters, 
the Board may approve 
matters subject to subsequent HFSF consent. 
 
Dissemination of Information 
The Board 
utilises technological 
tools with 
the necessary 
security specifications 
for real-time 
information 
and facilitates 
the 
connection and information of members. 
The 
CEO 
and 
senior 
management 
shall 
ensure 
that 
any 
information 
necessary 
for 
the 
performance 
of 
the 
duties 
of 
the 
members of the Board 
is available to them at any time. 
Quorum in the Board Meetings 
The 
Board 
is 
considered 
to 
be 
in 
quorum 
and 
meets 
validly 
when 
at 
least 
half 
plus 
one 
of 
its 
members 
are 
present 
or 
represented. 
The 
number of 
the 
present 
or represented 
members 
is not 
allowed 
to be 
less than 
three 
(3). For 
defining the 
quorum any 
resulting 
fraction 
is 
omitted. Decisions 
of 
the 
Board 
are 
taken 
by 
absolute 
majority of 
the 
Directors 
that 
are 
present or represented. In case of parity of votes, the 
vote of the Chairperson of the 
Board does not prevail. 
Board Decisions and Minutes 
Decisions are taken 
following discussions 
which exhaust the 
agenda items to the 
satisfaction of 
all members present. 
Board 
meetings minutes are kept by the Company Secretary of the 
Board, are approved 
at subsequent Board meetings and signed 
by all members present. 
Finally, the drawing up and 
signing of minutes 
by all the members of 
the Board or their representatives 
is equal to a decision of the Board, even if no meeting has 
preceded. 
Company Secretary 
The HoldCo’s/Bank’s 
Board is 
supported by 
a competent, qualified 
and experienced 
Company Secretary 
in order 
to comply 
with 
internal 
procedures 
and 
policies, 
relevant 
laws 
and 
regulations 
and 
to 
operate 
effectively 
and 
efficiently. 
The 
HoldCo’s/Bank’s 
Company Secretary 
is a 
senior management 
officer 
who is 
appointed and 
dismissed by 
the 
Board on 
the 
proposal of the Chair. 
The 
Company 
Secretary 
is 
the 
head 
of 
the 
Group 
Company Secretariat 
which is 
a 
sector of 
the 
Bank. 
Among others, 
the 
Company Secretary is responsible, 
in consultation with 
the Chair, 
for ensuring immediate, 
clear and complete information 
of 
the Board and 
Board Committees, the 
inclusion of new members, 
the organisation 
of General Meetings 
of Shareholders, the 
facilitation of 
communication of shareholders 
with the Board 
and the facilitation 
of communication of the 
Board with senior 
management. 
In addition, the Company Secretary is responsible for 
advising the Board through the 
Chairperson on all governance matters 
and ensuring that the Board procedures 
are complied with. 
All members 
should have 
access to 
the advice 
and services 
of the 
Company Secretary, 
who is 
responsible to 
facilitate 
their 
induction and assist them with their professional 
development. 

 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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2.6
Attendance of Board members in the 
Board and Board Committees 
In accordance with HoldCo’s and Bank’s Board and Board 
Committees’ Attendance Policy, 
the Board members are 
expected 
to attend all Board and Board Committees’ meetings to which they 
are appointed. 
It 
is 
accepted, 
though, 
that 
the 
Board 
members 
may 
be 
unable 
to 
attend 
some 
meetings 
due 
to 
conflicts 
with 
other 
commitments or other 
unforeseen circumstances. 
In this context, a mandatory minimum 
attendance of not less than 
85% for 
each member 
should be achieved 
every calendar 
year. 
Individual meetings up 
to 15% can 
be missed only if 
a valid excuse is 
provided. 
In 
addition, 
according 
to 
L. 
4706/2020, 
in 
case 
of 
unjustified absence 
of 
a 
Board 
member 
in 
at 
least 
two 
(2) 
consecutive 
meetings of the Board, this member shall be 
considered as resigned. This resignation is established by a 
decision of the Board, 
which replaces the member, 
in accordance with the procedure 
provided by the Law. 
During 2022 the average 
Directors’ of HoldCo and Eurobank Board 
attendance was as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2022 
2021 
2022 
2021 
HoldCo 
20 
19 
99.6% 
99.6% 
Bank 
21 
20 
98% 
99% 
During 2022, at 
individual level, 
the attendance 
of all the 
Directors to the 
Board, stood 
above the 
85% threshold. 
Moreover, 
in all the cases 
of missed Board attendances 
in the period, 
representation proxies 
have been provided, 
leading to an overall 
attendance (physical and under representation) 
of 100%. 
In particular, the Directors’ 
attendance rates at the 
Board meetings in 2022 were the 
following: 
Eurobank Holdings Board 
Eurobank Board 
Eligible to attend 
Attended in 
person (# 
and %) 
Eligible 
to 
attend 
Attended in 
person 
(# and %) 
Georgios Zanias, 
Chairperson, Non-Executive Director
20 
20
100% 
21 
21 
100% 
Georgios Chryssikos, 
Vice-Chairperson, Non-Executive Director
20 
20 
100% 
21 
21 
100% 
Fokion 
Karavias, 
Chief Executive Officer
1
20 
20 
100% 
21 
19 
90% 
Stavros Ioannou, 
Deputy Chief Executive Officer
20 
20 
100% 
21 
21 
100% 
Konstantinos Vassiliou, 
Deputy Chief Executive Officer
20 
20 
100% 
21 
21 
100% 
Andreas Athanassopoulos, 
Deputy Chief Executive Officer
20 
20 
100% 
21 
21 
100% 
Bradley Paul Martin, 
Non-Executive Director
20 
20 
100% 
21 
21 
100% 
Rajeev Kakar, 
Non-Executive Independent Director
2
20 
19 
95% 
21 
19 
90% 
Jawaid Mirza, 
Non-Executive Independent Director
20 
20 
100% 
21 
21 
100% 
Alice Gregoriadi, 
Non-Executive Independent Director
20 
20 
100% 
21 
21 
100% 
Irene Rouvitha Panou, 
Non-Executive Independent Director
1
20 
20 
100% 
21 
20 
95% 
Cinzia Basile, 
Non-Executive Independent Director
20 
20 
100% 
21 
21 
100% 
Efthymia Deli, 
Non-Executive Director, HFSF Representative 
20 
20 
100% 
21 
21 
100% 
1 
Mr. Fokion 
Karavias and Mrs. Irene Rouvitha Panou provided representation proxies for 
the missed meetings in Eurobank 
2 
Mr. Rajeev Kakar provided representation 
proxies for the missed meetings in Eurobank 
Holdings and Eurobank 
The average Director’s attendance rates to HoldCo’s and Eurobank’s Board Committees, along with 
the individual attendance 
rates per Board Committee are presented separately, 
under the subsection of the present Corporate Governance 
Statement, 
referring to the 
Board Committees. 
2.7
Directorships of Board members 
The 
directorships 
of 
the 
Board 
members 
(including 
significant 
non-executive 
commitments 
to 
companies 
and 
non-profit 
organisations) 
are 
notified 
before 
their 
appointment 
to 
the 
Nomination 
& 
Corporate 
Governance 
Committee 
(NomCo) 
Chairperson and/or the NomCo in accordance 
with the HoldCo and Bank External Engagements Policy. 
In parallel, the Board 
members notify changes regarding their 
directorships to the Bank Group Company Secretariat 
as soon as they occur. 
The number of directorships which may be held by the Board 
members at the same time 
comply with the provisions 
of art. 83 
of the 
Law 4261/2014 (Law), according 
to which the 
Directors shall not 
hold more than 
one (1) of 
the following 
combinations 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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of directorships 
at the 
same time: 
a) one 
(1) executive 
directorship with 
two (2) 
non-executive directorships; 
and b) 
four 
(4) 
non-executive 
directorships. 
This 
restriction 
is not 
applied to 
directorships 
within the 
Group. 
Bank of 
Greece 
(BoG) as 
the 
competent authority may allow Board members to hold 
one (1) additional non-executive directorship. 
In addition, it is noted 
that directorships in organizations, 
which do not pursue predominantly 
commercial objectives, 
do not 
count for regulatory purposes. 
In the context of Board’s 
overall 
effectiveness assessment 
through which the 
NomCo assesses annually the 
knowledge, skills, 
experience and contribution of individual Board members and of the Board collectively 
and reports to the Board accordingly, 
the Board 
members’ 
directorships were 
also reviewed. 
The 
relevant review 
revealed 
that all 
Board members 
are compliant 
with the Law’s provisions. 
HoldCo and Eurobank Board 
Members’ Directorships (including Directorships within Eurobank 
Group) as at 31.12.2022 
Georgios Zanias – 
Chairperson, Non-Executive Director
 
Foundation for 
Economic and Industrial Research (IOBE) – 
Board Member
1
Georgios Chryssikos – 
Vice-Chairperson, Non-Executive Director 
 
Grivalia Management Company S.A. – 
Vice Chairman, Non-Executive Director
 
Grivalia Hospitality S.A. – 
Chairman of the BoD, Chief Executive Officer
Fokion 
Karavias – 
Chief Executive Officer 
 
Hellenic Bank Association (HBA) – 
BoD Member
1
Stavros Ioannou 
– Deputy Chief Executive Officer 
 
Grivalia Management Company S.A. – 
Non-Executive Director 
 
Be-Business Exchanges S.A. of Business Exchanges Networks and Accounting and Tax Services 
– 
 
C
hairman
 
Eurobank Direktna a.d. Beograd – 
Non-Executive Director
2
 
Eurobank Cyprus Ltd – 
Non-Executive Director
2
 
Eurobank Bulgaria AD – 
Non-Executive Director, Supervisory Board
2
Konstantinos Vassiliou 
– Deputy Chief Executive Officer 
 
Hellenic Exchanges – Athens Stock Exchange S.A. – 
Non-Executive Director
 
Marketing Greece S.A. – 
Non-Executive Director
1
 
Eurolife FFH General 
Insurance Single Member S.A – 
Vice Chairman, Non-Executive Director
3
 
Eurolife FFΗ Life Insurance 
Single Member S.A. – 
Vice Chairman, Non-Executive Director
3
 
Eurolife FFH Insurance 
Group Holdings S.A. 
– Vice Chairman, Non-Executive Director
3
 
Eurobank Equities Investment Firm Single Member 
S.A. – 
Non-Executive Director
2 
 
Eurobank Factors Single Member S.A. – 
Chairman
2
 
Andreas Athanassopoulos 
– Deputy Chief Executive Officer 
 
Praktiker Hellas Trading 
Single Member S.A – 
BoD Member 
 
Worldline Merchant Acquiring Greece 
S.A – 
Vice Chairman, Non-Executive Director 
Bradley Paul Martin – 
Non-Executive Director 
 
Blue Ant Media Inc.- 
Non-Executive Director 
 
Resolute Forest Products 
Ltd – 
Non-Executive Director
 
AGT Food and Ingredients Inc – 
Non-Executive Director
Rajeev Kakar – 
Non-Executive Independent Director 
 
Gulf International Bank, Bahrain – 
Non-Executive Director
4
 
Gulf International Bank, Kingdom of Saudi Arabia – 
Non-Executive Director
4
 
Commercial International Bank (CIB) 
– 
Non-Executive Director
 
UTI Asset Management Co. Ltd (UTIAMC) – 
Non-Executive Director
 
Jawaid Mirza – 
Non-Executive Independent Director 
 
AGT Food and Ingredients Inc – 
Non-Executive Director
Alice Gregoriadi – 
Non-Executive Independent Director 
 
Hellenic Blockchain Hub – 
Non-Executive Director
1
Cinzia Basile – 
Non-Executive Independent Director 
 
Creditis Servizi Finanziari S.p.A. – 
Non-Executive Director
6
 
Brent Shrine Credit Union (trading name My Community Bank) – 
Non-Executive Chair of the Board
1
 
Zenith Service S.p.A. – 
Non-Executive Director 
 
Nikko Europe Asset Management – 
Non-Executive Director
5
 
Nikko AM Global Umbrella Fund
 
– Non-Executive Director
5
 
Fincentro Finance S.p.A
. – Non-Executive Director 
6
Irene Rouvitha Panou – 
Non-Executive Independent Director
 
Stelios Philanthropic Foundation 
– 
Member of the Board of Trustees
1
Efthymia P. 
Deli – 
Non-Executive Director, HFSF Representative 
 
None 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
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1 
Organization that does not pursue predominantly commercial objectives 
2
 
Company that 
belongs to 
Eurobank Group 
and along 
with directorships 
in HoldCo, 
Eurobank 
and the 
other 
companies of 
the Group 
is 
considered as 1 (one) directorship for each Board member
3
 
Company that belongs 
to Eurolife 
FFH Group and 
along with directorships in 
the other 
companies of that 
group, is considered 
as 1 (one) 
directorship for each Board member
4
 
Company that belongs to Gulf International Bank Group and along with directorships in the 
other companies of that group, 
is considered 
as 1 (one) directorship for each Board member 
5
 
Company that belongs to 
Nikko Asset Management Group 
and along with 
directorships in the other companies 
of that group, is considered 
as 1 (one) directorship for each Board member
6 
Company that belongs to Columbus HoldCo S.a.r.l Group and along with directorships in the other 
companies of that group, is considered 
as 1 (one) directorship for each Board member
2.8
Conflicts of interest 
The 
Group, 
based on 
the 
“Conflicts of 
Interest 
Policy”, 
which is 
approved 
by HoldCo’s 
and Eurobank’s 
BoD, has 
adopted a 
series of policies, procedures, systems and controls for identifying, preventing and managing situations that give, or may give, 
rise to actual, potential or perceived conflicts of interest 
arising from the business activities of the Group. 
To 
avoid 
situations 
of 
conflict 
of 
duties, 
the 
Group 
has 
procedures 
which 
segregate 
executive 
and 
non-executive 
responsibilities of the members of the Board, including the division of the responsibilities of the Chairperson of the Board with 
the 
executive 
responsibilities 
of 
the 
CEO. 
More 
specifically, 
by 
adopting 
appropriate 
procedures, 
effective 
segregation 
of 
duties 
is 
ensured, 
so 
as 
to 
avoid 
cases 
of 
incompatible 
roles, 
conflicts 
of 
interest 
between 
the 
members 
of 
the 
Board 
of 
Directors, 
Management 
and Executives 
and 
between 
the 
Group, 
its 
transacting 
parties 
and/or the 
malicious 
use of 
inside 
information or assets. 
The Group should be able to identify whether 
an actual or potential conflict of interest exists to an extent that would impede 
the Board members’ ability to perform 
their duties independently and objectively (independence of mind) and, if so, to assess 
its materiality in order to be able to proceed 
with mitigating measures. 
The Board members: 
●
must comply 
with the 
high standards 
and principles 
of professional 
ethics in 
the performance 
of their 
duties, apply 
the 
principles of the “Conflicts of Interest Policy” and 
refrain from any activity or conduct that is inconsistent with it. 
●
must ensure they act 
with independence of mind 
i.e. be able 
to make their own sound, 
objective and independent decisions 
and judgments. 
●
according to article 97 par. 1 of Company Law 4548/2018, are prohibited from pursuing personal interests that run counter 
to the interests of Holdings (or the Group) and must timely and adequately disclose to the other 
members of the Board of 
Directors any personal/own interests that may arise 
from Holdings’ transactions which fall within their line of 
responsibility, 
as well 
as any 
other 
potential, perceived 
or actual 
conflict of 
interests that 
may exist 
between Holdings 
or its 
affiliated 
undertakings (under article 32 
of Law 4308/2014) 
and themselves. Furthermore, they have to disclose to 
the other members 
of the Board, any 
conflicts of interest 
between Holdings and 
their associated parties under 
article 99 par. 2 
of the Company 
Law 4548/2018. Adequate disclosure on behalf of the Board members, as per the 
above, is considered one that includes a 
description of both the transaction 
and their own interests. 
●
must 
ensure 
the 
privacy 
and 
the 
confidentiality 
of 
non-publicly 
available 
information 
and 
refrain 
from 
behaviors 
that 
would constitute market abuse and conflict of interest. 
In line with this framework, 
Board members are required 
to disclose, on an ongoing basis, any engagements, directorships or 
interests they 
hold with 
any legal 
entities outside 
the Group 
and to 
provide 
the Group 
with any 
information 
(on a 
“best of 
their 
knowledge” 
basis) 
that 
may 
be 
required. 
Board 
members 
are 
required 
to 
disclose 
any 
issue 
which, 
taking 
into 
consideration the 
Board’s agendas, may create a conflict of interest. 
Board 
Members are 
committed to 
inform 
the 
Group, 
on an 
ongoing basis 
during their 
tenure, for 
any new 
facts 
that 
may 
affect the initial assessment 
of the conflict of interest and independence of mind criterion. 
All actual 
or potential 
conflicts of 
interest at 
the Board 
level should 
be adequately 
communicated, discussed, 
documented, 
decided on 
and duly 
managed/mitigated by 
the Group. 
A member 
of the 
Board should 
abstain from 
voting on 
any matter 
where the member 
has an identified conflict of interest. 
2.9
Remuneration 
Eurobank 
Holdings 
has 
established 
a 
Board 
of 
Directors’ 
Remuneration 
Policy 
(Remuneration 
Policy) 
in 
line 
with 
related 
requirements of Law 4548/2018 (the Law) 
(latest version of the Policy 
approved by the 
AGM on 21.7.2022). 
The Remuneration 
Policy 
has been created 
to satisfy 
the pertinent 
terms of 
the Law 
(articles 109, 
110, 111, 
112 and 114) 
and it also 
complies with 
relevant stipulations of the 
TRFA. 
The Remuneration 
Policy describes the 
key components and considerations 
of the remuneration 
framework 
for the 
members 
of the 
Board and 
its objective 
is to 
safeguard 
that remuneration 
is reasonable, 
gender neutral 
and sufficient 
to retain 
and 
attract directors 
with appropriate 
skills and experience to 
develop and 
implement the Eurobank 
Holdings’ business strategy 
and 
ensure 
its 
long-term 
interests 
and 
sustainability, 
while 
avoiding 
excessive 
risk 
taking. 
This 
is 
achieved 
through 
the 
continuous monitoring of market trends and best 
practices on domestic and global levels and the setting of the remuneration 
framework 
which 
defines 
the 
salary 
structure 
and 
ranges, 
in 
order 
to 
attract 
and 
retain 
talented 
individuals 
accordingly. 
External, 
independently 
produced 
benchmarking 
analysis 
of 
the 
remuneration 
of 
the 
employees 
of 
the 
financial 
and 
the 
banking sector 
in Greece, 
is used 
in establishing 
the 
Policy, 
as well 
as the 
remuneration 
framework 
of the 
members 
of the 
Board. 

 
 
 
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In addition, regarding the Remuneration 
Policy, it is noted 
that: 
●
The process 
of its development is characterised 
by objectivity and transparency. 
●
The 
Board 
members 
exercise 
independent 
judgment 
and 
discretion 
when 
approving 
and 
recommending 
to 
the 
General Meeting its 
approval and generally 
when approving any remuneration, 
taking into account both individual 
performance and the 
performance of the 
company. 
Eurobank Holdings produces, for each financial year, a Remuneration 
Report concerning the remuneration and other 
financial 
benefits paid to each Executive and 
Non-Executive Directors of the 
Board during the 
reporting financial year, 
in line with the 
requirements 
of 
Article 
112 
of 
the 
Law. 
The 
Eurobank 
Holdings 
Remuneration 
Report 
for 
2021 
(https://www.eurobankholdings 
.gr/-/media/holding/omilos/grafeio 
-tupou/etairikes-anakoinoseis/2022/etairiki-anakoinosi-
30-06-21/ekthesi-apodoxon-2021-eng.pdf) 
has been approved 
by the 
Annual General 
Meeting on 21.7.2022 
and for 
reasons 
of transparency 
and efficient information, 
presents clearly the 
additional remuneration 
of the 
Board members 
participating 
in committees. 
The remuneration 
of the executive Directors, as well as the 
senior management of the company, are 
related to the size of the 
company, the 
extent of their 
responsibilities, the corporate 
strategy, 
the company's objectives 
and their realisation, 
with the 
ultimate 
goal 
of avoiding 
excessive 
risk-taking 
including with 
respect 
to direct 
or indirect 
sustainability risks 
and creating 
long-term value in the company. 
In addition, regarding the remuneration 
of the executive Directors, it is noted that: 
●
The Stock Options that are provided 
to them are completely matured after four 
(4) years from the date of granting. 
●
They have 
not received 
bonus during 2022, 
therefore 
there 
was no need 
for the 
Board to examine 
the refund 
of all 
or part of the bonus awarded to them, due to breach of contractual 
terms or incorrect financial statements. 
Due to 
same 
composition 
of the 
Board 
of the 
Eurobank 
Holdings 
with the 
Board 
of its 
subsidiary Eurobank 
and since 
the 
Directors 
are 
paid 
solely 
by 
one 
of 
the 
two, 
that 
being 
the 
Bank, 
any 
reference 
to 
the 
remuneration 
and 
/or 
the 
benefits 
payable to the Directors of Eurobank 
Holdings, applies to the relevant remuneration 
they receive as 
Directors of the Bank. 
The 2022 Board and 
key management remuneration disclosure is included 
in note 45 
of the consolidated accounts 
of Eurobank 
Holdings and in compliance with 
the provisions of the Company Law 4548/2018 and 
in order to ensure adequate 
transparency 
to the market of the remuneration 
structures and the associated risks, is uploaded at website 
www.eurobankholdings.gr
. 
2.10
Board Role and Responsibilities 
The principal duties and responsibilities of the 
HoldCo / Bank’s Board are to: 
●
review, 
guide and approve 
the strategy 
(including the revision 
of opportunities and risks 
related to the 
strategy), major 
plans of 
action, risk 
policy, 
business and restructuring 
plans, set performance 
objectives, monitor 
performance, 
oversee 
and approve 
major capital 
expenditures, acquisitions, 
divestitures 
and formation 
of new 
entities including 
creation 
of 
special purpose vehicles 
●
ensure the existence of the necessary financial 
and human resources, as 
well as the existence of 
an internal control system 
●
approve the 
annual budget and monitor its implementation on a quarterly basis 
●
approve the 
three-years business plan and monitor its implementation 
●
review and 
approve 
at least annually the 
risk strategy 
and risk appetite and ensure 
that it is 
consistent with the 
overall 
business strategy, 
capital plan, funding plan, restructuring plan and budget 
●
receive and discuss 
at least on a quarterly basis comprehensive 
risk reports covering 
all the main risks 
and providing an 
overview of the 
key changes in the risk profile 
versus risk targets and risk appetite 
●
develop 
and 
deliver 
the 
objectives 
in 
the 
agreed 
restructuring 
plan 
under 
the 
HFSF 
Law 
and 
for 
taking 
any 
action 
necessary to that effect 
●
provide oversight 
to senior management 
●
along with 
the strategic 
orientation, approve 
corporate 
governance 
practices 
and corporate 
values and 
monitor their 
effectiveness and compliance 
with them, making changes as needed 
●
along 
with 
senior 
management, 
set 
the 
standard 
that 
shape 
the 
corporate 
culture 
(which 
is 
in 
line 
with 
values 
and 
strategic 
planning) 
and 
use tools 
and 
techniques 
for 
the 
integration 
of 
the 
desired 
culture 
into 
the 
systems, 
policies, 
procedures, practices 
and 
behaviors at all levels. 
●
approve 
the 
risk 
and 
capital 
strategy 
and 
regularly 
monitor 
that 
the 
CEO 
and 
the 
Executive 
Board 
pursue 
its 
implementation effectively 
●
approve the 
organization chart and any amendments 
●
approve Board and Board Committees related policies 
and other policies, as required by 
legal or regulatory requirements 
or internal processes 
●
ensure that 
rigorous and 
robust processes 
are in place 
to monitor organizational 
compliance with the 
agreed strategy 
and risk appetite and with all applicable laws and regulations 
●
select, compensate, monitor and when necessary, replace 
key executives and oversee succession 
planning 
●
align key executive and board remuneration 
with the longer-term interests 
of Group and its shareholders 
●
ensure a formal and transparent 
board nomination and election process 
●
monitor, 
manage 
and 
approve 
where 
required 
potential 
conflicts 
of 
interest 
of 
management, 
board 
members 
and 
shareholders, including misuse of corporate assets and abuse in related 
party transactions 
●
ensure the integrity of accounting 
and financial reporting systems, 
including the independent audit, 
and that appropriate 
systems 
of 
control 
are 
in 
place, 
in 
particular, 
systems 
for 
risk 
management, 
financial 
and 
operational 
control 
and 
compliance with the law and relevant standards 

 
 
 
 
 
 
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●
review 
and 
monitor 
on 
a 
regular 
basis 
the 
Non-Performing 
Loans 
(NPL) 
and 
Non-Performing 
Exposures 
(NPE) 
performance against set targets 
●
oversee the process 
of disclosure and communications 
●
determine the appropriate 
level of remuneration 
of the Board 
and Board Committees’ members, 
both at Company and 
Group level, pending final ratification 
by the respective General 
Assemblies 
●
bind and monitor the executive administration 
on matters relating to new technologies and environmental 
issues 
●
identify 
the 
stakeholders 
that 
are 
important, 
in 
accordance 
with 
its 
characteristics 
and 
strategy 
and 
ensure 
that 
mechanisms are 
in place 
for the 
knowledge and 
understanding of 
their interests 
and the 
way they 
interact 
with Group 
strategy and also monitor their effecti 
veness 
●
where necessary 
for the 
achievement of the 
objectives and in accordance 
with the strategy, 
ensure the timely 
and open 
dialogue with stakeholders and the usage of different 
channels of communication for 
each group of stakeholders, with a 
view to flexibility and facilitation of understanding of the 
interests of both parties 
2.11
Main issues the Board dealt with during 2022 
In 2022, 
the 
HoldCo’s/Bank’s 
Board has 
reviewed 
the 
corporate 
strategy, 
the 
main risks 
to the 
business and 
the 
system of 
internal controls. 
In more detail, in discharging its responsibilities for 2022 the main issues 
Holdco’s/Bank’s BoDs dealt with related to: 
Eurobank Holdings 
Bank 
a)
Governance: 
●
approval 
of 
the 
establishment 
of 
two 
Board 
Committees, 
namely 
the 
Remuneration 
Committee 
and the Board Risk Committee and approval of their 
Terms of Reference. 
●
approval of the Board 
Committees’ composition 
●
approval 
of 
revised 
Terms 
of 
Reference 
of 
the 
Nomination and Corporate 
Governance Committee 
and the Audit Committee. 
●
preparation 
and 
convocation 
of 
the 
Shareholders 
General Meeting 
●
annual 
evaluation 
of 
the 
Board 
and 
the 
Board 
Committees 
●
review 
of the 
attendance 
of Directors 
to the 
Board 
and Board Committees 
●
CEO’s 
performance 
evaluation 
for 
2021 
and 
approval 
of 
his 
financial 
and 
non-financial 
objectives for 2022 
●
approval 
of the 
Board 
of Directors 
Diversity 
Policy, 
the 
External 
Engagements 
Policy, 
the 
CEO 
Succession 
Planning 
Policy, 
the 
Board 
and 
Board 
Committees Evaluation Policy, 
the Board and 
Board 
Committees 
attendance 
Policy, 
the 
Group 
Compliance 
Policy, 
the 
Group 
Governance 
Policy, 
the 
C-Suite 
Succession 
Planning 
Policy, 
the 
Senior 
Management Selection and Appointment Policy, 
the 
Dividend 
Distribution 
Policy 
and 
the 
Conflicts 
of 
Interest Policy 
●
approval 
and 
further 
submission 
to 
the 
Annual 
General 
Meeting 
for 
approval, 
of 
the 
Board 
Nomination Policy 
●
approval 
by 
the 
Non-Executive 
Directors 
of 
the 
Board of the Remuneration 
Policy 
●
approval 
and 
further 
submission 
to 
the 
Annual 
General 
Meeting 
for 
approval, 
of 
the 
‘Board 
and 
Board Committees’ fees for Non-Executive Directors, 
the 
Remuneration 
Policy 
for 
the 
Directors 
and 
the 
Remuneration Report for 
the financial year 2021 
●
information on the on the tax 
treatment of the Board 
and Board Committees’ Fees 
●
approval 
of 
the 
2022 
stock 
option 
plan 
implementation 
●
approval 
by 
the 
Non-Executive 
Directors 
of 
a 
New 
Voluntary Exit Scheme 
(VES) 
●
approval 
by 
the 
Non-Executive 
Directors 
of 
a 
New 
Variable Remuneration 
Scheme 
●
update on Senior Executives succession plan 
●
approval 
of 
HoldCo’s 
Internal 
Governance 
Control 
Manual 
a) Governance: 
●
approval of the Board 
Committees’ composition 
●
approval 
of 
revised 
Terms 
of 
Reference 
of 
the 
Nomination and Corporate Governance Committee, 
Remuneration 
Committee, 
Audit 
Committee 
and 
Board Digital and Transformation 
Committee 
●
preparation 
and 
convocation 
of 
the 
Shareholders 
General Meetings 
●
annual 
evaluation 
of 
the 
Board 
and 
Board 
Committees and 
the Strategic Planning Committee’s 
self-assessment for 2021 
●
review 
of the 
attendance 
of Directors 
to the 
Board 
and Board Committees 
●
CEO’s 
performance 
evaluation 
for 
2021 
and 
approval of his 
financial and 
non-financial objectives 
for 2022 
●
approval 
of 
the 
Board 
Nomination 
Policy, 
the 
Directors Diversity 
Policy, 
the External Engagements 
Policy, 
the 
CEO 
Succession 
Planning 
Policy, 
the 
Board and Board 
Committees Evaluation Policy, 
the 
Board 
and 
Board 
Committees 
attendance 
Policy, 
the 
Group 
Compliance 
Policy, 
the 
Group 
Governance 
Policy, 
the C-Suite 
Succession Planning 
Policy, 
the 
Senior 
Management 
Selection 
and 
Appointment Policy, 
the Dividend Distribution Policy 
,the Conflicts of Interest Policy and the AML/CFT and 
Sanctions Policy 
●
approval 
by 
the 
Non-Executive 
Directors 
of 
the 
Board of the Remuneration 
Policy 
●
approval 
and 
further 
submission 
to 
the 
Annual 
General 
Meeting 
for 
approval, 
of 
the 
Board 
and 
Board Committees’ fees for 
Non-Executive Directors 
●
information on the on the tax 
treatment of the Board 
and Board Committees’ Fees 
●
update 
on 
the 
implementation 
of 
the 
Group 
Subsidiary 
Board 
Remuneration 
Policy 
through 
the 
Group during 2021 
●
approval 
by 
the 
Non-Executive 
Directors 
of 
a 
New 
Voluntary Exit Scheme 
(VES) 
●
approval 
by 
the 
Non-Executive 
Directors 
of 
a 
New 
Variable Remuneration 
Scheme 
●
update on Senior Executives succession plan 
●
approval 
of 
the 
revised 
Eurobank 
Group 
Organizational Chart 
●
regular update on Board Committees’ matters 
●
update on Company Secretary’s Report 2022 
●
approval of 
Board and Board 
Committees calendar 
for 2023 
●
various 
remuneration 
issues, 
including issues 
of 
the 
international 
subsidiaries 
(performance 
related 

 
 
 
 
 
 
 
 
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●
approval 
of 
the 
revised 
HoldCo 
Group 
Organizational Chart 
●
regular update on Board Committees’ matters 
●
update on Company Secretary’s Report 2022 
●
approval of 
Board and Board 
Committees calendar 
for 2023, 
●
various remuneration 
issues 
●
approval 
(by 
the 
Non-Executive 
Directors 
of 
the 
Board) 
of 
the 
proposal 
concerning 
the 
annual 
contributions 
to 
Eurobank’s 
Group 
Occupational 
Fund 
●
approval 
and 
further 
submission 
to 
the 
Annual 
General Meeting for approval, of the appointment of 
the auditors for the 
financial Year 2022. 
●
approval 
of the 
Corporate 
Governance 
Action Plan 
of 
recommendations 
derived 
from 
various 
reviews, 
including 
the 
Supervisory 
Review 
and 
Evaluation 
Process 
(SREP) 
2021 
and 
the 
BoD 
and 
BoD 
Committees Self-Assessment 2021. 
●
discussion 
on 
the 
Preliminary 
Supervisory 
Review 
and 
Evaluation 
Process 
(SREP) assessment 
of 
2022 
and updates for the relevant 
decisions 
●
update 
on 
the 
new 
HFSF 
Law and 
its effect 
on 
the 
Internal 
Governance 
Framework 
and 
Directors’ 
eligibility criteria 
●
approval 
of 
the 
assignment 
to 
the 
Bank 
of 
the 
support of the 
outsourcing function 
of the Eurobank 
Holdings. 
variable 
remuneration, 
remuneration 
adjustments 
etc) 
●
approval 
(by 
the 
Non-Executive 
Directors 
of 
the 
Board) 
of 
the 
proposal 
concerning 
the 
annual 
contributions 
to 
Eurobank’s 
Group 
Occupational 
Fund 
●
approval 
and 
further 
submission 
to 
the 
Annual 
General 
Meeting for 
approval, 
of 
the appointment 
of the auditors for the 
financial Year 2022 
●
approval 
of the 
Corporate 
Governance 
Action Plan 
of 
recommendations 
derived 
from 
various 
reviews, 
including 
the 
Supervisory 
Review 
and 
Evaluation 
Process 
(SREP) 
2021 
and 
the 
BoD 
and 
BoD 
Committees Self-Assessment 2021 
●
update 
on 
the 
new 
HFSF 
Law and 
its 
effect 
on the 
Internal 
Governance 
Framework 
and 
Directors’ 
eligibility criteria 
●
approval 
of 
the 
undertaking 
by 
the 
Bank 
of 
the 
support of the 
outsourcing function 
of the Eurobank 
Holdings 
●
update from its international banking subsidiaries. 
●
approval of credit facilities 
to related parties. 
b)
Environmental, Social & Governance 
(ESG) issues: 
●
update on the Group’s 
position on ESG matters 
●
Program Field II Update 
●
update 
by 
the 
responsible 
BoD 
member 
for 
climate-related and environmental risks 
●
discussion 
on 
the 
Climate 
Risk Stress 
Test 
results 
2022, including the Thematic Review. 
b)
Environmental, Social & Governance 
(ESG) issues: 
●
update on Eurobank’s position on ESG matters 
●
Program Field II Update 
●
update by the 
responsible BoD member for 
climate-
related and environmental risks 
●
discussion 
on 
the 
Climate 
Risk 
Stress 
Test 
results 
2022, including the Thematic Review. 
c)
Strategic issues including Corporate and other 
actions: 
●
discussion of various strategy issues 
●
approval 
of the 
sale of 
stake in 
Grivalia Hospitality 
(related parties’ transactions) 
●
approval of 
the share 
capital increase following 
the 
exercise 
of 
stock 
option 
rights 
(stock 
options) 
and 
amendment of article 5 of the Articles of Association 
of the 
Company according 
to article 
113 par. 
3 of 
l. 
4548/2018. 
c)
Strategic issues including Corporate and other 
actions: 
●
discussion of various strategy issues 
●
approval 
of the 
sale of 
stake in 
Grivalia Hospitality 
(related parties’ transactions) 
●
approval 
of the 
merger 
of the 
Bank with 
“HELLENIC 
POST CREDIT SOCIETE ANONYME” 
(POSTCREDIT) 
●
approval 
of 
the 
merger 
of 
the 
Bank 
with 
“CLOUD 
HELLAS SINGLE 
MEMBER KTIMATIKI 
S.A.” by 
way of 
its absorption by the Bank 
●
approval 
of 
the 
merger 
of 
the 
Bank 
with 
“STANDARD 
REAL 
ESTATE 
SOCIETE 
ANONYME” 
by 
way of its absorption by the Bank 
●
approval of 
the sale of 
real estate portfolio 
(Project 
Mart) 
●
approval of the hive down of the Merchant Acquiring 
Sector of the Bank (Project Triangle) 
●
approval of the 
acquisition of BNP Paribas Personal 
Finance 
S.A. 
(ΒNPP) 
branch 
in 
Bulgaria 
(Project 
Echos) 
d)
Capital adequacy: 
●
approval 
of 
the 
2022 
Internal 
Capital 
& 
Liquidity 
Adequacy Statements (CAS 
& LAS) in the 
context of 
the 
Internal 
Capital 
& 
Liquidity 
Adequacy 
Assessment Process (ICAAP & ILAAP 2022). 
●
approval of additional Baseline and Adverse Capital 
Scenarios 
in 
the 
context 
of 
the 
Internal 
Capital 
Adequacy Assessment Process 
(ICAAP) 2022, due to 
the 
ongoing 
geopolitical 
crisis 
and 
potential 
adjustment to Capital Adequacy Statements (CAS) 
●
approval of 
ad-hoc data collection 
on financial and 
macroeconomic projections 
d)
Capital adequacy: 
●
approval 
of 
the 
2022 
Internal 
Capital 
& 
Liquidity 
Adequacy Statements (CAS 
& LAS) in the 
context of 
the 
Internal 
Capital 
& 
Liquidity 
Adequacy 
Assessment Process (ICAAP & ILAAP 2022) 
●
approval of additional Baseline and Adverse Capital 
Scenarios 
in 
the 
context 
of 
the 
Internal 
Capital 
Adequacy Assessment Process 
(ICAAP) 2022, due to 
the 
ongoing 
geopolitical 
crisis 
and 
potential 
adjustment to Capital Adequacy Statements (CAS) 
●
approval of 
ad-hoc data collection 
on financial and 
macroeconomic projections 
●
approval of 
securitizations of the 
Bank’s receivables 
from portfolios 
of business and other loans. 

 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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e)
Business monitoring: 
●
approval 
of 
the 
2021 
annual 
financial 
statements 
and the 2022 interim financial statements 
●
approval of the Annual Budget 
2023 and the 3-Years 
Business Plan for the period 
2023-2025 
●
discussion of 2022 performance versus 
budget 
●
discussion of business developments and liquidity. 
e)
Business monitoring: 
●
approval 
of the 
2021 
annual 
consolidated 
financial 
statements 
and 
the 
2022 
interim 
consolidated 
financial statements 
●
approval of the Annual Budget 
2023 and the 3-Years 
Business Plan for the period 
2023-2025 
●
approval 
of the 
Group’s 
NPE Targets 
for the 
period 
2022-2024 and the 
NPE management Strategy 
●
update 
on 
significant 
subsidiaries 
activities 
and 
strategic priorities 
●
discussion of 2022 performance versus 
budget 
●
review of business developments 
and liquidity. 
f)
Risk Management and Internal Control: 
●
briefing on 
the assessment 
on Internal 
Audit Group 
and Group Compliance annual regulatory reports 
●
update on significant internal audit and 
compliance 
issues 
●
update on significant legal issue 
●
approval of the Risk Appetite 
Framework, Group Risk 
and Capital Strategy and Risk Appetite Statements 
●
approval 
of 
Risk 
Identification 
and 
Materiality 
Assessment (RIMA) framework 
and reports 
●
approval 
for 
the 
Reversion 
to 
Standardised 
Approach for the 
Risk Weighted Assets calculation 
●
approval of the consolidated Pillar 
3 Reports 
(capital 
and risk management disclosures) for 2021, 3M2022, 
6M2022 and 9M2022 
●
regular 
briefing 
on 
Board 
Risk 
and 
Audit 
Committees’ matters 
●
update on significant risk issues, including the Group 
Chief Risk Officer’s Annual Report for the 
year 2021 
●
update 
on 
the 
2021 
Annual 
Activity 
Report 
of 
the 
Audit Committee 
before 
submission 
to 
the 
Annual 
General Meeting 
●
approval 
of new 
or revised 
policies as 
per the 
legal 
and regulatory framework 
and internal processes 
●
approval of the 2022 Group 
Recovery Plan 
●
updates for the Russian-Ukraine crisis and sanctions. 
f)
Risk Management and Internal Control: 
●
briefing on 
the assessment 
on Internal 
Audit Group 
and Group Compliance annual regulatory reports 
●
update on significant internal audit issues 
●
update 
on 
significant 
compliance 
issues, 
including 
AML end-to-end project status update 
●
update on significant legal issue 
●
approval of the Risk Appetite Framework, 
the Group 
Risk 
and 
Capital 
Strategy 
and 
Risk 
Appetite 
Statements 
●
approval 
of 
for 
the 
Reversion 
to 
Standardised 
Approach for the 
Risk Weighted Assets calculation 
●
approval of the 
consolidated Pillar 3 Report (capital 
and risk management disclosures) for 2021 
●
update 
on 
credit 
and 
NPE 
related 
issues 
through 
various reports 
●
regular 
briefing 
on 
Board 
Risk 
and 
Audit 
Committees’ matters 
●
update on significant risk issues, including the Group 
Chief Risk Officer’s Annual Report for the 
year 2021 
●
update 
on 
the 
2021 
Annual 
Activity 
Report 
of 
the 
Audit 
Committee 
before 
submission 
to 
the 
Annual 
General Meeting 
●
approval 
of new 
or revised 
policies as 
per the 
legal 
and regulatory framework 
and internal processes. 
●
updates for the Russian-Ukraine 
crisis and sanctions 
g)
Transformation 
Project: 
●
received 
regular 
updates 
on 
the 
transformation 
project, 
including 
the 
Group 
Compliance 
Target 
Operating Model. 
g)
Transformation 
Project: 
●
received 
regular 
updates 
on 
the 
transformation 
project, 
including 
the 
Group 
Compliance 
Target 
Operating Model. 
Board Strategy Day 
Apart from 
the annual 
meeting on 
Eurobank’s 
annual budget 
and its 
3-year business 
plan, a 
strategy 
meeting, outside 
the 
formal 
confines of 
the BoD 
(no formal 
minutes are 
kept), 
also takes 
place (on 
an annual 
basis), so 
as the 
BoD members 
to 
have ample 
time for 
discussion and 
deliberation 
on the 
top strategic 
initiatives that 
are relevant 
to Eurobank’s 
growth 
and 
its standing among its peers (the Board Strategy Day). 
The 
Board 
Strategy 
Day 
took 
place 
on 30.09.2022 
and focused 
on Transformation 
and deep 
dives 
on key 
transformation 
streams. 
2.12
Board and Board Committees overall 
effectiveness assessment 
Board and Board Committees Evaluation conducted 
internally 
In accordance 
with the 
HoldCo/Bank 
Board 
and Board 
Committees Evaluation 
policy 
(Evaluation 
Policy), 
the 
HoldCo/Bank 
Nomination 
and 
Corporate 
Governance 
Committee 
(NomCo) 
has 
the 
overall 
responsibility 
to 
assess 
the 
structure, 
size, 
composition and performance of the Board and the Board Committees 
and make recommendations to the Board with regard 
to any changes deemed necessary. Therefore, 
it is NomCo’s responsibility to design and coordinate the self-evaluation 
of the 
Board’s and the Board Committees’ effectiveness 
(Internal Evaluation). 
The 
Internal 
Evaluation 
is 
based 
on 
a 
self-evaluation 
questionnaire. 
The 
content 
of 
the 
questionnaire 
and 
the 
evaluation 
process can be designed 
and managed 
by the Chair 
of the NomCo. 
Alternatively, the NomCo may assign 
this task to 
a member 
of the Bank’s personnel (for 
example the Group Company Secretary) and/or to an external consultant. 
In this context, the 2022 Internal Evaluation was carried out using the Board self-assessment questionnaires 
as primary input. 
The 
input includes 
the 
anonymized responses 
of Board 
members 
to the 
questionnaires, 
delivered 
through 
Diligent’s secure 

 
 
 
 
 
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web-based 
platform 
(Questionnaires 
module). 
In 
accordance 
with 
the 
Evaluation 
Policy, 
these 
questionnaires 
cover 
the 
following area 
s: 
●
Board’s performance 
in setting and monitoring strategy (including the business plan) 
●
Board’s performance 
in overseeing, engaging with, evaluating, incentivizing 
and retaining key management personnel 
●
Board’s performance 
in overseeing risk management and internal control 
●
adequacy of the Board’s profile and composition 
●
adequacy of Board dynamics and functioning 
●
role and performance 
of the Board Chairperson 
●
adequacy of Board secretarial support 
●
effectiveness of Board 
Committees 
Regarding 
the 
evaluation 
of 
the 
HoldCo/Bank 
Board 
Committees, 
it 
is 
noted 
that 
the 
Board 
members 
responded 
to 
the 
questions of the Board self-assessment 
questionnaires assigned to the particular Board Committee(s), they 
are members. 
The 
results of 
the Internal 
Evaluation reve 
aled that 
the HoldCo/Bank 
Boards continued 
to function 
effectively 
in 2022 
as in 
2021. 
In particular, in the Strategy area, 
the Board overall 
has a positive impression with respect to the improving 
role of the Board 
on strategy, including the time devoted for 
the review and approval of the business plan and budget and the frequency of the 
updates provided by Management on performance 
against strategic objectives and budgetary targets. 
Referring to the relationship with Management, the Board has a positive view regarding the adequacy of senior management 
performance against performance targets, including the frequency of the reporting it receives by Management at Board level. 
On the 
strategic 
HR issues 
and remuneration 
front, the 
Board considers 
that the 
remuneration 
has improved 
over 
the past 
years. 
Regarding risk governance 
and internal control, 
the overall 
impression is that 
the Board 
has a comprehensive 
picture of the 
Bank’s risk 
profile, 
exercises an 
adequate oversight 
of risk 
management and 
adequately discusses 
Eurobank’s 
risk appetite 
framework 
and 
risk 
appetite 
statements 
before 
final 
approval. 
Also, 
the 
Board 
is 
satisfied 
that 
Eurobank 
Group 
has 
appropriate policies and resources 
to identify, assess, monitor and mitigate financial and non-financial risk. 
Regarding 
the 
board 
profile 
and 
composition, 
the 
Board’s 
collective 
knowledge, 
skills, 
experience 
and 
tenure 
levels 
are 
perceived to 
be generally adequate 
by the Directors 
and the Board is considered 
to have adequate size and structure 
which 
allows 
productive 
discussions. 
Additionally, 
the 
Board 
has 
diverse 
profiles 
that 
ensure 
productive 
exchange 
of 
views 
and 
opinions that ensure effective 
oversight. 
Regarding 
the 
Board 
functioning 
and dynamics, 
the 
Board 
meets 
an adequate 
number 
of times 
and 
the 
Board 
members 
generally 
come to 
the meetings 
prepared. Also, 
there 
is good planning 
of the 
Board’s annual agenda, 
ensuring coverage 
of 
all responsibilities. 
The 
Board discussions 
appear to 
show strong 
and constructive 
challenge. Members 
acknowledged that 
the number of items on the agenda is satisfactory 
and permits meaningful discussions. 
For the 
role of the Board 
Chairman, the Board’s view is that it clearly reflects 
the leadership needs of the Board. 
For the 
Board’s secretarial support, the 
Board considers that it is effective 
in its role and continues to support 
the Board and 
the Board Committees adequately and 
timely. The Board also considers that in general it receives the Board packs in 
advance 
of meetings allowing adequate 
time for review, whereas the quality of the documents submitted by 
Management to the Board 
is generally perceived 
as very good. As regards to the 
Board’s minutes, these are considered to be of good quality. 
Finally, the evaluation highlighted that further enhancements could be pursued, among others, in the areas of risk governance 
and internal control (through 
further analysis of the non-financial risks). 
As regards the main conclusions of the Internal Evaluation 
of the Board Committees, it is noted that they 
have been included 
in the relevant sections where 
the Board Committees’ functioning 
and operation is presented. 
Assessment of the 
knowledge, skills and 
experience (KSE) of the 
Board collectively 
as well as 
the KSE and 
contribution of 
individual Board members. 
The NomCo has also the responsibility to assess the knowledge, skills and experience (KSE) of the Board collectively as well as 
the KSE and contribution of individual Board members 
and to report to the Board accordingly. 
Individual Evaluations 
The individual evaluations 
(i.e. the assessment 
of the Board 
Chairperson, the assessment 
of NEDs and the assessment 
of the 
Executive Directors) take 
into account the status of the 
member (executive, non-executive, 
independent), the participation 
in 
committees, the 
undertaking of specific 
responsibilities / projects, 
the time 
devoted, the 
behavior and the 
use of knowledge 
and experience. 
A. Assessment of the Board Chairperson 
The 
Board 
Chair’s 
evaluation 
is 
part 
of 
the 
Internal 
Evaluation 
(mentioned 
above) 
and 
is 
conducted 
by 
all 
other 
Board 
members via the Questionnaire for 
the self-evaluation of the 
Board’s and the Board Committees’ effectiveness 
. 
The HoldCo/Bank Board Chair’s evaluation 
in 2022 remained very strong (similarly to the 
respective evaluation in 2021).
B. Assessment of the Non-Executive Directors’ 
(NEDs), excluding the Chairperson, contribution to the 
Board 
The Board Chair is responsible to conduct the 
assessment of the NEDs’ contribution to the 
Board and present the results to 
the NomCo. 

 
 
 
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The assessment of the 
NEDs’ contribution to the Board is performed 
in the following 
discrete steps: 
●
The NomCo approves 
the NEDs self-evaluation questionnaire. 
●
The questionnaire is distributed to the NEDs. Responses 
are strictly confidential and 
can only be sent 
to the Board 
Chair and/or those expressly mandated to assist in the task by him/her 
●
The 
Board 
Chair 
holds 
confidential 
one-on-one 
interviews 
with 
each 
NED, 
using 
the 
individual 
NEDs 
self-
evaluation Questionnaire as an input. 
●
The Board Chair presents an overall 
report on his findings to the NomCo. 
●
The Board Chair’s views on NEDs 
performance and contribution of knowledge, skills 
and experience are presented 
and discussed 
at 
the 
NomCo also 
during the 
process 
of developing 
the 
NomCo’s 
proposals 
for 
discussing the 
(re)appointment / succession planning of individual Board members. 
In accordance with the procedure described above, the 
2022 annual assessment of 
the NEDs’ contribution to 
the HoldCo/Bank 
Board was directed 
by the 
Board Chair with 
the use of 
an individual self-evaluation 
questionnaire consisted of 
10 questions 
aiming to identify the strengths and areas for 
improvement of individual Directors across 
the following 
5 areas: 
●
Contribution to overall 
Board profile skillset 
●
Board participation and quality of contributions to Board deliberations 
●
Punctuality and attendance 
●
Team Spirit and demeanor 
●
Independent Thinking and Constructive Challenge 
The 2022 
annual assessment 
of the 
NEDs’ contribution 
to the 
HoldCo/Bank Board 
demonstrated that 
the NEDs 
adequately 
meet expectations for effectively 
accomplishing their role as Directors of the 
HoldCo/Bank. 
C. Executive Directors’ Performance 
Evaluation 
The 
Executive 
Directors’ 
Performance 
Evaluation 
(i.e 
CEO 
and 
Deputy 
CEOs) 
is 
conducted 
through 
a 
separate 
process, 
involving 
the 
CEO 
and 
the 
Nomination 
and 
the 
Remuneration 
Committees, 
annually, 
on 
the 
basis 
of 
the 
qualitative 
and 
quantitative Key Performance 
Indicators, as these are approved 
every year by the 
Non-Executive Directors. 
Regarding 
the 
Evaluation 
of 
the 
CEO, 
in 
accordance 
with 
the 
TRFA, 
the 
Remuneration 
Committee 
proposes 
to 
the 
Non-
Executive 
Directors 
of 
the 
HoldCo’s/Bank’s 
BoD 
for 
their 
approval 
the 
Key 
Performance 
Indicators 
(KPIs) 
relevant 
to 
the 
remuneration 
of the Bank’s 
CEO and evaluate the 
CEO’s performance 
in light of these 
KPIs. The results 
of the evaluation 
are 
communicated to the Chief Executive and taken 
into account in determining his remuneration. 
Collective Suitability Assessment 
During 2022, 
further 
to 
the 
aforementioned 
evaluation 
of 
the 
Board 
of 
Directors, 
an 
assessment 
of 
the 
Board’s 
collective 
suitability in 
terms of 
knowledge, skills 
and experience 
based on 
the Joint 
ESMA/EBA Guidelines 
on “the 
assessment of 
the 
suitability of members of the management body and key function holders” 
(EBA/GL/2021/06) 
was conducted with the support 
of the NomCo. 
In particular, 
the assessment 
examined whether 
the Board 
of Directors 
is collectively 
suitable to understand 
(i) the 
business 
model, strategy 
and risks, 
and (ii) 
matters 
of Governance, 
Risk Management, 
Compliance, Audit, 
Management, Strategy 
& 
Decision making, 
and concluded that 
the Board 
is collectively 
suitable to understand 
the aforementioned 
areas. Within 
the 
positive 
assessment, 
the 
evaluation 
also 
highlighted 
that 
the 
Board’s 
collective 
suitability 
could 
take 
benefit 
through 
continued 
improvement 
of 
the 
present 
skillset 
in 
the 
areas, 
among 
others, 
of 
audit, 
risk 
management, 
technology 
and 
digitization. 
2.13
Directors’ Induction and Continuous Professional 
Development Process 
All 
new 
Board 
members 
receive 
a 
full 
and 
formal 
Induction 
Program 
whose 
main 
objectives 
are 
to 
(a) 
communicate 
HoldCo/Bank’s vision and culture, (b) communicate practical 
procedural duties, (c) reduce the 
time taken for them 
to become 
productive in their duties, d) assimilate them 
as welcomed members of the Board, 
e) become familiar with the HoldCo/Bank’s 
organizational structure and f) give them an understanding of HoldCo/Bank’s business and strategy and the markets in which 
it 
operates, 
a 
link 
with 
the 
HoldCo/Bank’s 
people 
and 
an 
understanding 
of 
its 
main 
relationships. 
Also, 
the 
new 
Board 
members, 
upon their 
appointment receive 
a Manual 
of Obligations 
towards 
Supervisory Authorities 
and the 
HoldCo/Bank, 
aiming to inform them on their 
main obligations under the 
local regulations and the 
Board’s procedures, while 
meetings and 
presentations are 
arranged with 
the HoldCo/Bank’s 
Key Executives, in 
order for 
the new 
Directors to acquire 
a real overview 
of the HoldCo/Bank. 
Furthermore, 
given 
that 
the 
HoldCo/Bank 
acknowledges 
the 
need 
to 
provide 
resources 
for 
developing 
and 
refreshing 
the 
knowledge and skills of 
the Directors, during 2022 and 
in the framework of its Continuous Professional Development program, 
all the 
Board 
members 
a) received 
formal 
training 
on Blockchain 
& Central 
Bank Digital 
Currency 
in Financial 
Services, 
on 
Artificial Intelligence 
in Financial 
Services, 
on Anti-Money 
Laundering (AML) 
regulatory developments 
and on Risk 
Appetite 
Framework (RAF) Communication, b) received regular updates, including reports and presentations, from senior management 
regarding 
the 
operations 
and 
strategic 
targets 
of 
business 
units 
and 
c) 
were 
updated 
on 
a 
regular 
basis 
on 
risk, 
audit, 
compliance, 
financial, 
human 
resources, 
legal 
and 
regulatory 
issues, 
and 
d) 
received 
regular 
and 
ad-hoc 
research 
and 
economic bulletins prepared by Eurobank’s 
Economic Analysis and Financial Markets Research Division. 

 
 
 
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3.
Board Committees 
The Boards 
of HoldCo/Bank 
are assisted 
in carrying 
out their 
duties by 
Board Committees 
to whom 
they delegate 
some of 
their responsibilities. 
In addition, the 
Boards approve 
their terms 
of reference, 
receive regular 
and ad hoc reports 
from them 
and assess their performance 
as per the provisions 
of the Board and Board Committees Evaluation Policy. 
According to the 
TRFA, the 
HFSF appoints its Representative 
as well as its Observer 
(who has no voting 
rights in the Board’s 
Committees) or 
replaces them 
with a 
written request 
addressed to 
the Chairperson 
of the 
Board and 
their appointment 
is 
completed immediately from the receipt 
by the HoldCo’s/Bank’s 
BoD of the HSFS’s written request and no further procedures 
are required. 
Pursuant to the 
TRFA, the 
HFSF Representative 
has the 
right to participate 
in, request the 
convocation 
of, and 
include items on the agendas of 
the Audit Committee, Board Risk Committee, Remuneration Committee and Nomination and 
Corporate Governance 
Committee. 
According 
to 
the 
TRFA 
provisions, 
the 
members 
of 
the 
Audit, 
Board 
Risk, 
Remuneration 
and 
Nomination 
and 
Corporate 
Governance Committees should be at least three (3) and should not exceed 40% (rounded to the nearest integer) of the 
total 
number of Board 
members, excluding the 
representative of 
the HFSF. 
The Committees’ 
Chairpersons should be independent 
non-executive 
members. 
The 
Committees’ 
members 
should 
be 
non-executives 
with 
the 
majority 
of 
them, 
excluding 
the 
representative of the HFSF, 
independent non-executives, except for the Audit and Board Risk Committees where 
75% and 1/3, 
respectively, 
of 
their 
members 
(excluding 
the 
representative 
of 
the 
HFSF 
and 
rounded 
to 
the 
nearest 
integer) 
should 
be 
independent non-executives. For any deviations 
from the TRFA 
provisions, the 
prior consent of HFSF should be received. 
3.1
Audit Committee
6 
The primary 
function of the 
Audit Committee (AC) is 
to assist the Board 
in discharging its oversight 
responsibilities primarily 
relating to: 
●
the 
review 
of 
the 
adequacy of 
the 
Internal 
Control 
and 
Risk Management 
systems and 
the 
compliance 
with 
rules and 
regulations monitoring process, 
●
the review of the 
financial reporting process and satisfaction 
as to the integrity of the HoldCO’s Financial Statements, 
●
the External Auditors’ selection, performance 
and independence, 
●
the effectiveness 
and performance of the 
Internal Audit and of the Compliance function.
In addition, in the context 
of AC’s responsibility to 
safeguard External Auditors’ independence, the AC ensures that the nature 
of non-audit services, prior to their being undertaken by the 
External Auditors, has been reviewed and approved 
as required 
and that there 
is proper balance 
between audit and non-audit 
work in accordance 
with Group’s 
/ Bank’s policy on 
External 
Auditors’ Independence. 
AC Membership/Composition 
The HoldCo/Bank’s 
Audit Committees are Committees consisted 
exclusively by Board 
members and their 
compositions have 
been approved 
by the General 
Meetings of the Shareholders 
(as per the 
legal framework), 
following the 
recommendation of 
the NomCos 
to the 
Boards. The 
tenure of 
the Committee 
members 
coincides with 
the tenure 
of the 
HoldCo/Bank’s Boards, 
with the 
option to renew 
their appointment, but 
in any case, the 
service in the 
Committees should not be more 
than nine (9) 
years in 
total. The 
Chairperson of 
the Committees 
is appointed 
by the 
members 
of the 
Committees, while 
the Committee’s 
members may 
also appoint a 
Vice Chairperson. 
The HFSF 
appointed an Observer 
in the 
Audit Committees, in 
line with 
the 
requirements of the TRFA. 
All AC members 
have sufficient 
knowledge in the 
field of HoldCo/Bank’s 
activities and the 
necessary skills and 
experience to 
carry out their duties and meet the 
requirement of established knowledge and experience 
in auditing and/or accounting. 
The 
Audit 
Committees 
consist 
of 
four 
(4) 
non-executive 
Directors, 
three 
(3) 
of 
whom 
are 
independent, 
including 
the 
Chairperson. 
One 
(1) 
of 
the 
Audit 
Committee 
members 
is 
the 
HFSF 
Representative. 
In 
particular, 
the 
HoldCo/Bank’s 
AC 
composition is outlined below: 
AC Chairperson: 
Jawaid Mirza, 
Non-Executive Independent Director of the Board
AC Vice-Chairperson: 
Irene Rouvitha Panou, 
Non-executive Independent Director of the Board
AC Members: 
Rajeev Kakar
,
Non-Executive Independent Director of the Board
Efthymia Deli,
 
Non-executive Director of the Board, 
HFSF Representative
It is noted that in line with the provisions 
of article 44 of law 4449/2017, as amended 
and currently in force, 
and further to the 
decision of the HoldCo/Bank’s 
Annual General Meetings of 
Shareholders as of 21.07.2022 
regarding the recomposition 
of the 
Audit 
Committees 
and 
more 
specifically 
regarding 
their 
type, 
composition 
and 
term 
of 
office; 
and 
the 
BoDs’ 
decision 
of 
30.6.2022 
and 
21.07.2022 
regarding 
the 
membership 
of 
the 
ACs, 
following 
relevant 
recommendations 
by 
the 
NomCos 
of 
28.06.2022, the ACs decided on their constitution and on the 
appointment of their Chairman. Compared to the previous 
ACs’ 
composition and following 
the recomposition 
of the 
ACs on 21.72022, 
the ACs’ 
members were 
decreased from 
six (6) to four 
(4) since Mr. Bradley 
Paul Martin and Ms. Cinzia Basile ceased to be members of the Committee. 
AC Meetings 
The 
HoldCo/Bank’s 
Audit Committees 
meet 
at 
least eight 
(8) times 
per 
year 
or more 
frequently, 
as circumstances 
require, 
report on their activities 
to the HoldCo/Bank’s Boards 
on a quarterly basis and submit the 
minutes of their meetings 
and the 
annual 
Activity 
Reports 
(before 
their 
submission 
to 
the 
HoldCo/Bank 
Shareholders’ 
Annual 
General 
Meeting) 
to 
the 
HoldCo/Bank’s Boards. 
6
HoldCo/Bank’s 
Audit 
Committees’ 
Terms 
of 
Reference 
may 
be 
found 
at 
the 
HoldCo/Bank 
websites 
(
www.eurobankholdings.gr
 
& 
www.eurobank.gr
).
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Quorum in the AC Meetings 
The Audit Committee’s meeting is in quorum and meets validly when half of its members plus one are present or represented, 
provided that at least three 
(3), including the 
Chairperson or the 
Vice Chairperson, 
are present. Each 
member of the Committee 
may validly represent only one 
of the other 
Committee members. Representation 
in the Committee may 
not be entrusted to 
persons other than 
the members thereof.
 
AC Decisions 
The Audit Committee resolutions are validly taken 
by an absolute majority of the members who are present and represented. 
In case of a tie of votes, the Chairperson and in case of his/her absence the 
Vice Chairperson has the casting vote. 
The Board 
is informed whenever 
a decision of the Audit Committee is not reached unanimously. 
Attendance to the AC Meetings 
During 2022 the attendance details for 
the Audit Committee were as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2022 
2021 
2022 
2021 
HoldCo 
14 
11 
100% 
95%
Bank 
14 
12 
100% 
95% 
It is 
noted that 
in 2022, 
all Directors 
provided 
representation 
proxies for 
each missed 
meeting in 
HoldCo/Bank AC, 
leading 
their overall 
attendance rate (physical and under representation) 
at 100% in HoldCo/Bank AC. 
AC Secretary and Minutes 
The 
Audit 
Committee 
appoints 
its 
Secretary, 
who 
reports 
to 
the 
Group 
Company 
Secretariat 
and 
cooperates 
with 
the 
Chairperson of the Committee. The Secretary is responsible to minute the proceedings and decisions of all Audit Committees’ 
meetings, including 
the names 
of those 
present and 
in attendance 
and the 
action plans 
and follow 
ups for 
assignments, as 
well as for the issuance of extracts. Decisions, actions 
and follow ups are disseminated to the responsible parties, as required. 
AC Terms 
of Reference (ToR) 
The Audit 
Committee’s ToR 
are reviewed 
every two 
(2) years and revised 
if necessary, 
unless significant changes necessitate 
earlier revision. The 
ToR are approved 
by the Board. 
AC’s Performance 
Evaluation 
AC’s performance 
is evaluated 
annually according 
to the 
provisions 
of the 
Board and 
Board Committees 
Evaluation Policy. 
According 
to 
AC’s 
self-evaluation, 
the 
AC 
members 
are 
satisfied 
with 
the 
Committee’s 
effectiveness 
and 
leadership. 
They 
believe that the AC 
uses its time effectively 
and there is a good planning and scheduling of the 
meetings. The Chairperson of 
the AC 
is well 
prepared for 
the meetings 
and helps 
the Committee 
to effectively 
navigate through 
its agenda, encouraging 
critical discussion and ensuring that every 
member can freely express 
her/his views. The members 
are also well prepared and 
there is 
high level of 
participation on 
all important discussions, showing 
an adequate level 
of challenge. The 
evaluation also 
highlighted 
that 
the 
retention 
of 
qualified 
and 
experienced 
staff 
in 
the 
areas 
of 
audit 
and 
compliance 
is 
of 
strategic 
importance and should remain an area of focus, while the further enhancement 
of the audit staff’s skillset in specialties of the 
modern digital era such as Artificial Intelligence (AI) design, algorithm testing and digitalization 
should be actively pursued. 
AC’s Activity in 2022 
For 2022, AC has amongst others: 
Eurobank Holdings 
Bank 
●
proposed 
to 
the 
BoD 
for 
approval 
the 
AC 
Terms 
of 
Reference 
●
reviewed 
and 
discussed 
reports 
with 
information 
relating 
mainly 
to 
the 
Internal 
Audit 
and 
Compliance 
issues, 
including 
quarterly 
reports 
from 
Internal 
Audit 
and Compliance functions 
●
ensured 
that 
an 
annual 
evaluation 
of 
the 
System 
of 
Internal Controls 
for the 
year 2021 
has been performed 
and documented by 
Internal Audit. The Audit 
Committee 
has 
prepared 
its 
own 
assessment 
report 
on 
Internal 
Audit’s evaluation. The reports were further submitted to 
the 
Board 
and 
the 
BoG 
in 
line 
with 
the 
BoG 
Act 
2577/2006 
●
reviewed 
the 
annual 
Compliance 
Sector’s 
reports 
over 
compliance activities for the 
year 2021 and prepared its 
own assessment report thereon. The reports were further 
submitted 
to 
the 
Board 
and 
the 
BoG, 
in 
line 
with 
the 
BoG Governors Act 2577/2006 
●
reviewed, 
approved 
and 
further 
submitted 
to 
the 
BoD 
for 
approval 
the 
revised 
Conflict of 
Interest 
Policy 
and 
the revised Compliance Policy 
●
reviewed, 
approved 
and 
further 
submitted 
to 
the 
BoD 
for 
information 
the 
revised 
Insider 
Dealing 
Guideline 
and the revised Market Abuse Policy 
●
reviewed 
and 
approved 
the 
MiFID 
II 
Product 
Governance 
Policy 
and 
the 
Policy 
for 
Reporting 
Unethical Conduct 
●
discussed with Management, Internal Audit 
and External 
Auditors issues relating to the financial results, 
●
proposed 
to 
the 
BoD 
for 
approval 
the 
AC 
Terms 
of 
Reference 
●
reviewed 
and 
discussed 
reports 
with 
information 
relating 
to 
the 
System 
of 
Internal 
Controls, 
including 
quarterly 
reports 
from 
Internal 
Audit 
Group, 
Compliance, 
Operational 
Risk Sector, 
Clients Relations 
Office, etc. 
●
ensured 
that 
an 
annual 
evaluation 
of 
the 
System 
of 
Internal 
Controls 
has 
been 
performed, 
by 
the 
Internal 
Audit Group 
for the 
year 2021. 
Results are 
documented 
in the 
latter’s report 
of the 
System of 
Internal Controls. 
The Audit 
Committee has prepared 
its own assessment 
report on Internal Audit Group’s 
evaluation. The 
reports 
were further 
submitted to the Board and the BoG in line 
with the BoG Act 2577/2006 
●
approved the 
revised Group Compliance Mandate 
●
focused 
particularly 
on 
the 
AML 
function 
and 
received 
regular updates on the AML issues 
●
discussed 
the 
revised 
Compliance 
Risk 
Assessment 
Methodology 
●
discussed 
and 
further 
submitted 
to 
the 
BoD 
for 
information 
the Anti-Money 
Laundering (AML) 
Business 
Risk Assessment 
●
reviewed the annual Group Compliance Sector’s reports 
over 
AML and 
compliance activities 
of the 
Bank for 
the 
year 
2021 
and 
prepared 
its 
own 
assessment 
report 
thereon. The reports were further submitted to the 
Board 
and 
the 
BoG, 
in 
line 
with 
the 
BoG 
Governors 
Act 
2577/2006 

 
 
 
 
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●
reviewed and cleared the financial 
statements and other 
financial 
reports 
and 
trading 
updates 
prior 
to 
their 
release 
●
discussed 
with 
Management 
the 
implementation 
of 
corrective 
actions 
to 
recommendations 
made 
by 
Internal 
and 
External 
Auditors 
and 
Regulatory 
Authorities 
●
assessed the effectiveness 
of the External Auditors, their 
objectivity 
and 
independence, 
discussed 
results 
with 
Management 
and 
Internal 
Audit 
and 
communicated 
final results to the Board and to the External 
Auditors 
●
approved the 
remuneration of External 
Auditors 
●
proposed to the Board and the Annual General Meeting 
of 
Shareholders 
for 
approval 
the 
appointment 
of 
the 
External Auditors for the financial year 
2022 
●
monitored, 
in 
line 
with 
the 
External 
Auditor’s 
Independence Policy, the non-audit services provided by 
the External Auditor in 2022, 
●
assessed the performance 
of the Internal Auditor, 
●
approved 
the 
annual 
Plans 
of 
Internal 
Audit 
and 
Compliance and monitored their progress 
●
received updates on the 
progress of the Annual Budget 
●
in accordance with the 
provisions of Law 2533/1997, 
the 
Audit Committee reviewed 
reports on 
substantial stock 
transactions 
of 
the 
HoldCo’s 
Directors 
and 
General 
Managers which 
meet the 
criteria set 
in Law 2533/1997 
and notified the Board 
●
approved 
and notified the 
Board for 
further submission 
to the 
Annual General 
Meeting, the 
annual AC 
Activity 
Report for 2021. 
●
reviewed, 
approved 
and 
further 
submitted 
to 
the 
BoD 
for approval 
the revised 
Group AML/CFT 
and Sanctions 
Policy, 
the 
revised 
Compliance 
Policy 
and 
the 
revised 
Conflict of Interest Policy 
●
reviewed, 
approved 
and 
further 
submitted 
to 
the 
BoD 
for 
information 
the 
revised 
Insider 
Dealing 
Guideline 
and the revised Market Abuse Policy 
●
reviewed 
and 
approved 
the 
revised 
Order 
Execution 
Policy, 
the 
revised 
MiFID 
II 
Product 
Governance 
Policy, 
the revised 
Policy 
for 
Reporting Unethical 
Conduct, the 
revised 
Safekeeping 
Policy, 
the 
revised 
MiFID 
II 
Customer 
Categorization 
Policy, 
the 
revised 
Appropriateness 
Assessment 
Policy 
and 
the 
revised 
Suitability Assessment Policy 
●
discussed with Management, Internal Audit 
and External 
Auditors issues relating to the financial results, 
●
reviewed 
and 
cleared 
the 
consolidated 
financial 
statements 
●
discussed 
with 
Management 
the 
implementation 
of 
corrective 
actions 
to 
recommendations 
made 
by 
Internal 
and 
External 
Auditors 
and 
Regulatory 
Authorities 
●
discussed 
with 
the 
Audit 
Committee 
Chairpersons 
of 
Eurobank 
Serbia, 
Eurobank 
Bulgaria, 
Eurobank 
Cyprus 
and 
Eurobank 
Private 
Bank 
Luxembourg 
the 
key 
audit 
issues of the International Subsidiaries 
●
discussed with 
Management 
and External 
Auditors the 
oversight, 
the 
potential 
risks 
and 
the 
proposed 
mitigating 
actions 
of 
the 
merger 
of 
Eurobank 
Serbia 
with Direktna 
●
assessed the effectiveness 
of the External Auditors, their 
objectivity 
and 
independence, 
discussed 
results 
with 
Management 
and 
Internal 
Audit 
and 
communicated 
final results to the Board and to the External 
Auditors 
●
approved the 
remuneration of External 
Auditors 
●
proposed to the Board and the Annual General Meeting 
of 
Shareholders 
for 
approval 
the 
appointment 
of 
the 
External Auditors for the financial year 
2022 
●
monitored, 
in 
line 
with 
the 
External 
Auditor’s 
Independence Policy, the non-audit services provided by 
the External Auditor in 2022 
●
assessed the performance 
of the Head of 
Internal Audit 
and the Head of Group Compliance Sector 
●
approved 
the annual Plans 
of Internal Audit Group 
and 
of Group Compliance and monitored their progress 
●
monitored the memberships and the modus operandi of 
the 
Audit 
Committees 
of 
the 
subsidiaries, 
as 
required, 
and reviewed their 
Activity Reports 
●
in accordance with the 
provisions of Law 2533/1997, 
the 
Audit Committee reviewed 
reports on 
substantial stock 
transactions 
of 
the 
Bank’s 
Directors 
and 
General 
Managers which 
meet the 
criteria set 
in Law 2533/1997 
and notified the Board 
●
approved 
and notified the 
Board for 
further submission 
to the 
Annual General 
Meeting, the 
annual AC 
Activity 
Report for 2021. 
It is noted 
that in 
accordance with 
the Law 
4449/2017 as in 
force, 
the HoldCo/Bank 
ACs submit 
an annual activity 
report to 
their 
Shareholders’ 
Annual General 
Meeting on 
the 
issues dealt 
with by 
the 
ACs 
during the 
previous 
year, 
also including 
a 
description of the sustainability policy followed 
by each entity. 
The 2022 
HoldCo/Bank AC 
Activity Reports which 
are also 
part of 
the 2022 
HoldCo/Bank Annual Financial 
Reports, refer 
to 
the AC activity during 2022, the issues addressed 
and the sustainability policy. 
3.2
Board Risk Committee
7 
The purpose of the HoldC/Bank’s 
Board Risk Committee (BRC) is to assist the Board in the following 
risk-related issues: 
●
to advise and 
support BoD regarding 
the monitoring 
of overall 
actual and future 
risk appetite and 
strategy, 
taking into 
account all types of risks to 
ensure that they are in line with the business strategy, objectives, corporate 
culture and values 
of the institution 
●
to provide BoD with recommendations 
on necessary adjustments to the risk strategy 
●
to assist BoD in overseeing the implementation 
of risk strategy and the corresponding 
limits set 
7
HoldCo/Bank’s BRCs’ Terms of Reference 
may be found at the HoldCo/Bank websites (
www.eurobankholdings.gr
 
& 
www.eurobank.gr
).
 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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●
to oversee the implementation of the strategies for capital and liquidity management as well as 
for all other relevant risks, 
such 
as 
credit 
and 
market 
risks 
as 
well 
as 
non-financial 
risks 
such 
as 
operational, 
reputational 
conduct 
legal, 
cyber, 
outsourcing climate and environmental, in order to 
assess their adequacy against the approved risk appetite 
and strategy 
●
to oversee the 
progress made to enhance resolvability 
in accordance with the 
requirements of the 
Resolution Authorities 
(for Bank BRC only)
●
to review a number 
of possible scenarios, including 
stressed scenarios, to assess 
how the risk profile would 
react to external 
and internal events 
●
to oversee 
the alignment 
between all 
material financial 
products and 
services offered 
to clients and 
the business 
model 
and risk 
strategy. 
The 
BRC should 
assess the 
risks associated 
with the 
offered 
financial products 
and services 
and take 
into account the 
alignment between the 
prices assigned to 
and the profits 
gained from 
those products 
and services 
(for 
Bank BRC only)
●
to provide advice on the appointment 
of external consultants that BoD may decide to engage for advice or support 
●
to 
assess 
the 
recommendations 
of 
internal 
or 
external 
auditors 
and 
follow 
up 
on 
the 
appropriate 
implementation 
of 
measures taken 
●
to 
ensure 
that 
an 
appropriate 
risk 
management 
framework 
has 
been 
developed 
which 
is 
embedded 
in 
the 
decision-
making 
process 
(e.g. 
new 
products 
and 
services 
introduction, 
risk 
adjusted 
pricing, 
internal 
risk 
models, 
risk 
adjusted 
performance measures 
and capital allocation) 
●
to define the risk management principles and ensure that there 
are the appropriate methodologies, 
modeling tools, data 
sources and sufficient and competent staff to identify, 
assess, monitor and mitigate risks, and 
●
to set, 
approve 
and oversee 
the implementation 
of the 
institution’s risk 
culture, core 
values and expectations 
regarding 
credit risk 
BRC Membership/Composition 
The BRC members are appointed by the BoD, following 
the recommendation of the 
NomCo, in accordance with the legal and 
regulatory 
framework 
where 
applicable. 
The 
Chairperson 
qualifies 
as 
independent 
member 
with 
a 
solid 
experience 
in 
commercial 
banking and preferably 
risk and/or Non-Performing 
Exposures management 
and is familiar 
with the 
Greek and 
international 
regulatory 
framework. 
The 
appointment 
of 
the 
Chairperson 
and 
the 
Vice-Chairperson 
shall 
go 
through 
the 
NomCo’s 
proposal 
process 
and approved 
by 
the 
Board. 
The 
tenure 
of 
the 
BRC members 
coincides with 
the 
tenure 
of 
the 
Bank’s Board, 
with the 
option to 
renew their 
appointment, but 
in any 
case, the 
service in 
the BRC 
should not 
be more 
than 
nine (9) years in total. HFSF appointed an Observer in the 
BRC, in line with the requirements 
of the TRFA. 
The BRC 
consists of 
five (5) 
non-executive Directors, 
three (3) 
of whom 
are independent, 
including the 
Chairperson and 
the 
Vice-Chairperson. 
One 
(1) 
of 
the 
BRC 
members 
is 
the 
HFSF Representative. 
In 
particular, 
the 
BRC 
composition 
is 
outlined 
below: 
BRC Chairperson: 
Rajeev Kakar, 
Non-Executive Independent Director of the Board
BRC Vice-Chairperson: 
Cinzia Basile, 
Non-executive Independent Director of the Board
Members: 
Bradley Paul Martin,
 
Non-Executive Director of the Board
Alice Gregoriadi, 
Non-Executive Independent Director of the Board
Efthymia Deli,
 
Non-executive Director of the Board, 
HFSF Representative
It 
is 
noted 
that 
during 
2022 
and 
following 
NomCos’ 
recommendations 
for 
the 
recomposition 
of 
the 
HoldCo/Bank’s 
BoDs 
Committees, the HoldCo/Bank’s BoDs decided on 21.7.2022, 
Mr. Jawaid Mirza to cease to be member of the 
BRCs. 
BRC Meetings 
The BRC meets 
at least on a monthly basis and the 
Chairperson updates the BoD members 
on the material matters 
covered 
by the Committee during the previous 
period (if any) at the quarterly meetings 
of the BoD. 
Apart 
from 
the 
BRC 
members, 
the 
Audit 
Committee’s 
members 
may 
also 
attend 
BRC 
sessions 
when 
common 
issues 
are 
discussed (i.e. on 
operational 
risk matters, 
on IT security 
and cyber risks).
The Chairperson 
of the 
BRC may also 
invite to the 
meetings other executives 
of the Group or external advisors or experts, 
as deemed appropriate. 
Quorum in the BRC Meetings 
Quorum requires 
the majority 
of members 
(half plus one) 
to be present 
or represented, 
provided that 
no less than 
three (3) 
Committee members, 
including the 
Chairperson or 
the Vice 
Chairperson, are 
present. Each 
member 
of the 
Committee may 
validly 
represent 
only 
one 
of 
the 
other 
Committee 
members. 
Representation 
in 
the 
Committee 
may 
not 
be 
entrusted 
to 
persons other 
than the me 
mbers thereof. 
In determining the number 
of members for 
the quorum, fractions, 
if any, will not 
be 
counted. 
BRC Decisions 
The BRC resolutions require 
a majority vote of the members 
who are present or represented. In case of a tie, the Chairperson 
and in case of his/her absence the Vice Chairperson has the casting vote. In case of non-unanimous decisions, the views of 
the 
minority are also minuted. The Board is informed 
of the BRC’s minutes. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Attendance to the BRC Meetings 
During 2022, attendance details for the 
Board Risk Committee were as foll 
ows, 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2022 
2021 
2022 
2021 
HoldCo 
(since 31.3.2022)
10 
n/a 
95% 
n/a
Bank 
14 
14 
97% 
99% 
The Directors’ individual attendance 
rates at the BRC meetings 
in 2022 were the following: 
Eurobank Holdings’ BRC 
Eurobank BRC 
Eligible to attend 
Attended in person 
(# and %) 
Eligible 
to 
attend 
Attended in 
person 
(# and %) 
Rajeev Kakar, 
BRC Chairperson
10 
9
90% 
14 
13 
93% 
Cinzia Basile,
 
BRC Vice-Chairperson
10 
9 
90% 
14 
13 
93% 
Bradley Paul Martin,
 
BRC member 
10 
9 
90% 
14 
14 
100% 
Jawaid Mirza, 
BRC member until 21.7.2022
6 
6 
100% 
9 
9 
100% 
Alice Gregoriadi, 
BRC member
10 
10 
100% 
14 
14 
100% 
Efthymia Deli, 
BRC member
10 
10 
100% 
14 
14 
100% 
It is noted 
that Mr. Rajeev Kakar, Ms. Cinzia Basile 
and Mr. Bradley Paul L. 
Martin provided representation proxies for all missed 
meeting in HoldCo/Bank’s BRCs, leading their overall 
attendance rates (physical and under representation) 
at 100% in BRC. 
BRC Secretary and Minutes 
The BRC appoints its 
Secretary, who reports 
to the Group 
Company Secretariat and cooperates 
with the Chairperson 
of the 
Committee and the Group Chief Risk 
Officer (“GCRO”). The Secretary is responsible to minute 
the proceedings and resolutions 
of 
all 
BRC 
meetings, 
including 
the 
names 
of 
those 
present 
and 
in 
attendance 
and 
the 
action 
plans 
and 
follow 
ups 
for 
assignments, as well as for issuance of extracts. 
Decisions, actions and follow 
ups are disseminated to the Bank’s responsible 
Units, as required. 
 
BRC Terms of Reference 
(ToR) 
BRC’s 
ToR 
are 
reviewed 
at 
least 
every 
two 
(2) 
years 
and 
revised, 
if 
necessary, 
unless 
significant 
changes 
in 
the 
role, 
responsibilities, organization and/or regulatory requirements necessitate earlier revision. 
The ToR are approved 
by the Board. 
BRC’s Performance Evaluation 
BRC’s performance 
is evaluated annually according 
to the provisions 
of the Board 
and Board Committees Evaluation 
Policy. 
According to 
BRC’s self-evaluation, 
the BRC 
members are 
satisfied with the 
Committee’s effectiveness 
and leadership. They 
believe that 
the BRC uses 
its time effectively 
and there 
is a good 
planning and scheduling 
of the meetings. 
The Chairperson 
of the BRC is 
well prepared for the meetings and helps the Committee 
to effectively navigate through its agenda, encouraging 
critical discussion and ensuring that every 
member can freely express 
her/his views. The members 
are also well prepared and 
there is 
high level of 
participation on 
all important discussions, showing 
an adequate level 
of challenge. The 
evaluation also 
highlighted that BRC’s 
planning and scheduling 
of meetings should 
continue to focus 
on prioritizing the 
most important risk 
issues. 

 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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BRC’s Activity in 2022 
For 2022, the BRC has, 
amongst others: 
Eurobank Holdings 
Bank 
●
monitored 
the 
Group’s 
overall 
actual 
and 
future 
risk 
appetite and 
strategy, 
taking into 
account all 
types of 
risks 
to 
ensure 
that 
they 
are 
in 
line 
with 
the 
business 
strategy, objectives, 
corporate culture and values of the 
Group 
●
approved, 
among 
others, 
the 
following 
regulatory 
and 
other reports, including risk policies and frameworks: 
-
Internal Capital & 
Liquidity Adequacy Assessment 
processes ICAAP/ILAAP 
-
Capital Adequacy Statements, Liquidity Adequacy 
Statements 
-
Risk Identification 
and Materiality 
Process 
(RIMA) 
Report 
-
Group Recovery Plan 
●
approved the 
GCRO Annual Report 
●
approved the Group 
Risk and Capital Strategy and Risk 
Appetite Framework as well as 
Risk Appetite 
Statements 
incl. RAS dashboard 
●
monitored 
Eurobank’s 
overall 
actual 
and 
future 
risk 
appetite and 
strategy, 
taking into 
account all 
types of 
risks 
to 
ensure 
that 
they 
are 
in 
line 
with 
the 
business 
strategy, 
objectives, corporate culture 
and values of the 
institution 
●
monitored 
qualitative 
and 
quantitative 
aspects 
of 
credit, market, liquidity and operational 
risks, 
●
reviewed 
Information 
and 
Communication 
Technology 
(ICT) 
Risk 
and 
Security 
(incl. 
Cyber 
Security), 
Physical 
Security and Fraud 
detection 
●
reviewed 
General 
Data 
Protection 
Regulation 
(GDPR) 
and Payment Services Directive 
2 (PSD2) status 
●
approved, 
among 
others, 
the 
following 
regulatory 
and 
other reports, including risk policies and frameworks 
-
Single 
Resolution 
Board’s 
(SRB’s) 
Working 
Priorities 
and 
Eurobank’s 
Resolvability 
Work 
Programme (Bail in playbook, etc.) 
-
Minimum Requirement for 
Own Funds and Eligible 
Liabilities (MREL) Issuance plan & Targets 
-
Non-performing 
Exposures 
(NPE) 
Reduction 
Plan 
2022-2024: Summary report, impairments and key 
risk metrics 
­
EBA Dashboard 
●
reviewed and/or approved: 
­
Climate Stress Test 
2022 and Framework 
­
External 
3rd 
Party 
Benchmarking 
of 
the 
Risk 
Management Function 
­
Early Warning System 
­
Risk Parameters 
monitoring 
­
Outsourcing 
reports 
incl. 
OSI 
regarding 
IT 
Outsourcing 
­
 
OSI – Internal Ratings Based 
(IRB) for Loss given 
Default (LGD) 
Retail models 
­
New SRT NPE Securitisations 
­
ALM tool governance framework 
guideline 
●
approved 
several 
policies incl. market 
risk, counterparty 
risk, liquidity, credit, collection etc. 
3.3
Remuneration Committee
8
The 
HoldCo/Bank’s 
Boards 
have 
delegated 
to 
the 
respective 
RemCos 
the 
responsibilities 
(a) 
to 
provide 
specialized 
and 
independent advice for 
matters relating 
to remuneration 
policy and its implementation 
at HoldCo/Bank Group 
level and for 
the 
incentives 
created 
while 
managing 
risks, 
capital 
and 
liquidity, 
(b) 
to 
safeguard 
the 
proper 
exercise 
of 
its 
duties 
and 
responsibilities, 
the 
efficient 
alignment 
of 
the 
personnel’s 
remuneration 
with 
the 
risks 
the 
HoldCo/Bank 
undertakes 
and 
manages and the 
required alignment between 
the HoldCo/Bank 
and the Group, 
and (c) to approve 
or propose for 
approval 
all exposures 
of Key 
Management Personnel
9
 
and their 
relatives 
(spouses, children, 
siblings).
The Non-Executive 
Directors of 
HoldCo/Bank have 
the responsibility 
to approve 
and periodically 
review HoldCo/Bank’s 
remuneration 
policy and 
oversee its 
implementation both at 
Bank and Group level. 
 
The implementation 
of the 
HoldCo/Bank remuneration 
policy is in 
line with the 
provisions 
of Laws 3864/2010, 
4261/2014 and 
Bank of Greece Governor’s Act 2650/2012. 
The HoldCo/Bank RemCo is also responsible to: 
●
determine the remuneration system for the members of the Board of Directors 
and the senior executives 
and to make 
a relevant recommendation on them to the Board of Directors, which decides on them or to make recommendations 
to the General Meeting, where 
required. 
●
propose 
to 
the 
Non-Executive 
Directors 
of 
the 
HoldCo/Bank’s 
BoD 
for 
their 
approval 
the 
goals 
and 
objectives 
relevant 
to 
the 
HoldCo/Bank’s 
CEO 
remuneration 
and 
evaluate 
his/her 
performance 
in 
light 
of 
these 
goals 
and 
objectives. 
●
guide and monitor the external 
remuneration 
consultant (if hired) and ensure that 
it receives appropriate 
reporting 
from him/her. 
In addition, HoldCo/Bank RemCo ensures that the external consultant is referred 
in the HoldCo/Bank’s 
annual report of 
the year hired and/or 
completed his/her work, together with 
a statement of any 
possible relationship 
between him/her and the HoldCo/Bank 
or with members of the HoldCo/Bank’s 
Board individually. 
8
 
HoldCo/Bank’s Remuneration 
Committees’ Terms 
of Reference 
may be 
found 
at the 
HoldCo/Bank websites 
(
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 
9
 
Key Management Personnel includes: Bank’s Executive and Non-Executive BoD members, Executive Board (ExBo) members, General 
Managers non-members of the ExBo and the Heads of Group Internal Audit, Group Compliance, Group Risk Management.

 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
56
|
Page 
RemCo Membership/Composition 
The RemCo members are appointed by the 
Board. One (1) of the RemCo members is the HFSF Representative, 
while the HFSF 
appointed an Observer in the RemCo, in line with the 
requirements of the TRFA. 
In 
the 
event 
that 
the 
Chairperson 
of 
the 
Bank’s 
Board 
is 
a 
member 
of 
the 
RemCo, 
she/he 
cannot 
participate 
in 
the 
determination of his/her remuneration. 
The 
tenure 
of 
the 
RemCo 
members 
coincides 
with 
the 
tenure 
of 
the 
HoldCo/Bank’s 
Board, 
with 
the 
option 
to 
renew 
their 
appointment, but in any case, the service in RemCos should not be more 
than nine (9) years in total. 
The RemCos consists of five (5) 
non- executive Directors four (4) of 
whom are independent Directors, 
including the Chairperson 
and the Vice-Chairperson. In particular, 
the HoldCo/Bank RemCo composition is outlined below: 
RemCo Chairperson: 
Cinzia Basile, 
Non-executive Independent Director of the Board
RemCo Vice-Chairperson: 
Jawaid Mirza, 
Non-Executive Independent Director of the Board
Members: 
George Chryssikos,
 
Non-Executive Director of the Board
Alice Gregoriadi, 
Non-Executive Independent Director of the Board
Efthymia Deli,
 
Non-executive Director of the Board, 
HFSF Representative
It is 
noted 
that 
during 2022 
and following 
NomCo’s 
recommendations, 
the 
HoldCo/Bank’s 
BoDs on 
21.7.2022 
decided the 
following amendments 
on RemCos’ composition: 
a)
Mr. Jawaid 
Mirza was appointed 
RemCos’ Vice-Chairperson 
in replacement 
of Mr. 
Rajeev Kakar 
who ceased to 
be 
member of the RemCos. 
b)
Mr. George Chryssikos was appointed RemCos’ member, 
and 
c)
Mr. Bradley Paul 
Martin and Ms. Irene Rouvitha Panou ceased to be members of the 
RemCos. 
RemCo meetings 
HoldCo/Bank’s RemCo meets at least twice a year and minutes are kept. 
Quorum in RemCo meetings 
HoldCo/Bank’s 
RemCo 
is 
in 
quorum 
and 
meets 
validly 
when 
half 
of 
its 
members 
plus 
one 
(1) 
are 
present 
or 
represented 
(fractions, 
if 
any, 
are 
not 
counted), 
provided 
that 
no 
less 
than 
three 
(3) 
members, 
including 
the 
Chairperson 
or 
the 
Vice 
Chairperson 
are 
present. 
Each 
member 
of 
RemCo 
may 
validly 
represent 
only 
one 
of 
the 
other 
RemCo 
members. 
Representation in RemCo may not be entrusted to persons other 
than the members thereof. 
RemCo Decisions 
RemCo’s resolutions 
are validly taken 
by an absolute 
majority of the 
members who 
are present 
or represented. 
In case of 
a 
tie, the Chairperson and in case of his/her absence the Vice Chairperson of RemCo shall have the casting vote. 
In case of non-
unanimous decisions, the 
views of the 
minority should also 
be minuted. The 
Board shall 
be informed 
whenever 
a decision 
of 
the Committee is not reached unanimously. 
Attendance to the RemCo meetings 
During 2022 the attendance details for 
the Remuneration 
Committees were as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2022 
2021 
2022 
2021 
HoldCo 
6 
n/a 
100% 
n/a
Bank 
8 
8 
100% 
100% 
RemCo Secretary and Minutes 
RemCo appoints its 
Secretary, who reports to 
the Group Company Secretariat 
and cooperates with the Chairperson 
of RemCo 
and 
the 
Group 
Human 
Resources 
Deputy 
General 
Manager. 
The 
Secretary 
is 
responsible 
to 
minute 
the 
proceedings 
and 
resolutions of all RemCo’s meetings, including the names 
of those present and in attendance and the action plans and follow 
ups 
for 
assignments, 
as 
well 
as for 
issuance 
of 
extracts. 
Decisions, 
actions 
and 
follow 
ups are 
disseminated 
to the 
Bank’s 
responsible Units, as required. 
RemCo Terms of Reference 
(ToR) 
RemCo’s 
ToR 
are 
reviewed 
at 
least 
every 
two 
(2) 
years 
and 
revised, 
if 
necessary, 
unless 
significant 
changes 
in 
the 
role, 
responsibilities, organization and/or regulatory requirements necessitate earlier revision. 
The ToR are approved by the Board. 
RemCo’s Performance 
Evaluation 
RemCo’s 
performance 
is 
evaluated 
annually 
according 
to 
the 
provisions 
of 
the 
Board 
and 
Board 
Committees 
Evaluation 
Policy. 
According 
to 
RemCo’s 
self-evaluation, 
the 
RemCo 
members 
are 
satisfied 
with 
the 
Committee’s 
effectiveness 
and 
leadership. They believe that the RemCo uses its time effectively and there is a good planning and scheduling of 
the meetings. 
The Chairperson of the 
RemCo is well prepared for 
the meetings and helps the 
Committee to effectively navigate through 
its 
agenda, encouraging 
critical discussion 
and ensuring that 
every member 
can freely 
express her/his 
views. The 
members are 
also well prepared and 
there is high level of 
participation on all 
important discussions, showing an 
adequate level of challenge. 
The 
evaluation 
also 
highlighted that 
while the 
level 
of remuneration 
has improved, 
it should 
remain 
an area 
of focus 
and 
should be regularly assessed against relevant local and international benchmarking. 

 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
57
|
Page 
RemCos' Activity in 2022 
For 2022, RemCo has amongst others: 
Eurobank Holdings 
Bank 
●
reviewed and proposed 
to the Non-Executive Directors 
for approval 
the Remuneration 
Policy of the 
HoldCo 
●
approved 
the 
Identification 
Process 
of 
Material 
Risk 
Takers 
(as part of the Remuneration 
Policy) 
●
discussed 
the 
remuneration 
policy 
implementation 
at 
Group level 
●
discussed the 
Remuneration 
Policy Rev 
iew – Follow 
up 
(for 
the 
Year 
2020), 
conducted 
by 
the 
Internal 
Audit 
Group 
●
proposed 
to 
the 
Board 
for 
approval 
the 
Board 
and 
Board Committees’ Fees for 
Non-Executive Directors of 
the HoldCo 
●
was 
informed 
on the 
tax treatment 
of 
the 
Board 
and 
Board Committees’ Fees 
●
proposed to the 
Board for 
approval the 
Remuneration 
Report for the financial year 2021 
●
proposed 
to 
the 
Non-Executive 
Directors 
of 
the 
Bank 
for approval the CEO’s Performance Evaluation for 2021 
& 
CEO’s 
Financial 
and 
Non-Financial 
objectives 
for 
2022 
●
approved the 
Remuneration Disclosures 
for 2021 
●
reviewed 
and 
proposed 
to 
the 
BoD 
for 
approval 
the 
Board and Board Committees’ attendance policy 
●
proposed to the 
Board for approval 
the Non-Executive 
Directors’ 
remuneration 
for 
2023 
onwards 
(subject 
to 
AGM approval) 
●
proposed 
to the 
Non-Executive Directors 
for 
approval 
a New Variable Remuneration 
Scheme 
●
proposed 
to 
the 
BoD 
for 
approval 
the 
2022 
Stock 
Option Plan Implementation 
●
proposed 
to the 
Non-Executive Directors 
for 
approval 
a 
borrowing 
request 
of 
a 
member 
of 
a 
Key 
Management Personnel 
●
reviewed and proposed 
to the Non-Executive Directors 
for 
approval 
a 
proposal 
concerning 
the 
annual 
contributions to Eurobank’s Group 
Occupational Fund. 
●
proposed 
to the 
BoD for 
approval 
the 
revised 
RemCo 
Terms of Reference 
●
reviewed and proposed 
to the Non-Executive Directors 
for approval 
the Remuneration 
Policy of the Bank 
●
approved 
the 
Identification 
Process 
of 
Material 
Risk 
Takers 
(as part of the Remuneration 
Policy) 
●
discussed 
the 
remuneration 
policy 
implementation 
at 
Bank and Bank Group level 
●
discussed the 
Remuneration 
Policy Review 
– Follow 
up 
(for 
the 
Year 
2020), 
conducted 
by 
the 
Internal 
Audit 
Group 
●
proposed 
to 
the 
Board 
for 
approval 
the 
Board 
and 
Board Committees’ Fees for 
Non-Executive Directors of 
the Bank 
●
was 
informed 
on the 
tax treatment 
of 
the 
Board 
and 
Board Committees’ Fees 
●
proposed to the 
Board for approval 
the Non-Executive 
Directors’ 
remuneration 
for 
2023 
onwards 
(subject 
to 
AGM approval) 
●
approved 
the 
remuneration 
framework 
and 
remuneration increase of Senior Managers of Eurobank 
Cyprus 
●
proposed 
to 
the 
Non-Executive 
Directors 
of 
the 
Bank 
for approval the CEO’s Performance Evaluation for 2021 
& 
CEO’s 
Financial 
and 
Non-Financial 
objectives 
for 
2022 
●
proposed to the BoD for approval the Board and 
Board 
Committees’ attendance policy 
●
reviewed 
the implementation 
of the 
Board and 
Board 
Committees’ attendance policy, 
●
discussed 
and 
further 
submitted 
to 
the 
Board 
for 
information 
the 
implementation 
of 
the 
Group 
Subsidiary 
Board 
Remuneration 
Policy 
through 
the 
Group during 2021 
●
approved the 
Remuneration Disclosures 
for 2021 
●
proposed 
to the 
Non-Executive Directors 
for 
approval 
a New Voluntary Exit Scheme 
(VES) 
●
proposed 
to the 
Non-Executive Directors 
for 
approval 
a New Variable Remuneration 
Scheme 
●
depending on 
the 
case, 
approved 
or proposed 
to the 
Non-Executive 
Directors 
for 
approval 
various 
remuneration 
issues 
of 
the 
international 
subsidiaries 
(remuneration 
framework, 
performance 
related 
variable remuneration, remuneration 
adjustments etc) 
●
proposed 
to the 
Non-Executive Directors 
for 
approval 
a 
borrowing 
request 
of 
a 
member 
of 
a 
Key 
Management Personnel 
●
received 
and 
reviewed 
the 
annual 
updates 
of 
the 
RemCo Chairpersons of Group’s banking subsidiaries 
●
approved 
the 
appointment 
of 
RemCo 
Chairperson 
in 
Eurobank Bulgaria 
●
reviewed and prop 
osed to the Non-Executive Directors 
for 
approval 
a 
proposal 
concerning 
the 
annual 
contributions to Eurobank’s Group 
Occupational Fund. 
3.4
Nomination and Corporate Governance 
Committee
10 
Eurobank Holdings and the Bank’s Boards have delegated to 
the NomCos the responsibilities (a) to 
lead the process for Board 
and 
Board 
Committees 
appointments, 
including 
the 
identification, 
nomination 
and 
recommendation 
of 
candidates 
for 
appointment to the Board, 
(b) to consider matters 
related to the Board’s adequacy, efficiency and effectiveness
and (c)
review 
the Group’s 
corporate governance 
policies, procedures 
and arrangements. 
The Committees were 
renamed Nomination 
and 
Corporate Governance 
Committees in order to accurately reflect their 
expanded purpose. 
The NomCo, in carrying out its duties, is accountable to the 
Board. 
In particular, among others, 
the NomCo is responsible: 
●
At least 
annually and 
in accordance 
with Board 
and Board 
Committees Evaluation 
Policy, 
to assess 
the structure, 
size, composition and performance 
of the BoD and make 
recommendations to 
the BoD with regard 
to the need for 
its renewal and/or any other 
changes it considers appropriate 
10
HoldCo/Bank’s NomCos’ Terms of Reference 
may be found at the HoldCo/Bank websites (
www.eurobankholdings.gr
 
& 
www.eurobank.gr)

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
58
|
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●
At least annually and in accordance with 
Board and Board Committees Evaluation 
Policy, to assess 
the knowledge, 
skills, experience and contribution of individual Board members 
and of the Board collectively 
and report to the BoD 
accordingly 
●
In 
the 
context 
of 
Board 
and 
Board 
Committees 
Evaluation 
Policy 
implementation, 
to 
determine 
the 
evaluation 
parameters 
based 
on 
best 
practices 
and 
ensure 
the 
effectiveness 
of 
the 
evaluation 
of 
the 
Board, 
the 
individual 
evaluation 
of 
Non-Executive 
Directors, 
including 
the 
Chair, 
the 
succession 
plan 
of 
the 
Chief 
Executive 
and 
the 
members 
of the 
Board, 
the 
targeted composition 
of the 
Board 
of Directors 
in relation 
to the 
strategy 
and Board 
Nomination Policy 
●
To play a leading role in the nomination process and the design of the succession plan for the members of the Board 
and senior management 
●
To review 
at least once every two 
years and recommend for the 
approval of the BoD the 
BoD Nomination Policy 
●
To ensure that the nomination process, as this is defined in the BoD Nomination Policy, is clearly defined and 
applied 
in a transparent manner and in a way that ensures 
its effectiveness 
●
To ensure that there is adequate, 
step-wise succession planning 
for Board members so 
as to 
maintain an 
appropriate 
level 
of continuity 
and organizational 
memory at 
Board level, 
especially when 
dealing with 
sudden or 
unexpected 
absences or departures of Board members 
●
To 
monitor the 
Board succession 
planning in 
order to 
ensure the 
smooth succession 
of the 
members 
of the 
Board 
with their gradual replacement 
in order to avoid the lack of management 
●
To ensure 
that the 
succession framework 
takes into account 
the findings of 
the evaluation 
of the 
Board in order 
to 
achieve the necessary changes in composition or skills and to maximise the effectiveness and collective suitability of 
the Board 
●
To review at least annually and always 
before the initiation of the CEO succession process the qualifications required 
for 
the 
position 
of the 
CEO, to 
ensure that 
there 
is a 
viable pool 
of internal 
and external 
candidates 
and also 
to 
ensure that 
the CEO 
is involved 
in all the 
areas of 
CEO Succession 
Plan, including the 
assessment of 
the nominees 
for his/her position, as he 
deems appropriate 
●
To ensure that the CEO is involved in the succession 
planning process of the senior executives at the level of the CEO 
minus one, including the assessment of nominees for 
the said positions 
As far as NomCos of subsidiaries 
are concerned, neither the HoldCo NomCo nor the Eurobank NomCo replace them. However, 
the 
Eurobank 
NomCo has 
the 
overall 
responsibility 
to oversee 
that 
the 
NomCos of 
subsidiaries comply 
with its 
standards, 
modus operandi and governance 
framework. 
NomCo Membership/Composition 
NomCo members 
are appointed by 
the Board. 
The tenure 
of NomCo members 
coincides with the 
tenure of 
the Board, 
with 
the option to renew their 
appointment, but in any case, the service in NomCo should not 
be more that nine (9) years in total. 
The 
BoD 
Chairman 
is 
a 
member 
of 
NomCo, 
while 
one 
(1) 
of 
the 
NomCo 
members 
is 
the 
HFSF 
Representative. 
The 
HFSF 
appointed an Observer in the NomCo, in line with 
the requirements of the 
TRFA. 
The NomCo as of the date of approval of the here-in Statement, consists of five (5) non-executive Directors, three (3) of whom 
are independent Directors, including the Chairperson who may not serve as the Chairperson of the Remuneration Committee. 
The NomCo composition is outlined below: 
NomCo Chairperson: 
Irene Rouvitha Panou, 
Non-Executive Independent Director of the Board
NomCo Vice-Chairperson: 
Bradley Paul L. Martin, 
Non-Executive Director of the Board
Members: 
Jawaid Mirza,
 
Non-Executive Independent Director of the Board
Rajeev Kakar, 
Non-Executive Independent Director of the Board
Efthymia Deli,
 
Non-Executive Director of the Board, 
HFSF Representative
It is 
noted 
that 
during 2022 
and following 
NomCos’ 
recommendations, 
the 
HoldCo/Bank’s 
BoDs on 
21.7.2022 
decided the 
following amendments 
on NomCos’ composition: 
a)
Mr. Jawaid Mirza was appointed NomCos’ member 
and 
b)
Mr. Georgios Zanias and Ms. Alice Gregoriadi 
ceased to be members of the NomCos. 
NomCo Meetings 
NomCo meets at least twice a year and minutes are kept. 
Quorum in the NomCo Meetings 
NomCo is in quorum and meets validly when 
half of its members plus one (1) are 
present or represented (fractions, 
if any, are 
not counted), 
provided 
that no 
less than 
three (3) 
members, including 
the Chairperson 
or the 
Vice Chairperson 
are present. 
Each member of NomCo may validly represent only 
one of the other NomCo members. Representation in the NomCo may not 
be entrusted to persons other than the 
members thereof. 
NomCo Decisions 
NomCo’s resolutions 
are validly taken 
by an absolute 
majority of the 
members who 
are present or 
represented. In case 
of a 
tie, the Chairperson and in case of his/her absence the Vice Chairperson of NomCo shall 
have the casting vote.
In case of non-
unanimous decisions, the 
views of the 
minority should also 
be minuted. The 
Board shall 
be informed 
whenever 
a decision 
of 
the Committee is not reached unanimously. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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Page 
Attendance to the NomCo meetings 
During 2022 the attendance details for 
the NomCo were as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2022 
2021 
2022 
2021 
HoldCo 
6 
7 
97% 
98% 
Bank 
7 
7 
98% 
98% 
The Directors’ individual attendance 
rates at the NomCo meetings in 2022 were 
the following: 
Eurobank Holdings NomCo 
Eurobank NomCo 
Eligible to attend 
Attended in 
person 
(# and %) 
Eligible 
to 
attend 
Attended in 
person 
(# 
and %) 
Irene Rouvitha Panou, 
NomCo Chairperson 
6 
6
100% 
7 
7 
100% 
Bradley Paul Martin, 
NomCo Vice-Chairperson
6 
5 
83% 
7 
6 
86% 
Rajeev Kakar, 
NomCo member since 21.7.2022
2 
2 
100% 
2 
2 
100% 
Georgios Zanias, 
NomCo member until 21.7.2022
4 
4 
100% 
5 
5 
100% 
Jawaid Mirza, 
NomCo member
6 
6 
100% 
7 
7 
100% 
Alice Gregoriadi, 
NomCo member since 23.7.2021
4 
4 
100% 
5 
5 
100% 
Efthymia Deli, 
NomCo member 
6 
6 
100% 
7 
7 
100% 
It is 
noted that 
Mr. 
Bradley 
Paul 
Martin provided 
representation 
proxies 
for 
each missed 
meeting in 
HoldCo/Bank 
NomCo, 
leading his overall attendance 
rate (physical and under representation) 
at 100% in HoldCo/Bank NomCo. 
NomCo Secretary and Minutes 
NomCo 
appoints 
its 
Secretary, 
who 
reports 
to 
the 
Group 
Company 
Secretariat 
and 
cooperates 
with 
the 
Chairperson 
of 
NomCo. The Secretary is responsible to minute the proceedings and resolutions of all NomCo’s meetings, including the names 
of those present 
and in attendance 
and the action 
plans and follow 
ups for 
assignments, as well 
as for 
issuance of extracts. 
Decisions, actions and follow 
ups are disseminated to the responsible parties, as required. 
NomCo Terms of Reference 
(ToR) 
NomCo’s 
ToR 
are 
reviewed 
at 
least 
every 
two 
(2) 
years 
and 
revised, 
if 
necessary, 
unless 
significant 
changes 
in 
the 
role, 
responsibilities, organization and/or regulatory requirements necessitate earlier revision. 
The ToR are approved 
by the Board. 
NomCo’s Performance 
Evaluation 
NomCo’s 
performance 
is 
evaluated 
annually 
according 
to 
the 
provisions 
of 
the 
Board 
and 
Board 
Committees 
Evaluation 
Policy. 
According 
to 
NomCo’s 
self-evaluation, 
the 
NomCo 
members 
are 
satisfied 
with 
the 
Committee’s 
effectiveness 
and 
leadership. They believe that the NomCo uses its time effectively and there is a 
good planning and 
scheduling of the meetings. 
The Chairperson of the NomCo is well 
prepared for the meetings 
and helps the Committee to effectively navigate through 
its 
agenda, encouraging 
critical discussion 
and ensuring that 
every member 
can freely 
express her/his 
views. The 
members are 
also well prepared and 
there is high level of 
participation on all 
important discussions, showing 
an adequate level of 
challenge. 
The evaluation 
also highlighted that 
the NomCo 
and the 
BoD should continue overseeing 
that strong 
governance culture 
is 
maintained across Eurobank 
and its subsidiaries. 
NomCo’s Activity in 2022 
For 2022, NomCo has amongst others: 
Eurobank Holdings 
Bank 
●
Proposed 
to 
the 
BoD for 
approval 
the 
revised 
NomCo 
Terms of Reference 
●
reviewed for further 
update of the Board, the Board and 
Board Committees 2021 self-evaluation and the Board’s 
overall 
effectiveness assessment 
●
proposed 
to 
the 
Board 
for 
approval 
the 
new 
composition of the Board Committees 
●
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
Board of 
Directors Diversity 
Policy, 
the CEO 
Succession 
Planning 
Policy, 
the 
External 
Engagements 
Policy, 
the 
Board and 
Board Committees 
Evaluation Policy, 
the C-
Suite 
Succession 
Planning 
Policy, 
the 
Senior 
Management 
Selection 
and 
Appointment 
Policy, 
and 
the Group Governance 
Policy. 
In addition, reviewed and 
proposed to 
the BoD 
and AGM 
for approval 
the Board 
Nomination Policy 
●
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
revised Organizational Chart 
●
proposed 
to 
the 
Board 
for 
approval 
the 
Internal 
Governance Control 
Manual 
●
Proposed 
to 
the 
BoD for 
approval 
the 
revised 
NomCo 
Terms of Reference 
●
reviewed for further 
update of the Board, the Board and 
Board Committees 2021 self-evaluation and the Board’s 
overall 
effectiveness 
assessment 
and 
the 
Strategic 
Planning Committee’s self-assessment for 2021 
●
proposed 
to 
the 
Board 
for 
approval 
the 
new 
composition of the Board Committees 
●
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
Board of 
Directors Diversity 
Policy, 
the CEO 
Succession 
Planning 
Policy, 
the 
External 
Engagements 
Policy, 
the 
Board and 
Board Committees 
Evaluation Policy, 
the C-
Suite 
Succession 
Planning 
Policy, 
the 
Senior 
Management 
Selection 
and 
Appointment 
Policy, 
the 
Group 
Governance 
Policy 
and 
the 
Board 
Nomination 
Policy 
●
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
revised Organizational Chart 
●
approved the selection of candidates as members of the 
Board of Directors of Group’s significant subsidiaries 

 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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●
reviewed 
and updated 
the 
Board 
on Senior 
Executives 
succession plan 
●
approved 
the external 
engagements of 
three (3) 
Board 
members 
●
reviewed 
the 
independence 
of 
the 
Independent 
Non-
Executive directors 
●
reviewed 
the attendance 
of Directors 
to the 
Board and 
Board Committees 
●
reviewed 
and 
proposed 
to 
the 
BoD 
for 
approval 
the 
Corporate Governance Action Plan of recommendations 
derived 
from 
various reviews, 
including the 
Supervisory 
Review and Evaluation Process (SREP) 2021 and the BoD 
and BoD Committees Self-Assessment 2021. 
●
approved 
the 
NomCo 
Chairpersons 
of 
Eurobank 
Bulgaria and Eurobank Direktna 
●
approved the appointment of the Head of Group Digital 
Banking 
General 
Division 
and 
the 
appointment 
of 
General Managers 
●
received 
and 
reviewed 
the 
annual 
updates 
of 
the 
NomCo Chairpersons of Group’s banking subsidiaries 
●
reviewed 
and updated 
the 
Board 
on Senior 
Executives 
succession plan 
●
reviewed 
the 
Succession 
planning of 
Key 
Management 
Personnel 
(KMP) 
of 
significant 
subsidiaries 
Eurobank 
Bulgaria and Eurobank Cyprus 
●
was 
updated 
on 
the 
Group 
Corporate 
Governance 
Arrangements 
Guideline 
implementation 
status 
by 
Group’s banking subsidiaries 
●
approved 
the external 
engagements of 
three (3) 
Board 
Members 
●
reviewed 
the 
independence 
of 
the 
Independent 
Non-
Executive directors 
●
reviewed 
the attendance 
of Directors 
to the 
Board and 
its Committees 
●
reviewed 
and 
proposed 
to 
the 
BoD 
for 
approval 
the 
Corporate Governance Action Plan of recommendations 
derived 
from 
various reviews, 
including the 
Supervisory 
Review and Evaluation Process (SREP) 2021 and the BoD 
and BoD Committees Self-Assessment 2021. 
Board of Directors Diversity Policy 
The Board 
of Directors Diversity 
Policy (“Policy”) 
sets out the approach 
to diversity on the 
Board and it is 
in accordance with 
international best practices and 
the applicable legal framework
11
. 
As declared 
in the 
Policy, 
the 
Board’s 
diversity 
is one 
of the 
factors 
which, according 
to the 
Board 
Nomination 
Policy, 
the 
Committee shall consider when examining composition and structure of the Board. A diverse Board includes and makes good 
use of variety in the skills, educational and professional 
background, geographical 
provenance (nationality), 
gender, age and 
other qualities of Directors. 
NomCo members discuss and agree all measurable 
objectives for achieving diversity 
on the Board during the review 
process 
of 
the 
Board 
profile 
matrix 
according 
to 
the 
Board 
Nomination 
Policy 
and 
for 
proposing 
the 
(re)appointment/succession 
planning 
of 
individual 
Board 
members 
according 
to 
the 
Board 
and 
Board 
Committees 
Evaluation 
Policy, 
taking 
into 
consideration 
the balance 
of all diversity 
aspects mentioned in 
the Policy. 
At any given time 
the Board 
may seek to improve 
one or more aspects of its diversity and measure progress 
accordingly. 
According to the Policy, 
NomCo’s priority is to ensure that the Board continues to have strong leadership and the right mix of 
skills to deliver the business strategy. 
Within this context and in regard to the 
less represented gender in the Board, 
NomCo’s 
target is that the percentage of the female gender representation in 
Board shall be at 
least 25% calculated on 
the total Board 
size (rounded to the 
nearest integer) in the 
next three (3) 
years, with the 
aim the actual percentage 
to be maintained above 
the said minimum target at all times, also considering industry trends and best practices. 
As of 31.12.2022, the representation 
of the female gender in the Board 
stood at 31%. 
Senior Management Diversity 
The Bank/HoldCo have acknowledged the need to facilitate career growth 
for women executives, in order to create a pipeline 
of 
eligible 
female 
professionals 
that 
could 
participate 
in 
the 
Executive 
Committee 
and/or 
Board. 
For 
that 
purpose, 
the 
representation of female 
executives that have 
been identified during the annual Succession 
Planning exercise (reviewed 
and 
approved 
at Board 
level) 
has been 
enhanced, ensuring 
a 42% 
increase of 
women 
successors’ 
participations 
in the 
pool, in 
absolute terms. 
In a 
more long-term 
perspective, the 
Bank has 
launched “Women 
In Banking” 
program, 
a Women 
Leadership Acceleration 
Mentoring program, 
aiming to 
focus 
on and 
support career 
growth 
for 
high potential 
women 
that 
are 
currently 
in middle 
management roles, in order 
to create the context for 
their transition to top executive 
roles in the future. 
The 
Bank’s Human 
Resources General 
Division is 
currently 
in the 
process 
of examining 
further 
actions for 
enhancing Senior 
and/or Senior Management diversity within Bank/HoldCo. 
Board Nomination Policy 
The HoldCo/Banks’ 
Board Nomination 
Policy sets 
out the 
guidelines and formal 
process for 
the identification, 
selection and 
nomination of 
candidates for 
the Board. 
The Policy 
ensures that 
such appointments 
are made: (a) 
in accordance 
with legal 
and regulatory requirements; 
(b) with due 
regard to the 
expectations of the 
major shareholders, (c) 
in line with the 
HoldCo’s 
and Bank’s contractual obligations with the HFSF and (d) on the basis of individual merit and ability, following a best practice 
process. 
The primary objectives of the 
Policy are to: 
11
The Board of Directors Diversity Policy may be found at the 
HoldCo/Bank’s website
 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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●
Define the 
general 
principles which 
guide the 
NomCo as 
it discharges 
its role 
across 
all stages 
of the 
nomination 
process 
●
Devise the specific criteria and requirements 
for Board nominees 
●
Establish a transparent, efficient and fit-for 
-purpose nomination process 
●
Ensure that the structure of the Board 
(including the succession planning) meets high ethical standards, 
has optimal 
balance of knowledge, skills and experience and is aligned with the 
current regulatory requirements 
The Board supported by NomCo 
shall nominate candidates who meet the following 
nomination criteria: 
●
Reputation along with honesty, integrity and trust 
a)
Reputation: 
Sufficiently 
good repute, 
high social 
esteem and 
adherence 
to the 
reputation, 
honesty, 
and integrity 
criteria of the applicable regulatory framework 
b)
Honesty, 
integrity 
and 
trust: 
Demonstration 
of 
the 
highest 
standards 
of 
ethics, 
honesty, 
integrity, 
fairness, 
and 
personal discipline, through personal history, 
professional track 
record or other public commitments 
●
Knowledge, skills, experience (KSE) and other 
general suitability requirements 
a)
Understanding of the 
HoldCo/Bank: Sufficient 
KSE for 
the development 
of a proper 
understanding of the 
business, 
culture, supervisory and regulatory context, product and geographic markets of operations, 
and stakeholders of the 
HoldCo and its subsidiaries 
b)
Seniority: 
Several 
years 
of 
experience 
in a 
generally 
recognised 
position 
of 
leadership 
in the 
candidate’s 
field of 
endeavour 
c)
Independent mind-set and ability to 
challenge: Ability of forming 
and expressing an 
independent judgement on all 
matters that reach the Board 
and candour to challenge proposals and views on these matters by management and 
other candidates 
d)
Collegiality, team skills and leadership: Ability 
to contribute constructively and 
productively to Board discussions and 
decision making 
along with 
ability of 
leading such 
discussions as 
chair or 
vice-chair of 
specific committees 
or the 
Board as a whole 
e)
Additional 
criteria 
for 
the 
nomination 
of 
Executive 
Directors: 
Proven, 
through 
current 
and 
previous 
executive 
positions, 
knowledge, 
skills, 
experience 
and 
character 
to 
lead 
the 
HoldCo/Bank 
and 
its 
subsidiaries 
in 
the 
achievement of strategic objectives, along with willingness to enter into full time employment with the HoldCo/Bank. 
●
Conflicts of interest and independence of mind 
NomCo 
examines 
the 
personal, 
professional, 
financial, 
political 
and 
any 
other 
possible 
interests 
and 
affiliations 
of 
candidates, ensuring that the 
candidates do not have 
actual, potential or perceived 
conflicts of interest which cannot 
be 
prevented, adequately mitigated or 
managed under the written 
policies of the HoldCo/Bank, 
that would impair their ability 
to represent the 
interests of all shareholders 
of the HoldCo/Bank, fulfil 
their responsibilities as Directors 
and make sound, 
objective and independent decisions (act with independence of mind). 
In 
particular, 
NomCo 
shall 
also 
examine 
relevant 
direct 
and 
indirect 
monetary 
interests 
and 
non-monetary 
interests, 
including those arising from affiliations 
with and membership in other organisations. 
●
Time commitment 
NomCo ensures that 
all nominees are able to 
commit the time 
necessary to effectively 
discharge their responsibilities 
as 
Directors, including regularly attending and participating in meetings of the Board 
and its Committees. 
●
Collective suitability
 
The Collective 
Suitability Matrix of the Joint ESMA/EBA Guidelines is updated in accordance 
with the strategic objectives 
and risk management 
priorities of the 
HoldCo/Bank, assisting 
in identifying the 
desirable KSE 
of the 
members to 
ensure 
collective suitability. 
Among others, 
in overseeing 
the nomination 
process, 
the NomCo 
shall ensure 
that there 
is adequate, 
step-wise succession 
planning for Board members 
so as to maintain an appropriate level 
of continuity and organizational memory 
at Board level, 
especially when 
dealing with 
sudden or 
unexpected absences 
or departures 
of Board 
members. In 
this respect, 
the NomCo 
shall: 
●
Monitor 
the 
tenures 
of 
Board 
members 
and 
make 
its 
nomination 
proposals 
in 
such 
a 
manner 
as 
to 
encourage 
staggered appointments/retirements on the Board, wherever possible. The reappointment of 
current Board members 
shall be based on continuing adherence to the criteria 
established in this Policy 
●
Ensure that 
there 
is an appropriate 
level of 
presence of 
relevant KSEs 
on the 
Board, without 
undue reliance on 
the 
expertise of a few Directors 
●
Review 
whether 
there 
are 
sufficient 
Board 
members 
who are 
capable 
of 
serving 
as 
Board 
Chair and 
Committee 
Chairs, if necessary 
●
Periodically 
monitor as 
required the 
availability of 
candidates who 
could address 
the Board’s 
succession planning 
needs 
●
Take 
into account the 
findings of the HoldCo 
and Bank BoD evaluations 
in order to 
achieve the 
necessary changes 
in composition or skills and to maximise the effectiveness 
and collective suitability of the 
HoldCo and Bank BoD 
The Board Nomination Policy is approved 
by the Board and reviewed at least once every two (2) years by NomCo and revised 
if necessary, unless material changes, regulatory 
or other, 
necessitate earlier revision. 
CEO Succession Planning 
The HoldCo/Banks’ 
CEO Succession Planning 
Policy (Policy) 
which is supplementary to the 
HoldCo/Bank’s Board Nomination 
Policy and HoldCo/Bank’s Board and Board 
Committees Evaluation Policy, 
sets out the guidelines and formal process 
for the 
identification, selection and nomination of candidates 
for the succession 
of the HoldCo/Bank’s CEO. 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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In 
accordance 
with 
the 
Policy, 
NomCo 
defines, 
in 
collaboration 
with 
the 
current 
CEO, 
the 
qualifications 
required 
for 
the 
position 
of 
the 
CEO, ensures 
that 
there 
is 
a viable 
pool 
of 
candidates 
who may 
feet 
the 
required 
profile, 
reviews 
at 
least 
annually and in any case before the initiation of the CEO succession process 
the qualifications required for 
the position of the 
CEO and the 
pool of candidates, 
leads the selection 
process, and 
approves 
a tailored to 
the CEO induction 
program, which 
facilitates the smooth 
transition. 
3.5
Board Digital & Transformation 
Committee
12
The 
Bank’s Board 
Digital & 
Transformation 
Committee (BDTC) 
is a 
consultative 
body that 
reviews 
proposals 
and gives 
its 
strategic advice and guidance on such proposals related to the Group’s digital, innovation, transformation 
and cybersecurity, 
in order to 
contribute in 
achieving the vision and 
strategic goals of the 
Bank. The BDTC, in carrying out 
its duties, 
is accountable 
to the Bank Board. 
BDTC Membership / Chairmanship 
The 
BDTC 
members 
are appointed 
by the 
Board. The 
tenure of 
the BDTC 
members 
coincides with 
the tenure 
of the 
Bank’s 
Board, with the 
option to renew 
their appointment, 
but in any 
case the 
service in BDTC 
should not be 
more than twelve 
(12) 
years in total. The HFSF appointed an Observer 
in the BDTC, in line 
with the requirements of the 
TRFA. 
The BDTC consists of six (6) Directors of whom two (2) executives, three (3) independent non-executives, one (1) non-executive 
who is also the representative of the 
HFSF. 
The BDTC 
composition is outlined below: 
BDTC 
Chairperson: 
Alice Gregoriadi,
 
Non-Executive Independent Director of the Board 
BDTC Vice-
Chairperson: 
Rajeev Kakar,
 
Non-executive Independent Director of the Board 
Members: 
Jawaid Mirza
, Non-executive Independent Director of the Board 
 
Stavros Ioannou, Executive Director of the 
Board / Deputy Chief Executive Officer, 
Group Chief 
Operating Officer (COO) & 
International Activities 
Andreas Athanasopoulos,
 
Executive Director of the Board 
/ Deputy Chief Executive Officer, Group 
Chief 
Transformation 
Officer, Digital & Retail 
Efthymia P. 
Deli,
 
Non-executive Director of the Board, HFSF 
Representative 
It is noted that during 2022 and following the 
recommendation of the Bank NomCo, the Bank’s BoD on 21.7.2022 
decided the 
following amendments 
on BDTC’s Composition: 
●
Ms. 
Alice 
Gregoriadi, 
previous 
BDTC 
Vice-Chairperson, 
was 
appointed 
BDTC 
Chairperson, 
in 
replacement 
of 
Mr. 
Jawaid Mirza who remained BDTC member. 
●
Mr. Rajeev Kakar, 
previous BDTC 
member, was appointed BDTC 
Vice-Chairperson. 
BDTC Meetings
BDTC meets 
at least twice a year 
and as each time required, 
also considering that the 
annually held Strategy 
Away Day is a 
forum 
in 
which 
relevant 
digital 
and 
transformation 
strategic 
matters 
are 
also 
discussed, 
while 
minutes 
are 
kept 
for 
all 
meetings. 
Quorum in BDTC 
BDTC 
is in 
quorum and meets 
validly when 
half of its 
members plus 
one (1) 
are present 
or represented 
(fractions, 
if any, 
are 
not counted), provided 
that no less than 
three (3) members, 
including the Chairperson or 
the Vice 
Chairperson and one non
‐
executive director are present. At all times, the Chairperson or the 
Vice Chairperson are present and the total 
number of non
‐
executive 
(incl. 
independent 
nonexecutive) 
directors 
should 
be 
the 
majority 
of 
the 
members 
present 
or 
represented. 
Each 
member 
may validly 
represent 
only one 
of the 
other 
BDTC 
members 
and representation 
may not 
be entrusted 
to persons 
other than the 
Committee members. 
BDTC Decisions 
BDTC’s resolutions 
are validly taken by an absolute majority of the members 
who are present or represented. In case of a tie, 
the 
Chairperson 
and in 
case of 
his/her 
absence the 
Vice 
Chairperson 
of BDTC 
shall have 
the 
casting 
vote. 
In case 
of non-
unanimous decisions, the 
views of the 
minority should also 
be minuted. The 
Board shall 
be informed 
whenever 
a decision 
of 
the BDTC 
is not reached unanimously. 
BDTC Attendance 
Rate
During 2022, BDTC held two 
(2) meetings and the ratio 
of attendance was 100% (vs. 83% in 2021). 
BDTC Secretary and Minutes 
BDTC appoints its 
Secretary, who reports 
to the Group 
Company Secretariat and cooperates 
with the Chairperson 
of BDTC. 
The Secretary 
is responsible to minute 
the proceedings 
and resolutions of 
all BDTC’s 
meetings, including the 
names of those 
present and in attendance and the action plans and follow 
ups for assignments, as well as for issuance of extracts. Decisions, 
actions and follow ups are 
disseminated to the Bank’s responsible Units, as required. 
BDTC Ter 
ms of Reference (ToR) 
The BDTC 
ToR are 
reviewed at 
least once every 
two (2) years 
and revised if 
necessary, unless 
significant changes in the 
role, 
responsibilities, organization and/or regulatory requirements necessitate earlier revision. 
The ToR are approved 
by the Board. 
12
BDTC ToR 
may be found at the Bank’s website (www.eurobank.gr).
 

 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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BDTC Performance 
Evaluation 
BDTC’s performance 
is evaluated annually according to the provisions of the Board and Board Committees Evaluation Policy. 
According to BDTC’s self-evaluation, the BDTC members are satisfied with the Committee’s effectiveness and leadership. They 
believe that the BDTC 
uses its time effectively and there 
is a good planning and scheduling of the meetings. The 
Chairperson 
of 
the 
BDTC 
is 
well 
prepared 
for 
the 
meetings 
and 
helps 
the 
Committee 
to 
effectively 
navigate 
through 
its 
agenda, 
encouraging critical 
discussion and ensuring 
that every 
member can 
freely express her/his 
views. The 
members are 
also well 
prepared 
and there 
is high 
level 
of participation 
on all 
important discussions, 
showing an 
adequate level 
of challenge. 
The 
evaluation 
also 
highlighted that 
BDTC’s 
planning and 
scheduling 
of future 
meetings 
could be 
enhanced further 
by 
having 
more benchmarking and best practices items in the agenda rather 
than items related to the current 
state of the Bank. 
BDTC’s Activity
For 
2022 
BDTC 
has 
discussed mainly 
the 
Eurobank 
2030 
Transformation, 
including 
deep 
dives 
in 
various. 
The 
Committee 
reviewed 
among 
others 
the 
IT strategy 
to support 
transformation 
and 
the 
management 
of 
risk 
within 
the 
transformation 
governance and was also update on certain innovation deep dives (like existing collaboration with Fintechs, scanning for new 
opportunities and program EGG). In addition, for 
2022, BDTC proposed 
to the BoD for approval 
its revised ToR. 
4.
Management Committees 
Given that 
there 
is no relevant 
regulatory requirement 
neither 
a business need, 
the CEO 
has not established 
committees at 
HoldCo level. 
As regards the Bank, the 
CEO establishes committees to assist him, as required, in discharging his duties and responsibilities. 
The 
most 
important 
Committees established 
by 
the 
CEO are 
the 
Executive 
Board, 
the 
Strategic 
Planning 
Committee, the 
Management Risk Committee, the 
Group Asset and 
Liability Committee, the Central 
Credit Committees (I & II), 
the Troubled 
Assets 
Committee, 
the 
Products 
and 
Services 
Committee 
(PSC) 
and 
the 
Environmental, 
Social 
& 
Governance 
(ESG) 
Management Committee.
 
Executive Board
The Composition of the 
Executive Board and short biographical details of its members 
are summarized below: 
Fokion 
Karavias 
Chief Executive Officer (CEO) 
Year of birth: 1964 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
7.569 
Mr. 
Karavias 
joined 
Eurobank 
in 
1997 
and 
served, 
inter 
alia, 
as 
Senior 
General 
Manager, 
Group 
Corporate 
& 
Investment 
Banking, 
Capital 
Markets 
& 
Wealth 
Management 
(2014-2015) 
and 
Executive 
Committee 
Member 
(2014-2015), 
General 
Manager 
and 
Executive 
Committee 
Member 
(2005-2013), 
Deputy 
General 
Manager 
and 
Treasurer 
(2002-
2005), Head of fixed income and derivative product trading 
(1997). 
In 
the 
past, 
Mr. 
Karavias 
had 
also 
the 
following 
significant 
posts: 
Treasurer 
of 
Telesis 
Investment 
Bank 
(2000), 
Head 
of 
fixed 
income 
products and derivatives in 
Greece of Citibank, 
Athens (1994) and 
has also 
worked in the Market 
Risk Management Division of JPMorgan NY (1991). 
He 
holds 
a 
PhD 
in 
Chemical 
Engineering 
from 
the 
University 
of 
Pennsylvania, Philadelphia, USA and an 
MA in Chemical Engineering from 
the 
same 
university, 
as well 
as a 
Diploma in 
Chemical 
Engineering from 
the National 
Technical 
University of Athens. 
He has published articles 
on 
topics related to his academic research. 
Stavros Ioannou 
Deputy Chief Executive Officer (CEO), Group 
Chief Operating Officer 
(COO) & 
International Activities 
Membership in Board Committees: 
Board Digital and Transformation 
Committee 
– Member 
Year of birth: 1961 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
1.528 
Mr. Ioannou holds 
several 
other posts 
in the Eurobank 
Group as member 
of 
the 
BoD 
of 
Eurobank 
Direktna 
AD, 
Serbia 
(since 
November 
2010), 
Eurobank 
Bulgaria AD 
(since October 
2015), Vice 
-Chairman in 
Eurobank 
Cyprus Ltd (since 
November 2022) 
and is also 
the Chairman of 
the BoD, 
BE-Business 
Exchanges 
SA 
(since 
January 
2014). 
He 
has 
also 
been 
appointed 
as 
the 
responsible 
BoD 
member 
of 
Eurobank 
Holdings 
and 
Eurobank 
for 
climate-related 
and 
environmental 
risks 
and 
for 
the 
outsourcing function 
He 
is 
currently 
Non-Executive 
Board 
member 
of 
Grivalia 
Management 
Company S.A. (since September 2019). 
In the past, Mr. Ioannou 
had also 
the following significant posts: Chairman 
of 
the 
Executive 
Committee 
in 
the 
Hellenic 
Banking 
Association 
(2020-
2022) where he 
had been member since 
2013, Vice 
Chairman at Cardlink 
SA (2013 
-2015), Member 
of 
the 
BoD in 
Millennium Bank, 
responsible 
for 
Retail, 
Private 
Banking 
and 
Business 
Banking 
(2003), 
Head at 
Barclays 
Bank PLC, responsible for Retail Banking, 
Private Banking and 
Operations 
(1990-1997). 
He holds an MA in 
Banking and Finance from 
the University of 
Wales, UK 
and a Bachelor 
Degree in Business 
Administration 
from the 
University of 
Piraeus. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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Kostas Vassiliou 
Deputy Chief Executive Officer 
(CEO), Head of 
Corporate & Investment Banking 
Year of birth: 1972 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
- 
Mr. 
Vassiliou 
holds 
several 
other 
posts 
in 
the 
Eurobank 
Group 
as 
Chairman 
of 
the 
BoD 
of 
Eurobank 
Factors 
Single 
Member 
SA 
(since 
December 2018), Member of the BoD of Eurobank Equities Single Member 
SA (since March 2015), 
Vice-Chairman of the BoD of 
Eurolife FFH Insurance 
Group 
Holdings 
SA 
(since 
January 2021), 
Eurolife 
FFH 
Life 
Insurance 
SA 
(since 
December 
2020) 
and 
Eurolife 
FFH 
General 
Insurance 
SA 
(since 
December 2020). 
In the past, Mr. Vassiliou 
had also the following significant posts: Country 
Manager 
for 
Greece, 
Cyprus 
and 
the 
Balkans, 
Mitsubishi 
UFJ 
Financial 
Group, London (2000-2005) and Senior Relationship Manager, Mitsubishi 
UFJ Financial Group, London (1998-2000). 
He 
holds 
an 
MΒΑ 
from 
Boston 
University, 
USA 
and 
a 
BA 
in 
Business 
Administration from 
the Athens University of Economics and Business. 
Andreas Athanasopoulos 
Deputy 
Chief 
Executive 
Officer, 
Group 
Chief 
Transformation 
Officer, 
Digital & Retail 
Membership in Board Committees: 
Board Digital 
and Transformation 
Committee 
- Member 
Year of birth: 1966 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
- 
In 
the 
past, 
Mr. 
Athanassopoulos 
had 
the 
following 
significant 
posts: 
Group Chief Customer Officer & CEO Financial services, Dixons 
Carphone, 
UK 
(2018-2020), 
CEO 
and 
Vice 
President, 
Dixons 
Carphone, 
Greece 
(Kotsovolos) (2013-2018), General Manager Retail Βanking, National Bank 
of Greece (2008-2013), Chairman of NBG Asset Management (2011-2013), 
Deputy General 
Manager 
Small 
Business 
Banking, 
Eurobank 
(Greece 
& 
New 
Europe) 
(2003-2008), 
Consumer 
Credit 
Director, 
Piraeus 
Bank 
(Greece) (2000-2003). 
He 
holds 
a 
Postdoc 
on 
Decision 
Sciences 
from 
the 
London 
Business 
School, UK, a PhD in 
Industrial and Business Studies 
from the University of 
Warwick, 
UK, 
an 
MSc 
in 
Statistics 
and 
Operational 
Research 
from 
the 
University of Essex, UK, a BSc in Applied Mathematics from the 
University 
of Patras, 
Greece. He has also served 
as a Professor 
in Financial Services 
of 
the 
Athens 
Graduate 
School 
of 
Business 
(ALBA) 
(1997-2001) 
and 
a 
Senior Lecturer 
of the 
Warwick 
Business School, 
UK (1992-1996) 
and has 
published 35 scholarly reviewed 
papers in top rated academic journals. 
Christos Adam 
General 
Manager, 
Group 
Risk 
Management, 
Group 
Chief 
Risk 
Officer 
(Group 
CRO), 
Eurobank SA 
Year of birth: 1958 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
577 
Mr. 
Adam 
has 
served 
within 
the 
Eurobank 
Group 
as 
Deputy 
General 
Manager (2005-2013), 
Head of 
Group 
Credit Control 
Sector (1998-2013) 
and Senior Account 
Officer & 
Senior Manager, 
Corporate Division 
(1990-
1997). 
In the 
past 
Mr. 
Adam 
worked 
in ANZ 
Grindlays Greek 
Branch, 
he 
had the position of Account Manager in the 
Corporate Division. 
He holds 
an MBA 
in Finance 
from the 
University of 
Michigan, Ann 
Arbor, 
USA, with full scholarship 
from the 
Fulbright Foundation 
and a Degree in 
Economics from 
the School 
of Economics 
& Political 
Sciences, University 
of Athens. 
Thanasis Athanasopoulos 
General 
Manager 
– 
Head 
of 
Group 
Compliance General Division of Eurobank 
SA 
Year of birth: 1973 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
- 
In the past, Mr. Athanasopoulos has 
served as Chief Audit 
Executive of the 
Alpha Bank Group and Vice President - Audit & Risk Review of the Mellon 
Financial Corporation. 
He 
holds 
a 
BSc, 
Business 
Administration 
from 
the 
Athens 
University 
of 
Economics and Business, 
a MSc, Banking from 
the University 
of Reading, 
a MSc, Economic History 
from the 
London School of 
Economics and he 
is 
certified 
as 
a 
Fellow 
Chartered 
Accountant 
of 
ICAEW 
and 
a 
Certified 
Director (IDP) by INSEAD. 
Iakovos Giannaklis 
General 
Manager, 
Retail 
Banking, 
Eurobank 
SA 
Year of birth: 1971 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
1.756 
He is also a member of the 
BoDs in Eurolife FFH 
Group Holdings, General 
Insurance 
and Life 
insurance. 
In the 
past 
Mr Giannaklis 
has also 
served 
within the Eurobank Group as Member of 
the BoDs of Eurobank FPS 
Loans 
and Credits 
Claim Management 
Société Anonyme, 
Eurobank 
Household 
Lending 
Services 
SA 
(2016-2018), 
Eurobank 
Asset 
Management 
MFMC 
(2014-2017), Head of Branch 
Network General 
Division (2014-2016), Head 
of 
Branch 
Network 
Commercial 
Development 
Sector (2014), 
Member 
of 
the 
BoD, 
Eurobank 
Business 
Services 
(2009-2017) 
and 
Head 
of 
Branch 
Network Sector (2009-2014). 
He holds 
an 
MBA from 
the 
University 
of 
Indianapolis, 
USA and 
a 
BA in 
Business Administration, from 
the City University of Seattle, USA. 
Tasos Ioannidis 
In the past Mr. Ioannidis has served 
as General Manager, 
Head of Global 
Markets 
& 
Treasury 
(April 
2015 
- 
July 
2019), 
Deputy 
General 
Manager, 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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General 
Manager 
Markets 
& 
Asset 
Management, Eurobank SA 
Year of birth: 1968 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
- 
Head of Global Markets 
& Treasury (October 
2013 - March 2015), 
Deputy 
General 
Manager, 
Group 
Treasurer 
(April 2009 
- October 
2013), Deputy 
General Manager, 
Group Head of Trading 
(March 2007 - April 2009). 
He 
has 
also 
served 
as 
Member 
of 
the 
BoD, 
Eurobank 
Asset 
Management 
MFMC (May 2015 - September 2017), Chairman of the BoD, Eurobank ERB 
MFMC, former TT ELTA 
MFMC (February 2014 - September 2015), Member 
of the BoD, Global Asset Management SA (June 2006 - December 
2009), 
and Member of the BoD, 
Portfolio Investment SA (June 2002 - April 2003). 
He holds a 
MSc in Shipping, 
Trade and Finance from Cass 
Business School, 
London, 
UK 
and 
a 
BSc, 
School 
of 
Mechanical 
Engineering 
from 
the 
National Technical 
University of Athens. 
Apostolos Kazakos 
General 
Manager, 
Group 
Strategy, 
Eurobank 
SA 
Year of birth: 1972 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
- 
Mr. 
Kazakos 
has 
also 
served 
as 
Deputy 
CEO, 
Eurobank 
Equities, 
the 
investment banking 
and brokerage 
arm of Eurobank 
Group (May 
2010 – 
August 
2013), 
Assistant 
General 
Manager, 
Head 
of 
Group 
Strategy 
& 
Investment 
Relations, 
National 
Bank 
of 
Greece 
(August 
2014 
– 
March 
2015), 
General 
Manager 
and 
Head 
of 
the 
Investment 
Banking, 
Restructuring & Capital 
Investment Division, General Bank, Piraeus Group 
(September 2013 – 
July 2014), Senior 
Executive and eventually Head 
of the 
Investment Banking Division, Eurobank Equities and 
Telesis Bank (January 
1998 – May 2010). 
He 
holds 
an 
MSc 
in 
International 
Securities, 
Investment 
and 
Banking, 
International Securities Market 
Association (ISMA) from 
the University 
of 
Reading, 
UK 
and 
a 
Degree 
in 
Accounting, 
Faculty 
of 
Administration 
& 
Finance 
from 
the 
Technological 
Educational 
Institute 
of 
Central 
Macedonia. 
Harris Kokologi 
annis 
General Manager, Group Finance, Group Chief 
Financial Officer (Group 
CFO), Eurobank SA 
Year of birth: 1967 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 
- 
Mr. 
Kokologiannis 
joined 
Eurobank 
in 
January 
2008 
as 
Head 
of 
Group 
Finance and Control until his appointment as Group 
CFO in July 2013. 
He 
has 
served 
as 
Audit 
Supervisor, 
Deloitte 
(Tax, 
Audit, 
Management 
Consultant), 
Group 
CFO 
(Lafarge 
Cement 
- 
Heracles 
General 
Cement 
Company), 
Director 
of 
Finance 
and 
Control 
(L’Oreal 
Hellas), 
Group 
Financial Manager (PLIAS Group). 
He is a Chartered Accountant in UK, member of the Chartered Institute of 
Management 
Accountant 
(C.I.M.A.), 
UK. 
He 
holds 
an 
MBA 
from 
the 
University 
of 
Warwick 
(UK) 
and 
a 
BA 
in 
Business 
Management 
and 
Organization 
from 
the 
School 
of 
Economics 
and 
Business 
Science 
(ASOEE). 
Michalis Louis 
Head 
of 
International 
Activities 
General 
Division & Group Private Banking 
Year of birth: 1962 
Nationality: Cypriot 
Number 
of 
shares 
in 
Eurobank 
Holdings: 
113.958 
Mr. 
Louis also serves 
as CEO, Eurobank 
Cyprus Ltd (since 
2007), Member 
of 
the 
BoD, 
Eurobank 
Private 
Bank 
Luxembourg 
SA, 
Member 
of 
the 
Supervisory Board (SB) of Eurobank 
Bulgaria AD and Member of the BoD 
of 
Eurobank-Direktna 
(before 
the 
merger 
of 
Eurobank 
Serbia 
with 
Direktna 
on 
December 
2021, 
he 
was 
serving 
as 
the 
BoD 
Chairman 
of 
Eurobank Serbia). 
He 
holds 
a 
MSc 
in 
Corporate 
Finance 
& 
Accounting 
from 
the 
London 
School 
of 
Economics 
and 
Political 
Sciences, 
UK 
and 
a 
Degree 
in 
Accounting from Ealing College, UK. 
Natassa Paschali 
General 
Manager, 
Head 
of 
Group 
Human 
Resources 
General 
Division, 
(Group 
CHRO), 
Eurobank SA 
Year of birth: 1972 
Nationality: Greek 
Number of shares in Eurobank Holdings: 
- 
Mrs. Paschali 
is the 
Group Chief 
Resources 
Officer 
(Group 
CHRO), since 
June 2018 In the past she has served within the 
Eurobank Group 
as Head 
of People Engagement (January 2017 – June 2018), Head of HR, Eurobank 
Private 
Bank 
Luxembourg 
SA 
(parallel 
assignment), 
Luxembourg 
(May 
2014 
– 
May 
2017), 
Head 
of 
HR 
Line 
Management, 
Wholesale 
Banking 
(2008-2016). 
She holds a MSc in Industrial Relations and Personnel 
Management from 
the London 
School of Economics 
and Political 
Science (1995-1996) and 
a 
BA 
in 
English 
Language 
and 
Literature 
from 
the 
University 
of 
Athens, 
School of Philosophy (1991-1995). 
Mrs. Veronique Karalis, 
Deputy Group Company Secretary, serves 
as the Secretary of the ExBo. 

 
 
 
 
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The ExBo manages the implementation of 
Group’s strategy in line with 
the Board’s guidance. The functioning of 
ExBo is subject 
to the provisions of the TRFA. 
The ExBo is established by the CEO and 
its members are appointed by the CEO. 
The ExBo meets 
on a weekly 
basis or ad hoc 
when necessary. 
Other executives 
of the Group, 
depending on the 
subject to be discussed, 
may 
be invited to attend. 
The 
ExBo is 
in quorum 
and meets 
validly when 
half of 
its members 
plus one 
are present 
or represented. 
In determining 
the 
number of members 
for the 
quorum, fractions, 
if any, shall 
not be counted. The 
ExBo resolutions 
require a majority 
vote. The 
ExBo 
appoints its 
Secretary, 
who reports 
to the 
Group 
Company Secretariat 
and 
cooperates 
with 
the 
Chairperson 
of 
the 
Committee. The Secretary is responsible to minute the proceedings 
and resolutions of all ExBo meetings, including the names 
of those present 
and in attendance 
and the action 
plans and follow 
ups for 
assignments, as well 
as for 
issuance of extracts. 
Decisions, actions and follow 
ups are disseminated to the Bank’s responsible Units, as required. 
The ExBo Terms 
of Reference 
(ToR) are approved 
by the CEO and revised as appropriate. 
The ExBo’s key 
tasks and responsibilities are to: 
●
manage the implementation of the 
Group’s strategy 
as developed by the SPC, in line with the 
BoD’s guidance 
●
draw up the annual budget and the business plan. The SPC reviews the 
key objectives and the goals contained therein, 
as 
well as the major business initiatives, and submits them 
to the Board for approval 
●
approve 
issues 
concerning 
the 
Group’s 
strategic 
choices 
(e.g. partnerships, 
share 
capital 
increase, 
issuing 
convertibles 
and/or launching debt issuance 
programs, 
mergers, 
acquisitions or disposals, the 
formation of 
joint ventures, creation 
or 
dissolution of 
special purpose vehicles, 
dividend distribution and 
all other 
investments or 
non-material disinvestments 
13 
by the 
Group etc.), 
ensuring these 
being in 
line with 
the approved 
Group’s 
strategy, 
if the 
issue under 
discussion is 
less 
than or equal to €40 million. In case though: 
a)
the issue under discussion exceeds € 40 million 
b)
a decision of the Board is obligatory by 
Law or by the Bank’s contractual commitments 
c)
it 
is 
deemed 
necessary 
by 
the 
SPC, 
taking 
into 
account 
the 
complexity 
and 
nature 
of 
the 
strategic 
choices 
under 
discussion 
the issues concerning 
the Group’s 
strategic choices are 
approved by 
the Board following 
a relevant proposal 
by the SPC 
(as per its Terms 
of Reference) 
●
monitor the performance 
of each business unit 
and country against budget 
and ensure corrective 
measures are 
in place 
wherever 
required 
●
decide on all major 
Group’s initiatives aiming at transforming the business and operating model, enhancing the operating 
efficiency and cost rationalization, 
improving organizational 
and business structure 
●
ensure that adequate systems of internal controls 
are properly maintained 
●
review and approve 
Bank’s Policies (other than Credit Policies 
that are approved 
by Management Risk Committee and/or 
Troubled 
Assets Committee 
and/or BRC) 
that 
are related 
to its 
responsibilities and/or 
are of 
critical 
importance to 
the 
Bank, including but not limited to those requiring BoD approval as per the 
TRFA 
●
review 
the 
performance 
of any 
Committee and 
/or individuals 
to whom 
it has 
delegated part 
of its 
responsibilities, 
as 
approved 
●
ensure adequacy of Resolution Planning governance, 
processes and systems 
●
hire and retain 
external consulting firms 
and approve 
their compensation 
and terms of 
engagement in accordance 
with 
Bank’s policies and procedures 
●
hire and retain 
investment banking 
advisors, and approve 
their compensation 
and terms of engagement, 
in accordance 
with Bank’s policies and procedures, where 
applicable 
●
To 
review 
the 
quarterly report 
of Group 
Operational 
Risk Sector 
(GORS) before 
submission to 
the 
BRC since 
it entails 
group wide operational 
risk issues. 
ExBo’s performance is evaluated annually 
according to the 
provisions of Bank’s Management 
Committees’ Policy and 
its Terms 
of Reference. For 2022, ExBo performed its first self-evaluation. According to this evaluation, it was determined that its overall 
performance and all the specific areas of evaluation i.e. the profile and composition, the organization and administration and 
the 
key 
tasks 
and 
responsibilities, 
are 
strong. 
Members 
of 
ExBo 
suggested 
the 
following 
areas 
for 
improving 
ExBo’s 
organization and administration: i) number of items in the agenda to be reduced to allow 
for more meaningful discussions, ii) 
submissions to be kept short to allow for more Questions & Answers and iii) supporting material to be shared well in advance 
by business owners in order to allow 
for better preparation. 
Strategic Planning Committee
14
Until 20.7.2022, 
the Bank's Strategic Planning Committee (SPC) was operating as a Board Committee, while on 21.7.2022, 
the 
Bank’s Board revoked 
its mandate and terms of reference, 
which ceased to be Board 
Committee, on the understanding that 
SPC will be reconstituted by the Bank’s CEO as a new Management Committee, with a new composition, mandate and terms 
of reference approved 
by the CEO. 
The purpose of the SPC is to: 
a)
assist Management in planning, developing and implementing the 
Bank Group’s Strategy 
and 
b)
recommend to the Board 
certain initiatives in relation to 
the Bank Group’s Strategy. 
13
 
As specified in the Divestment Policy 
14
 
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).

 
 
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The key tasks and responsibilities of the 
SPC are: 
●
within the framework 
of which the Executive 
Board draws 
up the annual budget 
and the business 
plan, to review 
the key 
objectives and goals 
contained therein 
and review major 
business initiatives, before 
their submission 
for approval 
to the 
Board 
●
to review, 
analyze and deliberate issues 
concerning the Bank Group’s 
strategic choices (e.g. strategic 
partnerships, share 
capital 
increase, 
issuing 
convertibles 
and/or 
launching 
debt 
issuance 
programs, 
mergers/demergers, 
acquisitions 
or 
disposals, the formation 
of joint ventures, creation or dissolution 
of special purpose vehicles, dividend distribution and all 
other major 
investments or 
disinvestments by 
the Bank 
Group etc.), ensuring 
these being in 
line with the 
approved 
Bank 
Group’s strategy. 
The SPC shall formulate relevant 
proposals to the Board, if: 
a)
the issue 
under discussion 
exceeds € 
40 million, 
while for 
lower 
amounts approval 
will be 
provided 
by the 
Executive 
Board 
b)
a decision of the Board is obligatory by 
Law or by the Bank’s contractual commitments 
c)
it 
is 
deemed 
necessary 
by 
the 
SPC, 
taking 
into 
account 
the 
complexity 
and 
nature 
of 
the 
strategic 
choices 
under 
discussion 
●
to 
submit 
to 
the 
Board 
for 
approval 
proposals 
relating 
to 
the 
strategy 
and 
the 
budget 
of 
the 
Property 
Portfolio 
as 
described in the Service Level Agreement 
between Eurobank and Grivalia Management 
Company 
●
to submit 
to the 
Board for 
approval 
proposals for 
the acquisition 
and disposal 
of assets other 
than repossessed 
assets 
(as these are 
defined in the 
Service Level 
Agreement between 
Eurobank and 
Grivalia Management Company) with 
book 
value above € 10 million 
●
to submit to the Board 
for approval 
proposals for 
the disposal of repossessed 
assets (as these are defined 
in the Service 
Level Agreement between 
Eurobank and Grivalia Management Company) with gross 
book value above € 20 million
●
to 
maintain 
and 
take 
all 
necessary 
actions 
on 
regulatory 
and internal 
capital 
required 
to 
cover 
all 
types of 
risks 
(incl. 
strategic and 
reputational risks, as 
well as other 
non-quantifiable risks) and to 
ensure that capital 
requirements are 
met 
at all times 
●
to review and evaluate all major Bank Group’s 
initiatives aiming at transforming 
the business and operating 
model 
●
to monitor on a 
regular basis the strategic and the key performance indicators of the Bank Group, 
including the segmental 
view 
●
to review and, as needed, make proposals 
to the Board on all other 
issues of strategic importance to the Bank Group 
Until 
20.7.2022 
that 
the 
SPC 
was 
operating 
as 
a 
Board 
Committee, 
its 
members 
were 
appointed 
by 
the 
Board, 
on 
the 
recommendation of its Chairperson, following the 
proposal by the NomCo. The Committee was chaired by the Chairperson of 
the Board and in case of absence or 
impediment of the Chairperson by the Vice-Chairperson of the Board and was composed 
of the following 
members with voting rights: 
-
The Chairperson of the 
Board 
-
The Vice-Chairperson 
of the Board 
-
The Chief Executive Officer 
(CEO) 
-
The Deputy CEOs 
-
The Group Chief Risk Officer 
-
The Group Chief Financial Officer 
The General 
Manager Group Strategy participates 
in the Committee as a permanent attendee with no voting rights. 
Following 
the reconstitution 
of the 
SPC as 
a new 
Management Committee 
by the 
Bank’s CEO, 
the SPC 
is composed 
of the 
following members 
with voting rights: 
-
The Chief Executive Officer 
(CEO) 
-
The Deputy CEOs 
-
The Group Chief Risk Officer 
-
The Group Chief Financial Officer 
The Chairman of the Board, the Vice-Chairman of the Board and the General Manager Group Strategy 
participate in the SPC 
as a permanent attendees with no voting rights. 
The 
SPC is 
chaired 
by 
the 
CEO 
and 
in case 
of 
absence 
or 
impediment 
of 
the 
CEO, by 
the 
longest 
serving 
Deputy CEO 
in 
attendance. 
Since 21.7.2022, the SPC meets on a 
weekly basis or ad 
hoc, when necessary, and keeps 
minutes of its 
meetings (until 20.7.2022, 
SPC met on a biweekly basis and reported to the Board 
on a quarterly basis and as required). 
During 
2022, 
the 
SPC 
held 
forty 
(40) 
meetings 
twenty 
four 
(24) 
as 
Board 
Committee 
and 
sixteen 
(16) 
as 
Management 
Committee) and the ratio 
of attendance was 93% (94% as Board Committee and 92% as a Management Committee). 
The 
SPC is 
in quorum 
and meets 
validly when 
a) half 
of its 
members 
plus one 
are present 
(fractions 
are excluded 
from 
the 
computation), provided that at least three members are present and b) SPC’s Chairperson or the longest serving Deputy CEO 
in attendance, 
entitled to chair the Committee, is present. 
The resolutions 
of the 
SPC require a 
majority vote. 
In case of 
a tie of 
votes, SPC’s 
Chairperson has the 
casting vote. 
If SPC’s 
Chairperson is absent, the longest serving Deputy CEO in attendance, entitled to chair the Committee, has the 
casting vote. 
In the 
context of 
providing 
support to 
the 
Chairperson for 
ensuring the 
smooth 
and proper 
operation 
of the 
SPC, the 
SPC 
appoints its Secretary 
who reports to 
the Group Company Secretariat and 
cooperates with the Chairperson of 
the Committee. 
The Secretary is responsible to maintain an annual calendar of the scheduled meetings, which may be 
revisited depending on 
unforeseen circumstances, 
following 
the approval 
of SPC’s Chairperson. 
In addition, the 
Secretary is responsible 
to organize 
meeting 
details 
(including 
venues), 
record 
the 
attendance 
of 
members 
and 
other 
attendees/invitees, 
ensure 
that 
quorum 

 
 
 
 
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requirements 
are met, 
minute the 
proceedings 
and resolutions 
of all 
Committee meetings, 
issue true 
copies/extracts 
of the 
SPC’s minutes and 
notify the 
responsible managers 
regarding any issue 
discussed by the 
SPC and is 
relevant to them 
or on 
which they need to take action. 
The SPC Terms 
of Reference (ToR) 
are approved by 
the CEO and revised as appropriate. 
SPC’s 
performance 
is 
evaluated 
annually 
according 
to 
the 
provisions 
of 
Bank’s 
Managements 
Committees’ 
Policy 
and 
its 
Terms 
of Reference. 
According to 
SPC’s self-evaluation 
for 2022, 
it was determined 
that its 
overall 
performance 
and all the 
specific 
areas 
of 
evaluation 
i.e. 
the 
profile 
and 
composition, 
the 
organization 
and 
administration 
and 
the 
key 
tasks 
and 
responsibilities, are strong. 
Management Risk Committee
15
The main responsibility of Management Risk Committee (MRC) is 
to oversee the risk management framework of the Bank. The 
MRC 
ensures 
that 
material 
risks 
are 
identified 
and 
promptly 
escalated 
to 
the 
BRC 
and 
that 
the 
necessary 
policies 
and 
procedures are in place to prudently manage risk and to comply with regulatory 
requirements. 
As part of its responsibility, the MRC, facilitates 
reporting to the BRC on the range of risk-related 
topics under its purview. 
As part of its mandate, the MRC: 
●
reviews 
the 
Group’s 
risk 
profile 
vis-à-vis 
its 
declared 
risk 
appetite, 
examines 
any 
proposed 
modifications 
to 
the 
risk 
appetite, 
●
reviews and approves 
the stress testing programme 
results, 
determines appropriate management actions 
which are discussed and presented to the ExBo for information 
and submitted 
to the BRC for approval 
The MRC maintains at all times a pro 
-active approach to Management. 
The 
MRC understands 
and evaluates 
risks, addresses 
escalated issues, 
provides 
oversight 
of the 
Group’s 
risk management 
framework 
– including the 
implementation of risk 
policies – and informs 
the BRC of the 
Group’s 
risk profile. The 
Group CRO 
updates the 
ExBo on 
material risks 
and issues 
on a 
periodical 
basis. Furthermore, 
the 
MRC assists 
the 
BRC in 
defining risk 
management 
principles 
and 
methodologies 
thereby 
ensuring 
that 
the 
Group’s 
Risk 
Management 
Framework 
contains 
processes 
for 
identifying, measuring, 
monitoring, mitigating 
and 
reporting 
the 
current 
risk profile 
against its 
risk appetite, 
limits, and performance targets. Specific responsibilities 
performed by the 
MRC are described below: 
●
revises and presents to the BRC for approval 
the risk strategy and the risk appetite, the 
risk limits and the measures 
for monitoring both financial and non-financial risks, in conjunction 
with the Board’s approval of the annual business 
plan / strategy 
●
monitors : 
a) current 
risk exposures 
at 
a Group 
level, 
b) company-wide 
compliance 
with 
the 
risk limits, 
c) Bank’s 
overall 
risk assessment processes and d) Bank's capability to identify and manage new risk types as they 
emerge 
●
performs risk escalation and remediation 
by reviewing and reporting on any material breaches of risk limits and the 
adequacy of proposed specific actions to address them 
●
reviews the Stress 
Testing Programme 
with regards to: 
o
its effectiveness and robustness 
o
material risks 
developed in 
the risk 
identification process 
and scenarios 
developed in 
the scenario 
design 
process 
o
key modelling assumptions and the stress testing results 
before the submission 
to the BRC 
●
reviews at least on an annual basis the followi 
ng reports: 
o
the Group ICAAP and ILAAP 
o
the Group Recovery 
Plan 
in compliance with the regulatory requirements 
and guidelines before final submission to the 
BRC. 
●
Regarding 
the 
Resolution 
Planning, 
the 
MRC 
reviews 
and 
approves 
the 
Bank’s 
rolution 
planning 
initiatives 
to 
enhance its resolvability material/documents 
requested by the Resolution Authorities (SRB). 
The MRC does 
not conflict with the 
GCRO or the Risk Management General 
Division’s responsibilities for 
Risk governance as 
prescribed under 
the Bank 
of Greece’s 
Governor 
Act no. 
2577/2006. 
They 
have responsibility 
to escalate 
material risks 
and 
issues to the BRC and to update ExBo on material risks and issues on a periodical basis. 
The MRC 
which meets 
on a monthly 
basis prior 
to the 
BRC meeting or 
more frequently 
on an ad-hoc 
basis, if 
required, is 
in 
quorum and meets validly when 
half of its members, including the 
Chairperson or the Vice 
-Chairperson, plus one are present 
or represented. Selected 
attendees can be invited 
to the MRC 
meetings, when the 
topics for discussion 
fall under their 
remit 
or they 
have the 
requisite expertise 
to constructively 
participate. The 
finalized minutes are 
distributed to 
the BRC, 
SPC and 
15
 
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr). 

 
 
 
 
 
 
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ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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ExBo members, as prepared by 
the committee’s secretary and approved 
by its Chairperson. Abstracts of resolutions 
reached 
and actions to be taken are provided to Management, 
SPC and/or ExBo members, as necessary. 
Resolutions of the MRC are decided based on a simple majority and in case of a tie vote, the Chairman or the Vice 
-Chairman 
in 
the 
case 
of 
Chairman’s 
absence, 
has 
the 
casting 
vote. 
The 
opinion 
of 
the 
minority 
is 
recorded 
in 
the 
meeting 
minutes 
whenever a decision 
of the MRC is not reached unanimously, 
and the BRC is informed accordingly. 
Changes to the ToR of 
the MRC are reviewed by the 
MRC at least 
every two (2) years and 
revised if necessary, unless 
significant 
changes in 
the composition, 
role, 
responsibilities, organization 
and / 
or regulatory 
requirements 
necessitate 
earlier revision 
and are approved by 
the CEO. The ToR 
of MRC are also submitted to the BRC for information 
purposes. 
The MRC’s 
performance 
is evaluated annually according 
to the provisions 
of Bank’s Management Committees 
Policy and its 
Terms 
of 
Reference. 
For 
2022, 
the 
Committee 
performed 
its 
first 
self-evaluation 
and 
it 
was 
determined 
that 
its 
overall 
performance and all the specific areas of evaluation i.e. the profile and composition, the organization and administration and 
the key 
tasks and responsibilities, are 
strong. Members suggested the 
following 
areas for improving 
MRC’s organization and 
administration: i) number of items in the agenda to be reduced to allow for more meaningful discussions and ii) 
more sessions 
to be scheduled in order to reduce the material 
submitted for the meetings. 
Group Asset and Liability Committee (G-ALCO)
16
G-ALCO’s primary mandate is to i) review, approve, formulate, 
implement and monitor - as may be 
appropriate - the Group’s 
a) liquidity 
and funding 
strategies 
and policies, 
b) interest 
rate 
guidelines and 
interest 
rate 
risk policies, 
c) Group’s 
capital 
investments, as well 
as FX exposure and hedging strategy, 
and d) Group’s business 
initiatives and/or investments 
that affect 
the 
Bank’s 
market 
and 
liquidity risk 
profile, 
ii) approve 
at 
a first 
stage 
and 
recommend 
to the 
BRC for 
final 
approval 
the 
respective country limits (with special attention given for the 
approval / monitoring of the limits for countries where 
Eurobank 
has a local presence) 
and iii) approve or propose –as the case may be - changes to these policies that 
conform to the Bank’s 
risk appetite 
and levels of 
exposure as determined 
by the BRC & 
Management while complying 
with the framework established 
by regulatory authorities and/or supervising bodies. 
G-ALCO convenes 
once a 
month and/or 
whenever 
required. Other 
executives or 
managers of 
the Group, 
depending on the 
subject to be discussed, may be invited to attend as required. 
Required 
quorum 
for 
G-ALCO 
meetings 
to 
be 
effective 
is 
six 
members. 
In 
order 
to 
have 
a 
quorum 
the 
presence 
of 
its 
Chairperson 
and 
a 
minimum 
of 
three 
(3) 
SPC 
members 
is 
required. 
Decisions 
on 
issues 
are 
taken 
by 
majority 
and 
communicated 
to 
the 
relevant 
/ 
affected 
business 
areas, 
while 
meetings 
are 
minuted 
by 
the 
Committee’s 
Secretary 
and 
distributed to G-ALCO members, the 
CEO, the Board’s Chairman and the Single Supervisory Mechanism (SSM). 
G-ALCO’s performance 
is evaluated annually 
according to the 
provisions 
of Management Committees’ 
Policy and 
its Terms 
of Reference. 
According 
to G-ALCO’s 
self-evaluation 
for 
2022, it 
was determined 
that: 
i) its 
members’ 
engagement 
is well 
appropriate, ii) 
the 
G-ALCO 
continues to 
function 
effectively 
in relation 
to its 
mandate 
and responsibilities, 
with members 
engaging in critical discussions during 
meetings on key 
risk issues, iii) in light of the 
increasing complexity and importance of 
issues arising, 
the 
evolution 
of the 
regulatory 
framework 
and emergence 
of additional 
risk considerations, 
G-ALCO 
should 
improve its organizational and operational efficiency with increasing frequency and/or length of meetings as may be required 
to remain as effective. 
Central Credit Committees
Central Credit Committee I 
The main 
objective of 
Central Credit Committee 
I (CCCI) is 
to ensure the 
objective credit 
underwriting of relevant 
exposures 
of Greek 
corporate 
performing 
and private 
banking clients, 
in accordance 
to the 
Risk Appetite 
Framework 
and the 
Credit 
Policy Manual of the Bank and in a way that balances 
credit risk and return on equity. 
The CCCI is chaired by an independent to Business and Risk Professional, convenes at least once a week and all meetings are 
minuted. Decisions are taken 
unanimously. If 
unanimity is not achieved, the 
credit request is escalated 
by the Chairperson 
to 
the 
next 
(higher) 
approval 
level 
requiring 
a 
unanimous 
decision. 
In 
case 
of 
non-unanimity 
the 
final 
decision 
lies 
with 
the 
Management Risk Committee (MRC), by majority voting. 
The 
main 
duty 
and 
responsibility 
of 
the 
CCCI 
is 
to 
assess 
and approve 
all 
credit 
requests 
for 
clients 
in the 
Greek 
related 
corporate performing and private banking 
portfolio of a total 
exposure above €50mio and 
unsecured exposure above €35mio. 
For 
total 
exposure 
exceeding 
€75mio 
and 
unsecured 
exposure 
exceeding 
€50mio, 
additional 
approval 
by 
the 
GCRO 
is 
required, while for total exposure exceeding €150mio and unsecured exposure exceeding €100mio, additional approval by the 
CEO is required. Furthermore, 
for exposures higher 
than 10% (or 20% for selected borrowers 
where no single risk exists) of the 
Bank’s regulatory 
capital the 
additional approval 
of the 
Management Risk 
Committee (MRC) is 
required. Subsequently, 
the 
final approval is granted by the 
Board Risk Committee (BRC). 
Central Credit Committee II 
The main objective of the 
Central Credit Committee II (CCCII) is the same 
as for the CCCI for 
lower levels 
of exposure. 
The CCCII 
convenes at 
least once a week 
and all meetings are 
minuted. Decisions are 
taken unanimously. 
If unanimity is not 
achieved, the request is escalated 
by the Chairperson to the next 
approval level. 
The main duty and responsibility of 
CCCII is to assess 
and approve all credit requests for clients in 
the Greek related corporate 
performing and private banking portfolio 
for total exposure from €20mio 
up to €50mio and unsecured exposure from €10mio 
up to €35mio and retail exposures for total limits above 
€3mio. 
16
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(
www.eurobank.gr
). 

 
 
 
 
 
 
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Central 
Credit 
Committees’ 
performance 
is 
evaluated 
annually 
according 
to the 
provisions 
of 
Managements 
Committees’ 
Policy and its Terms 
of Reference. The 
Central Credit Committee’s self-evaluation 
for 2022 is currently in progress. 
Troubled Assets Committee
17
The Troubled Assets Committee (TAC) 
is established according to the regulatory provisions. The main purpose of TAC is to act 
as 
an 
independent 
oversight 
body, 
closely 
monitoring 
the 
Bank’s 
troubled 
assets 
portfolio 
and 
the 
execution 
of 
its 
NPE 
Management Strategy. 
The 
Committee 
meets 
at 
least 
once 
per 
month 
and/or 
whenever 
required 
if 
the 
majority 
of 
the 
members, 
including 
the 
Chairperson, are 
present. Decisions 
are taken 
by majority, 
are minuted 
and circulated 
as appropriate. 
The 
Chairman has 
a 
casting 
vote. 
TAC 
cooperates 
with 
Group 
Risk 
Management 
Division 
to 
reach 
a 
mutual 
understanding 
and 
develop 
an 
appropriate methodology 
for the evaluation 
of the risks inherent 
in the portfolio 
management. TAC’s 
propositions regarding 
NPE policy updates are submitted to the Board Risk Committee. 
TAC’s main responsibilities: 
●
review internal reports regarding 
troubled assets management under the regulatory 
provisions 
●
approve the available forbearance, resolution and closure solutions 
by loan sub-portfolio, and 
monitor their performance 
through Key Performance 
Indicators (KPIs) 
●
define the 
criteria to 
assess the 
sustainability of credit 
and collateral 
workout solutions 
through the 
design and use 
of 
“decision trees” 
●
approve, monitor and assess pilot modification 
programmes and 
●
supervise and provide guidance and know-how to the respective troubled assets 
units of Eurobank’s subsidiaries abroad 
TAC 
conducted a self-evaluation 
for 2022 
in compliance with 
the provisions 
of the 
Management Committees’ 
Policy and 
its 
Terms of Reference. The evaluation concluded that the committee 
operates effectively, 
in the areas 
of Profile and 
Composition, 
Organization & Administration as well as regarding 
the Key Tasks and Responsibilities. However, the evaluation also identified 
that 
while 
the 
overall 
quality 
and 
quantity 
of 
information 
submitted 
related 
to 
the 
proposals 
for 
assessment 
by 
the 
TAC 
members is 
adequate, there 
is room 
for further 
enhancement on 
providing more 
details on the 
quantification of 
the impact 
of the proposed for 
approval actions. Such enhancement will benefit TAC 
members to make more informed 
decisions. 
Products & Services Committee (PSC)
18
 
Products & Services Committee (PSC) is responsible 
for creating and supervising the 
governance framework 
for the products 
and services 
offered 
to Eurobank’s 
clients in 
Greece through 
the 
physical and 
alternative 
channels, in 
accordance 
with the 
supervisory and regulatory requirements. 
A governance 
framework 
assessing financial and non-financial risks is in place. The 
PSC approves all new products & services as 
well as significant modifications in existing 
ones. The Committee also implements 
a periodic review 
of all products 
and services, according 
to their risk 
profile to determine 
their continuation, 
modification or 
discontinuation. The 
products and 
services of 
Remedial & 
Servicing Sector 
are excluded 
and are 
under the 
responsibility of 
TAC (Troubled 
Assets Committee). 
PSC convenes once a month and/or 
whenever required. Other executives or managers of the Group, depending on the subject 
to be discussed, may be invited to attend as required. 
The PSC is in quorum and meets validly when half of its members plus one are 
present (fractions are excluded from the 
computation). For quorum, the 
Chairperson should be also present. 
Decisions require, 
as a 
minimum, a 
majority vote 
of 50%+1 
of the 
members present 
in the 
meeting and 
are recorded 
in the 
meeting’s minutes. 
In case 
of a 
tie vote, 
the 
Chairperson has 
the 
casting 
vote. 
All members 
of the 
PSC have 
equal voting 
rights. 
In case 
of 
no 
reaching 
a 
decision 
due 
to disagreement 
of 
Members, 
the 
issue 
under 
discussion 
is 
escalated 
to 
the 
Executive Board (ExBo). 
Additionally, 
decisions may 
be taken 
by circulation, 
which is 
equal to 
a decision 
of the 
Committee, even 
if no 
meeting has 
preceded. 
The Committee’s 
performance 
is evaluated 
annually according 
to the 
provisions 
of the 
Management Committees’ 
Policy 
of 
the Group 
and its Terms 
of Reference. 
According to 
the Committee’s 
2022 self-evaluation, 
its performance 
was assessed as 
very strong, it was determined that the Committee’s operation 
is continuously improving and that it functions very effectively, 
especially 
in 
the 
areas 
of 
leadership 
and 
PSC 
Chairperson’s 
contribution 
in 
organizing/coordinating 
meetings 
and 
encouraging critical discussions in meetings. 
Environmental, Social & Governance 
(ESG) Management Committee - ESG ManCo
19
The primary mandate of the ESG ManCo is to i) provide strategic direction on ESG initiatives, ii) review the ESG Strategy prior 
to approval, 
iii) integrate the 
elements of the 
ESG strategy into 
the Bank’s business 
model & operations, 
iv) approve 
eligible 
assets of Green Bond Frameworks, v) regularly measure 
and analyze the progress of the ESG goals and performance 
targets, 
and vi) 
ensure the proper implementation of 
ESG related policies 
and procedures, in accordance 
with supervisory requirements 
and voluntary commitments. 
ESG ManCo convenes 
four times a 
year and/or ad hoc 
when necessary. 
Other Bank 
employees, depending on 
the subject to 
be discussed, may be invited as deemed appropriate. 
17
 
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).
18
 
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr). 
19 
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).

 
 
 
 
 
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Required quorum for 
ESG ManCo meetings 
to be effective 
is seven 
members. In 
order to 
have a quorum, 
the presence 
of its 
Chairperson and a minimum of six (6) members is required. Decisions on issues are taken by majority. In case of a tie vote, the 
Chairperson has the casting vote. 
Whenever a decision 
of the ESG ManCo is not reached 
unanimously, this is recorded 
in the 
minutes along 
with the 
opinion of 
the 
minority. 
All meetings 
and decisions 
are minuted 
by the 
Committee’s 
Secretary and 
distributed to ESG ManCo members. 
The 
Terms 
of 
Reference 
of 
the 
ESG 
ManCo 
will 
be 
reviewed 
at 
least 
every 
two 
(2) 
years 
and 
revised 
if 
necessary, 
unless 
significant changes in the composition, role, responsibilities, organization and / or regulatory requirements necessitate 
earlier 
revision. 
ESG ManCo’s performance 
is evaluated annually according 
to the provisions 
of the Management 
Committees Policy 
and Its 
Terms 
of Reference. 
ESG ManCo’s performance 
has been evaluated for 
the first time 
in 2023, for 
the 2022 performance, 
and 
it was revealed that, as the ESG ManCo is new, 
Business Units should better embrace the Committee and support its efficient 
and effective operation. 
According to 
the self-evaluation, 
it was determined 
that ESG ManCo 
functions satisfactorily 
in areas such 
as reviewing 
ESG 
Action Plans and 
ESG Rating results, runs 
effectively with respect to Secretary 
duties and members appreciate 
the ESG ManCo 
Chairperson’s contribution for 
encouraging a constructive dialogue in meetings. 
The evaluation 
highlighted the 
need for 
improved 
attendance by 
some members. 
Improvements 
are identified 
with respect 
to 
the 
extent 
of 
the 
Agenda 
and 
the 
time 
allowance 
per 
item. 
Members 
raise 
the 
need 
to 
improve 
focus 
on 
strategic 
discussions and allowing time for the 
appropriate detail, as well as the 
need in raising further initiatives 
for ESG training and 
awareness. 
As 
a 
way 
forward 
for 
2023 
and 
following 
the 
experience 
acquired 
during 
the 
first 
year 
of 
the 
ESG 
ManCo, 
it 
is 
deemed 
appropriate to revisit the 
Terms of Reference 
of the Committee. 
Ethics Co
20
 
The task of the Ethics 
Committee is to ensure that the Bank’s Code of Ethics is observed, 
to interpret and constantly enrich it, 
as well as 
to contribute, generally, to the formulation of a 
code of 
values with which 
the behaviour of the officers and personnel 
of the Bank, as 
well as that 
of third persons that 
regularly collaborate 
with the Bank, 
must comply. 
Adherence to 
the rules of 
ethics contributes, on 
the one hand, 
to the protection 
of dignity and personality 
of the personnel, 
and on the 
other hand, 
to 
the good reputation and the 
protection of the interests 
of the Bank. 
The Ethics Committee convenes once a month, 
if there are issues to be discussed or, 
exceptionally, more frequently, 
in case of 
an emergency, in a place and time that are stated in the 
agenda. The Ethics Committee may convene either with the 
physical 
presence of its members, or by electronic 
means. The Committee shall act unanimously. 
The Ethics Committee’s performance 
is evaluated annually according to the provisions 
of Management Committees’ Policy. 
Ethics Committee’s performance 
was evaluated for 
the first time 
in 2022 and it was determined 
that it continues to function 
effectively, 
especially in the 
areas of 
Profile & 
Composition as well 
as Organization 
& Administration. 
The Ethics 
Committee 
encourages critical discussion and a healthy 
challenging culture. 
5.
Key Control Functions 
As part of 
its overall system of internal 
controls, HoldCo/Bank have established a number 
of dedicated control functions whose 
main responsibility 
is to 
act as 
independent control 
mechanisms thus 
reinforcing 
the 
control 
structure of 
the HoldCo/Bank. 
The most important functions and their 
key responsibilities are described below.
5.1
Internal Audit 
Eurobank Holdings 
Internal Audit (“IA”) 
is an independent, 
objective assurance 
and consulting 
function designed 
to add value 
and improve 
the 
operations of Eurobank Holdings. IA has adequate organisation structure and appropriate resources to ensure 
that it can fulfil 
its roles and responsibilities. 
IA also 
maintains a 
quality assurance 
and improvement 
programme, 
which covers 
all aspects 
of the 
IA activities, to 
ensure 
the consistent application of the 
methodology in accordance with the 
IIA Standards. 
In order to 
safeguard its independence, 
IA reports functionally 
to the Audit 
Committee and administratively 
to the CEO. 
The 
Board has delegated the responsibility for monitoring 
the activity of the IA 
to the Audit Committee 
of the HoldCo. IA is 
headed 
by the Chief Internal Auditor (CIA) who is appointed by the 
Audit Committee. The latter also assesses the CIA’s 
performance. 
The mission of IA is to enhance and protect organisational value by providing risk-based and objective assurance, advice and 
insight. The key assurance 
and consulting responsibilities of IA are to: 
●
provide reasonable assurance, in the form of an independent opinion, as to 
the adequacy and effectiveness of the internal 
control framework 
of the HoldCo, 
●
assist Management on the prevention 
and detection of fraud or defalcation 
(unethical practices etc.), 
●
assist Management in enhancing the system 
of internal control including improvement of existing policies and procedures, 
●
follow-up to ascertain 
that appropriate action is taken 
on reported audit findings within agreed deadlines, 
●
participate in HoldCo’s projects 
in an assurance or consulting capacity. 
20
 
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr). 

 
 
 
 
 
 
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Eurobank 
Internal 
Audit 
Group 
(“IAG”) 
is 
an 
independent, 
objective 
assurance 
and 
consulting 
function 
designed 
to 
add 
value 
and 
improve the operations 
of Eurobank and its subsidiaries. IAG has adequate organisation structure and appropriate resources 
to ensure that it can fulfil its roles 
and responsibilities. 
IAG comprises 
the “Internal 
Audit Sector”, 
the “Forensic 
Audit Division”, 
the “International 
Audit Division” 
and the 
“Business 
Monitoring and Organisational Support Division”. IAG also 
has a Quality 
Assurance function (QAF), to assess the effectiveness 
of the 
Group’s internal 
audit activities and conformance 
with IIA Standards. 
QAF operates 
as Centre of 
Excellence for 
Audit 
Standards 
& 
Methodology, 
acting 
as 
an 
advisor 
to 
IAG 
Management 
in 
topics 
related 
to 
quality 
improvement 
and 
methodology. 
In order to safeguard its independence, IAG reports functionally to the Audit Committee and administratively to the CEO. The 
Board 
has 
delegated 
the 
responsibility 
for 
monitoring the 
activity of 
the 
IAG 
to 
the 
Audit Committee 
of 
the 
Bank. 
IAG 
is 
headed by the Group Chief Audit Executive (CAE) 
who is appointed 
by the Audit Committee. The latter also assesses the CAE’s 
performance. 
The key assurance 
and consulting responsibilities of IAG are to: 
●
provide reasonable assurance, in the form of an independent opinion, as to 
the adequacy and effectiveness of the internal 
control 
framework 
of 
the 
Bank 
and 
its 
subsidiaries. 
In 
order 
to 
form 
an 
opinion, 
IAG 
establishes 
and 
carries 
out 
a 
programme of audit work 
(based on the risk assessment of the audit universe) 
●
assist 
and 
advise 
Management 
on 
the 
prevention 
and 
detection 
of 
fraud 
or 
defalcation 
or 
unethical 
practices 
and 
undertake such special projects as required 
●
assist Management in enhancing the system of internal control including improvement of existing policies and procedures 
●
follow-up to ascertain 
that appropriate action is taken 
on reported audit findings within agreed deadlines 
●
carry 
out 
any 
other 
specific 
duties 
required 
by 
the 
Regulatory 
Authorities 
and/or 
participate 
in 
bank 
wide 
projects 
undertaken by the Bank 
●
participate in Bank projects in an assurance 
or consulting capacity 
●
assess the performance 
of the Group’s internal 
audit functions, which have a direct reporting line to IAG 
5.2
Risk Management 
Eurobank Holdings 
As part 
of its 
overall 
system of 
internal controls 
HoldCo has 
engaged in 
a Service 
Level 
Agreement 
(SLA) with 
Eurobank 
in 
order to 
receive supporting 
and advisory 
services in 
all areas 
of risk 
management (credit, 
market, liquidity 
and operational 
risks) undertaken by the Group. The most important 
services provided through the above-mentioned SLA are described below: 
●
Provision of advice on: 
-
Identification, evaluation and monitoring of credit 
risk 
-
Ensuring policy and instructions (strategy and products) recommended 
by business owners and Servicers 
are aligned 
to applicable credit policy manual and regulatory guidelines 
-
Standardization of procedures 
and guidelines 
-
Update and maintenance of the risk strategic 
framework 
master document 
-
Participation in systemic bank consultation 
committees 
-
Review new remedial products 
and initiatives prior submission to TAC 
or approval 
●
Coordination of NPE related regulatory reporting 
●
Provision of input for 
SSM submission and 3-year business plan, monthly MIS actual data (including Greek and 
International subsidiaries) 
●
Advising on identification, support/advise, recording and evaluation 
of liquidity risks and financial monitoring 
●
Advising in the identification, assessment, recording 
and monitoring of operational risks (e.g. RCSA, events capture, 
outsourcing etc.) 
●
Advising in the identification, assessment, recor 
ding and monitoring of climate risk 
Eurobank 
The Group Risk Management 
General Division, which is headed by 
the Group Chief Risk Officer 
(GCRO), is independent from 
the business units and 
has full responsibility for 
monitoring credit, market, liquidity, 
operational 
and climate risks undertaken 
by the Eurobank 
Group. 
It comprises 
the 
Group 
Credit General 
Division, 
the 
Group 
Credit Control 
Sector, 
the 
Group 
Credit Risk 
Capital Adequacy 
Control Sector, the Group Market & Counterparty Risk Sector, the Group Operational Risk Sector, the Group Model Validation 
& Governance 
Sector, 
the Group 
Risk Management 
Strategy Planning 
& Operations 
Sector, 
the Risk 
Analytics Division, 
the 
Group Climate Risk Division and the Supervisory Relations 
& Resolution Planning Sector
21
. 
The GCRO serves as a pivotal 
point for the risk management functions 
of the Group and he is responsible for 
developing the 
Risk 
Appetite 
Framework 
and 
overseeing 
and 
coordinating 
the 
development 
and 
implementation 
of 
adequate 
risk 
measurement and management policies 
in relation to credit, market, liquidity, 
operational and climate risks. 
The GCRO reviews 
the credit policies prepared 
by the responsible Risk Units before 
their submission for 
final approval to the 
BRC or to the 
BoD and oversees 
their implementation 
thereafter. 
The GCRO 
promptly reports 
any deviation from 
the credit 
policy or potential conflict with the approved 
risk strategy and risk appetite to the Board Risk Committee. 
The 
GCRO is 
responsible 
to provide 
to 
the 
Board 
Risk Committee, 
on 
a 
monthly 
basis, 
adequate information 
so 
that 
the 
Committee can properly oversee and 
advise the BoD 
on the Bank's 
risk exposures / 
profile and future 
risk strategy. Additionally, 
21
The Supervisory Relations & Resolution Planning Sector has a dual reporting line to both the GCRO & the Group Chief Financial Officer

 
 
 
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the GCRO oversees compliance with 
approved Risk Appetite Limits, 
included in 
the Risk Appetite 
Framework (RAF) and reports 
compliance status as well as any deviations to the 
Board Risk Committee. 
Eurobank 
has 
a 
well-established 
strategy 
and 
clear 
risk 
management 
objectives 
that 
has 
to 
deliver 
through 
core 
risk 
management processes and methodologies. 
At a strategic level, the risk management 
objectives 
are to: 
●
Identify Eurobank’s material risks (credit, 
market/liquidity, operational, 
climate) 
●
Ensure that business plan is consistent with Eurobank’s 
risk appetite 
●
Optimize 
risk/return 
decisions 
by 
taking 
them 
as 
closely 
as 
possible 
to 
the 
business, 
while 
establishing 
strong 
and 
independent review 
●
Ensure that business growth 
plans are properly supported by effective 
risk infrastructure 
●
Manage 
risk 
profile 
to 
ensure 
that 
specific 
financial 
deliverables 
remain 
possible 
under 
a 
range 
of 
adverse 
business 
conditions 
●
Assist senior executives improve 
the control 
and co-ordination of risk taking across their businesses 
●
Cultivate a robust risk culture throughout the Bank, encouraging 
a positive attitude towards risk management, regulatory 
compliance and 
the internal 
control 
framework, 
through 
strong risk 
awareness and 
ownership, where 
all staff 
members 
consider risk management as an integral part of their everyday 
responsibilities 
●
Provide the 
framework, 
procedures 
and guidance 
to enable 
all employees 
to manage risk 
in their 
own areas 
across the 
Business and back-office Units 
●
Advise 
and 
support 
Eurobank 
Holdings 
in 
risk 
management 
according 
to 
the 
agreed 
Service 
Level 
Agreement 
(SLA) 
between Eurobank Holdings 
and Eurobank 
Risk 
Management 
along 
with 
Compliance 
and 
other 
Units 
are 
involved 
in 
the 
assessment 
of 
all 
products 
and 
services 
throughout their lifecycle. 
The Group 
applies the elements 
of the Three 
Lines of Defense Model 
for the 
management of risk. The 
Three Lines of 
Defense 
Model 
enhances 
risk 
management 
and 
control 
by 
clarifying 
roles 
and 
responsibilities 
within 
the 
organization. 
Under 
the 
oversight and 
direction of the 
Management Body, 
three separate 
groups within 
the organization 
are necessary for 
effective 
risk management. The responsibilities of each of these 
groups or lines of defense are: 
Line 1 - 
Own and manage risk 
and controls. 
The front 
-line business and 
operations 
are accountable for 
this responsibility as 
they own the rewards 
and are the primary risk generators. 
Line 2 - Monitor risk and 
controls in support of Executive Management, providing oversight, challenge, advice and group-wide 
direction. These include the 
Risk and Compliance Units, among others. 
Line 3 
- Provide 
independent assurance 
to the 
Board 
and Executive 
Management concerning 
the 
effectiveness 
of risk 
and 
control management. This 
refers to Internal Audit. 
5.3
Compliance 
Eurobank Holdings 
Eurobank 
Holdings 
Compliance 
is 
established 
with 
the 
approval 
of 
the 
Board 
of 
Directors 
and 
the 
Audit 
Committee 
of 
Eurobank Holdings. 
It is a permanent 
function and independent 
from Eurobank 
Holdings’ business 
activities so that 
conflicts 
of interests 
are avoided. 
In order 
to safeguard 
its independence, Eurobank 
Holdings Compliance 
reports functionally 
to the 
Audit Committee of Eurobank Holdings and for administrative purposes to the CEO.
The Audit Committee in consultation with 
the NomCo, proposes to the Board for approval the appointment, replacement or dismissal of the Head of Eurobank Holdings 
Compliance. The 
performance 
of the 
Head of Eurobank 
Holdings Compliance is 
assessed on an 
annual basis by 
the AC. 
The 
Head 
of 
Compliance 
attends 
all 
AC 
meetings 
and 
submits 
quarterly 
and 
annually 
reports 
(per 
regulatory 
requirements) 
summarising Compliance’s activity and highlighting the main compliance issues.
Its 
mission 
is 
to 
promote, 
within 
Eurobank 
Holdings, 
an 
organizational 
culture 
that 
encourages 
ethical 
conduct, 
and 
a 
commitment to compliance with laws and regulations as well as 
global governance standards. 
The main objective of Eurobank Holdings 
Compliance is to 
ensure that Eurobank Holdings has 
established an adequate 
system 
of internal 
controls 
that allows 
it to 
operate 
in accordance 
with the 
ethical set 
of values 
contained in 
its "Code 
of Conduct 
and 
Ethics" 
and 
in 
compliance 
with 
applicable 
laws, 
regulations 
and 
internal 
policies. 
More 
specifically, 
for 
the 
regulatory 
topics within its scope of responsibilities, Eurobank Holdings 
Compliance is mandated to:
●
raise compliance awareness in Eurobank 
Holdings 
●
provide 
advice the 
Board of 
Directors and 
Senior Management 
on Eurobank 
Holdings compliance 
with applicable 
laws, 
rules and standards and keeping them informed 
of related developments 
●
issue, as necessary, policies and 
other documents, in order to provide guidance 
to staff on the appropriate implementation 
of applicable laws, rules 
and standards as well 
as to assist the 
business to develop 
and implement regulatory 
compliant 
policies and procedures 
●
review new activities and advise on potential compliance risks 
●
ensure that staff is adequately trained 
about compliance issues 
●
provide support 
and challenge, if required, 
the business 
line management regarding 
the effectiveness 
of the compliance 
risk management activities 
●
monitor whether staff applies effectively the internal processes and procedures aimed at achieving regulatory compliance 
●
monitor through 
appropriate procedures 
staff adherence 
to internal 
policies and 
the "Code 
of Conduct 
and Ethics" 
and 
identify fraudulent activity 
●
monitor timely submission of 
reports to Competent Authorities and 
report any delays and fines 
for any alleged breaches 
of regulations to the AC 
●
fulfil any statutory responsibilities and liaise with regulators and external bodies on compliance issues 

 
 
 
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Eurobank 
Group Compliance 
is established 
with the 
approval 
of the 
Board of 
Directors and 
the Audit 
Committee of Eurobank. 
It is 
a 
permanent function and independent from the Bank’s business activities so that conflicts of interests are 
avoided. In order to 
safeguard 
its 
independence, 
Group 
Compliance 
reports 
functionally 
to 
the 
Audit 
Committee 
of 
the 
Bank 
and 
for 
administrative purposes to the CEO.
The Audit Committee in 
consultation with the NomCo proposes to 
the Board for approval 
the 
appointment, 
replacement 
or 
dismissal 
of 
the 
Head 
of 
Group 
Compliance. 
The 
performance 
of 
the 
Head 
of 
Group 
Compliance is assessed on 
an annual basis by 
the AC. The Head of Group Compliance attends all 
Audit Committee’s meetings 
and 
submits 
quarterly 
and 
annual 
reports 
(per 
regulatory 
requirements) 
summarising 
Group 
Compliance’s 
activity 
and 
highlighting the main compliance issues.
Its mission 
is to 
promote, within 
Eurobank 
and its subsidiaries 
(Eurobank 
group), an 
organizational 
culture that 
encourages 
ethical conduct 
through 
integrity and a 
commitment to 
compliance with 
laws and 
regulations as 
well as 
the application 
of 
international governance 
standards. 
The main objective of Group Compliance is to 
ensure that the Eurobank group has established an adequate 
system of internal 
controls that 
allows it to 
operate in 
accordance with 
the ethical 
set of values 
contained in its 
“Code of Conduct 
and Ethics” 
and in compliance 
with applicable laws, 
regulations and internal 
policies, as well 
as international best 
practices. In 
brief, for 
the regulatory topics within its scope of responsibilities, Group 
Compliance is mandated to:
●
raise compliance awareness throughout 
the Eurobank 
group 
●
provide advice to the Board of 
Directors and Senior 
Management on compliance with 
applicable laws, rules 
and standards 
and keep them informed 
of related developments 
●
issue 
policies, 
procedures 
and 
other 
documents 
such 
as 
compliance 
manuals, 
internal 
codes 
of 
conduct 
& 
ethics 
and 
practice guidelines in order to provide 
guidance to staff on the appropriate 
implementation of applicable laws, rules and 
standards as well as to assist the business to develop 
and implement regulatory compliant policies and procedures 
●
review new activities and advise on potential compliance risks 
●
ensure that staff 
is adequately trained 
and frequently updated 
about compliance issues by 
designing training programs 
and co-operating with HR for 
their implementation 
●
ensure 
the 
development 
of 
a 
robust 
compliance 
risk 
identification 
and 
assessment 
framework, 
provide 
support 
and 
challenge, 
if 
required, 
the 
business 
line 
management 
regarding 
the 
effectiveness 
of 
the 
compliance 
risk 
management 
activities 
●
coordinate compliance risk management actions performed 
by other business units 
●
monitor and 
test whether 
staff 
applies effectively 
the internal 
processes 
and procedures 
aimed at 
achieving regulatory 
compliance and 
report to 
the relevant 
Business Units 
any potential 
breaches in 
order for 
the latter 
to proceed 
with the 
required improvements 
●
monitor 
staff 
adherence 
to 
internal 
policies 
and 
the 
"Code 
of 
Conduct 
and 
Ethics" 
and 
identify potential 
breaches 
or 
fraudulent activity 
●
monitor timely submission of 
reports to Competent Authorities and 
report any delays and fines 
for any alleged breaches 
of regulations to the AC 
●
fulfil any statutory responsibilities and liaise with regulators and external bodies on compliance issues 
●
supervise, monitor, coordinate and evaluate the activities of the Compliance Officers 
of the Bank’s local and international 
subsidiaries in order to ensure compliance with Eurobank 
group standards 
The scope of activities of Group Compliance covers 
the following core 
regulatory topics: 
●
Financial Crime including laws 
and regulations on Anti Money 
Laundering (AML) and Countering 
the Financing of Terrorism 
(CFT) and legislation aimed 
at combatting Tax 
evasion such as FATCA 
and CRS (tax compliance). The 
scope includes the 
provision 
of timely 
and accurate 
responses 
to requests 
arising from 
regulatory and 
judicial authorities 
for 
the 
lifting of 
banking secrecy or freezing of assets and co-operation with them. The Eurobank Audit Committee in consultation with the 
Eurobank 
NomCo 
proposes 
to 
the 
Board 
for 
approval 
the 
appointment, 
replacement, 
or 
dismissal 
of 
the 
Anti-Money 
Laundering Reporting Officer 
of Eurobank, 
who may be 
the same 
person as the 
Head of Group 
Compliance, and his/her 
Deputy 
●
Market Conduct 
related regulation 
regarding the 
provision 
of investment 
products and 
services to 
clients including laws 
and 
regulations 
on Market 
Manipulation, 
Insider 
Trading, 
Unlawful 
disclosure 
of inside 
information 
and other 
financial 
crimes 
●
Internal conduct rules including Conflict of interest regulatory provisions, 
internal codes of conduct, anti-bribery and anti-
corruption legislation and Antitrust and Competition laws and regulations 
●
Consumer conduct 
laws and 
regulations 
(including, inter 
alia, dormant 
accounts legislation, 
BoG’s Code 
of Conduct 
for 
loans, the Payment Services Directive 
and the Deposit Guarantee scheme) 
●
Any other 
topic for which there 
is a law / regulation assigning a 
responsibility to the Compliance 
function, including, inter 
alia, the high level monitoring of the alignment 
of the Bank’s activities with legal and regulatory requirements concerning 
personal data protection 
and corporate governance 
6.
System of Internal Controls 
Principles of Internal Controls 
The Group has established a 
System of Internal 
Controls that is based on 
international good practices and COSO 
terminology 
and is designed to provide reasonable assurance 
regarding the achievement 
of objectives in the following 
categories: 
●
efficient and effective 
operations, 
●
reliability and completeness of financial and management information, 
●
compliance with applicable laws and regulations. 

 
 
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The key principles underlying the 
Group’s system of internal controls 
are described below: 
Ø
Control Environment: 
The control 
environment is the 
foundation 
for all components 
of Internal Control 
System, providing 
discipline and 
structure and 
influencing the 
control 
consciousness 
of employees. 
Integrity and 
high ethical 
values stem 
from 
management’s 
philosophy 
and 
operating 
style 
and 
appropriate 
recruitment 
and 
training 
policies 
ensure 
the 
competence of the 
Group’s people. 
The Group’s 
organisation structure 
is suitable for 
its size and complexity with 
clearly 
defined responsibilities and reporting lines and clearly specified delegation of authority. 
Ø
Risk 
Management: 
the 
Group 
acknowledges 
that 
taking 
risks 
is 
an 
integral 
part 
of 
its 
business. 
It 
therefore 
sets 
mechanisms 
to 
identify 
those 
risks 
and 
assess 
their 
potential 
impact 
on 
the 
achievement 
of 
the 
Group’s 
objectives. 
Because economic, industry, 
regulatory and operating 
conditions will continue to change, 
risk management mechanisms 
in place shall be set (and evolve) in a manner that 
enables to identify and deal with the specific and new risks associated 
with changes. 
Ø
Control Activities: Internal control 
activities are documented in the policies and detailed procedures that 
are designed to 
ensure 
that 
operations 
are 
carried 
out 
safely 
and 
all 
transactions 
are 
recorded 
accurately 
in 
compliance 
with 
Management’s 
directives 
and regulations. 
They 
occur throughout 
the 
organisation 
and business 
processes, 
at all 
levels 
and in all functions. One of the prime organisational measures to ensure control 
effectiveness in the 
Group is segregation 
of duties. Functions that shall be separated include those of 
approval (limits, limit excesses, specific transactions), dealing, 
administration (administrative 
input, settlement, confirmation checks, 
transaction approval 
check, documentation 
check, 
file 
keeping, 
custody) 
and 
controlling 
(reconciliation, 
limit 
monitoring, 
excess 
approval 
check, 
risk 
management, 
compliance checks, physical counts). 
Ø
Information 
and Communication: 
Information 
must be identified, captured 
and communicated in 
a form 
and timeframe 
that enables people to carry out their responsibilities. The Group has set effective communication channels to ensure that 
information 
is 
communicated 
down, 
across 
and 
up 
within 
the 
organisation. 
Mechanisms 
are 
also 
in 
place 
to 
obtain 
appropriate 
external 
information 
as 
well 
as 
to 
communicate 
effectively 
with 
outside 
parties 
including 
regulators, 
shareholders and customers. 
Ø
Monitoring: the Group 
has established mechanisms for 
the ongoing monitoring of activities as part 
of the normal course 
of 
operations. 
These 
include 
regular 
management 
and 
supervisory 
activities 
and 
other 
actions 
personnel 
take 
in 
performing their 
duties that assess 
the performance 
of internal control 
systems. There 
are also independent evaluations 
of the 
internal control 
system by 
the Internal 
Audit function, 
the scope 
and frequency 
of which 
depend primarily 
on an 
assessment 
of risks 
and the 
effectiveness 
of ongoing 
monitoring procedures. 
Internal control 
deficiencies are 
reported 
upstream, with serious 
matters reported to top 
management, the Audit 
Committee and the Board. 
Every three 
years the 
efficiency of the 
internal control 
system of HoldCo/Bank on 
a solo and consolidated 
basis is independently evaluated 
by 
a third 
auditing firm, other 
than the 
statutory auditor, 
as provided 
for in 
BoG Governor’s 
Act 2577/2006. 
The evaluation 
report, 
following 
its 
assessment/acknowledgement 
by 
HoldCo/Bank 
competent 
bodies 
(Audit 
Committee 
and 
BoD) 
is 
further submitted to the BoG. 
Characteristics of the System of Internal Controls 
(SIC) 
HoldCo and Eurobank have indicati 
ve, and not restrictive, the 
following key 
characteristics of the SIC: 
●
Code of Conduct and processes for monitoring its implementation 
●
Approved organisational chart in full development, for all levels of hierarchy, and with distinction of functions in main 
and secondary, in which the area of responsibility per 
sector/department is clearly defined 
●
Composition and function of the Audit Committee 
●
Description of strategic planning, process 
of its development and implementation 
●
Long-term and short-term 
action plan per 
important activity, with 
a corresponding 
report and identification 
of the 
deviations on a periodic basis, as well 
as their justification 
●
Complete and 
up-to-date Articles 
of Association 
which clearly identify 
and reflect 
the object 
of exploitation, 
work 
and the main objectives of the 
economic operator 
●
Description of tasks of directorates, departments and job 
descriptions 
●
Recording 
of 
policies 
and 
procedures 
of 
important 
operations 
of 
the 
HoldCo/Bank 
and 
identification 
of 
internal 
controls 
●
Processes for 
compliance with the applicable legal and regulatory 
framework 
(Regulatory Compliance). 
●
Processes for 
risk assessment and management 
●
Processes for 
the integrity and reliability of financial information 
●
Processes for 
recruitment, training, delegation, targeting 
and evaluation of the performance 
of executives. 
●
Processes for 
the security, adequacy and reliability of information 
systems 
●
Processes for safeguarding 
personnel and assets 
●
Description of reporting lines and communication channels within and outside the 
organisation 
●
Mechanism for monitoring and evaluating the efficiency 
and effectiveness 
of processes 
●
Process for 
periodic evaluation of the 
adequacy and efficiency of the SIC by an independent auditor 
●
Policies 
for 
the 
environmental 
management 
system and 
other 
environmental, 
social 
and governance 
issues 
(ESG 
factors) 

 
 
 
 
 
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In 
the 
context 
of 
the 
implementation 
of 
the 
above, 
HoldCo 
and 
Eurobank 
have 
recorded 
policies 
and 
procedures 
for 
the 
operation of organisational 
units. The procedures include a clear reference 
to the internal controls established to address the 
risks 
they 
face 
and 
to 
the 
person 
responsible 
for 
each 
procedure 
and 
are 
also 
assessed 
in 
the 
context 
of 
the 
corporate 
governance system’s 
assessment. 
Evaluation of the System of Internal Controls 
The Bank 
AC, in 
accordance with 
the Bank 
of Greece 
Governor’s 
Act 2577/9.3.2006 
and its Terms 
of Reference, 
reviews 
and 
evaluates the adequacy 
of the Internal Control 
System (ICS) of the Bank, 
as well as of the 
Bank Subsidiaries annually, on the 
basis of the relevant data and information of the 
Internal Audit Group (IAG) of the Bank, the findings and remarks of external 
auditors and those of the supervisory authorities. The AC 
relies on the oversight and reporting 
mechanisms it has established 
with the Audit Committees of the Group’s 
Subsidiaries. 
Similarly, 
the 
HoldCo 
AC, 
in 
accordance 
with 
its 
Terms 
of 
Reference, 
reviews 
and 
evaluates 
the 
adequacy 
of 
the 
Internal 
Control System (ICS) of the HoldCo, on the basis of the relevant data 
and information of the Internal Audit (IA) of the HoldCo, 
the findings and remarks of external auditors and those of the supervisory 
authorities. 
Independent Evaluation of the HoldCo/Bank System of Internal Controls
In March 2021, PWC presented to the AC members the scope, findings and 
methodology followed 
by PwC for the Independent 
triennial Evaluation of the Holdco/Bank System of Internal Controls 
(SIC) per BoG Act 2577/9.3.2006 (BoG Act). 
Based on the 
procedures performed 
and the evidence 
obtained, there 
were no 
indications that 
the SIC, at 
the given 
time of 
the assessment, was not in compliance in all material 
aspects of the requirements of BoG Act. 
Regarding the 26 
observations raised 
by PwC (25 observations 
of low risk and 1 observation 
regarding the model 
validation 
of Eurobank Bulgaria of medium risk), Management agreed to 
take actions. 
7.
Sustainability 
Sustainability Approach 
Eurobank 
recognizes the 
significance of 
the impact 
of its activities 
in society and 
the environment. 
Thus, high 
importance is 
placed on the effective 
integration of Sustainability principles and ESG aspects throughout the activities of the 
organization, 
its governance model and related commitments. 
Furthermore, 
Eurobank 
acknowledges 
its 
important 
role 
in 
creating 
sustainable 
value 
for 
its 
stakeholders. 
The 
approach 
towards 
Sustainability 
focuses 
on 
the 
continued 
efforts 
as 
a 
financial 
institution, 
an 
employer 
and 
a 
corporate 
citizen 
to 
address 
environmental 
and 
societal 
challenges. 
Eurobank 
develops 
its 
approach 
across 
the 
Environmental, 
Social 
and 
Governance 
spectrum 
(ESG) 
and 
balances 
objectives 
in 
the 
ESG 
Strategy, 
in 
line 
with 
the 
Bank’s 
corporate 
Purpose 
(“Prosperity Needs Pioneers”) 
and across two distinct levels of impact: 
Ø
Financed Impact Strategy: 
Impact resulting 
from the 
Bank’s lending and investing 
activities to specific sectors 
and 
clients. 
Ø
Operational Impact Strategy: 
Impact arising from the Bank’s operational 
activities and footprint. 
Bank has 
given priority 
to managing 
and mitigating 
any underlying 
economic, environmental 
and social 
risks arising 
as an 
integral part of developing products 
and services, while complying with the applicable regulatory 
framework. 
Furthermore, aiming 
to balance Purpose and Impact, 
Bank develops and improves 
mechanisms in order to 
identify, measure 
and communicate impacts, direct and indirect, across the 
full spectrum of its activities. 
Sustainability Policies & Frameworks 
Eurobank 
has taken 
action towards 
updating its 
Sustainability Policy 
Framework, 
to outline 
the approach 
for adherence 
to 
applicable regulatory 
requirements 
and voluntary 
initiatives 
as well 
as adopted 
standards and 
guidelines, thus 
enabling a 
contemporary 
and 
continuously 
updated 
approach 
to 
Sustainability, 
in 
line 
with 
international 
best 
practices. 
The 
Sustainability 
Policy 
Framework 
sets 
the 
foundation 
towards 
integration 
of 
ESG 
into 
Eurobank’s 
business 
model 
and 
operations. 
Focusing 
on 
the 
social 
aspect 
of 
ESG, 
Eurobank 
has 
taken 
actions 
that 
outline 
its 
corporate 
values, 
principles 
and 
commitments by 
issuing the Human 
Rights Statement, the 
Diversity, 
Equity and Inclusion Policy 
as well as 
the Policy 
against 
Harassment and Violence in Workplace. This approach outlines zero-tolerance for various types of 
violation and discrimination 
as well as for the equal opportunities with fairness and meritocracy and irrespective 
of gender, nationality, 
age or other traits 
throughout the entire employee life cycle (i.e recruitment and 
selection, learning, performance, talent and 
career development, 
reward management). 
Moreover, 
Bank 
approved 
and 
implements 
its 
Sustainable 
Finance 
Framework 
(SFF), 
which 
supports 
the 
identification 
of 
sustainable/green financing opportunities (finance 
the transition of Bank’s clients). Bank 
has also approved and made 
publicly 
available its 
Green Bond 
Framework. 
The 
Framework, 
which has 
been externally 
reviewed 
by 
an established 
second-party 
opinion 
provider, 
facilitates 
the 
financing of 
projects 
that 
will 
deliver 
environmental 
benefits 
to the 
economy and 
support 
Bank’s business strategy 
and vision. Furthermore, 
Bank approved 
its Sustainable Investment 
Framework, 
which specifies the 
respective criteria that are utilized 
in the Bank’s 
banking books investment strategy, along with 
the selection process of eligible 
sustainable investments. The above 
mentioned Frameworks 
enable Bank to pursue economic growth in line with ESG criteria. 
These 
frameworks 
are complemented 
by 
the 
Environmental 
Policy 
and Energy 
Management Policy 
that 
were 
issued in 
the 
past 
depicting 
related 
commitments 
and 
actions 
towards 
the 
protection 
of 
the 
environment 
and 
energy 
efficiency, 
and 
updated accordingly, 
incorporating recent 
regulatory developments. 
These 
policies constitute 
part of 
Eurobank’s 
system of 
internal controls 
and were 
supplemented by 
the newly 
developed Water 
Management Policy 
outlining Bank’s approach 
on 
an appropriate water management with 
a focus on continuous improvement 
of its operational footprint. 

 
 
 
 
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Engaging with stakeholders 
An 
integral 
part 
of 
Eurobank's 
approach 
to 
Sustainability 
is 
the 
fostering 
of 
strong 
relationships 
of 
trust, 
loyalty, 
good 
cooperation 
and mutual benefit with 
all stakeholders 
affected directly 
or indirectly by 
its activities. In this 
context, Eurobank 
promotes two-way communication and develops an open dialogue 
with its stakeholders in order to account 
for their concerns 
A more 
detailed presentation 
of the 
cooperation 
framework, 
expectations 
and means 
of communication 
is included 
in the 
Annual Report 2021 – Business & Sustainability. 
Stakeholder 
consultation 
is the 
key 
process 
for 
identifying, prioritizing, 
validating 
and 
reporting 
on 
Bank’s prioritized 
ESG 
impacts / material issues. This process takes place on an annual basis through dedicated communication channels for specific 
stakeholder 
groups 
as well 
as surveys/questionnaires. 
Further 
details regarding 
the 
aforementioned 
process 
and its 
results 
are embedded in the Annual Report 2021 – Business & Sustainability. 
In 
alignment 
with 
the 
latest 
update 
of 
the 
GRI 
standards, 
the 
Bank 
shall 
focus 
the 
2022 
Materiality 
Analysis 
on 
impacts/outcomes 
instead of 
topics/outputs, prioritizing 
them 
for 
reporting 
based on 
their 
significance 
(4 step 
approach), 
assess 
both 
negative 
and 
positive 
impacts, 
as 
well 
as 
actual 
and 
potential 
impacts. 
In 
the 
context 
of 
the 
new 
impact 
identification 
process, 
the 
identification 
of impacts 
will take 
place through 
diverse 
internal 
and external 
sources, 
including 
engaging internal stakeholders with significant 
role in ESG implementation. 
Governance
Bank has approved a governance 
structure on the process for 
the allocation of roles 
and responsibilities with regards to ESG 
and 
climate 
risk management 
(both 
for 
transition 
risk and 
physical 
risk). In 
that 
context, 
a dedicated 
Group 
Climate 
Risk 
Division has 
been established 
supporting the 
integration 
of Climate related 
and Environmental 
(CR&E) risks into 
the Bank’s 
risk management framework, with a coordinating and supervisory role on all related project streams to ensure alignment with 
the Bank’s 
business strategy 
and the 
regulatory authorities’ 
expectations. Moreover, 
the HoldCo/Bank 
BoD has assigned 
an 
executive member 
as the 
responsible BoD 
member for 
climate-related and 
environmental 
risks, ensuring 
that material 
ESG 
issues are taken into account 
in the decision-making process. As part of 
his duties, the member responsible updates the Board 
Risk Committee 
(BRC) (in 
alignment with 
the 
BRC Terms 
of Reference) 
and the 
Board 
of Directors 
of HoldCo 
and Bank 
on 
climate change and environmental related risks at 
least on a semi - annually basis. 
Bank 
has 
established 
the 
ESG Management 
Committee, chaired 
by 
the 
BoD member 
responsible 
for 
climate-related 
and 
environmental 
risks. 
The 
purpose 
of 
the 
ESG 
Management 
Committee, 
established 
by 
the 
Bank 
CEO 
who 
appoints 
its 
members, is to provide strategic direction on 
ESG initiatives, review the ESG 
Strategy prior to approval, integrate the elements 
of 
the 
ESG 
strategy 
into 
the 
Bank’s 
business 
model 
and 
operations, 
approve 
eligible 
assets 
of 
Green 
Bond 
Frameworks, 
regularly measure and analyze the progress 
of the ESG goals and performance targets, ensure 
the proper implementation 
of 
ESG related 
policies 
and 
procedures 
and 
to 
validate 
the 
prioritized 
ESG impacts 
/ Material 
Issues reported 
in the 
Annual 
Report - Business & Sustainability, in accordance with supervisory requirements 
and voluntary commitments. 
Bank established 
a dedicated 
unit called 
ESG Division, 
which succeeded 
the former 
Group Sustainability 
/ Environmental 
& 
Social Affairs 
Division, with an updated, comprehensive 
mandate regarding ESG. The 
Division reports to Deputy CEO, Group 
COO and International 
Activities and undertakes 
a central 
role in 
coordinating ESG 
activities across 
the Bank. 
The Head 
of 
the ESG Division acts as secretary to the ESG Management 
Committee. 
Reporting and Transparency 
HoldCo/Bank 
issue on 
an 
annual 
basis 
the 
Annual Report 
– Business 
& 
Sustainability, 
which provides 
stakeholders 
with a 
holistic 
view 
to 
its 
ESG 
performance 
and 
complies 
with 
the 
Sustainability 
Reporting 
Guidelines 
of 
the 
Global 
Reporting 
Initiative (GRI). 
Through 
the Report, 
Euroban/HoldCo 
provide full 
disclosure on sustainability 
impacts such as 
environmental 
performance, 
energy 
and emissions, 
social impact 
and corporate 
governance, 
information 
regarding 
the 
Bank’s initiatives, 
while addressing all material 
stakeholder interests across 
the ESG spectrum. The Annual Report 
- Business & Sustainability is 
accessible 
to 
all 
interested 
parties 
through 
the 
corporate 
website. 
The 
sustainability-related 
disclosures 
in 
the 
report 
are 
assured 
by 
a 
competent 
assurance 
provider 
in 
accordance 
with 
the 
AA1000 
Assurance 
Standard 
(version 
3) 
and 
related 
Principles for 
inclusivity, materiality, 
responsiveness and 
impact, as per 
the independent auditor’s 
Limited Assurance 
Report 
which is disclosed 
as part of 
the Annual 
Report – Business 
& Sustainability. 
In addition, the 
Holdco/Bank reports 
disclosures 
as required by the EU Taxonomy (Regulation (EU) 2020/852 of the European Parliament and of the Council). Specifically, upon 
reviewing its business 
activities, to align taxonomy reporting with 
its core activities, provides 
the key 
performance indicators 
(KPIs) and other disclosure requirements 
related to its dominant financial undertakings as laid down in Article 10 of the 
Art. 8 
Delegated Act. Furthermore, in the 
context of Pillar III disclosures on ESG risks, Holdco/Bank will disclose ESG risk information 
with reference date 
31/12/2022. 
Furthermore, 
the 
Bank’s 
environmental 
and 
energy 
management 
performance, 
with 
respect 
to 
the 
improvement 
of 
its 
operational 
footprint, 
is monitored 
through 
specific indicators 
and associated 
targets 
disclosed also 
in the 
Environmental 
Report (EMAS). This constitutes an environment and energy 
monitoring and self-improvement 
tool, in line with commitments, 
regulated by 
applicable standards, 
audited & 
verified by 
independent third 
party. 
Within 
the 
EMAS Report 
framework, 
the 
Bank discloses the Green House Gas emissions record in line with the ISO14064 standard, as verified by external independent 
party and in line with the provisions 
of the national Climate Law. 
Moreover, 
Holdco/Bank 
actively 
participates 
in 
internationally 
recognized 
ESG 
ratings, 
aiming 
to 
continuously 
improve 
its 
environmental, 
social 
and 
governance 
performance, 
enhance 
its 
related 
disclosures 
and 
further 
build 
the 
trust 
of 
the 
investment community in the Bank. 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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8.
Shareholders’ General 
Meeting 
The Shareholders’ 
General Meeting (“General Meeting”) is the supreme 
body of the HoldCo/Bank, convened by the respective 
Board and 
entitled to 
resolve 
upon any 
matter concerning 
the HoldCo/Bank 
and is 
the only 
competent body 
to resolve 
on 
issues described in 
article 117 of 
Company Law 4548/2018 (such 
as amendments to the Articles of 
Association). All shareholders 
have the right to 
participate and vote 
at the General 
Meeting either in person 
or by their legal 
representatives according 
to 
the proposed legal procedure 
each time in force. 
The General 
Meeting is in 
quorum and meets 
validly when the 
shareholders, present 
or represented, 
represent at 
least 20% 
(1/5) of the 
paid-in share capital 
that corresponds 
to the shares 
with voting 
rights (“share capital”). 
Resolutions are 
reached 
by 
absolute 
majority and 
shall 
be binding 
upon absent 
and dissenting 
shareholders 
as well. 
Exceptionally, 
with 
regard 
to 
certain 
significant 
decisions 
such 
as 
most 
decisions 
related 
to 
share 
capital, 
mergers 
etc.(para 
3, 
art. 
130, 
Company 
Law 
4548/2018), 
the General Meeting is in quorum and meets validly when the shareholders, 
present or represented, represent at 
least 
50.00% 
(1/2) 
of 
the 
paid-in 
share 
capital. 
Resolutions 
on 
the 
aforementioned 
issues 
are 
reached 
by 
two-thirds 
(2/3) 
majority. 
If such quorum 
is not reached, 
the General 
Meeting is convened 
again in a 
repeat Meeting where 
lower 
quorum is 
required for all categories 
of resolutions. 
Based on 
the present 
1.4% stake 
in HoldCo’s 
share capital, 
the HFSF, 
under Law 
3864/2010 as 
in force 
and the 
TRFA signed 
between the Bank, the HoldCo 
and the HFSF, 
exercises its voting rights in the General 
Meetings of HoldCo without limitation. 
The 
Annual 
General 
Meeting 
is 
held 
every 
year 
before 
the 
10th 
of 
September. 
An 
Extraordinary 
General 
Meeting 
may 
be 
convened by the Board 
when it is deemed appropriate or necessary 
or when required by law. 
The minutes of the General 
Meeting are signed by the Chairperson and the 
Secretary of the General 
Meeting.
Standard minority rights, as described in Company Law 4548/2018, apply. 
Information about the 
Eurobank Holdings General 
Meetings 
Requirements for calling 
and convening the General 
Meetings 
All persons appearing as shareholders of 
ordinary shares of the HoldCo in the registry 
of the Dematerialized Securities System 
(DSS) managed by Hellenic Central 
Securities Depository S.A. on the Record 
Date, namely at the 
start of the fifth 
day before 
the General Meeting, have the 
right to participate and vote in the HoldCo General 
Meeting.
The aforementioned 
record date 
is 
applicable 
for 
the 
Repeat 
Meeting 
as 
well. 
The 
shareholders 
are 
informed 
on 
time 
about 
the 
agenda 
of 
each 
General 
Meeting and new technologies are used to help them par 
ticipate. 
At 
least 
20 
days 
before 
the 
General 
Meeting 
date, 
the 
shareholders 
are 
informed 
and 
given 
access 
to 
all 
necessary 
information, in compliance with 
the Greek Law. 
The Notice of General 
Meeting includes: 
●
Date, time and place of the 
Meeting 
●
Items on the agenda 
●
Participation and voting 
rights with the relevant procedures 
●
Minority shareholder rights 
●
Relevant documents available 
All resolutions 
and information 
about each 
General 
Meeting are 
posted under Investor 
Relations on the 
Eurobank 
Holdings 
website. 
Participation and proxies 
Shareholders 
are assisted 
to participate 
in HoldCo 
General Meetings. 
All Eurobank 
Holdings shareholders 
have the 
right to 
participate in person or appoint a proxy. 
Proxies must be appointed at least 48 hours before the 
General Meeting date. 
To the 
extent that shareholders' 
questions on items on the 
agenda are not answered 
during General Meeting, 
HoldCo has a 
process for submitting the 
relevant answers. 
Annual General Meeting (AGM) of the 
shareholders 
In the 
Annual General 
Meeting of the 
HoldCo’s shareholders, 
held on 
July 21, 2022, 
remotely via teleconference 
in real 
time, 
participated shareholders representing 2,768,461,395 
shares out of 3,709,161,852 
shares, corresponding to 74.64% of the paid 
up share capital 
with voting 
rights on the 
items of the 
agenda. In respect 
of the 
items on the 
agenda, as referred 
to on the 
invitation dated 30.06.2022, the General 
Meeting: 
1.
 
Approved, 
with 
a 
majority 
exceeding 
the 
minimum 
required 
by 
the 
law, 
the 
Annual 
and 
Consolidated 
Financial 
Statements for the 
financial year 2021, as well as the Directors’ 
and Auditors’ Reports. Profit sharing. 
2.
Approved, with a majority exceeding the 
minimum required by the law, 
the offsetting “Corporate law Reserves” 
and 
“Share 
Premium”, 
with 
accumulated 
losses 
amounting 
to 
€13,813,713,430.07 
from 
the 
account 
“Retained 
earnings/losses”. 
3.
Approved, 
with a 
majority exceeding 
the 
minimum required 
by the 
law, 
the 
overall 
management for 
the 
financial 
year 2021 as well as the discharge of the Auditors 
for the financial year 2021. 
4.
Approved, with a majority exceeding the 
minimum required by the law: 
a) 
the 
appointment 
of 
the 
firm 
KPMG 
Certified 
Auditors 
S.A. 
(KPMG) 
as 
statutory 
auditor 
for 
the 
Annual 
and 
Consolidated Financial Statements of the Company 
for the financial year 2022; 
b) KPMG’s relevant fees 
for the audit 
of the Annual and Consolidated 
Financial Statements of the 
Company for the 
financial year 2022 to amount to €0.2 m; and 
c) the 
amendment 
of the 
Tripartite 
Relationship Framework 
Agreement 
between the 
HFSF, 
the Company 
and the 
Bank, for 
the incorporation 
of the 
provisions 
of article 
28 par. 
2 of 
L. 4701/2020, 
in order 
to offer 
the possibility 
to 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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extend the 
duration of 
the audit 
assignment to the 
same statutory auditor 
(in this case, 
KPMG) even after 
the end 
of the initial 5 years’ engagement (2018-2022) for 
a period not exceeding a total of 10 years. 
5.
Approved, 
with a majority 
exceeding the 
minimum required 
by the 
law, the 
remuneration 
paid during the 
financial 
year 2021, as well as the advance 
payment of remuneration for the financial year of 2022 to the non-executive Board 
members for the 
execution of their duties as Board members and as members 
of the Board Committees. 
6.
Casted a positive vote on the Remuneration 
Report for the financial year 
2021. 
7.
Approved, with a majority exceeding the 
minimum required by the law, 
the amendment of the Nomination 
Policy of 
the Directors of the Board. 
8.
Approved, with a majority exceeding the 
minimum required by the law: 
a) The Audit Committee to function as Committee of the 
Board consisting of members of the Board. 
b) The Audit Committee to consist of 4 non-executive members of the 
Board of which at least 3 shall be 
Independent. 
c) The term of office 
of the members of the Audit Committee that 
will be appointed by the Board in accordance 
with article 44, par. 1c of L. 4449/2017, 
as in force, to coincide with their 
term of office as members 
of the Board, i.e. 
the term of office of the 
Audit Committee members will expire on 23.07.2024, 
prolonged until the end of the 
period 
the Annual General Meeting for 
the year 2024 will take place. 
All information on the 
AGM can be found at Eurobank 
Holding’s website: 
(https://www.eurobankholdings.gr/el/enimerosi 
-ependuton/enimerosi-metoxon-eurobank 
-holdings/genikes-suneleuseis-
pages/taktiki-geniki-suneleusi-metoxon-21-07-2022) 
Information about the 
Eurobank General 
Meetings 
The 
HoldCo, following 
the demerger, 
constitutes the 
Eurobank’s 
sole shareholder, 
who represents 
100% of 
its share 
capital. 
According to article 121 par. 
5 of Law 4548/2018, an invitation 
to convene a general 
meeting is not required 
in the event 
that 
the meeting is attended 
or represented by shareholders representing the 
entire capital and none 
of them objects to 
its holding 
and decision-making. In this context the following 
general meetings of Eurobank 
were held.
Annual General Meeting (AGM) of the 
shareholders 
In the Annual 
General Meeting of 
Eurobank’s shareholders, held on July 
21, 2022 in 
Athens, at “Bodossakis 
Foundation Building” 
(“John S. 
Latsis” Hall), 
20 Amalias 
Avenue, 
participated the 
sole shareholder 
Eurobank 
Holdings representing 
3,683,244,830 
shares, corresponding 
to 100% of 
the paid 
up share 
capital with 
voting 
rights on 
the items 
of the 
agenda. In 
respect of 
the 
items on the agenda, the General 
Meeting: 
1.
Approved 
the 
Annual and 
Consolidated 
Financial Statements 
for 
the 
financial year 
2021 
as well 
as the 
Directors’ 
and 
Auditors’ Reports. 
2.
Approved the 
overall 
management for the financial year 
2021 and discharge of the Auditors for the 
financial year 2021. 
3.
Appointed “KPMG Certified Auditors S.A.” as Auditors for the financial year 2022 and b) 
approved the amendment of the 
Tripartite 
Relationship Framework 
Agreement 
between the 
HFSF, 
the 
Company and 
the Bank, 
for 
the incorporation 
of 
the 
provisions 
of article 
28 par. 
2 of 
L. 4701/2020, 
in order 
to offer 
the 
possibility to 
extend the 
duration 
of the 
audit 
assignment to the same statutory auditor 
(in this case, KPMG) 
even after the end of 
the initial 5 years’ engagement 
(2018-
2022) for a period not exceeding a total 
of 10 years. 
4.
Approved 
the 
remuneration 
for 
the 
financial year 
2021 and 
of the 
advance payment 
of the 
remuneration 
for 
the 
non-
executive Board Directors for the 
financial year 2022. 
5.
Approved the 
recomposition of the Audit Committee. 
6.
Approved the 
Annual Activity Report of the Audit Committee for the 
financial year 2021. 
Extraordinary General 
Meeting of the Shareholders 
In the Extraordinary General 
Meeting of Eurobank’s shareholders, held on June 14, 2022 in Athens, at 
“Bodossakis Foundation 
Building” 
(“John 
S. 
Latsis” 
Hall), 
20 
Amalias 
Avenue, 
participated 
the 
sole 
shareholder 
Eurobank 
Holdings 
representing 
3,683,244,830 shares, 
corresponding to 
100% of 
the paid 
up share 
capital with 
voting rights 
on the 
items of 
the agenda. 
In 
respect of the sole item on the agenda, the 
General Meeting resolved 
on the: 
Approval of the hive 
-down of the merchant 
acquiring sector of the Bank by way of its absorption by CARDLINK ONE and the 
Draft Demerger Deed 
– Granting of authorisations. 
9.
Other information 
required by Directive 2004/25/EU 
●
Holders of securities with special control rights 
The HFSF’s 
participation interest 
in the HoldCo’s 
share capital, through 
the ordinary shares 
it possesses, confers 
to HFSF the 
rights according to the legislation in force 
and the TRFA that 
has been signed between the HoldCo, the Bank and the 
HFSF. 
●
Treasury Shares 
The 
Shareholders’ 
General 
Meeting can 
authorize the 
Board, under 
article 49 
of Company 
Law 4548/2018, 
to implement 
a 
program 
of acquisition 
of treasury 
shares. 
However, 
according 
to paragraph 
1 of 
Article 16C 
of Law 
3864/2010, 
during the 
period of the participation of the HFSF in the share 
capital of the HoldCo, HoldCo is not permitted 
to purchase treasury shares 
without the approval 
of the HFSF (note 37 of the consolidated accounts). 
For other 
information 
required by 
Directive 2004/25/EU 
regarding the: 
a) Major shareholdings, 
b) Authority to 
issue new 
shares, and c) Restrictions of voting 
rights, please refer to the relevant 
sections of the Directors’ Report.

 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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APPENDIX AUDIT COMMITTEE ACTIVITY REPORT FOR THE YEAR 2022
Purpose 
1.
In accordance with the 
Law 4449/2017 
as amended, the Audit 
Committee (AC) of 
Eurobank Ergasias Services and Holdings 
S.A. (Eurobank 
Holdings or 
HoldCo or 
Company) should 
submit an 
annual report 
to the 
Shareholders’ 
Annual General 
Meeting 
on 
the 
issues 
dealt 
with 
by 
the 
AC 
during 
the 
previous 
year, 
also 
including 
therein 
a 
description 
of 
the 
sustainability policy followed 
by the entity. 
2.
The current 
2022 AC Activity 
Report of Eurobank 
Holdings which is also part 
of the 2022 Annual 
Financial Report, refers 
to the AC activity during 2022 and the issues addressed. In addition, it 
describes Eurobank Holdings’ sustainability policy. 
3.
No deviations from the 
AC’s Terms 
of Reference (ToR) 
have been identified. 
AC Composition / Membership 
4.
In line with the provisions of article 44 of law 4449/2017, 
as amended and currently in force, and further 
to the decision of 
the HoldCo’s Annual General 
Meeting of Shareholders as of 21.07.2022 
regarding the recomposition of the 
AC and more 
specifically 
regarding 
its 
type, 
composition 
and 
term 
of 
office 
and 
the 
BoD’s 
decision 
of 
30.6.2022 
and 
21.07.2022 
regarding the membership of the AC, following relevant recommendation 
by the Nomination and Corporate Governance 
Committee of 
28.06.2022, the 
AC 
decided on 
21.07.2022 
on its 
constitution 
and on 
the 
appointment 
of 
its Chairman. 
Compared to the 
previous AC 
composition, Mr. 
Bradley Paul 
Martin and Ms. Cinzia 
Basile ceased to be 
members of the 
Committee. 
5.
Following the 
above, the AC consist exclusively 
of BoD members, four (4) in total, all of which are non-executive, of whom 
the three (3) are independent according to the 
provisions of article 9 of L. 4706/2020, including the AC 
Chairman among 
the independent members, as follows: 
1. Jawaid Mirza (Chairman of the Audit 
Committee, independent non-executive 
BoD member), 
2. Irene 
Rouvitha-Panou (Vice 
-Chairwoman of 
the Audit 
Committee, independent non-executive 
BoD 
member), 
3. 
Rajeev 
Kakar 
(independent 
non-executive 
BoD 
member), 
and 
4. 
Efthymia 
Deli 
(Representative 
of 
the 
Hellenic Financial Stability Fund (HFSF) - non-executive BoD member).
 
6.
All AC members have sufficient knowledge in the field 
of HoldCo activities and 
the necessary skills and experience to 
carry 
out their duties and meet the requirement 
of established knowledge and experience in auditing and/or accounting. 
7.
Information 
regarding 
current 
AC 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
HoldCo’s website (www.eurobankholdings.gr). 
Meetings Held During the Period 
& Attendance 
8.
During 2022, the Audit Committee held fourteen (14) meetings 
vs eleven (11) in 2021. 
9.
The average 
ratio of attendance 
at the meetings by 
the AC members 
stood at 100% (2021: 95%). It is noted that 
in 2021, 
for 
the 
cases 
of 
missed 
in 
person 
attendances, 
representation 
proxies 
have 
been 
provided, 
leading 
to 
an 
overall 
attendance of 100%. 
10.
Due 
to 
the 
covid-19 
pandemic, 
only 
two 
(2) 
quarterly 
meetings 
were 
attended 
in 
person 
and 
the 
rest 
were 
held 
via 
conference calls. 
This practice is allowed 
by the AC ToR 
and is consistent across all HoldCo’s BoD Committees. 
11.
The submissions for 
the AC meetings have become 
available to all BoD members through the 
Diligent platform. 
12.
The BoD Chair has regularly attended the AC meetings. In addition, all meetings were attended by the Internal Audit (IA), 
while the General Manager of Group Compliance 
was attending the meetings 
depending on the subject 
under discussion. 
13.
The External Auditor of 2022 financial statements (i.e. KPMG) has been invited and attended meetings as required. 
14.
The 
AC 
Chair updated 
the 
Board 
members, 
at 
the 
quarterly 
meetings 
of 
the 
Board, 
on 
the 
material 
matters 
covered 
during the AC meetings. 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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Highlights of Issues of Importance during 2022 
Internal Controls System and 
Risk Management 
15.
The AC, 
in accordance 
with its Terms 
of Reference, 
review
s the 
adequacy of the 
Internal Control 
and Risk Management 
systems and the compliance with rules and regulations of the 
monitoring process. 
16.
Throughout the year 
2022: 
●
the AC 
Members received 
update by 
IA and 
Compliance, covering 
matters of 
the System 
of Internal 
Controls, 
Risk Management and Compliance with rules and regulations. 
●
significant weaknesses 
in internal controls 
and the progress 
of actions taken 
to address them, 
were presented 
in the Internal Audit 
Activity Report and 
several pending issues (including External 
Auditors’ Management Letter) 
were discussed with Management and the 
AC ensured that the time 
plans and deadlines will be followed up. 
●
the 
AC 
acknowledged 
the 
annual 
Internal 
Audit 
Evaluation 
Report 
of 
the 
System 
of 
Internal 
Controls, 
a 
requirement 
of the 
Bank of 
Greece Act 
2577/9.3.2006. 
The said 
report along 
with the 
AC’s own 
assessment of 
the evaluation was further 
submitted to the BoD and subsequently to BoG in June 2022. 
●
In accordance with the 
provisions 
of Law 2533/1997, 
the AC reviewed 
reports on substantial stock transactions 
performed by the 
Company’s Directors and General Managers in listed securities and notified 
the Board. 
Internal Audit (IA) 
17.
The Internal 
Audit (IA) function 
of HoldCo is 
independent (Internal Audit has 
a functional reporting 
line to the 
AC and a 
dotted 
reporting 
line 
for 
administrative 
matters 
to 
the 
CEO), 
adequately 
organized, 
has 
unrestricted 
access 
to 
any 
pertinent information and operates efficiently and effectively in compliance with the Standards of the Institute of 
Internal 
Auditors. 
18.
During 2022, the AC: 
●
 
received confirmation from 
the Chief Internal Auditor (CIA) regarding IA’ 
s 
independence for 2021. 
●
discussed the performance 
of the IA Annual Plan for 2021. 
●
approved and furth 
er submitted to the BoD for information 
the IA Annual Plan for 2023. 
●
monitored the progress 
of the IA Audit Plan for 2022 through 
the Activity Reports. 
●
at the Quarterly AC meetings, 
discussed the key highlights of the IA Activity Reports (including the follow 
-up of 
the external auditors’ Management Letter points). 
●
Carried out the assessment of the 
Chief Internal Auditors’ performance 
for 2021. 
Compliance 
19.
The Compliance of HoldCo is a permanent and independent function (the Head of Compliance 
reports functionally to the 
AC 
and 
for 
administrative 
purposes 
to 
the 
CEO 
of 
Holdings) 
adequately 
organized, 
has 
unrestricted 
access 
to 
any 
pertinent information and operates 
efficiently and effectively. 
20.
During 2022, the AC: 
●
approved and further 
submitted to the BoD for information 
the 2023 Compliance Annual Plan. 
●
at the Quarterly AC meetings, discussed 
the key highlights of the Compliance 
Activity Reports. 
●
approved and proposed to the BoD 
for information the revised Insider Dealing Guideline and 
the revised Market 
Abuse Policy and 
approved and proposed to the BoD 
for approval the revised Compliance Policy and 
the revised 
Conflicts of Interest Policy. In addition, the AC 
approved the revised MiFID II Product Governance 
Policy and the 
revised Policy for 
Reporting Illegal or Unethical Conduct. 
●
In line with the BoG requirements, received 
the Annual Group Compliance Report as per BoG 
Act 2577/9.3.2006 
(including 
MiFID report) 
for 
acknowledgement. 
The 
said 
report 
along 
with 
the 
AC’s 
assessment 
was 
further 
submitted to the BoD and subsequently to the BoG in June 2022. 
Financial reporting 
21.
The 
AC, 
in 
accordance 
with 
its 
Terms 
of 
Reference, 
monitors 
the 
financial 
reporting 
process 
and 
submits 
recommendations 
and 
proposals 
to 
ensure 
its 
integrity. 
In 
addition, 
it 
supervises 
and 
assesses 
whether 
the 
internal 
controls 
related 
to financial 
reporting are 
adequate and 
effective 
and that 
these 
controls 
are 
adjusted to 
reflect any 
major changes in the risk profile of Holdings. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
82
|
Page 
22.
During the AC meetings in 2022: 
●
the 
AC, 
among 
others, 
reviewed 
and 
approved 
the 
quarterly 
results, 
semi-annual 
and 
annual 
Accounts 
and 
Financial Statements, Annual General Meeting (AGM) matters and matters of the External auditors. In addition, 
the AC reviewed 
and proposed to the BoD for 
approval the Consolidated 
Pillar III report. 
●
Group 
Finance 
made 
presentations 
on 
issues 
such 
as 
accounting 
policies, 
critical 
accounting 
estimates, 
significant 
one-off 
items 
impacting 
the 
Financial 
Statements, 
major 
variations 
between 
periods, 
important 
disclosures, 
significant issues with tax authorities, as well as Group Control 
issues. 
●
IA performed 
a high level 
review of 
material submitted to 
the AC 
for the 
clearance of 
the financial 
results and 
reported significant items to the AC Chairman for 
his attention. 
●
With 
regards 
to the 
monitoring of 
the 
Actual vs 
Budget Report, 
the 
AC received 
quarterly updates 
by Group 
Finance which were subsequently presented to the 
BoD. 
External Auditors 
23.
The AC, in accordance with its Terms 
of Reference, is responsible for the 
selection, performance and independence of the 
External 
Auditors, 
KPMG. 
In 
addition, 
the 
AC 
reviews 
the 
scope 
of 
audit 
work 
and 
audit 
approach 
and 
assesses 
the 
process for identifying and responding 
to key audit and internal control risks. 
24.
During the AC meetings in 2022: 
●
KPMG presented its 2022 Audit 
Plan to the AC. 
The AC 
has also, in line with 
its ToR, 
reviewed the 
Engagement 
letter for the 2022 Statutory Audit of the 
Company. 
●
KPMG presented and discussed with the 
AC members a summary of 
audit work done, major findings, including 
a summary of unadjusted differences, and other 
issues of importance. 
25.
The 
AC 
has 
received 
the 
2021 
KPMG 
Management 
Letter 
(ML) 
and 
has 
discussed 
the 
issues 
raised 
with 
KPMG 
and 
Management. 
26.
The annual assessment 
of the External Auditors for 
the 2021 audit was discussed by 
the AC members 
and Management. 
At the 
same AC 
meeting, the 
AC decided 
to propose 
to the 
BoD for 
approval 
and subsequent recommendation 
to the 
Annual 
General 
Meeting 
of 
shareholders 
for 
approval, 
the 
reappointment 
of 
KPMG 
as 
statutory 
auditors 
for 
the 
standalone and consolidated Financial Statements of Eurobank 
Holdings for the financial year 
of 2022.
27.
The AC has discussed and approved 
the Global Group 
Audit and assurance Fees of 2022. 
28.
The 
AC 
has received 
the 
External 
Auditors’ 
Independence Letter, 
while it 
monitored 
the 
independence 
of the 
External 
Auditors through the 
Auditors independence monitoring tool submitted quarterly by 
Group Finance, depicting the 
value 
of non-audit services provided as compared to the 
limits set by the Group External Auditor’s Independence Policy. 
In line 
with the Group 
External Auditor’s Independence Policy, 
the AC 
in 2022 reviewed 
all non-audit services nclding 
the audit 
assurance related work re Fairfax 
Financial Holdings (FFH) annual requirement on the reconciliation of IFRS consolidated 
Total 
Equity and 
Profit 
& Loss 
to U.S. 
GAAP, 
for 
the 
year 
ending 31.12.2021, 
ensuring that 
the 
independence limits 
are 
complied with.The AC met with the External 
Auditors (with and without Management present) to discuss all of the above, 
in addition 
to any 
significant changes 
required to 
the External 
Auditors’ audit 
plan. Also, 
the AC 
reviewed 
the External 
Auditor’s Report and the Report on Key Audit Issues. 
AC’s Evaluation 
29.
The 
AC’s 
performance 
is 
evaluated 
annually 
according 
to 
the 
provisions 
of 
HoldCo’s 
Board 
and 
Board 
Committees 
Evaluation 
Policy. 
According 
to 
the 
AC’s 
2022 
self-evaluation, 
the 
AC 
members 
are 
satisfied 
with 
the 
Committee’s 
effectiveness and leadership. The 
Committee uses its time effectively and there 
is a good planning and scheduling of the 
meetings. 
The 
Chairman is 
well 
prepared 
for 
Committee’s 
meetings 
and 
helps 
the 
Committee to 
effectively 
navigate 
through its agenda, encouraging critical discussion 
and ensuring that every Committee 
member can freely express her/his 
views 
Other AC Matters 
30.
In 2022, the AC reviewed 
and proposed to the BoD for 
approval its Terms 
of Reference. 
31.
The AC 
has approved 
and notified the 
Board for 
further 
submission to the 
Annual General 
Meeting, the 
annual Activity 
Report for 2021. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
83
|
Page 
Sustainability Overview 
32.
The Group 
is constantly committed to 
investing in sustainable development 
and to consistently designing its 
actions to 
improve its impact on environmental sustainability, social responsibility 
and corporate governance. Its strategic objective 
is to adapt its business and operation in a way that addresses climate change challenges, to 
accommodate social needs 
within its banking business model, 
and to safeguard prudent governance 
for itself and its 
counterparties, in accordance 
with supervisory initiatives and following 
international standards/ best practices. 
33.
Committed to 
actively contributing 
to the 
achievement 
of the 
United Nations 
Sustainable Development 
Goals (SDGs) 
and the 2030 Agenda 
goals, Eurobank is a signatory 
of the UN Global 
Compact since 2008. According 
to the commitment 
to the 
UNEP FI 
Principles for 
Responsible Banking 
(PRB) since 
2019, 
in line 
with the 
SDGs and 
the Paris 
Agreement 
on 
Climate Change, Eurobank issued its 2
nd
 
Progress Report which was incorporated in the www.eurobank.gr 
. 
34.
Eurobank 
has 
established 
its 
Sustainability 
Policy 
Framework, 
to 
outline 
the 
approach 
for 
adherence 
to 
applicable 
regulatory 
requirements 
and 
voluntary 
initiatives 
as 
well 
as 
adopted 
standards 
and 
guidelines, 
thus 
enabling 
a 
contemporary 
and 
continuously 
updated 
approach 
to 
Sustainability 
in 
line 
with 
international 
best 
practice. 
The 
Sustainability 
Policy 
Framework 
sets 
the 
foundation 
towards 
integration 
of 
ESG 
into 
Eurobank’s 
business 
model 
and 
operations. 
35.
The Sustainability Policy Framework 
is available on Eurobank Holdings website 
www.eurobankholdings.gr 
. 
36.
Eurobank is finalizing its 
Strategy both in terms 
of its 
financing and 
other products, and in 
terms of its 
internal environment 
and 
how 
it 
is 
organized 
and 
operates. 
ESG 
Strategy 
integration 
has 
two 
distinct 
pillars 
of 
impact: 
Financed 
and 
Operational. 
Key drivers 
are the 
compliance with the 
regulatory guidelines and 
expectations, including the 
ECB’s Guide 
on 
climate-related 
and 
environmental 
risks 
and 
the 
ECB’s 
good 
practices 
for 
climate-related 
and 
environmental 
risk 
management. 
37.
In 2022, the 
project of designing ESG 
Operational 
Impact Strategy has 
been concluded. It is directed 
on environmental 
impact (operational 
net zero, 
paperless banking, circular 
economy), employer 
impact (diversity 
and inclusion, wellbeing, 
innovative environment), and social and 
business impact (sustainable 
procurement, socio-economic effect, transparency). 
The Operational 
Impact Strategy, 
through 
a set of 
actions with 
measurable 
targets, indicates 
the Bank’s 
vision for 
the 
current 
and forthcoming 
decade 
in relation 
to environment, 
its social 
footprint, 
with focus 
on its 
people, and 
the 
ESG 
impact in the market. 
38.
The Financed 
Impact Strategy, 
applicable to 
all lending portfolios, 
leverages 
on the 
identified ESG and 
climate related 
opportunities and by assessing relevant risks aims to mitigate ESG & climate related risks for the 
Group’s portfolios. 
39.
The Financed 
Impact Strategy 
is also directed 
on clients’ engagement 
and awareness 
to adapt their 
business in a 
way 
to address climate 
change challenges, actions 
for supporting customers 
in their transition 
efforts 
towards a 
more ESG-
friendly economic environment, enablers and tools such as 
frameworks 
and products to underpin Sustainable Financing, 
as well as on climate-related material exposures. 
40.
Climate Risk 
– The 
Group has 
recognized climate 
change as a 
material risk 
and based 
on its supervisory 
guidelines, is 
adapting its policies and methodologies for 
identifying and monitoring the relevant risks. 
41.
Adopting 
a 
strategic 
approach 
for 
the 
management 
of 
risks 
and 
the 
identification 
of 
opportunities 
in 
relation 
to 
sustainability 
and 
climate 
change, the 
Bank 
follows, 
and 
accelerates 
where 
possible, 
a 
detailed roadmap 
prioritizing 
actions for 
the effective 
management of 
climate-related & 
environmental (CR&E) 
risk in alignment 
with the 
supervisory 
expectations included at the ECB Guide on Climate-Related and Environmental Risks. Also, the IA is 
informed and follows 
up the Climate Risk 
Roadmap, which has been agreed 
with the 
supervisor. The 
respective developments 
are considered 
in IA risk-based audit 
approach. With regard to the banking activity of 
HoldCo (i.e. Eurobank S.A. or 
the Bank), the Internal 
Audit Group of the Bank issued in 2022 two consulting reports in the area (Climate Risk Stress Test 
2022 and a Guide on 
ESG Reporting). 
42.
The 
Group 
has 
approved 
a 
governance 
structure 
on 
the 
process 
for 
the 
allocation 
of 
roles 
and 
responsibilities 
with 
regards 
to ESG 
and climate 
risk management 
(both 
for 
transition 
risk and 
physical risk) 
within the 
3 Lines 
of Defense. 
Moreover, 
the HoldCo/Bank BoD has assigned an executive member as the 
responsible BoD member for climate 
-related 
and 
environmental 
risks. 
The 
same 
member 
chairs 
the 
Eurobank 
ESG 
Management 
Committee, 
established 
by 
the 
Eurobank CEO.As part of his duties, the member responsible updates the Board 
Risk Committee (BRC) (in alignment with 
the 
BRC 
Terms 
of 
Reference) 
and 
the 
Board 
of 
Directors 
of 
HoldCo 
and 
Bank 
on 
climate 
change 
and 
environmental 
related risks. 
43.
Committed 
to 
being 
transparent 
about 
its 
ESG 
approach 
and 
to 
ensure 
that 
the 
decision-making 
is 
in 
line 
with 
environmental protection and sustainability, 
the Group developed and implements its Sustainable Finance Framework in 
accordance with international recognized industry 
guidelines and principles. 
Eurobank has also established 
and published 
its 
Green 
Bond 
Framework, 
to 
support 
issuance 
of 
Green 
Bonds. 
Furthermore, 
Eurobank 
approved 
its 
Sustainable 
Investment Framework, 
which is applicable to the Bank’s banking book bond portfolio. 
Jawaid Mirza 
AC Chairman 
Athens, March 2023

 
 
 
 
 
 
KPMG Certified Auditors S.A.
3 Stratigou Tombra 
Street
Aghia Paraskevi
153 42 Athens, Greece
Telephone: 
+30 210 60 62 100
Fax: 
+30 210 60 62 111
Email: 
info@kpmg.gr
KPMG Certified Auditors S.A., a Greek Societe Anonyme and a member 
firm of the KPMG global organization of independent member firms affiliated 
with KPMG International Limited, a private English company limited by 
guarantee.All rights reserved.
Certified Auditors
Independent Auditors’ Report 
To 
the Shareholders of 
Eurobank Ergasias Services and Holdings S.A.
Report on the Audit of the Consolidated 
Financial Statements 
Opinion
We have 
audited the 
accompanying Consolidated 
Financial Statements 
of Eurobank 
Ergasias Services 
and Holdings S.A. (the 
“Company”) which comprise 
the Consolidated Balance 
Sheet as at 31 
December 
2022, the Consolidated 
Statements of Income, 
Comprehensive Income, Changes in 
Equity and Cash 
Flow 
for the 
year 
then 
ended, 
and 
notes, 
comprising 
a summary 
of significant 
accounting 
policies 
and other 
explanatory information.
In our 
opinion, the 
accompanying Consolidated 
Financial Statements present 
fairly, in all 
material respects, 
the consolidated financial 
position of Eurobank 
Ergasias Services and 
Holdings S.A. and 
its subsidiaries 
(the “Group”) 
as 
at 31 
December 
2022 and 
its consolidated 
financial 
performance 
and 
its 
consolidated 
cash 
flows 
for the 
year 
then 
ended, 
in 
accordance 
with 
International 
Financial 
Reporting 
Standards 
as 
adopted by the European Union.
Basis for Opinion
We conducted our 
audit in accordance with 
International Standards on Auditing 
(ISA), as incorporated in 
Greek 
legislation. 
Our 
responsibilities 
under 
those 
standards 
are 
further 
described 
in 
the 
Auditors’ 
Responsibilities 
for 
the 
Audit 
of 
the 
Consolidated 
Financial 
Statements 
section 
of 
our 
report. 
We 
are 
independent of 
the Group 
in accordance 
with the 
International 
Ethics Standards 
Board for 
Accountants 
International Code 
of Ethics 
for Professional 
Accountants, as 
incorporated 
in Greek 
legislation, and 
the 
ethical requirements that are relevant to the audit of the consolidated 
financial statements in Greece, and 
we have 
fulfilled our 
other ethical 
responsibilities 
in accordance 
with the 
requirements 
of the 
applicable 
legislation. We believe that the audit evidence we have obtained is sufficient 
and appropriate to provide a 
basis for our opinion.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 
Key Audit Matters
Key audit matters 
are those matters, 
that, in our 
professional judgment, 
were of 
most significance 
in our 
audit of the consolidated financial statements of the current 
period. 
These matters and the relevant significant assessed risks of 
material misstatement were addressed in the 
context of 
our audit 
of the 
consolidated financial statements 
as a 
whole, and 
in forming 
our opinion 
thereon, 
and we do not provide a separate opinion on these matters.
Impairment allowance on loans and advances at amortised 
cost including off-balance sheet 
elements
See Notes 2.2.13, 3.1 and 20 and 21 to the Consolidated Financial 
Statements. 
Total 
estimated credit 
losses as 
of 31 
December 2022 
amounted to 
EUR 1 
626 million 
(2021: 
EUR 1
872 million).
The key audit matter
How the matter was addressed in our audit
The 
estimation 
of 
expected 
credit 
losses 
(“ECL”) on 
loans and 
advances 
at amortised 
cost 
involves 
significant 
judgment 
and 
estimates. The key areas 
where we identified 
greater levels of management judgement and 
therefore increased levels of 
audit focus in the 
Group’s estimation of ECL are:
●
 
Significant 
Increase 
in 
Credit 
Risk 
(“SICR”) – 
The identification 
of qualitative 
indicators 
for 
identifying 
a 
significant 
increase 
in 
credit 
risk 
for 
staging 
classification 
is 
highly 
judgmental 
taking 
also 
into 
account 
the 
current 
macroeconomic 
and 
geopolitical 
uncertainty. 
●
 
Model estimations – 
Inherently judgmental 
modelling 
and 
assumptions 
are 
used 
to 
estimate ECL 
which involves 
determining 
Probabilities of Default (“PD”), Loss Given 
Default (“LGD”), and Exposures at Default 
(“EAD”). 
ECL 
may 
be 
inappropriate 
if 
certain models or underlying 
assumptions 
do 
not 
accurately 
predict 
defaults 
or 
recoveries 
over 
time 
or 
fail 
to 
reflect 
the 
credit 
risk 
of 
loans 
and 
advances 
to 
customers. 
As 
a 
result, 
certain 
IFRS 
9 
models 
and 
model 
assumptions 
are 
the 
key 
drivers 
of complexity 
and 
subjectivity 
Our audit procedures included, among others:
Controls testing:
We 
tested 
relevant 
manual, 
general 
IT 
and 
automated 
controls over key systems used in the ECL process.
Main aspects 
of our 
controls testing 
involved 
evaluating 
the design and 
testing the 
operating effectiveness 
of the 
key controls over the: 
●
 
Completeness 
and 
accuracy 
of 
the 
key 
inputs 
into 
the IFRS 9 impairment models. 
●
 
Application of the staging criteria. 
●
 
Model validation. 
●
 
Authorisation 
and 
calculation 
of 
management 
adjustments. 
Test 
of details:
Key aspects of our testing included, among others:
●
 
We performed 
substantive procedures 
on a 
sample 
basis 
in 
order 
to 
assess 
the 
SICR 
assessment 
for 
corporate and retail portfolios. 
●
 
We 
assessed 
the 
appropriateness 
of 
management 
adjustments 
to 
the 
model 
driven 
ECL 
results, 
by 
considering the assumptions, 
reviewing calculations 
and 
data 
used 
and 
inspecting 
the 
governance 
around these adjustments. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 
in 
the 
Group’s 
calculation 
of 
the 
ECL 
estimate. 
●
 
Management 
adjustments 
– 
Adjustments 
to the model-driven ECL results 
are raised 
by 
management 
to 
address 
any 
known 
limitations 
or 
emerging 
trends 
as 
well 
as 
risks 
not 
captured 
by 
models. 
These 
adjustments 
are 
inherently 
uncertain 
and 
significant 
management 
judgement 
is 
involved 
especially 
in 
relation 
to 
current 
macroeconomic 
and 
geopolitical 
uncertainty. 
●
 
Macroeconomic 
Forward 
Looking 
Information 
scenarios 
– 
IFRS 
9 
requires 
the 
Group 
to 
measure 
ECL 
on 
an 
unbiased 
forward-looking 
basis 
reflecting 
a 
range 
of 
future 
economic 
conditions. 
Significant 
management 
judgement 
is 
applied in determining the forward-looking 
economic 
scenarios 
used, 
the 
probability 
weightings 
associated 
with 
the 
scenarios 
and 
the 
complexity 
of 
models 
used 
to 
derive the 
probability weightings applied 
to 
them 
especially 
when 
considering 
the 
current uncertain economic environment. 
●
 
Individually 
assessed 
loans 
–The 
estimation 
of 
future 
cash 
flows, 
valuation 
of 
collateral 
and 
probability 
weighting 
of 
scenarios 
constitute 
assumptions 
with 
high estimation uncertainty. 
Disclosures 
in 
the 
Consolidated 
Financial 
Statements.
The 
disclosures 
regarding 
the 
Group’s 
application of IFRS 9 
are key to explaining 
the 
significant judgements 
and material 
inputs 
to 
the IFRS 
9 ECL 
results as 
well as 
to provide 
transparency 
of 
the 
credit 
risk 
exposures 
of 
the Group.
●
 
We 
assessed 
the 
reasonableness 
and 
appropriateness 
of 
the 
macroeconomic 
variables’ 
forecasts, 
scenarios, 
weights, 
and 
models 
applied. 
Our testing 
included benchmarking 
against external 
sources. 
●
 
We performed substantive procedures to assess the 
completeness 
and 
accuracy 
of 
critical 
data 
input 
used in the ECL models. 
●
 
We 
reperformed 
ECL 
calculations 
for 
lending 
exposures 
in 
all 
stages, 
with 
the 
support 
of 
our 
financial 
risk 
specialists 
and 
on 
a 
sample 
basis, 
where appropriate. 
●
 
We performed substantive procedures to assess the 
reasonableness 
of 
significant 
assumptions 
used 
in 
the 
measurement 
of 
impairment 
of 
individually 
assessed 
credit 
impaired 
exposures, 
including 
valuation 
of 
collaterals 
where 
we 
have 
used 
the 
expertise of 
real estate 
valuation specialists 
as well 
as 
assumptions 
used 
for 
estimating 
future 
discounted cash flows. 
Our financial risk specialists assisted with the:
●
 
Assessment 
of 
the 
Group’s 
impairment 
methodologies for compliance with IFRS 9. 
●
 
Evaluation of the risk 
parameter models used as 
well 
as 
reperforming 
the 
calculation 
of 
certain 
risk 
parameters. 
●
 
Assessment 
of 
available 
validation 
reports 
on 
risk 
parameters. 
●
 
Assessment 
of 
the 
methodological 
coherence 
and 
mathematical 
accuracy 
of 
management 
adjustments, where needed. 
Assessing disclosures:
We evaluated 
the adequacy 
and appropriateness 
of the 
disclosures in the 
Consolidated Financial Statements that 
address 
the 
uncertainty 
which 
exists 
when 
determining 
the ECL. In addition, 
we assessed whether the 
disclosure 
of the key judgements and 
assumptions were sufficiently 
clear and explanatory.
Recognition of deferred tax assets
See Note 2.2.16, 3.5 and 13 to the Consolidated Financial 
Statements.
Total 
deferred 
tax 
assets 
as 
of 
31 
December 
2022 
amounted 
to 
EUR 
4 161 
million 
(2021: EUR 4 422 million).
The key audit matter
How the matter was addressed in our audit

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 
The recognition and 
measurement of deferred 
tax assets is considered a key audit matter as 
it depends 
on estimates 
of future 
profitability, 
which 
requires 
significant 
judgement 
and 
includes the risk of management bias.
Significant judgement and especially complex 
assumptions 
and 
method, 
due 
to 
inherent 
uncertainties relate to the following:
●
The extent 
that 
there 
are 
probable 
future 
taxable profits 
that will 
allow the 
deferred 
tax 
asset 
amount 
to 
be 
recovered 
in 
the 
foreseeable future.
●
Forecast 
of future 
taxable 
profit, 
which 
is 
mainly 
impacted 
by 
macroeconomic 
forward looking information.
Disclosures 
in 
the 
Consolidated 
Financial 
Statements
The 
disclosures 
regarding 
the 
Group’s 
application 
of 
the 
Standards 
in 
this 
area 
are 
key 
to 
explaining 
the 
key 
judgements 
surrounding the 
recoverability of 
deferred tax 
assets.
Our 
audit 
procedures, 
included, 
among 
others 
the 
following:
●
We assessed the design and implementation of 
controls 
relevant 
to 
the 
recognition 
and 
recoverability 
of 
deferred 
tax 
assets 
including 
the 
approval 
of 
three-year 
business 
plan 
and 
monitoring of actual results against budgeted. 
●
We 
evaluated 
the 
appropriateness 
of 
the 
assumptions 
used 
by 
management 
in 
the 
approved 
three-year 
business 
plan 
by 
comparing the 
revenue and 
growth projections 
to industry 
trends and 
ensuring consistency 
with 
strategic 
plans. 
We 
also 
evaluated; 
the 
appropriateness 
of 
the 
assumptions 
used 
and 
the reasonableness of projections 
for the period 
that 
lies 
beyond 
the 
approved 
three-year 
business plan. 
●
We assessed the accuracy of 
forecasted future 
taxable 
profits 
by 
evaluating 
the 
accuracy 
of 
management’s 
projections 
of 
prior 
year 
by 
comparing them to actual results. 
●
We 
tested 
the 
accuracy 
of 
the 
relevant 
underlying 
data 
of 
the 
estimate, 
including 
the 
conversion 
of 
future 
accounting 
profits 
to 
taxable profits. 
●
Our 
tax 
specialists 
assisted 
to 
confirm 
the 
completeness and 
accuracy of 
the relevant 
tax 
adjustments that produce the taxable results. 
Assessing disclosures:
We evaluated 
the adequacy 
and appropriateness 
of the 
disclosures in the 
Consolidated Financial Statements that 
address the deferred tax asset recoverability. 
In addition, 
we 
assessed 
whether 
the 
disclosures 
of 
the 
key 
judgements 
and 
assumption 
were 
sufficiently 
clear 
and 
explanatory.
Use of IT systems relevant to the financial information
The key audit matter
How the matter was addressed in our audit
The Group’s financial reporting processes are 
dependent 
to 
a 
large 
extent 
on 
information 
produced 
by 
the 
Group’s 
Information 
We 
have 
evaluated 
in 
collaboration 
with 
our 
IT 
Audit 
specialists 
the 
general 
controls 
over 
the 
IT 
systems, 

 
 
 
 
 
 
 
 
 
 
 
 
 
5 
Technology 
(IT) 
systems, 
and/or 
automated 
processes 
and 
controls 
(i.e. 
calculations, 
reconciliations) 
implemented 
in 
these 
systems.
The above 
is a 
key audit 
matter as 
the Group’s 
financial 
reporting 
systems 
rely 
heavily 
on 
complex 
information 
systems 
that 
process 
very 
large 
number 
of 
transactions. 
These 
IT 
systems 
function 
based 
on 
the 
operating 
effectiveness 
of 
internal 
controls 
in 
place 
to 
assure 
the 
completeness 
and 
accuracy 
as 
well 
as 
the 
security 
of 
the 
information 
of 
the 
Group 
that 
produce 
eventually 
the 
financial 
information to be included in the 
Consolidated 
Financial Statements.
databases 
and 
applications 
that 
support 
the 
financial 
reporting of the Group.
For this purpose, we performed procedures as follows:
●
We evaluated 
the information 
security resilience 
of 
the 
Group 
by 
evaluating 
the 
design 
of 
key 
IT 
processes and controls over financial reporting. 
●
We 
evaluated 
the 
design 
of 
the 
relevant 
preventative and 
detective general 
IT 
controls 
over administration of 
access to programs 
and 
data for the systems in 
scope of our audit and, 
we tested 
the operating 
effectiveness of 
these 
relevant controls. 
●
We evaluated 
the design 
of the 
relevant general 
IT 
controls 
of 
the 
Group 
over 
program 
development, 
program 
change 
management 
and 
computer 
operations 
for 
the 
systems 
in 
scope of our audit and, we 
tested the operating 
effectiveness of these relevant controls. 
Other Information
The 
Board 
of 
Directors 
is 
responsible 
for 
the 
other 
information. 
The 
other 
information 
comprises 
the 
information included in the Board 
of Directors’ Report, for which reference is 
made in the “Report on 
Other 
Legal and Regulatory 
Requirements” and the 
Declarations of 
the Members 
of the Board 
of Directors 
but 
does not include the Consolidated Financial Statements 
and our Auditors’ Report thereon.
Our opinion on the Consolidated Financial 
Statements does not cover the other 
information and we do not 
express any form of assurance conclusion thereon.
In 
connection 
with 
our 
audit 
of 
the 
Consolidated 
Financial 
Statements, 
our 
responsibility 
is 
to 
read 
the 
other information 
and, in 
doing so, 
consider whether 
the other 
information is 
materially inconsistent 
with 
the Consolidated Financial Statements or our knowledge obtained in 
the audit, or otherwise appears to be 
materially 
misstated. 
If, 
based 
on 
the 
work 
we 
have 
performed, 
we 
conclude 
that 
there 
is 
a 
material 
misstatement of this other 
information, we are required to 
report that fact. We have 
nothing to report in 
this 
regard.
Responsibilities of the Board of Directors and Those Charged with Governance 
for the Consolidated Financial Statements
The Board of Directors 
is responsible for the 
preparation and fair presentation 
of the consolidated financial 
statements in 
accordance with 
International Financial 
Reporting Standards 
as adopted 
by the 
European 
Union, 
and 
for 
such 
internal 
control 
as 
the 
Board 
of 
Directors 
determines 
is 
necessary 
to 
enable 
the 
preparation of consolidated financial statements that are free from 
material misstatement, whether due to 

 
 
 
 
6 
fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the 
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern 
and using the going 
concern basis of 
accounting unless the 
Board of Directors 
either intends to liquidate 
the Group or to cease operations, or has no realistic alternative 
but to do so. 
The 
Audit 
Committee 
of 
the 
Company 
is 
responsible 
for 
overseeing 
the 
Group’s 
financial 
reporting 
process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives 
are to 
obtain reasonable 
assurance about 
whether the 
consolidated financial 
statements 
as a whole 
are free 
from material 
misstatement, whether 
due to fraud 
or error, 
and to issue 
an auditors’ 
report that includes our opinion. Reasonable assurance is 
a high level of assurance but 
is not a guarantee 
that an 
audit conducted 
in accordance 
with ISAs 
which have 
been incorporated 
in Greek 
legislation will 
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and 
are 
considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the 
economic decisions of users taken on the basis of these 
consolidated financial statements.
As 
part 
of 
an 
audit 
in 
accordance 
with 
ISAs, 
which 
have 
been 
incorporated 
in 
Greek 
legislation, 
we 
exercise professional judgment and maintain professional 
skepticism throughout the audit. We 
also:
●
 
Identify 
and 
assess 
the 
risks 
of 
material 
misstatement 
of 
the 
consolidated 
financial 
statements, 
whether due 
to fraud 
or error, 
design and 
perform audit 
procedures responsive 
to those 
risks, and 
obtain audit evidence that 
is sufficient and 
appropriate to provide a 
basis for our opinion. 
The risk of 
not detecting a material misstatement resulting from 
fraud is higher than for one resulting from 
error, 
as fraud may involve 
collusion, forgery, 
intentional omissions, misrepresentations, 
or the override of 
internal control. 
●
 
Obtain an understanding 
of internal control 
relevant to 
the audit 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 Group’s internal control. 
●
 
Evaluate 
the 
appropriateness 
of 
accounting 
policies 
used 
and 
the 
reasonableness 
of 
accounting 
estimates and related disclosures made by the Board 
of Directors. 
●
 
Conclude 
on 
the 
appropriateness 
of 
the 
Board 
of 
Directors’ 
use 
of 
the 
going 
concern 
basis 
of 
accounting and, based on the audit 
evidence obtained, whether a material 
uncertainty exists related 
to events or 
conditions that 
may cast 
significant doubt 
on the Group’s 
ability to 
continue as 
a going 
concern. If 
we conclude 
that a 
material uncertainty 
exists, we 
are required 
to draw 
attention in 
our 
auditors’ 
report 
to 
the 
related 
disclosures 
in 
the 
consolidated 
financial 
statements 
or, 
if 
such 
disclosures are inadequate, to 
modify our opinion. Our conclusions 
are based on the audit 
evidence 
obtained up to 
the date of 
our auditors’ report. 
However, 
future events 
or conditions 
may cause the 
Group to cease to continue as a going concern. 
●
 
Evaluate 
the 
overall 
presentation, 
structure, 
and 
content 
of 
the 
consolidated 
financial 
statements, 
including the disclosures, and 
whether the consolidated financial 
statements represent the underlying 
transactions and events in a manner that achieves fair presentation. 
●
 
Obtain 
sufficient 
appropriate 
audit 
evidence 
regarding 
the 
financial 
information 
of 
the 
entities 
or 
business activities within the 
Group to express 
an opinion on 
these consolidated financial statements. 
We 
are responsible 
for the 
direction, supervision, 
and 
performance 
of the 
group 
audit. We 
remain 
solely responsible for our audit opinion. 
We communicate with 
those charged with governance 
regarding, among other 
matters, the planned 
scope 
and timing of 
the audit and 
significant audit findings, 
including any 
significant deficiencies in 
internal control 
that we identify during our audit.

 
 
 
 
 
 
 
 
 
 
 
 
7 
We 
also provide 
those charged 
with 
governance 
with 
a statement 
that 
we have 
complied with 
relevant 
ethical 
requirements 
regarding 
independence 
and 
communicate 
with 
them 
all 
relationships 
and 
other 
matters 
that 
may 
reasonably 
be 
thought 
to 
bear 
on 
our 
independence, 
and 
where 
applicable, 
related 
safeguards.
From the 
matters communicated 
with those 
charged with 
governance, we 
determine those 
matters that 
were of most significance 
in the audit of the 
Consolidated Financial Statements 
of the current period and 
are 
therefore 
the 
key 
audit 
matters. 
We 
describe 
these 
matters 
in 
our 
auditors’ 
report 
unless 
law 
or 
regulation 
precludes 
public 
disclosure 
about 
the 
matter 
or 
when, 
in 
extremely 
rare 
circumstances, 
we 
determine that a matter should not be communicated in our report because the adverse consequences of 
doing so would reasonably be expected to outweigh the public 
interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1 
Board of Directors’ Report
The 
Board 
of 
Directors 
is 
responsible 
for 
the 
preparation 
of 
the 
Board 
of 
Directors’ 
Report 
and 
the 
Corporate Governance Statement that is included in this report. Our 
opinion on the consolidated financial 
statements does not cover the Board 
of Directors’ Report and we do 
not express an audit opinion thereon. 
Our responsibility is 
to read the 
Board of Directors’ 
Report and, in 
doing so, consider 
whether, based 
on 
our 
consolidated 
financial 
statements 
audit 
work, 
the 
information 
therein 
is 
materially 
misstated 
or 
inconsistent with the 
financial statements 
or our audit 
knowledge. Based 
solely on 
that work pursuant 
to 
the provisions of paragraph 5 of Article 2 of Law 4336/2015 
(part B), we note that:
a) 
The 
Board 
of 
Directors’ 
Report 
includes 
a 
Corporate 
Governance 
Statement 
which 
provides 
the 
information set by Article 152 of L. 4548/2018. 
b) 
In our opinion, 
the Board 
of Directors’ 
Report has 
been prepared 
in accordance 
with the applicable 
legal requirements of Articles 150-151 and 153-154 and of paragraph 1 
(cases c and d) of article 152 
of 
L. 4548/2018 
and 
its 
contents 
correspond 
with 
the 
accompanying 
Consolidated 
Financial 
Statements for the year ended 31 December 2022. 
c) 
Based 
on 
the 
knowledge 
acquired 
during 
our 
audit, 
relating 
to 
Eurobank 
Ergasias 
Services 
and 
Holdings S.A. and its environment, we have not identified any material misstatements in 
the Board of 
Directors’ Report. 
2 
Additional Report to the Audit Committee 
Our audit opinion on the Consolidated Financial Statements is consistent with the Additional Report to 
the 
Audit 
Committee 
of 
the 
Company 
dated 
7 
April 
2023, 
pursuant 
to 
the 
requirements 
of 
article 11 
of 
the 
Regulation 537/2014 of the European Union (EU).
3 
Provision of Non-Audit Services 
We have not provided to the Group any prohibited non-audit services referred 
to in article 5 of Regulation 
(EU) 537/2014.

 
 
 
 
 
 
 
 
 
 
 
 
8 
The 
permissible 
non-audit 
services 
that 
we 
have 
provided 
to 
the 
Group 
during 
the 
year 
ended 
31 December 2022 are disclosed in Note 46 of the accompanying 
Consolidated Financial Statements.
4 
Appointment of Auditors 
We were appointed for 
the first time as 
Certified Auditors of the 
Group based on the 
decision of the Annual 
General 
Shareholders’ 
Meeting 
dated 
10 
July 
2018. 
From 
then 
onwards 
our 
appointment 
has 
been 
renewed 
uninterruptedly 
for 
a 
total 
period 
of 
five 
years 
based 
on 
the 
annual 
decisions 
of 
the 
General 
Shareholders’ Meeting.
5 
Operations Regulation 
The Company has an Operations Regulation in accordance with the content provided by the provisions of 
the article 14 of Law 4706/2020.
6 
Assurance Report on the European Single Electronic Reporting Format 
We 
examined 
the 
digital 
files 
of 
Eurobank 
Ergasias 
Services 
and 
Holdings 
S.A. 
(the 
Company 
or/and 
Group), which 
were prepared 
in accordance 
with the 
European Single 
Electronic Format 
(ESEF) that 
is 
determined by the 
Commission Delegated 
Regulation (EU) 2019/815, 
as in force 
(the ESEF Regulation) 
that include 
the Consolidated 
Financial Statements 
of the 
Group for 
the year 
ended as 
at 31 December 
2022 in XHTML 
format, and also 
the file XBRL 
(JEUVK5RWVJEN8W0C9M24-2022-12-31-en.zip) with the 
appropriate 
mark-up 
of 
the 
those 
consolidated 
financial 
statements, 
including 
of 
the 
notes 
to 
the 
Consolidated Financial Statements. 
Regulatory framework
The 
digital 
files 
of 
the 
European 
Single 
Electronic 
Format 
are 
prepared 
in 
accordance 
with 
the 
ESEF 
Regulation, 
and 
the 
2020/C 379/01 
Commission 
Interpretative 
Communication 
issued 
on 
10 November 
2020, as 
required by 
the L. 3556/2007 
and the 
relevant announcements 
of the 
Hellenic Capital 
Markets 
Commission and the Athens Stock Exchange (the “ESEF 
Regulatory Framework”).
This Framework includes in summary, 
among others, the following requirements:
●
 
All the annual financial reports must be prepared in XHTML 
format. 
●
 
With 
respects 
to 
the 
consolidated 
financial 
statements 
based 
on 
International 
Financial 
Reporting 
Standards 
(IFRS), 
the 
financial 
information 
that 
is 
included 
in 
the 
consolidated 
balance 
sheet, 
consolidated statements of income and comprehensive income, changes 
in equity and cash flow, 
as 
well as in the notes 
to the consolidated financial 
statements, 
must be marked up 
with XBRL tags, in 
accordance with the 
ESEF Taxonomy, as in force. The technical 
requirements for the 
ESEF, including 
the relevant 
taxonomy, 
are included 
in the 
ESEF Regulatory 
Technical 
Standards, 
including of 
the 
notes to the consolidated financial statements. 
The requirements 
as 
defined 
in 
the 
ESEF Regulatory 
Framework 
as 
in 
force 
are 
appropriate 
criteria 
in 
order to express a reasonable assurance conclusion.

9 
Responsibilities of the Board of Directors and those charged with governance 
The Board of Directors is 
responsible for the preparation and filing 
of the consolidated financial statements 
of the 
Group, for the 
year ended as 
at 31 December 2022, 
in accordance with 
the requirements determined 
by the ESEF Regulatory Framework, and for 
such internal control as the Board of 
Directors determines is 
necessary to enable 
the preparation of 
digital files that 
are free from 
material misstatement, whether 
due 
to fraud or error.
Auditors’ Responsibilities 
Our responsibility is the planning and the execution of this assurance 
engagement in accordance with the 
214/4/11-02-2022 
Decision 
of the 
Hellenic Accounting 
and Auditing 
Standards Oversight 
Board and 
the 
Guidelines 
for 
the 
assurance 
engagement 
and 
report 
of 
Certified 
Auditors 
on 
the 
European 
Single 
Electronic 
Reporting 
Format 
(ESEF) 
of 
issuers 
with 
shares 
listed 
in 
a 
regulated 
market 
in 
Greece”, 
as 
these were 
issued 
by the 
Institute 
of 
Certified 
Public 
Accountants 
of 
Greece 
on 
14 February 
2022 (the 
“ESEF Guidelines”), in 
order to obtain 
reasonable assurance 
that the Consolidated 
Financial Statements 
of the Group that are prepared by 
the the Board of Directors of the Company 
in accordance with the ESEF 
comply in all material respects with the ESEF Regulatory 
Framework as in force.
Our work 
was 
performed 
in accordance 
with the 
International 
Ethics Standards 
Board for 
Accountants’ 
Code of 
Ethics for 
Professional Accountants, 
as it 
has been 
incorporated 
into Greek 
legislation and 
we 
have 
also 
fulfilled 
our 
independence 
requirements, 
in 
accordance 
with 
the 
L. 4449/2017 
and 
the 
Regulation (EU) 537/2014.
The assurance work that we 
carried out refers exclusively 
to the ESEF Guidelines 
and was conducted in 
accordance with the International Standard on Assurance Engagements 3000, “Assurance 
Engagements 
other than Audits or Reviews of Historical Financial Information”. Reasonable 
assurance is a high level of 
assurance 
but 
is 
not 
a 
guarantee 
that 
such 
an 
assurance 
engagement 
will 
always 
detect 
a 
material 
misstatement regarding non-compliance with the requirements 
of the ESEF Regulation.
Conclusion
Based 
on 
the 
procedures 
performed 
and 
the 
evidence 
obtained, 
we 
express 
the 
conclusion 
that 
the 
Consolidated Financial 
Statements of 
the Group 
for the 
year ended 
as of 
31 December 2022 
in XHTML 
format 
(JEUVK5RWVJEN8W0C9M24-2022-12-31-en.xhtml), 
and 
the 
XBRL 
file 
(JEUVK5RWVJEN8W0C9M24-2022-12-31-en.zip) marked up with respects to 
the Consolidated Financial 
Statements, 
including 
the 
Notes 
to 
the 
Consolidated 
Financial 
Statements, 
have 
been 
prepared, 
in 
all 
material respects, in accordance with the requirements 
of the ESEF Regulatory Framework.
Athens, 7 April 2023
KPMG Certified Auditors S.A. 
AM SOEL 114 
Harry Sirounis, Certified Auditor 
 
AM SOEL 19071

CONSOLIDATED 
FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 
31 DECEMBER 2022 
8 Othonos Str, Athens 
105 57, 
Greece 
eurobankholdings.gr, 
Tel.: (+30) 214 40 61000 
General Commercial 
Registry No: 000223001000

 
 
.
 
.
 
Index to the Consolidated Financial Statements
 
.............................................................................................................................. 
Page
Consolidated Balance Sheet ................................................................................................................................ 
..................................... 
1 
Consolidated Income Statement ................................................................................................ 
.............................................................. 
2 
Consolidated Statement of Comprehensive 
Income ................................................................................................................................ 
3 
Consolidated Statement of Changes in Equity .......................................................................................................................................... 
4 
Consolidated Cash Flow Statement .......................................................................................................................................................... 5 
Notes to the Consolidated Financial Statements 
1. 
General information ................................................................................................ 
........................................................................ 
6 
2. 
Basis of preparation and principal accounting policies 
................................................................................................................... 6 
2.1 
Basis of preparation ......................................................................................................................................................................... 
6 
2.2 
Principal accounting policies 
.......................................................................................................................................................... 11 
3. 
Critical accounting estimates and judgments 
in applying accounting policies .............................................................................. 
39 
4. 
Capital Management ................................................................................................................................ 
..................................... 
48 
5. 
Financial risk management and fair value ................................................................................................ 
..................................... 
50 
5.2.1 Credit Risk ...................................................................................................................................................................................... 
52 
5.2.2 Market risk 
................................................................................................................................................................ 
..................... 
84 
5.2.3 Liquidity risk 
................................................................................................................................................................ 
................... 
88 
5.2.4 Interest Rate Benchmark reform 
-IBOR reform .............................................................................................................................. 
92 
5.2.5 Climate-related risk ................................ 
....................................................................................................................................... 93 
5.3 
Fair value of financial assets and liabilities .................................................................................................................................... 
94 
6. 
Net interest income ....................................................................................................................................................................... 99 
7. 
Net banking fee and commission income .................................................................................................................................... 
100 
8. 
Income from non banking services .............................................................................................................................................. 
100 
9. 
Net trading income and gains less losses from investment 
securities ........................................................................................ 101 
10. 
Other income/ (expenses) ........................................................................................................................................................... 101 
11. 
Operating expenses ..................................................................................................................................................................... 102 
12. 
Other impairments, restructuring costs and provisions ................................................................................................ 
.............. 
102 
13. 
Income tax ................................................................................................................................................................................... 103 
14. 
Earnings per share ................................................................................................................................................................ 
....... 
106 
15. 
Cash and balances with central banks ......................................................................................................................................... 
107 
16. 
Cash and cash equivalents and other information 
on cash flow statement 
................................................................................ 
107 
17. 
Due from credit institutions 
......................................................................................................................................................... 108 
18. 
Securities held for trading................................................................ 
............................................................................................ 
108 
19. 
Derivative financial instruments and hedge 
accounting.............................................................................................................. 109 
20. 
Loans and advances to customers ............................................................................................................................................... 112 
21. 
Impairment allowance for loans and advances to 
customers ..................................................................................................... 
117 

 
 
.
 
.
 
22. 
Investment securities 
................................................................................................................................................................ 
... 
119 
23. 
Group composition ...................................................................................................................................................................... 
122 
23.1. Shares in subsidiaries 
................................................................................................................................................................ 
... 
122 
23.2. Subsidiary with material Non Controlling Interest 
...................................................................................................................... 127 
24. 
Investments in associates and joint 
ventures 
.............................................................................................................................. 127 
25. 
Structured Entities ....................................................................................................................................................................... 
130 
26. 
Property and equipment ................................................................................................ 
............................................................. 
132 
27. 
Investment property .................................................................................................................................................................... 
133 
28. 
Intangible assets .......................................................................................................................................................................... 135 
29. 
Other assets 
................................................................................................................................................................ 
................. 
136 
30. 
Disposal groups classified as held for sale ................................................................................................................................... 136 
31. 
Due to central banks .................................................................................................................................................................... 
137 
32. 
Due to credit institutions ............................................................................................................................................................. 
137 
33. 
Due to customers 
................................................................................................................................................................ 
......... 
138 
34. 
Debt securities in issue ................................................................................................................................................................ 
138 
35. 
Other liabilities ................................................................................................................................ 
............................................ 
139 
36. 
Standard legal staff retirement 
indemnity obligations 
................................................................................................................ 140 
37. 
Share capital, share premium and treasury shares ................................ 
..................................................................................... 
142 
38. 
Reserves and retained earnings 
................................................................................................................................................... 143 
39. 
Share options 
................................................................................................................................................................ 
............... 
144 
40. 
Transfers 
of financial assets 
......................................................................................................................................................... 145 
41. 
Leases ................................................................................................................................................................ 
.......................... 
146 
42. 
Contingent liabilities and other commitments ............................................................................................................................ 148 
43. 
Operating segment information .................................................................................................................................................. 149 
44. 
Post balance sheet events ................................................................................................................................ 
........................... 
152 
45. 
Related parties 
................................................................................................................................................................ 
............. 
152 
46. 
External Auditors ................................................................................................................................................................ 
......... 
154 
47. 
Board of Directors 
................................................................................................................................................................ 
........ 
155 
APPENDIX – Disclosures under Law 4261/2014 ................................................................ 
................................................................... 
156

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheet 
.
1
|
Page
 
31 December 2022 Consolidated Financial Statements 
31 December 
2022 
2021 
Note 
€ million 
€ million 
ASSETS 
Cash and balances with central banks 
15 
14,994
13,515
Due from credit institutions 
17 
1,329
2,510
Securities held for trading 
18 
134
119
Derivative financial instruments 
19 
1,185
1,949
Loans and advances to customers 
20 
41,677
38,967
Investment securities 
22 
13,261
11,316
Investments in associates and joint ventures 
24 
173
267
Property and equipment 
26 
775
815
Investment property 
27 
1,410
1,492
Intangible assets 
28 
297
269
Deferred tax assets 
13 
4,161
4,422
Other assets 
29 
1,980
2,065
Assets of disposal groups classified as held for sale 
30 
84
146
Total assets 
81,460
77,852
LIABILITIES 
Due to central banks 
31 
8,774
11,663
Due to credit institutions 
32 
1,814
973
Derivative financial instruments 
19 
1,661
2,394
Due to customers 
33 
57,239
53,168
Debt securities in issue 
34 
3,552
2,552
Other liabilities 
35 
1,701
1,358
Liabilities of disposal groups classified as held for sale 
30 
1
109
Total liabilities 
74,742
72,217
EQUITY 
Share capital 
37 
816
816
Share premium⁽¹⁾ 
37 
1,161
8,056
Reserves and retained earnings⁽¹⁾ 
38 
4,646
(3,333)
Equity attributable to shareholders of the Company 
6,623
5,539
Non controlling interests 
23.2 
95
96
Total equity 
6,718
5,635
Total equity and liabilities 
81,460
77,852
 
(1)
 
The comparative information has been 
adjusted due to change in the presentation 
of treasury shares (note 37). As a result, “Share 
premium” has increased by € 1 million against an equal decrease of “Reserves and retained 
earnings”.
Notes on pages 
6
 
to 
155
 
form an integral part of these consolidated financial statements. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Income Statement
 
.
2
|
Page
 
31 December 2022 Consolidated Financial Statements 
Year ended 31 December 
2022 
2021 
Note 
€ million 
€ million 
Interest income 
2,315
1,842
Interest expense 
(765)
(521)
Net interest income 
6 
1,550
1,321
Banking fee and commission income 
584
495
Banking fee and commission expense 
(135)
(137)
Net banking fee and commission income 
7 
449
358
Income from non banking services 
8 
94
98
Net trading income/(loss) 
9 
727
(8)
Gains less losses from investment securities 
9 
(9)
101
Other income/(expenses) 
10 
324
30
Operating income 
3,135
1,900
Operating expenses 
11 
(917)
(876)
Profit from operations before impairments, 
provisions and restructuring costs 
2,218
1,024
Impairment losses relating to loans and 
advances to customers 
21 
(291)
(490)
Other impairment losses and provisions 
12 
(108)
(52)
Restructuring costs 
12 
(102)
(25)
Share of results of associates and joint ventures 
24 
18
26
Profit before tax 
1,735
483
Income tax 
13 
(405)
(156)
Net profit 
1,330
327
Net profit/(loss) attributable to non controlling interests 
0
(1)
Net profit attributable to shareholders 
1,330
328
€ 
€ 
Earnings per share 
-Basic and diluted earnings per share 
14 
0.36
0.09
Notes on pages 
6
 
to 
155
 
form an integral part of these consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Statement of Comprehensive Income 
.
3
|
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31 December 2022 Consolidated Financial Statements 
Year ended 31 December 
2022 
2021 
€ million 
€ million 
Net profit 
1,330
327
Other comprehensive income: 
Items that are or may be reclassified subsequently to 
profit or loss: 
Cash flow hedges 
- changes in fair value, net of tax 
5
36
- transfer to net profit, net of tax 
(5)
(0)
1
37
Debt securities at FVOCI 
- changes in fair value, net of tax (note 22) 
(547)
(97)
- transfer to net profit, net of tax (note 22) 
222
(325)
6
(91)
Foreign currency translation 
- foreign operations' translation differences 
1
(0)
- transfer to net profit on the liquidation of 
foreign subsidiary (note 23.1) 
76
77
-
 
(0)
Associates and joint ventures 
- changes in the share of other comprehensive 
income, net of tax (note 24) 
(32)
(32)
(3)
(3)
(280)
(57)
Items that will not be reclassified to profit or loss: 
- Gains/(losses) from equity securities at 
FVOCI, net of tax 
24
2
- Actuarial gains/(losses) on post employment 
benefit obligations, net of tax 
4
1
28
3
Other comprehensive income 
(252)
(54)
 
 
Total comprehensive 
income attributable to: 
- Shareholders 
1,079
274
- Non controlling interests 
(1)
(1)
1,078
273
Notes on pages 
6
 
to 
155
 
form an integral part of these consolidated financial statements

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Statement of Changes in Equity 
.
4
|
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31 December 2022 Consolidated Financial Statements 
Share 
capital 
Share 
premium 
Reserves and 
retained 
earnings 
Non 
controlling 
interests 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Balance at 1 January 2021 
815
8,055
(3,608)
0
5,262
Reclassification of treasury shares⁽¹⁾ 
1
1
(2)
-
 
-
 
Net profit/(loss) 
-
 
-
 
328
(1)
327
Other comprehensive income 
-
 
-
 
(54)
(0)
(54)
Total comprehensive income for 
the 
year ended 31 December 2021 
-
 
-
 
274
(1)
273
Changes in participating interests in subsidiary undertakings 
-
 
-
 
1
97
98
Share options plan 
-
 
-
 
2
-
 
2
Purchase/sale of treasury shares 
-
 
-
 
1
-
 
1
Other 
-
 
-
 
(1)
-
 
(1)
-
 
-
 
3
97
100
Balance at 31 December 2021⁽¹⁾ 
816
8,056
(3,333)
96
5,635
Balance at 1 January 2022⁽¹⁾ 
816
8,056
(3,333)
96
5,635
Net profit 
-
 
-
 
1,330
0
1,330
Other comprehensive income 
-
 
-
 
(251)
(1)
(252)
Total comprehensive income for 
the year ended 31 December 2022 
-
 
-
 
1,079
(1)
1,078
Offsetting of equity accounts (note 38) 
-
 
(6,895)
6,895
-
 
-
 
Share options plan (note 39) 
0
0
4
-
 
4
Purchase/sale of treasury 
shares (notes 37 and 38) 
-
 
-
 
1
-
 
1
0
(6,895)
6,900
-
 
5
Balance at 31 December 2022 
816
1,161
4,646
95
6,718
Note 37 
Note 37 
Note 38 
(1)
 
As of the 
year ended 31 
December 2022 
the carrying amount 
of treasury 
shares, which was 
previously deducted 
from the “Share 
capital” 
and “Share 
premium”, 
is presented 
within 
“Reserves and 
retained 
earnings”. 
Comparative information 
has been 
adjusted 
accordingly (note 37).
Notes on pages 
6
 
to 
155
 
form an integral part of these consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated 
Cash Flow Statement 
.
5
|
Page
 
31 December 2022 Consolidated Financial Statements 
Year ended 31 December 
2022 
2021 
Note 
€ million 
€ million 
Cash flows from operating activities 
Profit before income tax 
1,735
483
Adjustments for : 
Impairment losses relating to loans and advances to customers 
21 
291
490
Other impairment losses, provisions and restructuring costs 
12 
210
77
Depreciation and amortisation 
11 
124
114
Other (income)/losses οn investment securities 
16 
 
(14)
 
(76)
Valuation of investment property 
10 
 
(34)
 
(30)
Other adjustments 
16 
 
(244)
 
(12)
2,068
1,046
Changes in operating assets and liabilities 
Net (increase)/decrease in cash and balances with central banks 
 
(169)
 
(193)
Net (increase)/decrease in securities held for trading 
0
 
(32)
Net (increase)/decrease in due from credit institutions 
1,095
588
Net (increase)/decrease in loans and advances to customers 
 
(3,226)
 
(1,636)
Net (increase)/decrease in derivative financial instruments 
868
36
Net (increase)/decrease in other assets 
116
 
(22)
Net increase/(decrease) in due to central banks and 
credit institutions 
 
(2,048)
3,125
Net increase/(decrease) in due to customers 
4,068
5,338
Net increase/(decrease) in other liabilities 
147
 
(4)
851
7,200
Income tax paid 
 
(45)
 
(33)
Net cash from/(used in) operating activities 
2,874
8,213
Cash flows from investing activities 
Acquisition of fixed and intangible assets 
26,27,28 
 
(169)
 
(129)
Proceeds from sale of fixed and intangible assets 
26,27 
121
35
(Purchases)/sales and redemptions of investment securities 
 
(2,937)
 
(2,752)
Acquisition of subsidiaries, net of cash acquired 
-
 
121
Acquisition of holdings in associates and joint ventures, participations 
in capital increases 
-
 
 
(8)
Disposal of subsidiaries and merchant acquiring business, net of cash disposed 
23,30 
281
1
Disposal of holdings in associates and joint ventures 
24 
26
13
Dividends from investment securities, associates and 
joint ventures 
16,24 
21
21
Net cash from/(used in) investing activities 
 
(2,657)
 
(2,698)
Cash flows from financing activities 
(Repayments)/proceeds from debt securities in issue 
16 
1,059
986
Repayment of lease liabilities 
41 
 
(39)
 
(34)
(Purchase)/sale of treasury shares 
and exercise of share options 
37 
1
1
Net cash from/(used in) financing activities 
1,021
953
Effect of exchange rate 
changes on cash and cash equivalents 
1
0
Net increase in cash and cash equivalents 
1,239
6,468
Cash and cash equivalents at beginning of year 
16 
13,149
6,681
Cash and cash equivalents at end of year 
16 
14,388
13,149
Notes on pages 
6
 
to 
155
 
form an integral part of these consolidated financial statements.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
1. 
General information
Eurobank Ergasias Services and Holdings S.A.
 
(the Company 
or Eurobank 
Holdings), which 
is the 
parent 
company of 
Eurobank S.A. 
(the 
Bank) 
and 
its 
subsidiaries 
(the 
Group), 
consisting 
mainly 
of 
Eurobank 
S.A. 
Group, 
are active in retail, corporate and private 
banking, asset management, treasury, capital markets and other services.
The Group operates mainly in Greece and in Central and 
Southeastern Europe.
The Company is incorporated in Greece
, with 
its registered 
office at 
Othonos Street, Athens 105 57
 
and its 
shares are listed on the Athens Stock Exchange.
These consolidated financial statements, 
which include the Appendix, were 
approved by the Board of 
Directors on 6 April 2023. 
The 
Independent Auditor’s Report of the Financial Statements 
is included in the section B.I of the Annual Financial Report.
The website 
address, 
where the 
annual 
financial statements 
of the 
consolidated 
non-listed 
Company’s 
subsidiaries are 
uploaded, 
along with the independent Auditors’ reports and the Board 
of Directors’ Reports for these entities 
is: www.eurobankholdings.gr.
2. 
Basis of preparation and principal accounting policies
The consolidated financial statements of the Group have 
been prepared on a going 
concern basis and in 
accordance with the principal 
accounting policies set out below:
2.1 
Basis of preparation
The 
consolidated 
financial 
statements 
of 
the 
Group 
have 
been 
prepared 
in 
accordance 
with 
International 
Financial 
Reporting 
Standards 
(IFRS) issued 
by the 
International 
Accounting 
Standards 
Board 
(IASB), as 
endorsed by 
the European 
Union (EU), 
and in 
particular with those standards and interpretations, issued and 
effective or issued and early adopted as 
at the time of 
preparing these 
consolidated financial statements.
The consolidated 
financial statements 
are prepared 
under the 
historical 
cost basis 
except 
for the 
financial assets 
measured at 
fair 
value through 
other comprehensive 
income, financial 
assets and 
financial liabilities 
(including derivative 
instruments) measured 
at 
fair-value-through-profit-or-loss 
and investment property measured 
at fair value.
The accounting policies for 
the preparation of 
the consolidated financial 
statements of the 
Group have been 
consistently applied to 
the years 
2022 and 
2021, after 
taking into 
account the 
amendments in 
IFRSs as 
described in 
section 2.1.1 
(a) “New 
and amended 
standards 
adopted 
by the 
Group 
as of 
1 January 
2022”. 
In addition, 
where necessary, 
comparative 
figures 
have 
been adjusted 
to 
conform to changes in presentation 
in the current year. 
The preparation of financial 
statements in accordance with IFRS 
requires the use of 
estimates and judgements that affect the 
reported 
amounts of assets 
and liabilities and 
disclosure of 
contingent liabilities 
at the date 
of the consolidated 
financial statements, 
as well 
as 
the 
reported 
amounts 
of 
revenues 
and 
expenses 
during 
the 
reporting 
period. 
Although 
these 
estimates 
are 
based 
on 
management's best knowledge of current events 
and conditions, actual results ultimately may differ 
from those estimates.
The Group’s presentation 
currency is the Euro (€) being the functional currency of the parent company. Except 
as indicated, financial 
information presented in Euro 
has been rounded to the nearest million. The figures 
presented in the notes may not sum precisely to 
the totals provided due to rounding.
 
Going concern considerations
The annual financial 
statements have been prepared on 
a going 
concern basis, as 
the Board of 
the Directors considered as 
appropriate, 
taking into consideration the following: 
2022 was 
marked 
by 
the 
war 
in Ukraine, 
which gave 
rise to 
a global 
- but 
predominantly 
European 
- energy 
crisis, 
added 
to 
the 
mounting 
inflationary 
pressures, 
and led 
to 
widespread 
economic uncertainty 
and increased 
volatility 
in the 
global economy 
and 
financial markets. Nevertheless, the post-pandemic recovery continued 
for a second consecutive year in Greece, with its GDP growth 
overperforming 
that 
of 
most 
of 
its 
EU 
peers. 
According 
to 
the 
Hellenic 
Statistical 
Authority 
(ELSTAT) 
provisional 
data, 
the 
Greek 
economy expanded 
by 5.9% 
on an 
annual basis 
in 2022, 
with the 
European Commission 
(EC) estimating 
the full-year 
2022 growth 
rate at 
5.5% and 1.2% in 2023 
in its winter 
economic forecast 
(February 2023). The 
inflation rate, as 
measured by the change 
in the 
12-month average Harmonized 
Index of Consumer Prices (HICP), increased to 9.3% in 2022 according to ELSTAT, 
primarily as a result 
of supply-side shocks (including the hikes in energy, food and other raw material prices, the continued disruptions in the supply chain 

 
 
 
Notes to the Consolidated Financial Statements 
.
7
|
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31 December 2022 Consolidated Financial Statements
and the rising 
nominal wages), alongside 
the steep post 
-pandemic recovery of 
domestic and 
external demand. 
The EC expects 
that 
the inflation rate will decline to 4.5% in 2023, and further de-escalate to 2.4% in 2024. Moreover, provisional ELSTAT 
data shows that 
the 
average 
monthly 
unemployment 
in 
2022 
decreased 
to 
12.4%, 
from 
14.8% 
in 
2021, 
while 
the 
Organisation 
for 
Economic 
Co-
operation 
and Development 
(OECD) in 
its latest 
report (January 
2023) expects 
unemployment to 
decline to 
11.5% in 
2023. On 
the 
fiscal front, the general government primary balance was to post a 
deficit of 1.6% of GDP 
in 2022 according to the 2023 
Budget (latest 
outlook point 
to a 
primary deficit 
of ca. 
1% of 
GDP or 
even lower), 
and a 
surplus of 
0.7% of GDP 
in 2023 
(2021: deficit 
of 5%). 
The 
gross public debt-to-GDP ratio is expected to decline to 168.9% and 159.3% in 2022 and 2023 respectively (2021: 194.5%). The above 
forecasts 
may 
change 
in 
case 
of 
potential 
adverse 
international 
developments 
that 
could 
affect 
energy 
and 
other 
goods 
prices, 
interest rates, 
external and domestic demand, and bring about the need for additional fiscal 
support measures.
The Bulgarian economy expanded by 3.4% 
in 2022 (2021: 
7.6%), based on data 
from the National Statistical Institute of 
Bulgaria, while 
inflation averaged 
at 15.3% in 2022 
(2021: 3.3%). According 
to the EC’s 
winter economic 
forecasts (February 
2023), the real 
GDP in 
Bulgaria is expected to grow by 1.4% in 2023, while the HICP is expected at 7.8% in 2023. Respectively, in Cyprus the real GDP growth 
is forecasted at 5.8% in 2022 and 1.6% in 
2023 (2021: 6.6%), while the CPI is estimated at 8.1% in 2022 and 4% in 2023 (2021: 2.3%). 
A significant 
boost to 
growth in 
Greece and 
in other 
countries of 
presence is 
expected 
from European 
Union (EU) 
funding, mainly 
under 
the 
Next 
Generation 
EU 
(NGEU) 
instrument 
and 
the 
Multiannual 
Financial 
Framework 
(MFF) 
2021–2027, 
EU’s 
long-term 
budget. Greece shall receive EU funds 
of more than € 30.5 billion (€ 17.8 billion in grants 
and € 12.7 billion in loans) up to 2026 from 
NGEU’s Recovery and Resilience Facility (RRF) to finance projects and initiatives laid down in 
its National Recovery and Resilience Plan 
(NRRP) titled “Greece 
2.0”. 
A pre-financing 
of € 4 
billion was 
disbursed in 
August 2021, and 
the first 
two regular 
payments of 
€ 3.6 
billion each in April 
2022 and January 2023 
respectively. 
Greece has been also 
allocated about € 
40 billion through 
MFF 2021-2027. 
On the monetary policy front, although net bond purchases under the temporary 
Pandemic Emergency Purchase Programme 
(PEPP) 
ended in March 
2022, as scheduled, the 
European Central 
Bank (ECB) will continue 
to reinvest 
principal from maturing 
securities at 
least 
until 
the 
end 
of 
2024, 
including 
purchases 
of 
Greek 
Government 
Bonds 
(GGBs) 
over 
and 
above 
rollovers 
of 
redemptions. 
Furthermore, the Governing Council of the ECB, in line with its strong commitment to its price stability mandate, has proceeded with 
six rounds 
of interest 
rate hikes 
(in July, 
September, 
October, 
December 2022, 
February and 
in March 
2023), raising 
the three 
key 
ECB 
interest 
rates 
by 
350 
basis 
points 
in 
aggregate. 
Moreover, 
it 
approved 
a 
new 
instrument 
(the 
“Transmission 
Protection 
Instrument” – TPI) aimed at preventing 
fragmentation in the 
sovereign bonds market. 
Finally, following 
the expiration of the 
special 
terms and 
conditions applying 
to the 
TLTRO 
III (Targeted 
Longer-Term 
Refinancing Operations) 
on 23 
June 2022, 
the ECB 
will keep 
assessing how targeted lending operations 
are contributing to its monetary policy stance.
In 
2022, the 
Greek State 
proceeded 
with 
the 
issuance of 
nine bonds 
of 
various 
maturities 
(5-year, 
10-year, 
15-year 
and 20-year) 
through 
the 
Public 
Debt 
Management 
Agency 
(PDMA), 
raising 
a total 
of 
€ 8.3 
billion 
from 
international 
financial markets. 
On 17 
January 2023, the PDMA issued a 10-year bond of € 3.5 billion at a yield of 4.279% and more 
recently, on 29 March 
2023, issued a 5-
year 
bond of € 2.5 billion at a yield of 3.919%. As of end 
2022, the cash reserves of the Greek State stood in excess of € 30 billion, and 
as of early February 2023, its sovereign rating was one 
notch below investment grade by three of the four External Credit Assessment 
Institutions (ECAIs) accepted by the Eurosystem 
(DBRS Morningstar: ΒΒ (high); S&P Ratings, 
Fitch Ratings: BB+).
Regarding 
the outlook 
for 
the next 
12 months 
the major 
macroeconomic 
risks 
and uncertainties 
in Greece 
and 
our 
region are 
as 
follows: (a) the ongoing Russia - 
Ukraine war and its ramifications on regional 
and global stability and security, as well 
as the European 
and Greek economy, 
(b) a potential prolongation of the ongoing inflationary 
wave and its impact on economic growth, employment, 
public finances, 
household budgets, 
firms’ production 
costs, external 
trade and 
banks’ asset 
quality, 
as well 
as any 
potential social 
and/or political 
ramifications 
these may 
entail, (c) 
the ongoing 
and potential 
upcoming central 
bank interest 
rate hikes 
worldwide, 
and in 
the euro 
area in 
particular, 
that may 
exert upwards 
pressures on 
sovereign and 
private borrowing 
costs, especially 
those of 
highly indebted borrowers, 
deter investments, 
increase volatility in 
the financial markets 
and lead economies to 
slow down or even 
a 
temporary 
recession, 
(d) 
the 
recent 
banking 
sector 
turmoil 
to 
continue 
and 
expand 
in 
the 
euro 
area, 
affecting 
customers’ 
confidence, with a potential impact on assets under 
management levels and on liquidity, 
(e) the impact of a potential curtailment or 
discontinuation of the government 
energy support measures on growth, 
employment and the servicing of household 
and corporate 
debt, (f) 
the persistently 
large current 
account deficits 
and the 
prospect 
of them 
becoming once 
again a 
structural 
feature 
of the 
country’s growth model, (g) the 
absorption capacity of the 
NGEU and MFF 
funds and the 
attraction of new investments in the 
country, 
(h) the 
effective 
and timely 
implementation 
of the 
reform 
agenda required 
to meet 
the RRF 
milestones 
and targets 
and to 
boost 
productivity, 
competitiveness, and 
resilience, (i) a 
delay in 
the implementation 
of planned reforms, 
projects and the 
budget’s fiscal 
agenda 
due 
to 
the 
possibility 
of 
the 
2023 
national 
elections 
resulting 
in 
an 
inability 
or 
delay 
to 
form 
a 
government 
with 
solid 
Parliament 
majority, 
(j) the geopolitical 
developments 
in the 
near region, 
(k) the 
evolution of 
the pandemic 
and the 
probability of 

 
 
 
 
Notes to the Consolidated Financial Statements 
.
8
|
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31 December 2022 Consolidated Financial Statements
emergence of new Covid-19 variants 
that could further impact 
economic growth, fiscal balances 
and international trade by prolonging 
the disruptions in the global supply 
chain, and (l) the exacerbation 
of natural disasters 
due to the climate change 
and their effect on 
GDP, 
employment, 
fiscal balance and sustainable development 
in the long run.
Materialization of the above risks, would 
have potentially adverse effects 
on the fiscal planning of the Greek government, as it could 
decelerate the pace of expected growth and on the liquidity, asset quality, solvency and profitability of the Greek banking sector. 
The 
Group Management and Board, 
mindful of the recent banking turmoil 
across some markets, has done 
a proactive internal review 
to 
re-assure itself of the continued resilience of Eurobank 
business model to such possible external shocks and is pleased to report that 
this 
model 
is 
well 
supported 
by 
sound 
business 
practices, 
diversified 
activities 
and 
prudent 
risk 
management 
approaches. 
The 
resulting stability 
of the Group’s 
business operating 
model is also further 
well-reflected by, 
among others, its 
financial position and 
performance 
as analysed 
below. 
In this 
context, 
the Group 
is continuously 
monitoring the 
developments 
on the 
macroeconomic, 
financial and geopolitical fronts 
as well as the evolution of 
its asset quality and liquidity KPIs and has 
increased its level of readiness, 
so as to 
accommodate decisions, 
initiatives and 
policies to 
protect its 
capital and 
liquidity standing 
as well as 
the fulfilment, 
to the 
maximum possible degree, of its strategic and 
business goals in accordance with the business plan for 
2023–2025.
For the year ended 31 December 2022, the net profit attributable to shareholders amounted 
to € 1,330 million (2021: € 328 million), 
of which € 212 million (2021: 
€ 143 million) was related to the international operations. The adjusted net profit, excluding the € 230.5 
million gain (after tax) on sale of Bank’s merchant acquiring business and the € 75 million restructuring costs (after tax), amounted to 
€ 1,174 million (2021: € 424 million). As at 31 December 
2022, the Group’s Total 
Adequacy Ratio (total CAD) and Common Equity Tier 
1 (CET1) 
ratios 
stood 
at 19.2% 
(31 December 
2021: 16.1%) 
and 
16% (31 
December 2021: 
13.7%) respectively 
(note 4). 
In January 
2023, the 
European Banking 
Authority (EBA) 
launched the 
2023 EU-wide 
stress test 
exercise 
which is 
designed to 
provide valuable 
input for assessing the resilience of 
the European banking sector, 
including the 4 Greek systemic banks, 
in the current uncertain and 
changing macroeconomic 
environment, covering 
the period of 
2023-2025. The EBA 
expects to publish 
the results of 
the exercise 
at 
the end of July 2023 (note 4).
With regards 
to asset 
quality, 
the Group’s 
NPE formation 
was positive 
by € 
46 million 
during the 
year 
(fourth quarter 
2022: € 
35 
million positive), (31 December 2021: € 44 million positive). At 31 December 2022 the Group’s 
NPE stock, following the classification 
of project “Solar” underlying loan portfolio as held 
for sale and other initiatives, 
amounted to € 2.3 billion 
(31 December 2021: € 2.8 
billion), driving the 
NPE ratio 
to 5.2% (31 
December 2021: 6.8%), 
while the NPE 
coverage ratio 
stood at 
74.6% (31 December 
2021: 
69.2%).The debt securities portfolio, which is to 
a large extent hedged for 
the interest rate risk, accounts for 16% 
of total assets mostly 
invested in EU Sovereign Bonds and on investment grade securities. The Group holds 
non-significant exposure in Russian or Ukrainian 
assets and in the banks affected by the 
recent banking turmoil.
In terms 
of liquidity, 
as at 
31 December 
2022, the 
Group 
deposits 
increased 
to 
€ 57.2 
billion (31 
December 2021: 
€ 53.2 
billion), 
leading the Group’s (net) loans to deposits (L/D) ratio to 73.1% (31 December 2021: 73.2%), while the funding from the targeted long 
term refinancing operations of the European Central Bank – 
TLTRO III programme decreased by € 2.9 billion amounting to € 
8.8 billion 
(31 December 2021: € 11.7 
billion) (note 31). During 
the year, 
the Bank proceeded with 
the issuance of a preferred 
senior note of € 
500 million 
and the 
Company completed 
the issuance 
of a 
Tier 2 
instrument 
of € 
300 million. 
More recently, 
in January 
2023, the 
Bank successfully completed 
the issue of a € 
500 million senior preferred 
note (note 34). As 
at 31 December 2022, the 
Bank’s MREL 
ratio at consolidated 
level stands at 
23.07% of RWAs, 
higher than the interim 
binding MREL target 
for 2022 of 18.21% 
but also than 
the 
interim 
non-binding 
MREL 
target 
from 
1 
January 
2023 
of 
20.48%. 
The 
rise 
in 
high 
quality 
liquid 
assets 
of 
the 
Group 
led 
the 
respective 
Liquidity Coverage 
ratio 
(LCR) to 
173% (31 
December 2021: 
152%). In 
the context 
of the 
2022 ILAAP 
(Internal 
Liquidity 
Adequacy Assessment 
Process), the 
liquidity stress 
tests results 
indicated 
that the 
Bank has 
adequate 
liquidity buffer 
to cover 
the 
potential outflows that could occur in all scenarios 
both in the short term (1 
month horizon) and in the medium 
term (1 year horizon). 
Information on the interest rate 
and liquidity risk exposures of the Group is included in notes 
5.2.2 and 5.2.3.
Going concern assessment
The Board of 
Directors, acknowledging 
the geopolitical, 
macroeconomic and 
financial risks to 
the economy and 
the banking system 
and taking into account the above 
factors relating to 
(a) the idiosyncratic growth 
opportunities in Greece and the region for 
this and 
the next years, also underpinned by the mobilisation of the 
already approved EU funding mainly through the RRF, and (b) the Group’s 
pre-provision income 
generating capacity, 
asset quality, 
capital adequacy and liquidity 
position, has been satisfied 
that the financial 
statements of the Group can be prepared 
on a going concern basis.

 
 
 
Notes to the Consolidated Financial Statements 
.
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2.1.1 
New and amended standards and interpretations
(a) New and amended standards adopted by the Group as of 
1 January 2022
The following amendments to standards 
as issued by the IASB 
and endorsed by the EU, apply as of 1 January 2022: 
IFRS 3, Amendments, Reference to 
the Conceptual Framework 
The 
amendments 
to 
IFRS 
3 “Business 
Combinations” 
updated 
a reference 
to 
the current 
version 
of 
Conceptual Framework 
while 
added a 
requirement 
that, for 
obligations within 
the scope 
of IAS 
37 “Provisions, 
Contingent Liabilities 
and Contingent 
Assets”, 
an 
acquirer applies IAS 37 to determine whether at the acquisition date a present obligation exists as a result of past events. In addition, 
for a levy that would be 
within the scope of IFRIC 21 Levies, the acquirer 
applies IFRIC 21 to determine whether the 
obligating event 
that gives rise to a liability to pay the levy exists 
at the acquisition date.
Moreover, 
the issued amendments added a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for recognition in 
a business combination at the acquisition date.
The adoption of the amendments had no impact on the consolidated financial statements.
Annual improvement to IFRSs 2018-2020 cycle: IFRS1, 
IFRS9 and IFRS 16 
The improvements 
introduce changes 
to several 
standards. The 
amendments that 
are relevant 
to the Group’s 
activities are set 
out 
below:
The 
amendment 
to 
IFRS 
1 
“First-time 
Adoption 
of 
International 
Financial 
Reporting 
Standards” 
provides 
additional 
relief 
to 
a 
subsidiary which becomes a first-time adopter later than its parent in respect of accounting for cumulative translation differences. As 
a result, the amendment allows entities that have elected to measure their assets and 
liabilities at carrying amounts recorded in their 
parent’s 
books 
to 
also 
measure 
any 
cumulative 
translation 
differences 
using 
the 
amounts 
reported 
in 
the 
parent’s 
consolidated 
financial statements. This amendment also applies to 
associates and joint ventures that have 
taken the same IFRS 1 exemption.
The amendment to IFRS 9 
“Financial Instruments” clarifies which fees should 
be included in the 
10% test for derecognition of financial 
liabilities. The fees 
to be included 
in the assessment 
are only those 
paid or received 
between the 
borrower (entity) 
and the lender, 
including fees 
paid or 
received by 
either the 
borrower or 
lender on the 
other’s behalf. 
The amendment 
is applied 
prospectively to 
modifications and exchanges that occur 
on or after the date the entity first applies the amendment.
The amendment to IFRS 16 “Leases” removes the illustration of the reimbursement of leasehold improvements, in order to avoid any 
potential confusion about the treatment 
of lease incentives.
The adoption of the amendments had no impact on the consolidated financial statements.
IAS 37, Amendments, Onerous Contracts – Costs 
of Fulfilling a Contract 
The amendments to IAS 37 ‘Provisions, Contingent Liabilities and Contingent 
Assets’ clarify which costs to include in determining the 
cost of fulfilling a contract when assessing whether 
a contract is onerous. In particular, 
the direct costs of fulfilling a contract 
include 
both the incremental costs and 
an allocation of other 
costs directly related to fulfilling 
contracts’ activities. General and administrative 
costs do not relate 
directly to a contract and 
are excluded unless they 
are explicitly chargeable to the 
counterparty under the contract.
The adoption of the amendments had no impact on the consolidated financial statements
(b) New and amended standards not yet adopted by the Group 
A number of new 
standards and amendments 
to existing standards 
are effective 
after 2022, as 
they have not 
yet been endorsed 
by 
the EU or have not been early applied by the Group. Those that may 
be relevant to the Group are set 
out below: 
IFRS 17, Insurance Contracts (effective 1 January 
2023)
IFRS 17, 
which supersedes 
IFRS 4 
“Insurance Contracts” 
provides a 
comprehensive 
and consistent 
accounting model 
for insurance 
contracts. 
It 
applies 
to 
all 
types 
of 
insurance 
contracts 
as 
well 
as 
certain 
guarantees 
and 
financial 
insurance 
with 
discretionary 
participating features. Financial guarantee contracts are allowed to 
be within the 
scope of IFRS 
17, if the 
entity has previously asserted 
that it regarded them as insurance contracts.

 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
According to IFRS 17 core general 
model, groups of insurance contracts 
which are managed together and are subject to 
similar risks, 
are measured 
based on building 
blocks of discounted, 
probability-weighted estimates 
of future cash 
flows, a 
risk adjustment 
and a 
contractual service 
margin (“CSM”) representing 
the unearned profit 
of the contracts. 
Under the model, 
estimates are 
remeasured 
at each reporting period. A simplified measurement approach may be used if it is expected that doing so a reasonable approximation 
of the general model is produced, or if the contracts 
are of short duration.
Revenue is allocated 
to periods in 
proportion to the 
value of expected 
coverage and 
other services that 
the insurer provides 
during 
the period, 
claims are 
presented 
when incurred 
and any 
investment 
components 
i.e. amounts 
repaid to 
policyholders 
even if 
the 
insured event 
does not occur, 
are not included 
in revenue 
and claims. Insurance 
services results are 
presented separately 
from the 
insurance finance income or expense.
In June 2020, the IASB issued Amendments to IFRS 17 to 
assist entities in its implementation. 
The amendments aim to assist entities 
to transition in order 
to implement the 
standard more easily, while they deferred the 
effective date, so that entities 
would be required 
to apply IFRS 17 for annual periods beginning on or after 
1 January 2023. 
In December 2021, the IASB issued a narrow 
-scope amendment to the transition requirements 
of IFRS 17 for entities that 
first apply 
IFRS 17 and IFRS 9 at the same time. 
The Group has 
not issued contracts 
within the scope 
of IFRS 17; therefore, 
the standard 
is not expected 
to impact the 
consolidated 
financial statements, other than through the 
Group’s 
share of the 
results of its associate ‘’Eurolife FFH 
Insurance Group Holdings S.A.’’ 
(“Eurolife”). 
In particular, 
as at 31 December 2022, the Group’s 
share of the expected impact from 
Eurolife’s 
transition to IFRS 17 
is estimated to 
an increase in equity of ca. € 15 million, net of tax.
IAS 8, Amendments, Definition of Accounting Estimates (effective 
1 January 2023)
The amendments in IAS 8 “Accounting 
Policies, Changes in Accounting Estimates 
and Errors” introduced the definition 
of accounting 
estimates and 
include other 
amendments to 
IAS 8 which 
are intended 
to help 
entities distinguish 
changes in 
accounting estimates 
from changes in accounting policies.
The amendments clarify 
(a) how accounting 
policies and accounting 
estimates relate 
to each other by 
(i) explaining that 
accounting 
estimates are 
used in 
applying accounting 
policies and 
(ii) making 
the definition 
of accounting 
policies clearer 
and concise 
and, (b) 
that selecting an estimation or valuation technique
and choosing the inputs to be used constitutes making an accounting 
estimate.
The adoption of the amendments is not expected to impact the consolidated 
financial statements.
Amendments 
to 
IAS 
1 
Presentation 
of 
Financial 
Statements 
and 
IFRS 
Practice 
Statement 
2: 
Disclosure 
of 
Accounting 
policies 
(effective 1 January 2023)
IASB issued 
amendments to 
IAS 1 “Presentation 
of Financial Statements” 
that require 
entities to 
disclose their 
material accounting 
policies rather than their significant accounting policies. 
According 
to 
IASB, 
accounting 
policy 
information 
is 
material 
if, 
when 
considered 
together 
with 
other 
information 
included 
in 
an 
entity’s financial statements, it can reasonably be expected to influence decisions that the primary users 
of general purpose financial 
statements make on the 
basis of those financial statements.
Furthermore, the amendments 
clarify how an 
entity can identify 
material accounting 
policy information, 
while provide examples 
of 
when accounting policy 
information is 
likely to 
be material. The 
amendments to 
IAS 1 also clarify 
that immaterial 
accounting policy 
information need not be 
disclosed. However, if it is 
disclosed, it should 
not obscure material accounting policy 
information. To support 
these amendments 
the Board 
has also 
developed guidance 
and examples 
to explain 
and demonstrate 
the application 
of the ‘four-
step materiality 
process’ described 
in IFRS Practice 
Statement 2 
Making Materiality 
Judgements to 
accounting policy disclosures, 
in 
order to support the amendments to IAS 1.
The adoption of the amendments is not expected to impact the consolidated 
financial statements.
IAS 1, Amendments, Classification of Liabilities as Current or Non-Current 
(effective 1 January 2024, not yet endorsed by EU)
The amendments, published in January 2020, affect only the presentation 
of liabilities in the balance sheet and provide clarifications 
over the definition of the 
right to defer the settlement of 
a liability, while they make clear that the 
classification of liabilities as current 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
or non-current 
should be based 
on rights that 
are in existence 
at the 
end of the 
reporting period. 
In addition, it 
is clarified that 
the 
assessment for liabilities classification made at 
the end of the reporting period is not affected 
by the expectations about whether an 
entity will exercise its right to defer settlement of a liability. 
The Board also clarified that when classifying liabilities as current or non-
current, an entity can ignore only those conversion 
options that are recognised as equity. 
In October 2022, the IASB 
issued
 
Non-current Liabilities with Covenants 
(Amendments to IAS 1)
 
with respect to the 
classification (as 
current or non-current), presentation and disclosures of 
liabilities for which an 
entity’s right to defer settlement for at 
least 12 months 
is subject to the 
entity complying with conditions 
after the reporting 
period. The amendments to 
IAS 1 specify that 
covenants to be 
complied with after the reporting date do not 
affect the classification of debt as current or non-current at the 
reporting date. Instead, 
the amendments require a company to 
disclose information about these covenants in the notes 
to the financial statements.
The adoption of the amendments is not expected to impact the consolidated 
financial statements.
IAS 12, Amendments, Deferred Tax 
related to Assets and Liabilities arising from a Single Transaction 
(effective 1 January 2023)
The amendments 
clarify that 
the exemption 
on initial 
recognition set 
out in 
IAS 12 
‘Income Taxes’ 
does not 
apply for 
transactions 
such 
as 
leases and 
decommissioning 
obligations 
that, 
on initial 
recognition, 
give 
rise to 
equal amounts 
of taxable 
and deductible 
temporary differences. Accordingly, for such transactions an entity is required to recognise the 
related deferred tax asset and liability, 
with 
the 
recognition 
of 
any 
deferred 
tax 
asset 
being 
subject 
to 
the 
recoverability 
criteria 
in 
IAS 
12. 
The 
amendments 
apply 
to 
transactions that occur on or after the beginning of the earliest 
comparative period presented.
The adoption of the amendments is not expected to impact the consolidated 
financial statements.
IFRS 16, Amendment, Lease Liability in a Sale and Leaseback (effective 1 January 2024, not yet 
endorsed by EU)
The amendment requires a seller-lessee 
to subsequently measure lease liabilities 
arising in a sale and leaseback 
transaction in a way 
that it 
does not 
recognise any 
amount of 
the gain 
or loss 
that relates 
to the 
right of 
use it 
retains. 
Any gains 
and losses 
relating to 
the full 
or 
partial termination of a lease continue to be recognised when they occur. The amendment does not change the accounting for leases 
unrelated to sale and leaseback transactions.
The adoption of the amendment is not expected to impact the consolidated 
financial statements.
 
.
2.2 
Principal accounting policies
2.2.1 
Consolidation
(i) Subsidiaries
Subsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed, or 
has rights to, variable returns 
from 
its 
involvement 
with 
the 
entity, 
and 
has 
the 
ability 
to 
affect 
those 
returns 
through 
its 
power 
over 
the 
entity. 
The 
Group 
consolidates an entity only when all the above three elements 
of control are present. 
Power is considered 
to exist when 
the Group’s 
existing rights give 
it the current 
ability to direct 
the relevant 
activities of the entity, 
i.e. the activities 
that significantly 
affect the 
entity’s returns, 
and the Group 
has the practical 
ability to 
exercise those 
rights. Power 
over 
the 
entity 
may 
arise 
from 
voting 
rights 
granted 
by 
equity 
instruments 
such 
as 
shares 
or, 
in 
other 
cases, 
may 
result 
from 
contractual arrangements. 
Where voting 
rights are 
relevant, 
the Group 
is deemed 
to have 
control 
where it 
holds, directly 
or indirectly, 
more than 
half of 
the 
voting rights over 
an entity, 
unless there is evidence 
that another investor 
has the practical 
ability to unilaterally 
direct the relevant 
activities.
The 
Group 
may 
have 
power, 
even 
when 
it 
holds 
less 
than 
a 
majority 
of 
the 
voting 
rights 
of 
the 
entity, 
through 
a 
contractual 
arrangement 
with 
other 
vote 
holders, 
rights 
arising 
from 
other 
contractual 
arrangements, 
substantive 
potential 
voting 
rights, 
ownership of the largest 
block of voting rights in a situation 
where the remaining rights are 
widely dispersed (‘de 
facto power’), or a 
combination 
of 
the 
above. 
In assessing 
whether 
the 
Group 
has 
de 
facto 
power, 
it 
considers 
all 
relevant 
facts 
and 
circumstances 
including 
the 
relative 
size 
of 
the 
Group’s 
holding 
of 
voting 
rights 
and dispersions 
of 
holdings of 
other 
vote 
holders 
to 
determine 
whether the Group has the practical ability to direct 
the relevant activities. 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
The Group is exposed 
or has rights to 
variable returns from 
its involvement with 
an entity when these 
returns have the 
potential to 
vary as a result of the entity’s performance. 
In assessing whether the 
Group has the ability 
to use its power 
to affect 
the amount of returns 
from its involvement 
with an entity, 
the Group determines whether in 
exercising its decision-making rights, 
it is acting as an agent or 
as a principal. The Group acts as an 
agent when it is engaged 
to act on behalf and for 
the benefit of another party, 
and as a result does not 
control an entity. 
Therefore, 
in 
such 
cases, 
the 
Group 
does not 
consolidate 
the 
entity. 
In making 
the 
above 
assessment, 
the 
Group 
considers 
the scope 
of 
its 
decision-making authority over the 
entity, the 
rights held by other 
parties, the remuneration 
to which the Group 
is entitled from its 
involvement, and its exposure to 
variability of returns from other interests 
in that entity. 
The Group 
has interests 
in certain 
entities which 
are structured 
so that 
voting rights 
are not 
the dominant 
factor 
in deciding 
who 
controls the entity, such as when any voting rights 
relate to administrative tasks only and the relevant activities are 
directed by means 
of contractual rights. In determining whether the Group 
has control over such structured entities, it considers 
the following factors:
-
The purpose and design of the entity;
-
Whether the Group has certain rights that 
give it the ability to direct the relevant 
activities of the entity unilaterally, 
as a result 
of existing contractual arrangements 
that give it the power to govern the entity 
and direct its activities;
-
In case another 
entity is granted 
decision making rights, 
the Group assesses 
whether this entity 
acts as an agent 
of the Group 
or another investor;
-
The existence of any special relationships 
with the entity; and
-
The extent 
of the Group’s 
exposure to 
variability of returns 
from its involvement 
with the entity, 
including its exposure 
in the 
most subordinated securitized 
notes issued by the entity as well as subordinated 
loans or other credit enhancements that may 
be granted to the entity, 
and if the Group has the power to affect such variability.
Information about the Group’s 
structured entities is set out in note 25.
The Group reassesses whether it 
controls an entity if facts 
and circumstances indicate that there are changes 
to one or more 
elements 
of 
control. 
This 
includes 
circumstances 
in 
which 
the 
rights 
held 
by 
the 
Group 
and 
intended 
to 
be 
protective 
in 
nature 
become 
substantive upon 
a breach of 
a covenant 
or default on 
payments in a 
borrowing arrangement, 
and lead to 
the Group having 
power 
over the investee.
Subsidiaries are 
fully consolidated 
from the 
date on 
which control 
is transferred 
to the Group 
and are 
no longer consolidated 
from 
the 
date 
that 
control 
ceases. 
Total 
comprehensive 
income 
is 
attributed 
to 
the 
owners 
of 
the 
parent 
and 
to 
the 
non-controlling 
interests even if this results 
in the non-controlling interests having 
a deficit balance. 
In determining the proportion of profit or loss and changes in equity allocated 
to the Group and non-controlling interests, 
the Group 
takes 
into 
account 
current 
ownership 
interests, 
also 
including 
in-substance 
current 
ownership 
interests, 
after 
considering 
the 
eventual exercise 
of any potential 
voting rights 
and other derivatives 
that currently 
give the Group 
access to the returns 
associated 
with an ownership interest. 
Changes in the 
Group's ownership 
interest in 
subsidiaries that do 
not result in 
a loss of control 
are recorded 
as equity transactions. 
Any difference between the consideration 
and the share of the new net assets acquired is recorded directly in equity. Gains or losses 
arising from disposals of 
ownership interests that 
do not result in a 
loss of control 
by the Group are 
also recorded directly 
in equity. 
For disposals of ownership interests 
that result in a loss of control, the Group derecognizes 
the assets and liabilities of the subsidiary 
and any related 
non-controlling interest 
and other components 
of equity and 
recognizes gains 
and losses in 
the income statement. 
When 
the 
Group 
ceases to 
have 
control, 
any 
retained 
interest 
in 
the former 
subsidiary 
is re-measured 
to 
its 
fair 
value, 
with 
any 
changes in 
the carrying 
amount recognized 
in the 
income statement. 
The Group 
considers 
the eventual 
exercise 
of any 
potential 
voting 
rights 
and 
other 
derivatives 
and 
whether 
they 
currently 
give 
the 
Group 
access 
to 
the 
returns 
associated 
with 
a 
retained 
ownership interest, in determining 
whether that ownership interest should 
be derecognised or not.
Intercompany transactions, 
balances and intragroup 
gains on transactions between 
Group entities are eliminated; 
intragroup losses 
are also eliminated unless the transaction provides 
evidence of impairment of the asset transferred.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
(ii) Business combinations
The purchase method of accounting is used to account for the acquisition of subsidiaries by the 
Group. The consideration transferred 
for an acquisition is measured at the fair value of the assets given, equity instruments 
issued or exchanged and liabilities undertaken 
at 
the 
date 
of 
acquisition, 
including 
the 
fair 
value 
of 
assets 
or 
liabilities 
resulting 
from 
a 
contingent 
consideration 
arrangement. 
Acquisition related 
costs are expensed 
as incurred. Identifiable 
assets acquired and 
liabilities and contingent 
liabilities assumed in a 
business combination are measured initially at 
their fair values at the 
acquisition date irrespective of the 
extent of any non-controlling 
interest. Any previously held interest in 
the acquiree is 
remeasured to fair value 
at the acquisition 
date with any gain 
or loss recognized 
in the 
income statement. 
The Group 
recognizes 
on an 
acquisition-by-acquisition basis 
any non-controlling 
interest 
in the 
acquiree 
either at fair value or at the non-controlling 
interest's proportionate share 
of the acquiree's net assets.
The excess of the consideration 
transferred, the 
amount of any non-controlling 
interest in the acquiree and 
the acquisition-date fair 
value of 
any previous 
equity interest 
in the 
acquiree over 
the fair 
value of 
the identifiable 
net assets 
of the 
subsidiary acquired, 
is 
recorded as 
goodwill. If 
this is 
less than 
the fair 
value of 
the net 
assets of 
the acquiree, 
the difference 
is recognized 
directly in 
the 
income statement. 
If the 
initial accounting 
for a 
business combination 
is incomplete 
by the 
end of 
the reporting 
period in 
which it 
occurs, the 
Group 
reports 
provisional 
amounts 
for 
the 
items 
for 
which 
the 
accounting 
is 
incomplete. 
Those 
provisional 
amounts 
are 
adjusted 
retrospectively 
during 
the 
measurement 
period 
to 
reflect 
the 
new 
information 
obtained 
about 
the 
facts 
and 
circumstances 
that 
existed at 
the acquisition 
date that, 
if known, 
would have 
affected the 
amounts recognized 
at that 
date. The 
measurement period 
adjustments, as 
mentioned above, 
affect accordingly 
the amount 
of goodwill 
that was 
initially recognized, 
while the 
measurement 
period cannot exceed one year from 
the acquisition date.
Commitments to 
purchase non-controlling 
interests 
through derivative 
financial instruments 
with the 
non-controlling 
interests, 
as 
part of 
a business 
combination are 
accounted 
for 
as a 
financial liability, 
with no 
non-controlling 
interest 
recognized 
for 
reporting 
purposes. 
The 
financial 
liability 
is 
measured 
at 
fair 
value, 
using 
valuation 
techniques 
based 
on 
best 
estimates 
available 
to 
management. Any differe 
nce between the fair value of the financial liability upon initial recognition and the nominal 
non-controlling 
interest's share of net assets is recognized as part of goodwill. Subsequent revisions to the valuation of the 
derivatives are recognized 
in the income statement.
For 
acquisitions 
of 
subsidiaries 
not 
meeting 
the 
definition 
of 
a 
business, 
the 
Group 
allocates 
the 
consideration 
to 
the 
individual 
identifiable assets and liabilities based 
on their relative fair 
values at the date of 
acquisition. Such transactions or events 
do not give 
rise to goodwill. 
Where necessary, accounting 
policies of subsidiaries have been changed to ensure 
consistency with the policies of the Group.
A listing of the Bank’s subsidiaries is set 
out in note 23.
(iii) Business combinations involving entities under common control
Pursuant to 
IAS 8 ‘Accounting 
Policies, Changes 
in Accounting 
Estimates and 
Errors’, 
since business 
combinations between 
entities 
under common 
control 
are excluded 
from the 
scope of 
IFRS 3 
‘Business Combinations’, 
such transactions 
are accounted 
for in 
the 
Group’s financial statements by using the pooling of interests method (also known as merger accounting), with reference to the most 
recent pronouncements of 
other standard-setting bodies that 
use a similar conceptual framework 
and comply with the IFRS general 
principles, as well as accepted industry practices.
Under the 
pooling 
of interests 
method, the 
Group 
incorporates 
the assets 
and liabilities 
of the 
acquiree 
at their 
pre-combination 
carrying amounts from the highest level of 
common control, without any 
fair value adjustments. Any difference 
between the cost of 
the transaction and the carrying amount of the net assets acquired 
is recorded in Group's equity.
The Group accounts for the cost of such business combinations at the fair value of the consideration 
given, being the amount of cash 
or shares issued or if that cannot be reliably measured, the consideration 
received.
Formation of a new Group entity to effect a business combination
Common control transactions that involve the formation of a new Group entity to effect a business combination by bringing together 
two or more previously uncombined 
businesses under the new Group entity 
are also accounted for 
by using the pooling of interests 
method. 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Other common control 
transactions that involve 
the acquisition of a single existing 
Group entity or a single 
group of businesses by 
a 
new entity formed 
for this purpose 
are accounted 
for as capital 
reorganizations, 
on the basis that 
there is no business 
combination 
and no substantive 
economic change in 
the Group. Under 
a capital reorganization, 
the acquiring entity 
incorporates the 
assets and 
liabilities of the acquired 
entity at their carrying 
amounts, as presented 
in the books of 
that acquired entity, 
rather than those 
from 
the highest level 
of common control. 
Any difference 
between the cost 
of the transaction 
and the carrying amount 
of the net assets 
acquired is 
recognized 
in the 
equity of 
the new 
entity. 
Capital reorganization 
transactions do 
not have 
any impact 
on the 
Group’s 
consolidated financial statements.
(iv) Associates
Investments 
in associates are 
accounted for 
using the equity 
method of 
accounting in the 
consolidated financial 
statements. These 
are undertakings over which the Group exercises 
significant influence but which are not controlled.
Equity accounting 
involves recognizing 
in the income 
statement 
the Group's 
share of 
the associate's profit 
or loss for 
the year. 
The 
Group's interest in the associate is carried 
on the balance sheet at an amount that reflects its share of the net assets of the associate 
and any 
goodwill identified 
on acquisition 
net of any 
accumulated impairment 
losses. If the 
Group's share 
of losses of 
an associate 
equals or 
exceeds its 
interest 
in the associate, 
the Group 
discontinues recognizing 
its share 
of further 
losses, unless 
it has incurred 
obligations or made payments on behalf of the associate. Where necessary the accounting policies used by the associates 
have been 
changed to ensure consistency with the policies of the 
Group.
When the Group obtains 
or ceases to have 
significant influence, any 
previously held or retained 
interest in the 
entity is remeasured 
to its fair value, with any change in the carrying amount recognized in the income statement, 
except in cases where an investment in 
associate becomes 
an investment 
in a joint 
venture where 
no remeasurement 
of the interest 
retained is 
performed and 
use of the 
equity method continues to apply.
(v) Joint arrangements
A 
joint 
arrangement 
is 
an 
arrangement 
under 
which 
the 
Group 
has 
joint 
control 
with 
one 
or 
more 
parties. 
Joint 
control 
is 
the 
contractually agreed sharing of control and exists only when decisions about relevant activities require the unanimous consent of the 
parties 
sharing 
control. 
Investments 
in 
joint 
arrangements 
are 
classified 
as 
either 
joint 
ventures 
whereby 
the 
parties 
who 
share 
control have rights 
to the net assets of the arrangement 
or joint operations where two 
or more parties have rights to 
the assets and 
obligations for the liabilities of the arrangement.
The Group evaluates the contractual 
terms of joint arrangements to determine 
whether a joint arrangement is a joint operation 
or a 
joint venture. All joint arrangements 
in which the Group has an interest are joint 
ventures.
As 
investments 
in 
associates, 
the 
Group's 
interest 
in 
joint 
ventures 
is 
accounted 
for 
by 
using 
the 
equity 
method 
of 
accounting. 
Therefore, the accounting 
policy described in note 2.2.1 
(iv) applies also for joint 
ventures. Where necessary the 
accounting policies 
used by the joint ventures have been changed 
to ensure consistency with the policies of the Group.
When the Group ceases to have joint control over an entity, it discontinues the use of the equity method. Any 
retained interest in the 
entity is 
remeasured to 
its fair 
value, with 
any change 
in the 
carrying amount 
recognized in 
the income 
statement, 
except in 
cases 
where an investment 
in a joint venture becomes an 
investment in an associate, where 
no remeasurement of the interest 
retained is 
performed and use of the equity method continues to 
apply.
A listing of the Group's associates and joint ventures 
is set out in note 24.
2.2.2 Foreign currencies
(i) Translation of foreign subsidiaries
Assets and liabilities of foreign 
subsidiaries are translated 
into the Group’s 
presentation currency at 
the exchange rates 
prevailing at 
each reporting 
date whereas 
income and expenses 
are translated 
at the average 
exchange rates 
for the 
period reported. 
Exchange 
differences 
arising from 
the translation 
of the 
net investment 
in a 
foreign 
subsidiary, 
including exchange 
differences 
of monetary 
items receivable or payable to the foreign 
subsidiary for which settlement is neither planned nor likely 
to occur that form part of the 
net investment in the foreign 
subsidiaries, are recognized in other comprehensive 
income. 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Exchange 
differences 
from 
the 
Group’s 
foreign 
subsidiaries 
are 
released 
to 
the 
income 
statement 
on 
the 
disposal 
of 
the 
foreign 
subsidiary while for monetary items that form part of the net investment in the foreign subsidiary, on repayment or when settlement 
is expected to occur.
(ii) Transactions in foreign currency
Foreign 
currency 
transactions 
are 
translated 
into 
the 
functional 
currency 
using 
the 
exchange 
rates 
prevailing 
at 
the 
dates 
of 
the 
transactions. 
Foreign 
exchange 
gains 
and 
losses 
resulting 
from 
the 
settlement 
of 
such 
transactions 
are 
recognized 
in 
the 
income 
statement.
Monetary assets 
and liabilities denominated 
in foreign 
currencies are translated 
into the 
functional currency 
at the 
exchange rates 
prevailing at each reporting 
date and exchange 
differences are recognized 
in the income statement, 
except when deferred 
in equity 
as qualifying cash flow or net investment hedges. 
Non-monetary assets and liabilities are 
translated into the 
functional currency at the exchange 
rates prevailing 
at initial recognition, 
except for non-monetary items denominated 
in foreign currencies that are measured at fair value 
which are translated at the rate of 
exchange at the date the fair value 
is determined. The exchange differences 
relating to these items are treated 
as part of the change 
in fair 
value and 
are recognized 
in the 
income statement 
or recorded 
directly in 
equity depending 
on the 
classification of 
the non-
monetary item.
2.2.3 Derivative financial instruments and hedging
Derivative financial instruments that mainly include foreign exchange 
contracts, forward currency agreements, currency 
and interest 
rate options (both written and purchased), as well as currency and interest 
rate swaps are initially recognized in the balance 
sheet at 
fair value, 
on the date 
on which the 
derivative contracts 
are entered 
into, and 
subsequently are 
re-measured at 
their fair value. 
All 
derivatives are carried as assets when fair 
value is positive and as liabilities when fair value is negative. 
Fair 
values 
of derivatives 
are determined 
based on 
quoted market 
prices, including 
recent 
market 
transactions, 
or by 
using other 
valuation 
techniques, 
as 
appropriate. 
The principles 
for 
the 
fair 
value 
measurement 
of 
financial instruments, 
including derivative 
financial instruments, are described in notes 3.2 and 5.3.
Embedded derivatives
Embedded derivatives 
are components 
of hybrid 
contracts 
that also 
include non-derivative 
hosts with 
the effect 
that some 
of the 
cash flows of the combined instruments vary 
in a way similar to stand-alone derivatives. 
Financial 
assets 
that 
contain 
embedded 
derivatives 
are 
recognised 
in 
the 
balance 
sheet 
in 
their 
entirety 
in 
the 
appropriate 
classification category, 
following the instruments’ 
assessment of their contractual 
cash flows and 
their business model as 
described 
in note 2.2.9. 
On the other 
hand, derivatives embedded in 
financial liabilities, are 
treated as separate derivatives when their 
risks and characteristics 
are not 
closely related 
to those 
of the 
host contract 
and the 
host contract 
is not 
carried at 
fair value 
through profit 
or loss. 
These 
embedded derivatives are measured at fair 
value with changes in fair value recognized 
in the income statement.
The use of derivative financial instruments is inherent 
in the Group’s activities and aims principally at 
managing risks effectively. 
Accordingly, 
the Group, 
as part of 
its risk management 
strategy, 
may enter 
into transactions 
with external 
counterparties to 
hedge 
partially or fully interest rate, 
foreign currency, 
equity and other exposures that are generated 
from its activities. 
The objectives of hedging with derivative financial instruments 
include:
•
Reduce 
interest rate exposure 
that is in excess of the Group’s 
interest rate limits; 
•
Manage efficiently interest 
rate risk by 
hedging the changes to movements 
of the benchmark interest 
rates represented 
by the 
prevailing reference rates; 
●
Reduce 
variability arising from the fair value 
changes of derivatives embedded in financial assets; 
•
Manage future variable cash flows; 
•
Reduce 
foreign currency risk or inflation risk; 
•
Reduce variability in the Group’s 
equity arising from translating a foreign net 
investment at different 
exchange rates. 

 
 
 
 
Notes to the Consolidated Financial Statements 
.
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Hedge accounting
The Group has elected, 
as a policy choice permitted 
under IFRS 9, to 
continue to apply 
hedge accounting in accordance 
with IAS 39, 
until the project of accounting of macro hedging 
activities is completed by the IASB.
For 
hedge 
accounting 
purposes, 
the 
Group 
forms 
a 
hedging 
relationship 
between 
a 
hedging 
instrument 
or 
group 
of 
hedging 
instruments and a 
related item or 
group of items 
to be hedged. 
A hedging instrument 
is a 
designated derivative or group 
of derivatives, 
or a designated non-derivative financial asset or financial liability whose fair value or cash flows are expected to offset changes in the 
fair value 
or cash flows 
of a designated 
hedged item 
or group of 
items. Specifically, 
the Group designates 
certain derivatives 
as: (a) 
hedges of the 
exposure to 
changes in fair 
value of recognized 
assets or liabilities 
on a single 
or portfolio 
basis or unrecognized 
firm 
commitments (fair 
value hedging), 
(b) hedges of 
the exposure to 
variability in 
cash flows of 
recognized assets 
or liabilities or 
highly 
probable forecasted 
transactions (cash flow 
hedging) or, 
(c) hedges of the exposure 
to variability in the 
value of a net investment 
in 
a foreign 
operation 
which is 
associated with 
the translation 
of the 
investment's 
net assets 
in the 
Group's functional 
currency (net 
investment hedging).
In 
order 
to 
apply 
hedge 
accounting, 
specified 
criteria 
should 
be 
met. 
Accordingly, 
at 
the 
inception 
of 
the 
hedge 
accounting 
relationship, the Group documents the 
relationship between hedging instruments 
and hedged items, as well as its risk management 
objective 
and 
strategy 
for 
undertaking 
various 
hedge 
transactions, 
together 
with 
the 
method 
that 
will 
be 
used 
to 
assess 
the 
effectiveness of the hedging 
relationship. The Group also 
documents its assessment, both 
at inception of 
the hedge and 
on an ongoing 
basis, of whether the 
derivatives that are 
used in the hedging transactions 
are highly effective 
in offsetting 
changes in fair 
values or 
cash flows 
of hedged 
items and 
whether the actual 
results of 
each hedge 
are within 
a range 
of 80-125%. 
If a relationship 
does not 
meet 
the 
abovementioned 
hedge 
effectiveness 
criteria, 
the 
Group 
discontinues 
hedge 
accounting 
prospectively. 
Similarly, 
if 
the 
hedging 
derivative 
expires 
or 
is 
sold, 
terminated 
or 
exercised, 
or 
the 
hedge 
designation 
is 
revoked, 
then 
hedge 
accounting 
is 
discontinued prospectively. In addition, the Group uses other 
derivatives, not designated in qualifying 
hedge relationships, to manage 
its exposure 
primarily to 
interest 
rate 
and foreign 
currency risks. 
Non qualifying 
hedges are 
derivatives 
entered 
into 
as economic 
hedges of 
assets and 
liabilities for 
which hedge 
accounting is 
not applied. 
The said 
derivative instruments 
are classified 
along with 
those held for trading purposes.
The method 
of recognizing 
the resulting 
fair 
value gain 
or loss 
depends on 
whether the 
derivatives 
are designated 
and qualify 
as 
hedging instruments, and if so, the nature of the item 
being hedged. 
Furthermore, the Group may 
designate groups of items 
as hedged items 
by aggregating recognized assets 
or liabilities or 
unrecognized 
but highly probable transactions of 
similar risk characteristics that share the 
exposure for which they are hedged. 
Although the overall 
risk exposures may be different for 
the individual items in the group, the specific risk being hedged is inherent in each of the items in 
the group.
The Group has applied the Phase 1 and Phase 2 IBOR reform amendments to IFRS 9, IAS 39 and IFRS 7, that provide temporary reliefs 
on hedging 
relationships during 
the period 
before the 
replacement of 
an existing 
interest 
rate benchmark 
with an 
alternative risk-
free rate 
(RFR). Based 
on the 
above reliefs, 
for the 
purpose of 
determining whether 
a forecast 
transaction is 
highly probable, 
or a 
hedging relationship 
is expected 
to be 
highly effective, 
the Group 
assumes that 
the benchmark 
interest 
rate does 
not change 
as a 
result of the 
IBOR reform. 
In addition, the Group, 
is not required 
to discontinue hedge 
accounting if the 
hedge falls outside 
the 80–
125% 
range 
during 
the period 
of 
uncertainty 
arising from 
the reform. 
Furthermore, 
in case 
of 
hedges 
where 
the hedged 
item or 
hedged risk is 
a non-contractually 
specified benchmark portion 
of interest 
rate risk, 
following the 
IBOR reform 
reliefs, it is 
assumed 
that the 
designated risk 
portion only 
needs to 
be separately 
identifiable at 
the inception 
of the 
hedging relationship 
and not 
on a 
going basis. The reliefs cease to apply once certain conditions are met i.e. at the earlier of (a) when the uncertainties arising from the 
IBOR reform are no longer present with respect to the timing and the amount of the benchmark rate-based cash flows of the hedged 
items or hedging instruments and (b) when the hedging relationships to 
which the reliefs apply are discontinued.
Finally, 
the 
amendments 
introduce 
an 
exception 
to 
the 
existing 
requirements 
so 
that 
changes 
in 
the 
formal 
designation 
and 
documentation of a hedge accounting relationship or to 
the method for assessing hedge effectiveness due to modifications 
required 
by IBOR reform will not result in the discontinuation 
of hedge accounting or the designation of a new hedging relationship. 
(i) Fair value hedging
The Group applies 
fair value hedging 
to hedge exposures 
primarily to changes 
in the fair value 
attributable to 
interest rate 
risk with 
respect to the applicable benchmark rate 
and currency risk.

 
 
 
Notes to the Consolidated Financial Statements 
.
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Hedged items
The items that qualify for fair value hedge accounting 
include financial assets and liabilities measured at amortized cost 
such as: 
•
fixed rate investment 
securities, term deposits and debt securities in issue; 
•
portfolios of floating-rate 
loans and investment securities with embedded interest 
rate options (such as purchased interest 
rate floors); 
•
portfolios of 
fixed rate 
amortizing loans (macro 
hedging) including securitized 
notes issued and 
held by the 
Group, as 
well 
as fixed rate investment 
securities classified as FVOCI. 
Hedge effectiveness assessment
The 
Group 
uses 
the 
dollar-offset 
method 
at 
inception 
(prospective 
measurement) 
and 
on 
an 
ongoing 
basis 
(retrospective 
measurement), in 
order to 
assess the effectiveness 
of fair 
value hedges 
on a single 
or portfolio 
basis. This is 
a quantitative 
method 
that involves the comparison of the change in the fair value of 
the hedging instrument with the change in the fair value of 
the hedged 
item attributable to the hedged risk. The above comparison constitutes 
the dollar-offset ratio and 
should be within the range of 80% 
-125% 
for 
the 
hedge 
to 
be 
highly 
effective. 
Even 
if 
a 
hedge 
is 
not 
expected 
to 
be 
highly 
effective 
in 
a 
particular 
period, 
hedge 
accounting 
is not precluded if effectiveness is expected to 
remain sufficiently high over the life of the 
hedge. 
The Group 
may also 
use the 
hypothetical 
derivative 
method, an 
approach to 
the dollar 
offset method, 
mainly applied 
in portfolio 
hedges that 
carry embedded 
derivatives, 
where the 
hedged risk 
is modelled 
through hypothetical 
derivatives, 
which replicate 
the 
embedded derivative. 
The fair value 
of the hypothetical 
derivative is used 
as a proxy 
for the net present 
value of the hedged 
future 
cash 
flows 
against 
which 
changes 
in 
value 
of 
the 
actual 
hedging 
instrument 
are 
compared 
to 
assess 
effectiveness 
and 
measure 
ineffectiveness. 
Hedge ineffectiveness 
may arise in 
case of potential 
differences in 
the critical 
terms between 
the hedged 
item and 
the hedging instrument such as maturity, 
interest rate reset 
frequency and discount curves as well as differences 
between expected 
and actual cash flows.
In addition, for hedging relationships 
where the critical terms 
of the hedged item match 
the ones of the hedging instrument 
such as 
coupon, maturity, 
and payment 
frequency, 
it is presumed 
that by 
construction, effectiveness 
is expected 
to be 
within the range 
of 
80% to 125%.
Fair value hedging adjustments and discontinuation of hedge 
accounting 
Changes in 
the fair 
value of 
derivatives that 
are designated 
and qualify as 
fair value 
hedges are 
recorded in 
the income 
statement, 
under net 
trading income 
together with 
the changes 
in the 
fair value 
of the hedged 
assets or 
liabilities that 
are attributable 
to the 
hedged risk 
(fair value 
hedging adjustments). 
Fair value 
hedging adjustments 
to the 
hedged items 
measured at 
amortised cost 
are 
recorded as 
part of their 
carrying value in 
the balance sheet, 
with the exception 
of hedging adjustments 
for portfolios 
of fixed rate 
assets in the context of macro-hedging (see below).
The Group 
discontinues hedge 
accounting prospectively 
in case the 
hedging instrument 
expires or 
is sold, terminated 
or exercised, 
the hedge no 
longer meets the 
qualifying criteria for 
hedge accounting, or 
designation is revoked. 
In such cases, 
any adjustment 
to 
the carrying 
amount of 
the hedged 
item, for 
which the 
effective 
interest 
method is 
applied, is 
amortized to 
profit or 
loss over 
the 
remaining period to maturity with 
amortization commencing no later 
than when the hedged item ceases to 
be adjusted for changes 
in its 
fair value 
attributable 
to the 
risk being 
hedged. If 
the hedged 
item is 
derecognised, the 
unamortised fair 
value adjustment 
is 
recognised immediately in the income statement
. 
Portfolio hedging of interest rate risk (macro 
-hedging)
With 
reference 
to 
portfolio 
hedging 
of 
interest 
rate 
risk, 
a 
dynamic 
hedging 
strategy 
is 
applied 
according 
to 
which 
the 
Group 
voluntarily designates 
and de-designates 
the hedge 
relationship on 
a monthly basis. 
The Group 
determines the 
designated hedged 
amount by 
identifying portfolios 
of homogenous 
fixed rate 
assets based on 
their contractual 
interest rates, 
maturity and 
other risk 
characteristics. Assets within the identified portfolios 
are allocated into repricing time 
periods based on 
their repricing/maturity dates 
or interest 
payment dates 
with assumptions made for 
expected prepayments 
and capital repayments. 
The hedging instruments 
are 
groups 
of interest 
rate 
swaps replicating 
in aggregate 
the amortization 
profile of 
the assets 
and designated 
appropriately 
to their 
repricing time periods. 
Following the above 
allocation into time 
buckets, the designated hedged 
principal and the 
resulting percentage 
of the asset portfolio hedged (hedge ratio) 
for each time bucket are determined. 

 
 
 
Notes to the Consolidated Financial Statements 
.
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The dollar-offset 
method also 
applies to 
portfolio hedging 
of interest 
rate 
risk and 
hedge effectiveness 
is measured 
on a 
monthly 
basis. For prospective effectiveness measurement, 
the dollar-offset method involves 
a comparison of the sensitivity of fair value to a 
change of 1 basis point in interest 
rates (Point Value 
- PV01) between the hedging instruments and the 
hedged assets. A PV01 offset 
within the threshold 
of 80% to 
125% demonstrates 
that the hedge 
is expected 
to be highly 
effective. Retrospective 
effectiveness 
is 
measured by comparing 
fair value changes 
of the designated portion 
of the portfolio of 
fixed-rate assets 
attributable to the 
hedged 
risk, against the fair value changes of the derivatives, 
to ensure that they are within an 80% to 125% range.
Fair Value hedging adjustments 
do not affect the carrying amount of the hedged assets pool, but instead they form 
part of loans and 
advances to customers balance sheet line. Considering the designation and de-designation process
for a portfolio hedging of interest 
rate risk is performed 
on a monthly basis, the 
hedging adjustments begin amortization 
on the month they occur 
over the expiration 
of the designated time periods on a straight 
line basis.
Furthermore, the pool of hedging instruments is managed 
dynamically and therefore when 
new derivatives are added in the pool 
of 
hedging instruments, they are included in the 
next period’s hedge assessment and consequently the change in 
fair value in the month 
of their inception affects the P&L. Similarly, 
when existing swaps are de-designated, 
either to improve expected hedge 
effectiveness 
or to be liquidated, the respective change in fair value from de-designation up to the next designation 
or liquidation date, affects the 
P&L.
(ii) Cash flow hedging
The Group applies cash flow hedging to hedge exposures to variability in cash flows primarily attributable to the interest rate risk and 
currency risk associated with a recognized asset 
or liability or a highly probable forecast transaction.
The items that qualify for cash flow hedging include recognized assets and liabilities such as variable rate deposits 
or loans measured 
at amortized cost, variable rate debt 
securities in issue and foreign currency variable rate loans. The interest 
rate risk with respect to 
the applicable benchmark rate may 
be hedged using interest 
rate swaps and cross 
currency swaps. The foreign 
currency risk may be 
hedged using currency forwards and currency 
swaps.
Furthermore, cash 
flow hedging is 
used for 
hedging highly probable 
forecast transactions 
such as the 
anticipated future 
rollover of 
short-term 
deposits 
or 
repos 
measured 
at 
amortized 
cost. 
Specifically, 
the 
forecast 
variable 
interest 
payments 
of 
a 
series 
of 
anticipated 
rollovers 
of these 
financial liabilities 
are aggregated 
and hedged 
as a 
group with 
respect to 
changes in 
the benchmark 
interest rates, eliminating cash flow variability. 
In addition, cash flow hedging applies to 
hedges of currency risk arising from probable 
forecasted sales of financial assets or 
settlement of financial liabilities in foreign currency.
If the 
hedged item 
is documented 
as a 
forecast 
transaction, the 
Group 
assesses and 
verifies that 
there is 
a high 
probability of 
the 
transaction occurring. 
In order to assess the effectiveness 
of cash flow hedges of interest 
rate risk, the Group 
uses regression analysis which demonstrates 
that there is high 
historical and expected future correlation between 
the interest rate risk designated as 
being hedged and 
the interest 
rate risk 
of the hedging 
instrument. For 
assessing the effectiveness 
of cash flow 
hedges of currency 
risk, the Group 
uses the dollar-
offset method as it is described in section (i) above. 
The effective 
portion of changes 
in the fair 
value of derivatives 
that are designated 
and qualify as cash 
flow hedges is recognized 
in 
other comprehensive income whereas the ineffective 
portion is recognized in the income statement 
under net trading income.
Amounts accumulated 
in equity 
are recycled 
to the 
income statement 
in the 
periods in which 
the hedged 
item will 
affect profit 
or 
loss (for example, when the forecast 
sale that is hedged takes place).
When a 
hedging instrument 
expires or 
is sold, 
or when 
a hedge no 
longer meets 
the criteria 
for hedge 
accounting, the 
cumulative 
gain or loss existing in equity at that time remains 
in equity until the forecast transaction 
affects the income statement.
When a forecast 
transaction is 
no longer 
expected to 
occur, 
the cumulative 
gain or 
loss that was 
reported in 
equity is immediately 
transferred to the income 
statement.
(iii) Net investment hedging
The Group 
applies net 
investment 
hedging to 
hedge exposures 
to variability 
in the 
value of 
a net 
investment 
in foreign 
operation 
associated with the translation of the investment’s 
carrying amount into the Group’s 
presentation currency. 

 
 
 
Notes to the Consolidated Financial Statements 
.
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The Group invests in foreign subsidiaries, associates or other foreign operations with functional currencies different from the Group’s 
presentation and 
functional currency which 
upon consolidation, their 
carrying amount is 
translated from 
the functional currency 
to 
the 
Group’s 
presentation 
currency 
and 
any 
exchange 
differences 
are 
deferred 
in 
OCI 
until 
the 
net 
investment 
is 
disposed 
of 
or 
liquidated, at which time they are recognized 
in the profit or loss.
The item 
that qualifies 
for 
net investment 
hedge accounting 
is the 
carrying amount 
of the 
net investment 
in a 
foreign 
operation, 
including monetary items that form part of the net 
investment. 
The 
foreign 
currency 
exposure 
that 
arises 
from 
the 
fluctuation 
in 
spot 
exchange 
rates 
between 
the 
net 
investment’s 
functional 
currency and the Group’s presentation currency may be 
hedged using currency swaps, currency 
forward contracts and their economic 
equivalents, as well as cash instruments. 
The effectiveness of net investment 
hedges is assessed with the Dollar-Offset Method 
as described above for fair value hedge.
Hedges of 
net investments 
in foreign 
operations 
are accounted 
for 
similarly to 
cash flow 
hedges. Any 
gain or 
loss on 
the hedging 
instrument relating to 
the effective portion of the 
hedge is recognized in equity; 
the gain or loss relating 
to the ineffective portion 
is 
recognized in the income statement. 
Gains and losses accumulated in equity are included in the income statement 
when the foreign 
operation is disposed of as part of the gain or loss on the disposal.
(iv) Derivatives not designated as hedging instruments for hedge accounting 
purposes
Changes 
in the 
fair 
value 
of derivative 
financial instruments 
that 
are 
entered 
into 
for 
trading purposes 
or as 
economic hedges 
of 
assets, liabilities 
or net 
positions in 
accordance with 
the Group’s 
hedging objectives 
that may 
not qualify 
for hedge 
accounting are 
recognized in the income statement. 
The fair 
values of 
derivative instruments 
held for 
trading, including 
those entered 
into as 
economic hedges, 
and hedge 
accounting 
purposes are disclosed in note 19.
2.2.4 Offsetting financial instruments
Financial 
assets 
and 
liabilities 
are 
offset 
and 
the net 
amount 
is presented 
in 
the balance 
sheet when, 
and only 
when, 
the Group 
currently 
has a 
legally enforceable 
right to 
set off 
the recognized 
amounts 
and intends 
either to 
settle them 
on a 
net basis, 
or to 
realize the asset and settle the liability simultaneously.
2.2.5 Income statement
(i) Interest income and expense
Interest income and expense are recognized in the 
income statement for all interest bearing financial instruments on an 
accrual basis, 
using 
the effective 
interest 
rate 
(EIR) 
method. The 
effective 
interest 
rate 
is the 
rate 
that 
exactly 
discounts 
estimated 
future 
cash 
payments or receipts through the 
expected life of the financial 
instrument or, when appropriate, a shorter period to 
the gross carrying 
amount of the financial asset or to the amortized 
cost of a financial liability. When 
calculating the EIR for financial instruments 
other 
than purchased or originated credit-impaired, the Group estimates future cash flows considering all contractual terms of the financial 
instrument 
but does 
not 
consider 
expected 
credit 
losses. 
For 
purchased 
or originated 
credit 
impaired 
(POCI) financial 
assets, 
the 
Group 
calculates 
the 
credit-adjusted 
EIR, 
which 
is 
the 
interest 
rate 
that 
upon 
the 
original 
recognition 
of 
the 
POCI 
financial 
asset 
discounts the estimated future cash flows 
(including expected credit losses) to the fair 
value of the POCI asset. 
The 
amortized 
cost 
of 
a 
financial asset 
or 
liability 
is 
the 
amount 
at 
which 
it 
is 
measured 
upon 
initial 
recognition 
minus 
principal 
repayments, plus 
or minus cumulative 
amortization using 
the EIR (as 
described above) 
and for 
financial assets it 
is adjusted 
for the 
expected credit loss allowance. The gross carrying amount of a 
financial asset is its amortized cost before adjusting for ECL allowance.
The EIR calculation includes fees and points paid 
or received that are an integral part 
of the effective interest rate, 
transaction costs, 
and other premiums or discounts. Transaction costs include incremental costs that are directly attributable to the acquisition or issue 
of a financial asset or liability.
The Group calculates interest 
income and expense by applying the EIR to 
the gross carrying amount of non-impaired 
financial assets 
(exposures in Stage 1 and 2) and to the amortized 
cost of financial liabilities respectively. 
For financial assets 
that have 
become credit-impaired 
subsequent to 
initial recognition (exposures 
in Stage 3), 
the Group calculates 
interest income by applying the effective interest rate to the amortized cost of the financial asset (i.e. gross carrying amount adjusted 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
for the 
expected credit 
loss allowance). 
If the 
asset is no 
longer credit-impaired, 
then the EIR 
is applied 
again to 
the gross 
carrying 
amount with the exception of POCI assets for 
which interest income does not revert 
to gross basis calculation. 
For inflation-linked 
instruments the 
Group recognizes 
interest 
income and 
expense by 
adjusting the 
effective interest 
rate on 
each 
reporting period due 
to changes in 
expected future cash 
flows, incorporating 
changes in inflation 
expectations over 
the term of the 
instruments. 
The adjusted 
effective 
interest 
rate 
is applied 
in order 
to calculate 
the new 
gross carrying 
amount on 
each reporting 
period. 
The changes to 
the basis for 
determining the 
financial instruments’ 
contractual cash 
flows, required 
in the context 
of IBOR reform, 
are accounted for as an update to 
the instruments’ EIR.
Interest income 
and expense are 
presented separately 
in the income statement 
for all interest 
bearing financial instruments 
within 
net interest income.
(ii) Fees and commissions
Fee and commission received 
or paid that are 
integral to the effective interest rate on a 
financial asset or 
financial liability are included 
in the effective interest 
rate.
Other 
fee 
and 
commission 
income 
such 
as 
account 
servicing 
and 
asset 
management 
fees 
(including 
performance 
based 
fees) 
is 
recognised 
over 
time 
as 
the 
related 
services 
are 
being 
provided 
to 
the 
customer, 
to 
the 
extent 
that 
it 
is 
highly 
probable 
that 
a 
significant reversal 
of the revenue 
amount recognized 
will not occur. 
Transaction-based 
fees such as 
foreign exchange 
transactions, 
imports-exports, remittances, 
bank charges and 
brokerage 
activities are recognised 
at the point 
in time when the 
transaction takes 
place. Other 
fee 
and 
commission 
expenses 
relate 
mainly 
to 
transaction 
and service 
fees, 
which 
are 
expensed 
as 
the 
services are 
received.
In the case of a contract 
with a customer that results 
in the recognition of a financial 
instrument in the Group’s 
financial statements 
which may 
be partially 
in the 
scope of 
IFRS 9 
and partially 
in the 
scope of 
IFRS 15, 
the Group 
first 
applies IFRS 
9 to 
separate 
and 
measure the part of the contract that is in the scope of 
IFRS 9 and subsequently applies IFRS 15 to the residual part.
2.2.6 Property, equipment and Investment 
property
(i) Property and equipment
Property 
and 
equipment 
are 
stated 
at 
cost 
less 
accumulated 
depreciation 
and 
accumulated 
impairment 
losses. 
Cost 
includes 
expenditure that 
is directly attributable 
to the acquisition 
of the asset. Subsequent 
expenditure is recognized 
in the asset's carrying 
amount only 
when it 
is probable 
that 
future economic 
benefits will 
flow to 
the Group 
and the 
cost of 
the asset 
can be 
measured 
reliably. All other repair 
and maintenance costs are recognized in 
the income statement as incurred.
Depreciation is calculated 
using the straight-line method 
to write down the cost 
of property and equipment, 
to their residual values 
over their estimated useful life as follows:
-
Land: no depreciation;
-
Freehold buildings: 40-50 years and up to 70 years 
(for specific strategic properties constructed 
or heavily renovated according 
to the best practices and guidelines of sustainable construction 
and renovation, using resilient materials 
and designs);
-
Leasehold improvements: over the lease term or 
the useful life of the asset if shorter;
-
Computer hardware and related 
integral software: 4-10 years;
-
Other furniture and equipment: 4-20 years; and
-
Motor vehicles: 5-7 years.
(ii) Investment property
Property 
held 
for 
rental 
yields and/or 
capital 
appreciation 
that 
is not 
occupied by 
the 
Group’s 
entities 
is classified 
as 
investment 
property. 
Investment property is measured initially at its cost, including related transaction costs. Under fair value model of IAS 40 
“Investment 
property” after initial 
recognition, investment 
property is carried 
at fair 
value as determined 
by independent 
certified valuers, 
with 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
any change therein 
recognized in 
income statement. 
Investment property 
under construction is 
measured at fair 
value only if it 
can 
be measured reliably. 
Subsequent expenditure is charged to the asset’s 
carrying amount only when it is probable that future economic benefits associated 
with the item will flow to the 
Group and the cost of the item can be 
measured reliably. Repairs and maintenance costs are recognized 
to the income statement during the financial 
period in which they are incurred. 
Investment property is derecognised 
when disposed or when it is permanently withdrawn 
from use and there is no future economic 
benefit expected from its disposal. Any 
arising gain or loss (calculated as the difference 
between the net proceeds from disposal and 
the carrying amount of the asset) is recognized in income 
statement.
If an 
investment 
property 
becomes 
owner-occupied, 
it is 
reclassified 
as 
property 
and equipment 
and its 
fair 
value 
at 
the date 
of 
reclassification becomes its deemed cost. If an item of property and equipment becomes an investment property because its use has 
changed, any resulting 
decrease between the 
carrying amount and the 
fair value of this 
item at the date 
of transfer 
is recognized in 
income statement 
while any resulting 
increase, to the extent 
that the increase 
reverses previous 
impairment loss for 
that property, 
is 
recognized 
in 
income 
statement 
while 
any 
remaining 
part 
of 
the 
increase 
is 
recognized 
in 
other 
comprehensive 
income 
and 
increases the revaluation surplus within equity.
If a 
repossessed asset 
becomes investment 
property, 
any difference 
between the 
fair value 
of the 
property at 
the date 
of transfer 
and its previous carrying amount is recognized 
in income statement. 
Reclassifications among own used, repossessed assets and 
investment properties may occur when there is 
a change in the 
use of such 
properties. Additionally, 
an investment property 
may be reclassified to ‘non-current 
assets held for sale’ category 
to the extent that 
the criteria described in note 2.2.25 are met.
2.2.7 Intangible assets
(i) Goodwill
Goodwill represents the excess of the aggregate of the fair value of the consideration 
transferred, the amount of any non-controlling 
interest 
and the 
acquisition date 
fair value 
of any 
previously held 
equity interest 
in the 
acquiree over 
the fair 
value of 
the Group’s 
share of net identifiable assets and contingent liabilities acquired. Goodwill 
arising on business combinations is included 
in ‘intangible 
assets’ and is measured at cost less accumulated impairment 
losses. 
Goodwill arising on acquisitions of associates and jointly controlled entities is neither disclosed nor tested separately for impairment, 
but instead is included in ‘investments 
in associates’ and ‘investments in jointly 
controlled entities’. 
(ii) Computer software
Costs 
associated 
with 
the 
maintenance 
of 
existing 
computer 
software 
programs 
are 
expensed 
as 
incurred. 
Development 
costs 
associated 
with 
the 
production 
of 
identifiable 
assets 
controlled 
by 
the 
Group 
are 
recognized 
as 
intangible 
assets 
when 
they 
are 
expected to generate economic benefits and can be measured reliably. Internally 
generated computer software assets are amortized 
using the straight-line method over 4 years, 
except for core systems 
whose useful life may extend up to 
20 years. 
(iii) Other intangible assets
Other 
intangible 
assets 
are 
assets that 
are 
separable 
or arise 
from 
contractual 
or other 
legal 
rights 
and are 
amortized 
over 
their 
estimated useful lives. These include intangible 
assets acquired in business combinations.
Intangible assets that have an indefinite 
useful life are not subject to amortization 
and are tested annually for impairment.
2.2.8 Impairment of non-financial assets
(i) Goodwill
Goodwill arising 
on business combinations 
is not amortized 
but tested 
for impairment 
annually or more 
frequently if 
there are 
any 
indications 
that 
impairment 
may 
have 
occurred. 
The 
Group’s 
impairment 
test 
is 
performed 
each 
year 
end. 
The 
Group 
considers 
external 
information 
such 
as 
prevailing 
economic 
conditions, 
persistent 
slowdown 
in 
financial 
markets, 
volatility 
in 
markets 
and 
changes in levels of market and exchange risk, an unexpected decline in an asset’s market value or market 
capitalization being below 
the book value of 
equity, together with a deterioration in internal performance indicators, in assessing 
whether there is any indication 
of impairment.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
For the purpose of impairment testing, 
goodwill acquired in a business combination 
is allocated to each Cash 
Generating Unit (CGU) 
or 
groups 
of 
CGUs that 
are 
expected 
to 
benefit 
from 
the synergies 
of 
the 
combination. 
Each 
unit 
or group 
of units 
to 
which the 
goodwill is allocated represents the lowest level within the Group at which goodwill is monitored for internal management purposes. 
The Group monitors goodwill either at the separate legal entity level or group of legal entities consistent with the internal monitoring 
of operating segments.
The Group impairment model compares the carrying 
value of a CGU or 
group of CGUs with its 
recoverable amount. The carrying value 
of a CGU 
is based on 
the assets and 
liabilities of each 
CGU. The 
recoverable 
amount is 
determined on 
the basis of 
the value-in-use 
which is the present value of the future cash flows expected to be derived from the 
CGU or group of CGUs. The estimated future cash 
flows are discounted 
to their present 
value using a pre 
-tax discount 
rate that reflects 
current market 
assessments of the time 
value 
of money and the risks specific to the asset or CGU and the countries where 
the CGUs operate.
An impairment loss arises if the carrying amount of an asset or CGU exceeds its recoverable amount, 
and is recognized in the income 
statement. 
Impairment 
losses 
are 
not 
subsequently 
reversed. 
Gains 
and 
losses 
on 
the 
disposal 
of 
an 
entity 
include 
the 
carrying 
amount of goodwill relating to the entity sold.
(ii) Other non-financial assets
Other non-financial assets, including property and equipment and other intangible assets, are assessed for indications of impairment 
at each reporting date 
by considering both external 
and internal sources of information 
such as a significant reduction 
in the asset’s 
value 
and 
evidence 
that 
the 
economic 
performance 
of 
the 
asset 
is 
or 
will 
be 
worse 
than 
expected. 
When 
events 
or 
changes 
in 
circumstances indicate 
that the carrying amount may 
not be recoverable, 
an impairment loss is recognized 
for the amount by which 
the asset’s carrying 
amount exceeds its recoverable 
amount. The recoverable 
amount is the higher of 
an asset’s fair 
value less costs 
to 
sell 
and 
value 
in 
use. 
For 
the 
purposes 
of 
assessing 
impairment, 
assets 
are 
grouped 
at 
the 
lowest 
levels 
for 
which 
there 
are 
separately 
identifiable 
cash 
flows, 
where 
applicable. 
Non-financial 
assets, 
other than 
goodwill, for 
which an 
impairment 
loss was 
recognized in prior reporting periods, are reviewed 
for possible reversal of such impairment at 
each reporting date.
Impairment losses arising from the Group’s 
associates and joint ventures are determined 
in accordance with this accounting policy.
2.2.9 Financial assets
Financial assets - Classification and measurement
The 
Group 
classifies 
financial 
assets 
based 
on 
the 
business 
model 
for 
managing 
those 
assets 
and 
their 
contractual 
cash 
flow 
characteristics. Accordingly, financial assets are classified into 
one of the 
following measurement categories: amortized cost, fair 
value 
through other comprehensive income or fair 
value through profit or loss.
Purchases and 
sales of 
financial assets 
are recognized 
on trade 
date, which 
is the 
date the 
Group commits 
to purchase 
or sell 
the 
assets. Loans originated by the Group are recognized 
when cash is advanced to the borrowers. 
Financial Assets measured at Amortized Cost (‘AC’)
The Group classifies and measures 
a financial asset at AC only 
if both of the following conditions 
are met and is not designated 
as at 
FVTPL:
(a) The 
financial asset 
is held within 
a business model 
whose objective 
is to 
collect contractual 
cash flows 
(hold-to-collect business 
model) and
(b) The 
contractual 
terms of 
the financial 
asset give 
rise on 
specified dates 
to cash 
flows that 
are solely 
payments of 
principal and 
interest on the principal amount outstanding 
(SPPI).
These financial 
assets are 
recognized initially 
at fair 
value plus 
or minus direct 
and incremental 
transaction costs 
and fees 
received 
that are attributable to the acquisition of these assets, and are subsequently measured at amortized cost, using the effective interest 
rate (EIR) method (as described in note 2.2.5 above).
Interest 
income, realized 
gains and 
losses on derecognition, 
and changes 
in expected 
credit losses 
from assets 
classified at 
AC, are 
included in the income statement.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Financial Assets measured at Fair Value through Other 
Comprehensive Income (‘FVOCI’)
The Group classifies and measures a financial asset at FVOCI only if both of the following conditions are 
met and is not designated as 
at FVTPL:
(a) The financial asset 
is held within a 
business model whose objective 
is achieved by both collecting 
contractual cash flows and selling 
financial assets (hold-to-collect-and-sell business 
model) and
(b) The contractual terms of the financial asset give rise on specified dates 
to cash flows that are SPPI. 
Financial 
assets 
that 
meet 
these 
criteria 
are 
debt 
instruments 
and 
are 
measured 
initially 
at 
fair 
value, 
plus 
or 
minus 
direct 
and 
incremental transaction costs that 
are attributable to the acquisition of these assets. 
Subsequent 
to 
initial recognition, 
FVOCI 
debt 
instruments 
are 
re-measured 
at 
fair 
value 
through 
OCI, except 
for 
interest 
income, 
related foreign exchange gains 
or losses and expected credit losses, which are recognized in the income statement. 
Cumulative gains 
and losses previously recognized in OCI are transferred from OCI to the income statement when the debt instrument is 
derecognised. 
Equity Instruments designated at FVOCI
The Group may make an irrevocable election to 
designate an equity instrument at FVOCI. 
This designation, if elected, is 
made at initial 
recognition 
and on 
an 
instrument 
by 
instrument 
basis. 
Gains and 
losses 
on these 
instruments, 
including when 
derecognized, 
are 
recorded 
in 
OCI 
and 
are 
not 
subsequently 
reclassified 
to 
the 
income 
statement. 
Dividends 
received 
are 
recorded 
in 
the 
income 
statement.
Financial Assets measured at Fair Value through Profit 
and Loss (“FVTPL”)
The 
Group 
classifies 
and 
measures 
all 
other 
financial 
assets 
that 
are 
not 
classified 
at 
AC 
or 
FVOCI, 
at 
FVTPL. 
Accordingly, 
this 
measurement category 
includes debt instruments such as loans and 
debt securities that are held within the 
hold–to-collect (HTC) or 
hold-to-collect-and-sell 
models (HTCS), 
but fail 
the SPPI 
assessment, equities 
that are 
not designated 
at FVOCI 
and financial 
assets 
held 
for 
trading. 
Derivative 
financial 
instruments 
are 
measured 
at 
FVTPL 
with 
changes 
in 
fair 
value 
recognized 
in 
the 
income 
statement, unless they are designated 
as effective hedging instruments, 
where hedge accounting requirements 
under IAS 39 apply.
Furthermore, a financial asset that meets the above conditions 
to be classified at AC or FVOCI, may be irrevocably 
designated by the 
Group at 
FVTPL at 
initial recognition, 
if doing 
so eliminates, 
or significantly 
reduces an 
accounting mismatch 
that would 
otherwise 
arise.
Financial assets measured at FVTPL are initially recorded at fair value 
and any unrealized gains or losses arising due to changes in fair 
value are included in the income statement.
Business model and contractual characteristics assessment
The business model assessment 
determines how the 
Group manages a 
group of assets 
to generate cash 
flows. That is, 
whether the 
Group's objective 
is solely 
to collect 
contractual 
cash flows 
from the 
asset, to 
realize cash 
flows from 
the sale 
of assets, 
or both to 
collect contractual cash flows and cash flows 
from the sale of assets. In addition, the business model is determined after aggregating 
the financial assets into groups (business lines) which are managed 
similarly rather than at an individual instrument’s 
level. 
The business 
model is 
determined 
by the 
Group’s 
key 
management personnel 
consistently 
with the 
operating 
model, considering 
how financial assets are managed 
in order to generate cash flows, the objectives and 
how performance of each 
portfolio is monitored 
and reported and any available information 
on past sales and on future sales’ strategy, 
where applicable. 
Accordingly, 
in making 
the above 
assessment, the 
Group 
will consider 
a number 
of factors 
including the 
risks associated 
with the 
performance of 
the business model 
and how those 
risks are evaluated 
and managed, the 
related personnel 
compensation, and the 
frequency, volume 
and reasons of past sales, as well as expectations about future 
sales activity. 
Types of business models
The Group’s business 
models fall into three categories, which 
are indicative of the key strategies 
used to generate returns.
The hold-to-collect (HTC) business model has the objective to hold the 
financial assets in order to collect contractual cash flows. Sales 
within 
this 
model 
are 
monitored 
and 
may 
be 
performed 
for 
reasons 
which 
are 
not 
inconsistent 
with 
this 
business 
model. 
More 
specifically, sales 
of financial assets due 
to credit deterioration, 
as well as sales close 
to the maturity 
are considered consistent 
with 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
the objective of 
hold-to-collect contractual 
cash flows regardless 
of value and 
frequency. 
Sales for other 
reasons may 
be consistent 
with the HTC model such as liquidity 
needs in any stress case scenario or sales 
made to manage high concentration level of credit risk. 
Such sales 
are monitored 
and assessed 
depending on 
frequency and 
value to 
conclude whether 
they are 
consistent 
with the 
HTC 
model. Debt instruments 
classified within this business 
model include bonds, due 
from banks and 
loans and advances to 
customers 
including securitized notes issued by special purpose entities established by the Group and recognized in its balance sheet, which are 
measured at amortized cost, subject to 
meeting the SPPI assessment criteria.
The 
hold-to-collect-and-sell 
business 
model 
(HTC&S) 
has 
the 
objective 
both 
to 
collect 
contractual 
cash 
flows 
and 
sell 
the 
assets. 
Activities such as liquidity management, interest 
yield and duration are consistent with this 
business model, while sales of assets are 
integral to achieving the objectives of this business model. Debt instruments classified within this business model include investment 
securities which are measured at FVOCI, subject to meeting the SPPI assessment 
criteria.
Other business models 
include financial assets 
which are managed 
and evaluated 
on a fair 
value basis as 
well as portfolios 
that are 
held for trading. This is a residual category for financial assets not meeting the criteria of the business models of 
HTC or HTC&S, while 
the collection of contractual cash flows may 
be incidental to achieving the business models’ objective.
The Group’s 
business models 
are 
reassessed 
at 
least 
annually or 
earlier, 
if there 
is a 
sales’ assessment 
trigger or 
if there 
are 
any 
changes in the Bank’s strategy 
and main activities, as evidenced by the Bank’s 
business plan, budget and NPE strategy. 
Cash flow characteristics assessment
For a financial 
instrument to be 
measured at AC 
or FVOCI, its 
contractual terms 
must give rise 
on specified dates 
to cash flows 
that 
are solely payments of principal and interest 
(SPPI) on the principal amount outstanding. 
In assessing whether 
the contractual 
cash flows 
are SPPI, 
the Group will 
consider whether 
the contractual 
terms of 
the instrument 
are consistent with a basic lending 
arrangement i.e. interest includes only consideration for the time 
value of money, credit risk, other 
basic lending 
risks 
and a 
profit margin. 
On the 
initial recognition 
of a 
financial asset, 
an assessment 
is performed 
of whether 
the 
financial asset contains 
a contractual 
term that could 
change the amount 
or timing of 
contractual cash 
flows in a 
way that 
it would 
not be consistent with the above condition. Where the contractual terms introduce exposure to risk or volatility that are inconsistent 
with a basic lending 
arrangement, the related 
financial asset is considered 
to have failed 
the SPPI assessment and 
will be measured 
at FVTPL.
For the purpose of the SPPI assessment, the Group considers the existence of various features, including among others, contractually 
linked terms, prepayment terms, deferred interest 
-free payments, extension and equity conversion options and terms that introduce 
leverage 
including 
index 
linked 
payments, 
features 
that 
change 
contractual 
cash 
flows 
based 
on 
the 
borrower 
meeting 
certain 
contractually 
specified environmental, 
social 
and governance 
(ESG) 
targets. 
Moreover, 
for 
the securitized 
notes 
issued 
by special 
purpose entities and held by 
the Group, the cash 
flow characteristics of the 
notes and the underlying pool 
of financial assets as well 
as the credit risk inherent in each securitization’s 
tranche compared to the credit risk 
of all of the underlying pool of financial assets, 
are considered.
In case of 
special lending arrangements such 
as non-recourse loans, 
in its assessment 
of the SPPI 
criterion, the Group considers 
various 
factors 
such 
as 
the 
nature 
of 
the 
borrower 
and 
its 
business, 
the 
pricing 
of 
the 
loans, 
whether 
it 
participates 
in 
the 
economic 
performance of the 
underlying asset and 
the extent to 
which the collateral 
represents all 
or a substantial 
portion of the borrower’s 
assets. Moreover, 
for non-recourse 
loans, the Group 
takes into 
consideration the 
borrower’s adequacy 
of loss absorbing 
capital by 
assessing jointly the criteria of equity 
sufficiency, Loan to 
Value ratio (LTV), 
the Average Debt Service Coverage 
ratio (ADSCR) as well 
as the existence of corporate 
and personal guarantees. 
In certain cases when 
the time value of 
money element is modified 
in that the financial 
asset’s interest 
rate is periodically 
reset but 
the reset frequency 
does not match 
the tenor of 
the interest 
rate or when 
a financial asset’s 
interest rate 
is periodically reset 
to an 
average of particular short-term and long-term 
interest rates, a quantitative assessment is 
performed (the “Benchmark Test”) in order 
to determine whether the contractual cash 
flows are SPPI.
In particular, 
the Group 
assesses the contractual 
cash flows 
of the “real 
instrument”, 
whose interest 
rate is 
reset with 
a frequency 
that does not match 
the tenor of the 
interest rate, and those of the 
“benchmark instrument”, which are identical in all 
respects except 
that the tenor of the 
interest rate 
matches exactly the 
interest period. 
If the undiscounted cash 
flows of the former 
are significantly 
different 
from the 
benchmark cash 
flows due 
to the 
modified time value 
of money 
element, the 
financial asset 
does not 
meet the 
SPPI criterion. In its assessment, the Group considers 
both the effect of the modified time value of money element 
in each reporting 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
period 
and 
cumulatively 
over 
the 
life 
of 
the 
instrument. 
This 
is 
done, 
as 
far 
as 
the 
lifetime 
of 
the 
instrument 
is 
concerned, 
by 
comparing 
the 
cumulative 
projected 
undiscounted 
cash 
flows 
of 
the 
real 
and the 
benchmark 
instrument, 
and 
for 
each 
quarterly 
reporting period, 
by comparing 
the projected 
undiscounted 
cash flows 
of the 
two instruments 
for that 
quarterly reporting 
period, 
based on predefined thresholds.
In addition, for the 
purposes of the SPPI 
assessment, if a contractual feature could have an 
effect that is de-minimis on 
the contractual 
cash flows of the financial 
asset, it does not affect 
its classification. Moreover, 
a contractual feature 
is considered as not 
genuine by 
the 
Group, 
if it 
affects 
the 
instrument’s 
contractual 
cash 
flows 
only 
on 
the 
occurrence 
of 
an 
event 
that 
is extremely 
rare, 
highly 
abnormal and very unlikely to occur. 
In such a case, it does not affect the instrument’s 
classification.
The Group performs the SPPI assessment for its 
lending exposures on a product basis for the 
retail and part of the wholesale portfolio 
where contracts are of standardized form, whereas for the remaining wholesale portfolio, securitized notes issued by special purpose 
entities, 
either established by the Group or third parties, and held by the Group, 
and debt securities the assessment is performed on 
an individual basis. 
Derecognition of financial assets
The 
Group 
derecognizes 
a 
financial 
asset 
when 
its 
contractual 
cash 
flows 
expire, 
or 
the 
rights 
to 
receive 
those 
cash 
flows 
are 
transferred in an outright sale in which substantially all risks and rewards of ownership 
have been transferred. In addition, a financial 
asset is derecognized 
even if rights 
to receive cash 
flows are retained 
but at the same 
time the Group 
assumes an obligation 
to pay 
the received cash flows without a material delay (pass through agreement) or when substantially all 
the risks and rewards are neither 
transferred 
nor retained 
but the Group 
has transferred 
control of 
the asset. Control 
is transferred 
if, and 
only if, 
the transferee 
has 
the practical ability to sell 
the asset in its entirety to 
unrelated third party and is able to 
exercise that ability unilaterally 
and without 
imposing additional restrictions on the transfer.
The main transactions that are subject to the above de-recognition 
rules are securitization transactions, repurchase 
agreements and 
stock lending 
transactions. In 
the case of 
securitization transactions, 
in order 
to assess the 
application of 
the above 
mentioned de-
recognition 
principles, 
the 
Group 
considers 
the 
structure 
of 
each 
securitization 
transaction 
including 
its 
exposure 
to 
the 
more 
subordinated 
tranches 
of 
the 
notes 
issued 
and/or 
credit 
enhancements 
provided 
to 
the 
special 
purpose 
entities, 
as 
well 
as 
the 
securitization’s contractual 
terms that may indicate that the Group retains control of the underlying assets. In the case of repurchase 
transactions and stock lending, the assets transferred 
are not derecognised since the terms of the transaction 
entail the retention of 
all their risks and rewards. 
On derecognition of 
a financial asset, 
the difference 
between the carrying 
amount of the 
asset and the sum 
of (i) the consideration 
received 
(including 
any 
new 
asset 
obtained 
less 
any 
new 
liability 
assumed) 
and 
(ii) 
any 
cumulative 
gain 
or 
loss 
that 
had 
been 
recognized 
in OCI 
for 
financial assets 
at FVOCI, 
is recognized 
in income 
statement, 
except 
for 
cumulative 
gains or 
losses of 
FVOCI 
equity instruments which are not reclassified from OCI to 
income statement at the date 
of derecognition.
Modification of financial assets that may result in derecognition
In addition, 
derecognition of 
financial asset 
arises when 
its contractual 
cash flows 
are modified 
and the 
modification is 
considered 
substantial enough so that the original asset is derecognized and a new one is recognised. The Group 
records the modified asset as a 
‘new’ financial asset at fair value plus any eligible transaction costs and the difference with the carrying amount of the existing one is 
recorded in the income statement 
as derecognition gain or loss. 
The Group may 
modify the contractual 
terms of a lending exposure 
either as a concession granted 
to a client facing 
or that is about 
to 
face 
financial 
difficulties 
or 
due 
to 
other 
commercial 
reasons 
such 
as 
changes 
in 
market 
conditions, 
competition 
or 
customer 
retention. 
Modifications that may result in derecognition 
include:
●
change in borrower, 
●
change in the currency that the lending exposure is denominated,
●
debt consolidation features 
where two or more consumer 
unsecured lending contracts 
are consolidated into a 
single new secured 
lending agreement,

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
●
the removal or addition 
of conversion features 
and/or profit sharing mechanisms 
and similar terms which 
are relevant to 
the SPPI 
assessment.
In addition, 
the Group 
may occasionally 
enter, 
in the 
context 
of loans’ 
modifications, into 
debt-for-equity 
transactions. 
These are 
transactions where the terms of a lending exposure 
are renegotiated and as a result, 
the borrower issues equity instruments (voting 
or no 
voting) in 
order to 
extinguish part 
or all 
of its 
financial liability 
to the 
Group. Such 
transactions 
may include 
also exercise 
of 
conversion rights embedded into 
convertible or exchangeable bonds 
and enforcement of shares held as collateral.
In debt-for-equity transactions, the 
modified loan is derecognized while the 
equity instruments received in 
exchange are recognized 
at their fair value, with any resulting gain 
or loss recognized in the Group’s 
income statement.
2.2.10 Reclassifications of financial assets
The Group reclassifies a financial 
asset only when it changes its business 
model for managing financial assets. Generally, 
a change in 
the business model is expected to be rare and occurs when the Group either begins or ceases to perform an activity that is significant 
to its operations; for 
example, when a business 
line is acquired, disposed of or 
terminated. In the rare 
event when there is 
a change 
to the existing business 
models, the updated assessment 
is approved by the Group’s 
competent Committees and 
the amendment is 
reflected appropriately in the Group’s 
budget and business plan. 
Changes 
in intention 
related 
to particular 
financial assets 
(even in 
circumstances 
of significant 
changes in 
market 
conditions), the 
temporary disappearance of 
a particular market for 
financial assets or a transfer 
of financial assets between parts of the 
Group with 
different business models, are not 
considered by the Group changes in business model.
The reclassification 
is applied 
prospectively 
from the 
reclassification 
date, 
therefore 
previously 
recognized 
gains, 
losses (including 
impairment losses) or interest are not restated.
2.2.11 Financial liabilities
Financial liabilities - Classification and measurement
The Group 
classifies its 
financial liabilities 
in the 
following 
categories: financial 
liabilities measured 
at amortized 
cost and 
financial 
liabilities measured at fair-value-through 
-profit-or-loss (FVTPL). 
Financial liabilities at 
fair-value-through-profit-or-loss 
comprise two sub 
categories: financial liabilities 
held for trading 
and financial 
liabilities designated at fair-value-through 
-profit-or-loss upon initial recognition.
Financial liabilities 
held for 
trading, which 
include short positions 
of debt 
securities (sold but 
not yet 
purchased), are 
liabilities that 
the Group 
incurs principally 
for 
the purpose 
of repurchasing 
in the 
near term 
for 
short term 
profit 
or in 
the context 
of economic 
hedging strategies of groups of assets 
and/or liabilities or net positions for which hedge accounting 
is not applied. 
The Group 
may, 
at initial 
recognition, 
irrevocably 
designate financial 
liabilities at 
fair-value-through-profit-or-loss 
when one 
of the 
following criteria is met:
●
the designation eliminates or significantly 
reduces an accounting mismatch 
which would otherwise arise from measuring assets 
or 
liabilities or recognising the gains and losses on them on different 
bases; or
●
a group of financial liabilities 
or financial assets and financial liabilities 
is managed and its performance 
is evaluated on 
a fair value 
basis in accordance with a documented risk management or 
investment strategy; or
●
the financial liability contains one or more embedded derivatives as components of a 
hybrid contract which significantly modify the 
cash flows that otherwise would be required by the 
contract.
Financial liabilities held for trading or designated at FVTPL are initially recognized at fair value. Changes in fair value are recognized 
in 
the income statement, 
except for 
changes in fair 
value attributable 
to changes in 
the Group’s 
own credit risk, 
which are recognised 
in OCI and are 
not subsequently reclassified to the 
income statement upon derecognition of the liabilities. 
However, if such treatment 
creates or enlarges an accounting mismatch in the income statement, 
all gains or losses of this financial liability, including the effects 
of changes in the credit risk, are recognized in 
the income statement.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Derecognition of financial liabilities
A 
financial 
liability 
is 
derecognized 
when 
the 
obligation 
under 
the 
liability 
is 
discharged, 
cancelled 
or 
expires. 
When 
an 
existing 
financial liability of the Group is replaced by another from the same counterparty on substantially different 
terms, or the terms of an 
existing liability are 
substantially modified, 
such an exchange 
or modification is 
treated as 
an extinguishment of 
the original liability 
and the recognition of a new liability and any difference 
arising is recognized in the income statement.
The Group considers 
the terms to be 
substantially different, 
if the discounted present 
value of the cash 
flows under the new 
terms, 
including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from 
the discounted present value of the remaining 
cash flows of the original financial liability.
If an 
exchange 
of debt 
instruments 
or modification 
of terms 
is accounted 
for as 
an extinguishment, 
any costs 
or fees 
incurred are 
recognized as part of 
the gain or 
loss on 
the extinguishment. If 
the exchange or modification 
is not 
accounted for as an 
extinguishment, 
any 
costs 
or fees 
incurred 
adjust the 
carrying amount 
of the 
liability and 
are amortized 
over the 
remaining 
term 
of the 
modified 
liability.
Similarly, 
when 
the 
Group 
repurchases 
any 
debt 
instruments 
issued 
by 
the 
Group, 
it 
accounts 
for 
such 
transactions 
as 
an 
extinguishment of debt.
2.2.12 Fair value measurement of financial instruments
Fair 
value 
of 
financial 
instruments 
is the 
price 
that 
would 
be received 
to 
sell 
an 
asset 
or paid 
to 
transfer 
a liability 
in 
an 
orderly 
transaction between market participants at the measurement date under 
current market conditions in the principal 
or, in its absence, 
the most advantageous 
market to 
which the Group 
has access at 
that date. 
The fair value 
of a liability 
reflects its non-performance 
risk.
When available, the 
Group measures the fair 
value of an instrument 
using the quoted price 
in an active market 
for that instrument. 
A market 
is regarded 
as active 
if transactions 
for 
the asset 
or liability 
take 
place with 
sufficient 
frequency and 
volume to 
provide 
pricing 
information 
on 
an 
ongoing 
basis. 
If 
there 
is 
no 
quoted 
price 
in 
an 
active 
market, 
then 
the 
Group 
uses 
other 
valuation 
techniques that maximize 
the use of relevant 
observable inputs and minimize 
the use of unobservable 
inputs. The chosen valuation 
technique incorporates all of the factors 
that market participants would take 
into account in pricing a transaction.
The Group has elected to use mid-market pricing as 
a practical expedient for fair 
value measurements within a bid-ask spread.
The best evidence 
of the fair value 
of a financial instrument 
at initial recognition 
is normally the transaction 
price, i.e. the fair 
value 
of the consideration given 
or received unless 
the Group determines 
that the fair 
value at initial 
recognition differs from the transaction 
price. In this case, 
if the fair value is evidenced 
by a quoted price in 
an active market for an identical asset 
or liability (i.e. Level 1 
input) 
or based on 
a valuation 
technique that 
uses only data 
from observable 
markets, a 
day one 
gain or 
loss is recognized 
in the 
income 
statement. 
On the 
other hand, 
if the 
fair value 
is evidenced 
by a 
valuation 
technique that 
uses unobservable 
inputs, the 
financial 
instrument 
is initially 
measured at 
fair value, 
adjusted to 
defer the 
difference 
between the 
fair value 
at initial 
recognition and 
the 
transaction price (day 
one gain or 
loss). Subsequently the 
deferred gain 
or loss is amortized 
on an appropriate 
basis over the 
life of 
the instrument or released 
earlier if a quoted 
price in an active market 
or observable market 
data become available 
or the financial 
instrument is closed out.
All assets and liabilities for 
which fair value is measured 
or disclosed in the financial statements 
are categorized 
within the fair value 
hierarchy based on the lowest level 
input that is significant to the fair value 
measurement as a whole.
For assets and 
liabilities that are 
measured at fair 
value on a 
recurring basis, the 
Group recognizes 
transfers 
into and out 
of the fair 
value hierarchy levels at 
the beginning of the quarter in which a financial instrument's transfer 
was effected.
2.2.13 Impairment of financial assets
The 
Group 
recognizes 
allowance 
for 
expected 
credit 
losses 
(ECL) 
that 
reflect 
changes 
in 
credit 
quality 
since initial 
recognition 
to 
financial assets that 
are measured at 
AC and FVOCI, including 
loans, securitized notes 
issued by special purpose 
entities established 
by the 
Group, 
lease receivables, 
debt 
securities, financial 
guarantee 
contracts, 
and loan 
commitments. 
No ECL 
are 
recognized 
on 
equity investments. 
ECL are 
a probability 
-weighted 
average 
estimate 
of credit 
losses that 
reflects the 
time value 
of money. 
Upon 
initial recognition 
of the 
financial instruments 
in scope 
of the 
impairment policy, 
the Group 
records 
a loss 
allowance equal 
to 12-
month ECL, 
being the ECL 
that result 
from default 
events that 
are possible 
within the next 
twelve months. 
Subsequently, 
for those 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
financial instruments that have 
experienced a significant increase 
in credit risk (SICR) since initial recognition, 
a loss allowance equal 
to lifetime 
ECL is 
recognized, 
arising from 
default 
events that 
are possible 
over the 
expected life 
of the 
instrument. 
If upon 
initial 
recognition, the financial asset meets the definition of purchased or originated credit impaired (POCI), the loss allowance is based on 
the change in the ECL over the life of the asset.
Loss allowances for 
trade receivables 
are always 
measured at an 
amount equal to 
lifetime ECL. For 
all other financial assets 
subject 
to impairment, the general three-stage 
approach applies.
Accordingly, 
ECL are recognized using a three-stage 
approach based on the extent of credit deterioration 
since origination:
•
Stage 1 – When 
there is no 
significant increase in 
credit risk since initial 
recognition of a 
financial instrument, an amount 
equal 
to 12-month ECL is recorded. 
The 12 – month ECL represent 
a portion of lifetime losses, that result from 
default events that are 
possible 
within the 
next 
12 months 
after 
the reporting 
date 
and 
is equal 
to 
the 
expected 
cash 
shortfalls 
over 
the 
life 
of 
the 
instrument or group of instruments, due to loss events probable within the next 12 months. 
Not credit-impaired financial assets 
that are either newly originated or purchased, as well as assets recognized following 
a substantial modification accounted for as 
a derecognition, are classified initially in Stage 1. 
•
Stage 2 – 
When a financial 
instrument experiences a 
SICR subsequent to 
origination but is 
not considered to 
be in default, 
it is 
included 
in 
Stage 
2. 
Lifetime 
ECL 
represent 
the 
expected 
credit 
losses 
that 
result 
from 
all 
possible 
default 
events 
over 
the 
expected life of the financial instrument. 
•
Stage 3 – Financial 
instruments that 
are considered to 
be in default 
are included in this 
stage. Similar to 
Stage 2, the allowance 
for credit losses captures the lifetime expected 
credit losses. 
•
POCI - Purchased 
or originated 
credit impaired 
(POCI) assets are 
financial assets that 
are credit impaired 
on initial recognition. 
They are 
not subject 
to stage 
allocation and 
are always 
measured on 
the basis 
of lifetime 
expected credit 
losses. Accordingly, 
ECL 
are 
only 
recognized 
to 
the 
extent 
that 
there 
is 
a 
subsequent 
change 
in 
the 
assets’ 
lifetime 
expected 
credit 
losses. 
Any 
subsequent favorable change to 
their expected cash flows is recognized as impairment gain 
in the income statement even if the 
resulting expected 
cash flows 
exceed the 
estimated cash 
flows at 
initial recognition. 
Apart from 
purchased assets, 
POCI assets 
may also 
include financial instruments 
that are 
considered new 
assets, following 
a substantial 
modification accounted 
for as 
a 
derecognition (see section 2.2.9). 
Definition of default
To determine the risk of default, the 
Group applies a 
default definition for accounting purposes, which 
is consistent with the 
European 
Banking Authority 
(EBA) definition 
for non-performing 
exposure 
and regulatory 
definition of 
default 
as applied 
by the 
Group on 
1 
January 2021 (refer 
to note 
5.2.1.2 (a)). The 
accounting definition 
of default 
is also consistent 
with the 
one used for 
internal credit 
risk management purposes. 
A financial asset 
is credit-impaired 
when one or 
more events 
that have 
a detrimental 
impact on the 
estimated future 
cash flows 
of 
that exposure have occurred: 
•
The borrower faces a significant difficulty 
in meeting his financial obligations. 
•
There has been a breach of contract, such as a default or unpaid amounts, above specified materiality thresholds, for 
more than 
90 consecutive days. 
•
The Group, 
for 
economic or 
contractual 
reasons 
relating 
to the 
borrower’s 
financial difficulty, 
has granted 
to the 
borrower 
a 
concession(s) that the Group would not otherwise consider. 
•
There is a probability that the borrower 
will enter bankruptcy or other financial re-organization. 
•
For 
POCI 
financial 
assets, 
a 
purchase 
or 
origination 
at 
a 
deep 
discount 
that 
reflects 
incurred 
credit 
losses 
is 
considered 
a 
detrimental 
event. 
The 
Group 
assesses 
the 
deep 
discount 
criterion 
following 
a 
principle 
-based 
approach 
with 
the 
aim 
to 
incorporate all reasonable and supportable 
information which reflects market conditions that 
exist at the 
time of the 
assessment. 
For debt securities, the Group determines the risk of default using an internal credit rating scale. The Group considers debt securities 
as credit impaired if the internal rating of the issuer/counterparty 
corresponds to a rating equivalent to "C" (Moody's rating 
scale) or 
the external rating of the issuer/counterparty at 
the reporting date is equivalent to “C” (Moody’s rating scale) and the internal rating 
is not available.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Significant increase in credit risk (SICR) and staging allocation
Determining whether a loss 
allowance should be based 
on 12-month expected credit losses 
or lifetime expected credit losses 
depends 
on whether 
there has been 
a significant 
increase in credit 
risk (SICR) of 
the financial assets, 
issued loan commitments 
and financial 
guarantee contracts, 
since initial recognition. 
At each reporting date, the Group performs an assessment 
as to whether the risk of a default occurring over the remaining expected 
lifetime of the exposure has increased significantly from the expected 
risk of a default estimated at origination for 
that point in time. 
The 
assessment 
for 
SICR 
is 
performed 
using 
both 
qualitative 
and 
quantitative 
criteria 
based 
on 
reasonable 
and 
supportable 
information 
that is 
available 
without undue 
cost or 
effort 
including forward 
looking information 
and macroeconomic 
scenarios as 
well as 
historical 
experience. Furthermore, 
regardless 
of the 
outcome 
of the 
SICR assessment 
based on 
the above 
indicators, 
the 
credit risk of a financial asset is deemed to have increased 
significantly when contractual payments 
are more than 30 days past due.
As a primary criterion 
for SICR assessment, the Group compares 
the residual lifetime probability of default (PD) at 
each reporting date 
to the residual lifetime PD for the same point 
in time which was expected at the origination.
The Group may also consider as a SICR indicator when the residual lifetime PD at each reporting date exceeds certain 
predetermined 
values. The criterion may be applied in order to 
capture cases where the relative 
PD comparison does not result to the identification 
of SICR although the absolute value of PD is at levels which 
are considered high based on the Group’s 
risk appetite framework.
For 
a 
financial 
asset's 
risk, 
a 
threshold 
may 
be 
applied, 
normally 
reflected 
through 
the 
asset's 
forecasted 
PD, 
below 
which 
it 
is 
considered that no significant increase in credit risk compared 
to the asset's expected PD at origination date has taken 
place. In such 
a case the asset is classified at Stage 1 irrespectively of whether other 
criteria would trigger its classification at Stage 2. This criterion 
primarily applies to debt securities.
Internal credit risk rating 
(on a borrower basis) is also used 
as a basis for the identification 
of SICR with regards to 
lending exposures 
of the 
Wholesale portfolio. 
Specifically, 
the Group 
takes 
into consideration 
the changes 
of internal 
ratings 
by a 
certain number 
of 
notches. In 
addition, a watchlist 
status is 
also considered 
by the Group 
as a trigger 
for SICR 
identification. Internal 
credit risk rating 
models include borrower specific 
information as well as, forward-looking information regarding the prospects 
of the industry in 
which 
it operates. 
For securitized 
notes issued by 
special purpose entities 
established by 
the Group, the 
SICR assessment is 
performed by 
considering 
the performance 
of the 
underlying assets, 
where the 
level of 
their expected 
cash flows 
is compared 
to the 
carrying amount 
of the 
securitized notes. In addition, the assessment of SICR 
for debt securities is performed on an 
individual basis based on the number of 
notches downgrade in the internal credit 
rating scale since the origination date.
Forbearance measures as monitored by the Group are considered as a SICR indicator and thus the exposures 
are allocated into Stage 
2 upon 
forbearance, 
unless they 
are 
considered 
credit-impaired 
or the 
net present 
value of 
their cash 
flows before 
and after 
the 
restructuring exceed the threshold of 1%, in which cases they are classified as 
stage 3. Furthermore, regardless of the outcome of the 
SICR assessment 
based on 
the above 
indicators, 
the credit 
risk of 
a financial 
asset is 
deemed to 
have increased 
significantly when 
contractual payments are 
more than 30 days past due.
Furthermore, 
Management 
may 
apply 
temporary 
collective 
adjustments 
when 
determining 
whether 
credit 
risk 
has 
increased 
significantly since initial 
recognition on exposures 
that share the same 
credit risk characteristics 
to reflect macro 
-economic or other 
factors which are 
not adequately addressed by the 
current credit risk models. These factors 
may depend on information 
such as the 
type of the 
exposure, counterparty’s 
specific information 
and the characteristics 
of the financial 
instrument, while their 
application 
requires the application of significant judgment.
Transfers from Stage 
2 to Stage 1
A financial asset, 
which is classified to 
Stage 2 due 
to Significant 
Increase in Credit 
Risk (SICR), is reclassified 
to Stage 1, 
as long as 
it 
does not meet anymore any of the Stage 2 Criteria. 
Where forbearance measures have been applied, the Group uses a probation period of two years, 
in order to fulfill the requirements 
for 
a transfer 
back to 
Stage 
1. If 
at 
the end 
of that 
period 
the borrowers 
have 
made regular 
payments 
of 
a significant 
aggregate 
amount, there are 
no past due amounts 
over 30 days and 
the loans are neither credit 
impaired, nor any other 
SICR criteria are met, 
they exit forborne status and are 
classified as stage 1. 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Transfers from Stage 
3 to Stage 2
A financial 
asset is 
transferred 
from Stage 
3 to 
Stage 2, 
when the 
criteria based 
on which 
the financial 
asset was 
characterized 
as 
credit impaired 
are no 
longer valid 
and the 
applicable probation 
period for 
the assets’ 
return in 
non impaired 
status, ranging 
from 
three to twelve months, has passed. 
Criteria for grouping of exposures based on shared credit risk characteristics
The assessment 
of loss allowance 
is performed 
either on an 
individual basis or 
on a collective 
basis for 
groups of similar 
items with 
homogeneous 
credit 
risk 
characteristics. 
The 
Group 
applies 
the 
same 
principles 
for 
assessing 
SICR 
since 
initial 
recognition 
when 
estimating ECL on a collective or on an individual basis.
The 
Group 
segments 
its 
lending 
exposures 
on 
the 
basis 
of 
shared 
credit 
risk 
characteristics 
for 
the 
purposes 
of 
both 
assessing 
significant 
increase 
in 
credit 
risk 
and 
measuring 
loan 
loss 
allowance 
on 
a collective 
basis. 
The 
different 
segments 
aim to 
capture 
differences in PDs and in the rates 
of recovery in the event of default.
The 
shared 
credit 
risk 
characteristics 
used 
for 
the segmentation 
of 
exposures 
include 
several 
elements 
such 
as: instrument 
type, 
portfolio 
type, 
asset 
class, 
product 
type, 
industry, 
originating 
entity, 
credit 
risk 
rating, 
remaining 
term 
to 
maturity, 
geographical 
location of the borrower, 
value of collateral to the financial asset, forbearance 
status and days in arrears.
The Group 
identifies individually 
significant exposures 
and performs 
the ECL measurement 
based on borrower 
specific information 
for both 
retail and 
wholesale portfolios. 
This measurement 
is performed 
at a 
borrower level, 
hence the 
criteria are 
defined at 
this 
level, while both qualitative and quantitative 
factors are taken 
into consideration including forward 
looking information.
For 
the 
remaining 
retail 
and 
wholesale 
exposures, 
ECL 
are 
measured 
on 
a 
collective 
basis. 
This 
incorporates 
borrower 
specific 
information, 
collective 
historical 
experience 
of 
losses 
and 
forward-looking 
information. 
For 
debt 
securities 
and 
securitized 
notes 
issued by 
special purpose 
entities established 
by the 
Group, the 
measurement of 
impairment losses 
is performed 
on an 
individual 
basis. 
Measurement of Expected Credit Losses
The measurement of ECL is an unbiased probability-weighted average estimate of credit losses that reflects the time value of money, 
determined by 
evaluating a 
range of 
possible outcomes. 
A credit 
loss is 
the difference 
between the 
cash flows 
that are 
due to 
the 
Group in 
accordance with 
the contractual 
terms of 
the instrument 
and the 
cash flows 
that the 
Group 
expects to 
receive (i.e. 
cash 
shortfalls) 
discounted 
at 
the 
original 
effective 
interest 
rate 
(EIR) 
of 
the 
same 
instrument, 
or 
the 
credit-adjusted 
EIR 
in 
case 
of 
purchased 
or 
originated 
credit 
impaired 
assets 
(POCI). 
In 
measuring 
ECL, 
information 
about 
past 
events, 
current 
conditions 
and 
reasonable 
and 
supportable 
forecasts 
of 
future 
conditions 
are 
considered. 
For 
undrawn 
commitments, 
ECL 
are 
calculated 
as 
the 
present value of 
the difference between 
the contractual 
cash flows due if 
the commitment was 
drawn and the 
cash flows expected 
to be received, while for financial guarantees ECL are measured 
as the expected payments to reimburse the holder less any amounts 
that the Group expects to receive.
The Group 
estimates expected 
cash shortfalls, 
which reflect 
the cash 
flows expected 
from all 
possible sources, 
including collateral, 
guarantees 
and other 
credit enhancements 
that are 
part of 
the contractual 
terms and 
are not 
recognized 
separately. 
In case 
of a 
collateralized financial instrument, 
the estimated expected cash flows related 
to the collateral reflect the amount 
and timing of cash 
flows 
that 
are 
expected 
from 
liquidation 
less the 
discounted 
costs 
of obtaining 
and selling 
the collateral, 
irrespective 
of 
whether 
liquidation is probable.
ECL are calculated 
over the maximum contractual 
period over which the 
Group is exposed 
to credit risk, 
which is determined based 
on the 
substantive 
terms of 
the instrument, 
or in 
case of 
revolving credit 
facilities, by 
taking into 
consideration factors 
such as 
the 
Group’s expected 
credit risk management actions to mitigate 
credit risk and past practice.
Receivables from customers arising from the Group’s activities other than lending, are presented under Other 
Assets and are typically 
short term. Therefore, considering that usually 
there is no 
significant financing component, the 
loss allowance for such 
financial assets 
is measured at an amount equal to the lifetime expected 
credit losses under the simplified approach. 
ECL Key Inputs
The ECL calculations are based on the term structures 
of the probability of default (PD), the loss given default 
(LGD), the exposure at 
default (EAD) and 
other input parameters 
such as the credit conversion 
factor (CCF) and the 
prepayment rate. 
Generally, 
the Group 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
derives these parameters from internally 
developed statistical models and observed point 
-in-time and historical data, leveraging the 
existing infrastructure development 
for the regulatory framework 
and risk management practices.
The 
PD, 
LGD 
and 
EAD 
used 
for 
accounting 
purposes 
may 
differ 
from 
those 
used 
for 
regulatory 
purposes. 
For 
the 
purposes 
of 
impairment measurement, 
PD is 
a point-in-time 
estimate whereas 
for regulatory 
purposes PD 
is a 
‘through-the-cycle’ estimate. 
In 
addition, LGD and 
EAD for regulatory 
purposes are based 
on loss severity experienced 
during economic downturn 
conditions, while 
for impairment purposes, LGD and EAD 
reflect unbiased and probability-weighted estimates.
The PD 
represents the 
likelihood of 
default assessed 
on the 
prevailing economic 
conditions at 
the reporting 
date, adjusted 
to take 
into account estimates of future economic 
conditions that are likely to impact the 
risk of default, over a given time horizon.
The Group uses Point in Time (PiT) PDs in order to remove any bias towards historical data thus aiming to reflect management’s 
view 
of the future as at the reporting date, incorporating 
relevant forward looking 
information including macroeconomic scenarios. 
Two types of PD are used for 
calculating ECL:
•
12-month PD, which is the estimated probability of default occurring within the 
next 12 months (or over the remaining life of 
the 
financial asset if this is less than 12 months). It is used to calculate 12-month ECL 
for Stage 1 exposures. 
•
Lifetime PD, 
which is the 
estimated probability 
of a default 
occurring over the 
remaining life 
of the financial 
asset. It is 
used to 
calculate lifetime ECL for Stage 
2, Stage 3 and POCI exposures. 
For debt securities, 
PDs are obtained 
by an international 
rating agency using 
risk methodologies that 
maximize the use 
of objective 
non-judgmental variables and market data. The Group assigns internal credit ratings to each issuer/counterparty based on these PDs. 
In case of counterparties for which no information 
is available, the Group assigns PDs which are derived from 
internal models. 
The Exposure 
at default 
(EAD) is an 
estimate of 
the exposure 
at a 
future default 
date, taking 
into account 
expected changes 
in the 
exposure after 
the reporting date, 
including repayments 
of principal and 
interest and expected 
drawdowns on 
committed facilities. 
The EAD includes both on and off balance sheet exposures. The on balance sheet exposure corresponds 
to the total amount that has 
been withdrawn and is due to be paid, which includes the outstanding 
principal, accrued interest and any past 
due amounts. The off 
balance sheet exposure represents the credit 
that is available to be withdrawn, 
in excess of the on balance sheet exposure.
Furthermore, the CCF factor is used to 
convert the amount of a credit facility and 
other off-balance sheet amounts to an 
EAD amount. 
It is a modelled assumption 
which represents a proportion 
of any undrawn 
exposure that is expected 
to be drawn 
prior to a default 
event occurring. 
In 
addition, 
the 
prepayment 
rate 
is 
an 
estimate 
of 
early 
prepayments 
on 
loan 
exposure 
in 
excess 
of 
the 
contractual 
repayment 
according to the repayment schedule and is expressed as a percentage applied to the EAD at each period, reducing the latter amount 
accordingly.
LGD represents the Group's expectation of the extent of loss on a 
defaulted exposure and it is the difference between the contractual 
cash flows due and 
those that the Group 
expects to receive including 
any amounts from 
collateral liquidation. 
LGD varies by type 
of 
counterparty, 
type and seniority of claim, availability of collateral or other credit support, and is usually expressed as a percentage of 
EAD. The Group distinguishes 
its loan portfolios into two 
broad categories i.e. secured 
and unsecured. The Group estimates 
the LGD 
component 
using 
cure 
rates 
that 
reflect 
cash 
recoveries, 
estimated 
proceeds 
from 
collateral 
liquidation, 
estimates 
for 
timing 
realization, 
realization 
costs, 
etc. 
Where 
the 
LGD’s 
component 
values 
are 
dependent 
on 
macro 
– 
economic 
data, 
such 
types 
of 
dependencies are reflected by incorporating forward looking information, such as 
forecasted price indices into the respective models. 
The 
estimation 
of 
the 
aforementioned 
component 
values 
within 
LGD 
reflects 
available 
historical 
data 
which 
cover 
a 
reasonable 
period, i.e. a full economic cycle.
For 
debt 
securities, 
the 
LGD 
is 
typically 
based 
on 
historical 
data 
derived 
mainly 
from 
rating 
agencies’ 
studies 
but 
may 
also 
be 
determined considering the existing and expected 
liabilities structure of the obligor and macroeconomic environment.
Furthermore, the 
seniority of 
the debt 
security, 
any potential 
collaterals 
by the 
obligor or 
any other 
type of 
coverage 
is taken 
into 
account for the calculation.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Forward-looking information
The 
measurement 
of 
expected 
credit 
losses 
for 
each 
stage 
and 
the 
assessment 
of 
significant 
increases 
in 
credit 
risk 
consider 
information 
about 
reasonable 
and 
supportable 
forecasts 
of 
future 
events 
and 
macroeconomic 
conditions. 
The 
estimation 
and 
application of forward-looking information 
requires significant judgment.
The 
Group 
uses, 
at 
a 
minimum, 
three 
macroeconomic 
scenarios 
(i.e. 
base, 
adverse 
and 
optimistic) 
to 
achieve 
the 
objective 
of 
measuring ECL in a way that reflects an unbiased and probability weighted outcome. The baseline scenario represents the most likely 
scenario and is aligned with the information used by the Group for 
strategic planning and budgeting purposes.
The scenarios 
are reflected 
in the 
risk parameters, 
and, namely 
12-month PD, 
Lifetime PD 
and LGD, 
hence 3 
sets of 
each of 
these 
parameters are used, in line with the scenarios developed.
The Group then 
proceeds to the 
calculation of weights 
for each scenario, 
which represent 
the probability of 
occurrence for each 
of 
these 
scenarios. 
These 
weights 
are 
applied 
on 
the 
3 sets 
of 
calculations 
of 
the 
parameters 
in order 
to 
produce 
a single 
scenario 
weighted 
risk 
parameter 
value 
which 
is 
subsequently 
used 
in 
both 
SICR 
assessment 
and 
ECL 
measurement. 
ECL 
calculation 
incorporates 
forward-looking 
macroeconomic 
variables, 
including 
GDP 
growth 
rates, 
house 
price 
indices, 
unemployment 
rates, 
interest 
rates, 
inflation, 
etc. 
In order 
to 
capture 
material 
non – 
linearities 
in the 
ECL model, 
in the 
case of 
individually 
significant 
exposures, the 
Group considers 
the relevance 
of forward 
looking information 
to each 
specific group 
of borrowers 
primarily on 
the 
basis of the 
business sector they 
belong and other 
drivers of 
credit risk 
(if any). As 
such, different 
scenario weights 
are determined 
per groups 
of borrowers 
with the 
objective of 
achieving an 
unbiased ECL 
amount which 
incorporates 
all relevant 
and supportable 
information.
Modified Financial Assets
In 
cases 
where 
the 
contractual 
cash 
flows 
of 
a financial 
asset have 
been 
modified 
and the 
modification 
is considered 
substantial 
enough (for the 
triggers of derecognition, 
refer to 
Derecognition of Financial 
assets in section 2.2.9 
above), the modification 
date is 
considered 
to 
be 
the 
date 
of 
initial 
recognition 
for 
impairment 
calculation 
purposes, 
including 
for 
the 
purposes 
of 
determining 
whether a significant increase in credit risk has occurred. Such a modified asset is typically classified as Stage 
1 for ECL measurement 
purposes. However, 
in some circumstances following a modification that results in derecognition of the original financial asset, there 
may be evidence that 
the new financial asset is credit-impaired at initial recognition, 
and thus, the financial asset is recognized as an 
originated credit-impaired financial asset (POCI).
In cases where the contractual 
cash flows of a financial asset 
have been modified and the 
modification is not considered 
substantial 
enough, the Group recalculates the 
gross carrying amount of the financial asset and 
recognizes the difference 
as a modification gain 
or loss in the 
income statement 
and determines if 
the financial asset’s 
credit risk has 
increased significantly 
since initial recognition 
by comparing the risk 
of a default occurring 
at initial recognition based 
on the original unmodified contractual 
terms and the risk 
of 
a default occurring at the reporting date, based 
on the modified contractual terms. 
Presentation of impairment allowance 
For financial assets measured 
at amortized cost, impairment 
allowance is recognized as 
a loss allowance reducing the 
gross carrying 
amount of the financial assets in the balance sheet. For debt instruments measured at 
FVOCI, impairment allowance is recognized in 
other comprehensive income and does not reduce the carrying amount of the debt instruments in the balance sheet. For off-balance 
sheet financial items arising from lending activities, impairment allowance is presented in Other Liabilities. The respective ECL for the 
above financial items is recognised within impairment 
losses.
Write-off of financial assets
Where the 
Group 
has no 
reasonable 
expectations 
of recovering 
a financial 
asset either 
in its 
entirety 
or a 
portion of 
it, the 
gross 
carrying amount of that instrument is reduced directly, 
partially or in full, against the impairment allowance. The amount written-off 
is considered 
as derecognized. 
Subsequent 
recoveries 
of amounts 
previously 
written 
off decrease 
the amount 
of the 
impairment 
losses in the income statement.
Financial assets that 
are written 
off could 
still be subject 
to enforcement 
activities in order 
to comply with 
the Group’s 
procedures 
for recovery of amounts due.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
2.2.14 Sale and repurchase agreements, securities lending and borrowing
 
(i) Sale and repurchase agreements
Securities sold subject to repurchase 
agreements (repos) continue 
to be recorded in the 
Group's Balance Sheet as the Group 
retains 
substantially all risks 
and rewards of ownership, 
while the counterparty 
liability is included in amounts due 
to other banks or due 
to 
customers, 
as appropriate, 
and measured 
at 
amortized 
cost. 
Securities purchased 
under agreements 
to 
resell (reverse 
repos) 
are 
recorded 
as 
loans 
and 
advances 
to 
other 
banks 
or 
customers, 
as 
appropriate, 
and 
measured 
at 
amortized 
cost. 
The 
difference 
between the 
sale and repurchase 
price in case 
of repos 
and the purchase 
and resale 
price in case 
of reverse 
repos is 
recognized as 
interest and accrued over the period of the repo 
or reverse repo agreements using the effective 
interest method.
 
.
(ii) Securities lending and borrowing
Securities lent to 
counterparties against the receipt of 
a fee continue to 
be recognized in the 
financial statements. Securities borrowed 
are 
recognized 
as trading 
liabilities when 
sold to 
third parties 
and measured 
at fair 
value 
with any 
gains or 
losses included 
in the 
income statement.
2.2.15 Leases
T
he Group enters into leases either 
as a lessee or as a lessor. 
At inception of a contract, the Group 
assesses whether a contract is, or 
contains, 
a lease. 
A contract 
is, or 
contains, 
a lease 
if the 
contract 
conveys 
the right 
to control 
the use 
of an 
identified asset 
for a 
period of time in exchange for consideration.
(i) Accounting for leases as lessee
When the 
Group 
becomes the 
lessee in 
a lease 
arrangement, 
it recognizes 
a lease 
liability and 
a corresponding 
right-of-use 
(RoU) 
asset at the commencement of the lease term when the Group acquires 
control of the physical use of the asset. 
Lease liabilities are presented within Other liabilities and RoU assets within Property 
and equipment and investment property. 
Lease 
liabilities are measured based on 
the present value of 
the future lease 
payments over the lease term, 
discounted using an incremental 
borrowing rate. The interest 
expense on lease liabilities is presented within net interest 
income. 
The lease liability is remeasured when there is a 
change in future lease payments 
arising from a change in an index or rate, 
a change 
in the Group’s estimate of 
the amount expected to 
be payable under a 
residual value guarantee or if 
the Group changes its 
assessment 
of 
whether 
it 
will 
exercise 
a 
purchase, 
extension 
or 
termination 
option. 
When 
the 
lease 
liability 
is 
remeasured 
in 
this 
way, 
a 
corresponding 
adjustment 
is made 
to the 
carrying amount 
of the 
right-of-use 
asset, or 
is recorded 
in profit 
or loss 
if the 
carrying 
amount of the right-of-use asset has been reduced to zero.
The RoU asset 
is initially recorded 
at an amount 
equal to the lease liability 
and is adjusted 
for rent prepayments, 
initial direct costs, 
or lease incentives 
received. Subsequently, 
the RoU 
asset is depreciated 
over the 
shorter of 
the lease term 
or the useful 
life of 
the 
underlying asset, with the depreciation presented 
within operating expenses. 
When a lease 
contains extension 
or termination options 
that the Group 
considers reasonably 
certain to 
be exercised, 
the expected 
future lease payments or costs of early termination 
are included within the lease payments used to calculate 
the lease liability.
The Group has 
elected not to 
recognise right-of-use 
assets and lease 
liabilities for 
leases of low-value 
assets and short-term 
leases. 
The Group recognises the lease payments 
associated with these leases as an expense on a straight-line basis 
over the lease term.
With respect 
to the rent 
concessions that 
were a direct 
consequence of the 
COVID-19 pandemic, the 
Group has 
applied COVID-19-
Related Rent 
Concessions
 
- 
Amendment to 
IFRS 16, which 
provided a practical 
expedient allowing 
the Group not 
to assess whether 
eligible rent concessions were lease modifications.
(ii) Accounting for leases as lessor
At inception date of the lease, the Group, acting as a lessor, classifies each of its leases as either an operating 
lease or a finance lease 
based on whether the lease transfers 
substantially all of the risks and 
rewards incidental to the 
ownership of the underlying asset. If 
this is the case, then the 
lease is a finance lease; if not, 
then it is an operating 
lease. As part of this assessment, 
the Group considers 
certain indicators such as whether the 
lease is for the major part of the economic life of the asset.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Finance leases
At commencement date, 
the Group derecognizes 
the carrying amount 
of the underlying assets held under 
finance lease, recognizes 
a receivable at 
an amount equal to 
the net investment 
in the lease and recognizes, 
in income statement, 
any profit or 
loss from the 
derecognition 
of the 
asset and 
the recognition 
of the 
net investment. 
The net 
investment 
in the 
lease is 
calculated as 
the present 
value of the future lease payments in the same way 
as for the lessee.
After 
commencement 
date, 
the 
Group 
recognizes 
finance 
income 
over 
the 
lease 
term, 
based 
on 
a 
pattern 
reflecting 
a 
constant 
periodic rate of return on the lessor’s net investment in the lease. The 
Group also recognizes income from variable payments that are 
not included in the net 
investment in the 
lease. After lease commencement, 
the net investment 
in a lease is not remeasured 
unless 
the lease is modified or the lease term is revised. 
Operating leases
The Group continues to recognize 
the underlying asset and does not recognize a net 
investment in the lease on the balance sheet or 
initial profit (if any) on the income statement.
The Group recognizes 
lease payments 
from the lessees as 
income on a 
straight-line basis 
or another systematic 
basis considered as 
appropriate. 
Also it 
recognizes 
costs, 
including depreciation, 
incurred in 
earning the 
lease income 
as an 
expense. The 
Group 
adds 
initial direct costs incurred in obtaining an operating 
lease to the carrying amount of the underlying asset and recognizes those costs 
as an expense over the lease term on the same basis as the lease income.
Subleases 
The Group, acting as a 
lessee, may enter into arrangements to sublease a 
leased asset to a third 
party while the original 
lease contract 
is in effect. The Group acts as both the lessee and lessor of the same underlying asset. The sublease is a separate lease agreement, in 
which the intermediate lessor classifies the sublease as a finance lease or an operating 
lease as follows:
-
if the head lease is a short-term lease, the sublease is classified as an operating 
lease; or 
-
otherwise, 
the 
sublease 
is 
classified 
by 
reference 
to 
the 
right-of-use 
asset 
arising 
from 
the 
head 
lease, 
rather 
than 
by 
reference to the underlying asset.
2.2.16 Income tax
Income tax consists of current and 
deferred tax.
(i) Current income tax
Income tax payable 
on profits, based on 
the applicable tax 
law in each jurisdiction and 
the tax rate 
enacted at the reporting 
date, is 
recognized as an expense in the period in which profits 
arise. 
(ii) Deferred tax
Deferred 
tax 
is 
provided 
in 
full, 
using 
the 
liability 
method, 
on 
temporary 
differences 
arising 
between 
the 
tax 
base 
of 
assets 
and 
liabilities and their carrying amounts in the consolidated 
financial statements. Deferred 
tax assets and liabilities are measured 
at the 
tax rates that are expected to apply to the period when the asset is realized or the liability is 
settled, based on tax rates (and tax laws) 
that 
have 
been 
enacted 
or 
substantively 
enacted 
by 
the 
balance 
sheet 
date. 
The 
principal 
temporary 
differences 
arise 
from 
impairment/valuation 
and 
accounting 
write-offs 
relating 
to 
loans, 
Private 
Sector 
Initiative 
(PSI+) 
tax 
related 
losses, 
losses 
from 
disposals and crystallized write-offs 
of loans, depreciation of property and equipment, fair value adjustment 
of investment property, 
pension 
and 
other 
retirement 
benefit 
obligations, 
and 
revaluation 
of 
certain 
financial 
assets 
and 
liabilities, 
including 
derivative 
financial instruments.
Deferred 
tax 
assets 
are 
recognized 
where 
it 
is 
probable 
that 
future 
taxable 
profit 
will 
be 
available 
against 
which 
the 
temporary 
differences can be utilized. 
The carrying amount of deferred 
tax assets is reviewed at 
each reporting date and reduced 
to the extent 
that it is no longer probable 
that sufficient taxable 
profits will be available 
to allow all or part of the 
asset to be recovered. 
Any such 
reduction is 
reversed to 
the extent 
that it becomes 
probable that 
sufficient taxable 
profit will be 
available. The 
Group recognises 
a 
previously unrecognised deferred tax asset to the extent that it 
has become probable that future taxable profit will 
allow the deferred 
tax asset to be recovered.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Deferred 
tax 
related 
to 
debt 
securities 
at 
FVOCI 
and 
cash 
flow 
hedges 
is 
recognized 
to 
other 
comprehensive 
income, 
and 
is 
subsequently recognized in the income statement 
together with the deferred gain 
or loss.
The deferred 
tax asset on 
income tax losses 
carried forward 
is recognized as 
an asset when it 
is probable that 
future taxable profits 
will be available against which these losses can be utilized.
(iii) Uncertain tax positions
The Group determines and assesses all material tax positions taken, including all, if 
any, significant uncertain positions, in all tax years 
that are 
still subject 
to assessment 
(or when 
the litigation 
is in 
progress) 
by relevant 
tax authorities. 
In evaluating 
tax positions 
in 
various states, 
local, and foreign 
jurisdictions, the 
Group examines 
all supporting 
evidence (Ministry of 
Finance circulars, 
individual 
rulings, 
case 
law, 
past 
administrative 
practices, 
ad 
hoc 
tax/legal 
opinions 
etc.) 
to 
the 
extent 
they 
are 
applicable 
to 
the 
facts 
and 
circumstances of the particular Group’s 
case/ transaction. 
In addition, judgments concerning 
the recognition of a provision 
against the possibility of 
losing some of the tax 
positions are highly 
dependent on 
advice received 
from internal/ 
external legal 
counselors. For 
uncertain tax 
positions with 
a high level 
of uncertainty, 
the Group recognizes, on a transaction by transaction basis, or together as a group, depending 
on which approach better predicts the 
resolution of the uncertainty using an expected value (probability 
-weighted average) approach: 
(a) a provision against tax receivable 
which has been booked for the amount of 
income tax already paid but further 
pursued in courts or (b) a 
liability for the amount which 
is expected to be paid to the tax authorities. The Group presents in its balance sheet all uncertain tax balances as current or deferred 
tax assets or liabilities. 
The Group as a general 
rule has opted to obtain 
for the Group’s 
Greek companies an ‘Annual 
Tax 
Certificate’, 
which is issued after a 
tax audit is performed by the same statutory auditor or audit firm that audits the annual financial statements. Further 
information in 
respect of the Annual 
Tax 
Certificate and the 
related tax 
legislation, as well 
as the unaudited tax 
years for 
the Group’s 
companies is 
provided in note 13.
2.2.17 Employee benefits
(i) Short term benefits
Short term employee 
benefits are 
those expected 
to be settled 
wholly before 
twelve months 
after the 
end of the 
annual reporting 
period in which the employees render the related 
services and are expensed as these services are provided. 
(ii) Pension obligations
The Group provides a number 
of defined contribution pension 
plans where annual contributions are invested and 
allocated to specific 
asset 
categories. 
Eligible 
employees 
are 
entitled 
to 
the 
overall 
performance 
of 
the 
investment. 
The 
Group's 
contributions 
are 
recognized as employee benefit expense 
in the year in which they are paid.
(iii) Standard legal staff retirement indemnity obligations (SLSRI) and termination 
benefits
The Group operates 
unfunded defined benefit plans in 
Greece, Bulgaria and Serbia, 
under broadly similar regulatory 
frameworks. In 
accordance 
with the 
local labor 
legislation, the 
Group 
provides for 
staff 
retirement 
indemnity obligation 
for 
employees which 
are 
entitled to a lump sum payment based on the 
number of years of service, as 
of the date when employee service first leads to benefits 
under the 
plan until 
the date 
when further 
employee service 
will lead 
to no 
material 
amount of 
further benefits, 
and the 
level of 
remuneration at 
the date 
of retirement, 
if they remain 
in the employment 
of the Group 
until normal retirement 
age. Provision 
has 
been made for the actuarial value of the lump 
sum payable on retirement 
(SLSRI) using the projected unit credit method. 
Under this 
method the cost of providing 
retirement indemnities is charged 
to the income statement 
so as to spread the cost over 
the period of 
service of the employees, in accordance with the actuarial valuations which 
are performed every year.
The 
SLSRI 
obligation 
is 
calculated 
as 
the 
present 
value 
of 
the 
estimated 
future 
cash 
outflows 
using 
interest 
rates 
of 
high 
quality 
corporate bonds. In countries where 
there is no deep market in such bonds, the yields on 
government bonds are used. The currency 
and term to 
maturity of the 
bonds used are 
consistent with 
the currency and 
estimated term 
of the retirement 
benefit obligations. 
Actuarial gains and 
losses that arise 
in calculating the 
Group’s SLSRI obligations are recognized directly 
in other comprehensive income 
in the period in which they occur and are not reclassified to the income statement 
in subsequent periods.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Interest on the staff 
retirement indemnity obligations 
and service cost, consisting 
of current service cost, past 
service cost and gains 
or losses on settlement are 
recognized in the income statement. In calculating the 
SLSRI obligation, the Group also 
considers potential 
separations before normal retirement 
based on the terms of previous voluntary exit 
schemes. 
Termination 
benefits are payable when employment is terminated by the Group before 
the normal retirement date, or whenever an 
employee accepts voluntary redundancy in exchange for 
these benefits (including those in the context of the Voluntary Exit Schemes 
implemented by the Group). The Group recognizes termination 
benefits at the earlier of the following dates: (a) when the Group can 
no longer withdraw the offer of 
those benefits; and (b) when 
the Group recognizes costs for a restructuring that involves the 
payment 
of termination 
benefits. In 
the case 
of an 
offer 
made to 
encourage 
voluntary 
redundancy, 
the termination 
benefits are 
measured 
based on the number of employees expected to accept 
the offer. Termination 
benefits falling due more than 12 months after the 
end 
of the reporting period are discounted to their present 
value.
(iv) Performance-based cash payments
The Group's Management awards high performing employees with bonuses in cash, from time to time, on a discretionary basis. Cash 
payments 
requiring only 
Management approval 
are recognized 
as employee 
benefit expenses 
on an 
accrual basis. 
Cash payments 
requiring General 
Meeting approval 
as distribution of 
profits to staff 
are recognized 
as employee benefit 
expense in the 
accounting 
period that they are approved by the Group’s 
shareholders.
(v) Share-based payments
The Group’s Management awards 
employees with bonuses in the form of shares and share options on a discretionary basis and after 
taking into account the current 
legal framework. Non-performance 
related shares vest in the 
period granted. Share based payments 
that are contingent upon the achievement 
of a performance and service condition, vest only if both conditions are 
satisfied.
The fair value of the share options 
granted is recognized as an employee benefit expense over the vesting period, 
with an equal credit 
in equity, 
i.e.no impact on 
the Group’s 
equity. 
The amount 
ultimately recognised 
as an expense 
is based on 
the number 
of awards 
that meet the related service and non-market 
performance conditions at the vesting date. 
The fair 
value of the 
share options 
at grant 
date is determined 
by using an 
adjusted option 
pricing model which 
takes into 
account 
the 
exercise 
price, 
the 
exercise 
dates, 
the 
term 
of 
the 
option, 
the 
share 
price 
at 
grant 
date 
and 
expected 
price 
volatility 
of 
the 
underlying share, 
the expected 
dividend yield 
and the 
risk-free 
interest 
rate 
for the 
term of 
the options. 
The expected 
volatility is 
measured at the grant date of the options 
and is based on the historical volatility of the share price.
For share-based 
payment awards 
with non-vesting 
conditions, the fair 
value of the 
share-based payment 
at grant 
date also reflects 
such conditions and there is no true-up for differences 
between expected and actual outcomes.
When the options 
are exercised 
and new shares 
are issued, the 
proceeds received 
net of any 
directly attributable 
transaction costs 
are credited to share capital 
(par value) and share premium.
2.2.18 Repossessed properties
Land and buildings repossessed 
through an auction 
process to recover 
impaired loans are, 
except where otherwise 
stated, included 
in ‘Other Assets’. Assets acquired from an auction process are held temporarily for liquidation and are valued at the lower of cost and 
net realizable value, which is the estimated 
selling price, in the ordinary course of business, less costs necessary to 
make the sale.
In cases where the Group makes use of repossessed 
properties as part of its operations, they may be reclassified to 
own occupied or 
investment properties, as appropriate. 
Any gains or losses on liquidation are included in the income statement.
2.2.19 Related party transactions
Related parties of the Group include:
(a) an entity that has control over the Group and 
entities controlled, jointly controlled or significantly influenced by this entity, as well 
as members of its key management personnel 
and their close family members;
(b) an entity that has significant influence over the Group 
and entities controlled by this entity,

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
(c) members of key 
management personnel of the Group, 
their close family members and 
entities controlled or jointly 
controlled by 
the abovementioned persons;
(d) associates and joint ventures of the Group; 
(e) fellow subsidiaries;
(f) post-employment benefit plans established for the benefit 
of the Group’s employees.
Transactions 
of similar 
nature are 
disclosed on 
an aggregate 
basis. All 
banking transactions 
entered into 
with related 
parties are 
in 
the normal course of business and are conducted on an arm's length 
basis.
2.2.20 Provisions 
Provisions are recognized when 
the Group has a present legal or 
constructive obligation as a result of past 
events, it is probable that 
an outflow of resources embodying economic benefits will be required 
to settle the obligation, and reliable estimates 
of the amount 
of the obligation can be made.
The 
amount 
recognized 
as 
a 
provision 
is 
the 
best 
estimate 
of 
the 
expenditure 
required 
to 
settle 
the 
present 
obligation 
at 
each 
reporting date, taking into account 
the risks and uncertainties surrounding the amount of such expenditure.
Provisions 
are reviewed 
at 
each reporting 
date 
and adjusted 
to 
reflect 
the current 
best 
estimate. 
If, 
subsequently, 
it is 
no longer 
probable that an outflow 
of resources embodying economic 
benefits will be 
required to settle the 
obligation, the provision is 
reversed.
2.2.21 Operating segment 
An operating 
segment is 
a component 
of the 
Group that 
engages in 
business activities 
from which 
it may 
earn revenue 
and incur 
expenses within 
a particular 
economic environment. 
Operating segments 
are identified 
on the 
basis of 
internal reports, 
regarding 
operating results, of components of the 
Group that are regularly reviewed 
by the chief operating decision maker 
in order to allocate 
resources 
to the 
segment 
and to 
assess its 
performance. 
The chief 
operating 
decision maker 
has been 
identified 
as the 
Strategic 
Planning Committee that is 
responsible for strategic decision making. 
Segment revenue, segment expenses 
and segment performance 
include 
transfers 
between 
business 
segments. 
Such 
transfers 
are 
accounted 
for 
at 
competitive 
prices 
in 
line 
with 
charges 
to 
unaffiliated customers 
for similar services.
2.2.22 Share capital
Ordinary shares and preference 
shares are classified as equity. 
Incremental 
costs directly 
attributable 
to the 
issue of 
new shares 
or 
options are shown in equity as a deduction from the proceeds, net 
of tax.
Dividend 
distribution 
on 
shares 
is 
recognized 
as 
a 
deduction 
in 
the 
Group’s 
equity 
when 
approved 
by 
the 
General 
Meeting 
of 
shareholders 
and the 
required 
regulatory 
approvals, 
if any, 
are 
obtained. 
Interim 
dividends are 
recognized 
as 
a deduction 
in 
the 
Group's equity when approved by the Board of 
Directors.
Intercompany 
non-cash 
distributions 
that 
constitute 
transactions 
between 
entities 
under 
common 
control 
are 
recorded 
in 
the 
Group’s equity by reference 
to the book value of the assets distributed. 
Where any Group entity purchases the Company’s equity share capital (treasury shares), the consideration paid including any 
directly 
attributable incremental 
costs (net 
of income taxes), 
is deducted 
from shareholders’ 
equity until the 
shares are 
cancelled, reissued 
or disposed of. Where such 
shares are subsequently sold or reissued, any consideration 
received is included in shareholders’ equity.
2.2.23 Preferred securities
Preferred securities issued by the 
Group are classified as equity when there 
is no contractual obligation to 
deliver to the holder cash 
or another financial asset. 
Incremental costs directly attributable to the issue of new preferred securities are shown in equity as a deduction from the proceeds, 
net of tax.
Dividend distribution on preferred securities 
is recognized as a deduction in the Group’s 
equity on the date it is due.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Where 
preferred 
securities, 
issued 
by 
the 
Group, 
are 
repurchased, 
the 
consideration 
paid 
including 
any 
directly 
attributable 
incremental costs (net of income 
taxes), is deducted from shareholders’ equity. Where such securities 
are subsequently called or sold, 
any consideration received is included 
in shareholders’ equity.
2.2.24 Financial guarantees and commitments to extend 
credit
Financial guarantees 
Financial guarantee 
contracts are 
contracts that 
require the issuer 
to make 
specified payments to 
reimburse the 
holder for a 
loss it 
incurs because 
a specified 
debtor fails 
to make 
payments when 
due, in 
accordance with 
the terms 
of a 
debt instrument. 
Financial 
guarantees granted by 
the Group to banks, financial institutions and other bodies on behalf of customers 
to secure loans, overdrafts 
and other banking facilities, are initially recognized 
at fair value, being the premium received. Subsequent 
to initial recognition, such 
guarantees are measured 
at the higher of the amount of 
the ECL allowance, and the 
amount initially recognised less any 
cumulative 
amortization of the fee earned, where appropriate. 
Financial guarantees purchased 
by the Group that 
are considered as integral 
to the contractual 
terms of the guaranteed 
instrument 
are not accounted for separately and 
the cash flows from 
the guarantee are taken into account 
in the measurement of 
the guaranteed 
instrument’s expected credit losses, whereas any fees paid or transaction costs incurred for the acquisition of the financial guarantee 
are considered as part of the guaranteed 
asset’s effective interest 
rate. 
On the 
other hand, 
financial guarantees 
purchased that 
are not 
considered as 
integral to 
the contractual 
terms of 
the guaranteed 
instruments are accounted for separately where a reimbursement asset is recognized and included in Other 
Assets once is its 
virtually 
certain that, under the terms and conditions of the guarantee, the Group will be reimbursed for the credit loss incurred. 
The changes 
in the carrying 
amount of the 
above reimbursement 
asset arising from 
financial guarantees, 
entered into 
to mitigate 
the credit risk 
of lending exposures measured at amortized 
cost, are recognized under ‘Impairment 
losses’ in the Group’s income statement.
Commitments to extend credit
Commitments represent 
off-balance sheet items 
where the 
Group commits, 
over the 
duration of 
the agreement, 
to provide 
a loan 
with 
pre-specified 
terms 
to 
the 
customer. 
Such 
contractual 
commitments 
represent 
commitments 
to 
extend 
credit 
and 
standby 
letters and they are part of the normal lending 
activities of the Group, for which an ECL allowance is recognised 
under IFRS 9. 
ECL allowance for off-balance sheet exposures 
(financial guarantees granted and 
commitments) is included within Other Liabilities.
2.2.25 Non-current assets classified as held for sale and discontinued 
operations
Non-current 
assets are 
classified as 
held for 
sale if 
their carrying 
amount will 
be recovered 
through a 
sale transaction 
rather 
than 
through 
continuing 
use. 
For 
a non 
- 
current 
asset 
to 
be classified 
as 
held 
for 
sale, it 
is available 
for 
immediate 
sale 
in 
its 
present 
condition, subject to terms that are usual and 
customary for sales of such assets, and the sale is considered 
to be highly probable. In 
such cases, management 
is committed to 
the sale and actively markets 
the property for 
sale at a price that 
is reasonable in relation 
to the 
current 
fair value. 
The sale 
is also 
expected to 
qualify for 
recognition 
as a 
completed sale 
within one 
year from 
the date 
of 
classification. Before their classification as 
held for sale, 
assets are remeasured in 
accordance with the 
respective accounting standard. 
Assets held for sale are subsequently remeasured at the lower of their carrying amount and 
fair value less cost to sell. Any loss arising 
from the above measurement is recorded in 
profit or loss and can 
be reversed in the future. When 
the loss relates to a disposal 
group, 
it is allocated to the assets within that disposal group. 
The Group presents discontinued operations in a 
separate line in the 
consolidated income statement if a Group entity 
or a component 
of a Group entity has been disposed of or is classified as held for sale and:
(a) Represents a separate 
major line of business or geographical area of operations;
(b) Is part of a single coordinated plan to dispose of a separate 
major line of business or geographical area of operations; 
or
(c) Is a subsidiary acquired exclusively with a view 
to resale.
Profit or 
loss from 
discontinued operations 
includes the 
profit or 
loss before 
tax from 
discontinued operations, 
the gain 
or loss 
on 
disposal 
before 
tax 
or 
measurement 
to 
fair 
value 
less 
costs 
to 
sell 
and 
discontinued 
operations 
tax 
expense. 
Intercompany 
transactions 
between 
continuing 
and 
discontinued 
operations 
are 
presented 
on 
a 
gross 
basis 
in 
the 
income 
statement. 
Upon 
classification of a Group entity as a discontinued operation, 
the Group restates prior periods in 
the consolidated income statement.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
2.2.26 Cash and cash equivalents
Cash and 
cash equivalents 
include cash 
in hand, 
unrestricted 
deposits with 
central 
banks, 
due from 
credit 
institutions 
that are 
all 
carried at amortised cost and other short-term highly liquid investments with original maturities of three months or 
less that are held 
for trading.
2.2.27 Government grants
Government grants 
are transfers 
of resources 
to the Group 
by a government 
entity such as 
government, government 
agencies and 
similar bodies whether local, 
national or international, 
in return for 
compliance with certain past 
or future conditions related 
to the 
Group’s operating 
activities.
Government grants are recognized when there is reasonable assurance that the grant will 
be received and the Group will 
comply with 
the conditions 
attached to 
it. The 
grants 
are recognized 
in the 
income statement 
on a 
systematic 
basis to 
match the 
way that 
the 
Group 
recognizes 
the 
expenses 
for 
which 
the 
grants 
are 
intended 
to 
compensate. 
In 
case 
of 
subsequent 
changes 
in 
the Group’s 
expectations 
of 
meeting 
the 
conditions 
attached 
to 
the 
government 
grants, 
the 
effect 
of 
such 
changes 
is 
recognised 
in 
income 
statement.
2.2.28 Fiduciary activities
The Group provides 
custody, 
trustee, corporate 
administration, investment 
management and advisory 
services to third 
parties that 
result 
in 
the 
holding 
or 
investing 
of 
assets 
on 
behalf 
of 
its 
clients. 
This 
involves 
the 
Group 
making 
allocation, 
purchase 
and 
sale 
decisions in relation to 
a wide range of 
financial instruments. The Group 
receives fee income for providing these 
services. Those assets 
that are 
held in a 
fiduciary capacity are 
not assets of 
the Group and 
are not recognized 
in the financial 
statements. 
In addition, the 
Group does not guarantee these investments 
and as a result it is not exposed to any credit risk in relation 
to them.
3. 
Critical accounting estimates and judgments in applying accounting policies
In the process 
of applying the Group’s 
accounting policies, Management 
makes various 
judgments, estimates and 
assumptions that 
may affect 
the reported 
amounts of 
assets and 
liabilities, revenues 
and expenses 
recognized in 
the financial 
statements within 
the 
next financial year 
and the accompanying 
disclosures. Estimates and 
judgments are continually 
evaluated and 
are based on current 
conditions, historical experience 
and other factors, including 
expectations of future 
events that are believed 
to be reasonable under 
the 
circumstances. 
Revisions 
to 
estimates 
are 
recognized 
prospectively. 
The 
most 
significant 
areas 
in 
which 
the 
Group 
makes 
judgments, estimates and assumptions in applying its accounting 
policies are set out below:
3.1 
Impairment losses on loans and advances to customers
In 
2022, 
the 
geopolitical 
and 
economic 
upheaval 
caused 
by 
the 
Russian 
invasion 
in 
Ukraine, 
along 
with 
the 
persistent 
- 
albeit 
decelerating 
- 
inflationary 
pressures, 
high 
energy 
prices 
and 
rising 
borrowing 
costs 
affected 
negatively 
the 
global 
economic 
environment, 
worsened 
the macroeconomic 
outlook 
of the 
European 
economies, which 
are 
now 
confronted 
with 
a slowdown 
in 
growth and, accordingly, 
exacerbated economic uncertainty in the regions 
that the Group operates. In this volatile environment, 
the 
Greek economy has exhibited 
notable resilience, mainly 
driven by the 
increase in consumption, 
export of services, 
strong performance 
in tourism and further acceleration of new 
investments supported 
by the RRF funds, which is expected to continue, 
at a slower pace 
though (note 2). 
On the back of the overall economic uncertainty mentioned above, the Group continued its robust performance, as evidenced by the 
level of its credit quality 
indicators at year 
end 2022 that outperformed the 
expected levels in terms 
of NPE ratio and NPE coverage, 
while it remains cautious towards the risks that may 
eventually affect vulnerable corporate 
borrowers (like those that operate 
in the 
food industry, 
the energy sector, 
the supply of raw 
materials for the 
construction sector etc.) 
and erode the 
disposable income and 
the repayment capacity of retail customers. 
In this context, in the fourth quarter of 
2022, the Group revised the key macroeconomic 
variables 
incorporated 
in 
the 
IFRS 
9 
expected 
credit 
losses’ 
models, 
in 
order 
to 
reflect, 
to 
the 
extent 
possible, 
the 
uncertainties 
surrounding 
the 
economic 
environment. 
Furthermore, 
the 
Group 
enhanced 
the 
use 
of 
industry 
specific 
variables 
for 
corporate 
portfolio 
as 
well 
as 
the 
monitoring 
framework 
of 
vulnerable 
corporate 
borrowers 
and 
incorporated 
inflation 
and 
interest 
rates 
movements 
in the 
retail 
borrowers’ 
debt capacity 
assessment, 
so as 
to better 
capture 
the impact 
of the 
macro 
indicators 
on the 
performance of its loan portfolios.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Expected Credit Loss (ECL) measurement 
The ECL measurement requires Management to apply judgment, in 
particular, the estimation of the amount and timing 
of future cash 
flows 
and collateral 
values 
when determining 
impairment 
losses and 
the assessment 
of a 
significant 
increase in 
credit risk. 
These 
estimates are driven by a number of factors, changes in 
which can result in significant changes to the 
timing and amount of allowance 
for credit loss to be recognized.
The Group’s ECL calculations are 
outputs of complex 
models with a 
number of underlying 
assumptions regarding the choice 
of variable 
inputs 
and 
their 
interdependencies. 
In 
addition, 
temporary 
adjustments 
may 
be 
required 
to 
capture 
new 
developments 
and 
information available, which are not 
reflected yet in the ECL calculation through 
the risk models.
The elements of the ECL models that are considered 
significant accounting judgments and estimates include:
Determination of a significant increase of credit risk
IFRS 9 
does not 
include a definition 
of what 
constitutes a 
significant increase 
in credit 
risk (SICR). An 
assessment of 
whether credit 
risk has increased 
significantly since initial 
recognition is performed 
at each reporting 
period by considering 
primarily the change 
in 
the risk of default occurring over the 
remaining life of the financial instrument. The Group assesses 
whether a SICR has occurred since 
initial 
recognition 
based 
on 
qualitative 
and 
quantitative 
reasonable 
and 
supportable 
forward-looking 
information 
that 
includes 
significant 
management 
judgment 
(note 
2.2.13). 
More 
stringent 
criteria 
could 
significantly 
increase 
the 
number 
of 
instruments 
migrating to stage 2.
Retail lending
For retail 
lending exposures 
the primary criterion 
is the change in 
the residual cumulative 
lifetime Probability 
of Default (PD) 
above 
specified thresholds. 
These thresholds 
are set 
and vary per 
portfolio, modification 
status (modified/non-modified), 
product type as 
well as per origination PD level. In general, thresholds for lower origination 
PDs are higher than those assessed for higher origination 
PDs. 
As at 31 December 2022 and 2021, the range of lifetime PD thresholds based on the above segmentation, that triggers the allocation 
to stage 2 for Greece’s 
retail exposures are set 
out below: 
.
Retail exposures 
Range of SICR thresholds 
Mortgage 
30%-50% 
Home Equity 
10%-80% 
SBB 
10%-65% 
Consumer 
60%-100%
Wholesale lending
For wholesale lending exposures, the origination PD curves and the residual lifetime PD curves at each reporting date 
are mapped to 
credit rating 
bands. Accordingly, 
SICR thresholds 
are based 
on the 
comparison of 
the origination 
and reporting 
date credit 
ratings, 
whereby rating downgrades represent changes in residual lifetime PD. Similar to retail 
exposures, the Group segments the wholesale 
lending exposures based 
on asset class, loan 
type and credit rating 
at origination.
In addition, for securitized 
notes issued by special 
purpose entities established by 
the Group, the 
SICR assessment is 
performed by considering the 
performance of the 
underlying assets.
As 
at 
31 
December 
2022 
and 
2021, 
the 
credit 
rating 
deterioration 
thresholds 
per 
rating 
bands 
for 
Greece’s 
wholesale 
lending 
exposures that trigger 
allocation to stage 
2 are set out 
below. In 
particular, 
as per the Group’s 
SICR policy, 
any downgrade 
to rating 
band 6 or high-risk rating bands (7,8 or 9) is considered as SICR event 
to all corporate lending portfolios: 
.
Wholesale internal rating bands 
Minimum SICR threshold range 
1 
Five notches 
2 
Four notches 
3 
Three notches 
4 
Two notches 
5-8 
One notch

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Determination of scenarios, scenario weights and macroeconomic factors
To achieve 
the objective of measuring ECL, the Group evaluates a 
range of possible outcomes in line with the requirements 
of IFRS 9 
through the application of a minimum three macroeconomic scenarios, i.e. baseline, adverse and optimistic, in a way 
that reflects an 
unbiased and probability weighted 
outcome. Each of the scenarios is based 
on Management’s assumptions around 
future economic 
conditions in the 
form of macroeconomic, 
market and 
other factors. 
As at 31 December 
2022 and 2021, 
the probability weights 
for 
the above mentioned scenarios applied by the Group 
in the ECL measurement calculations are 50% for the 
baseline scenario and 25% 
for the adverse and optimistic scenarios.
The key assumptions underlying in each macroeconomic scenario 
are provided below:
Baseline scenario
Baseline 
scenario 
assumes 
no 
escalation 
of 
the 
war 
in 
Ukraine, 
no 
change 
in 
EU 
sanctions 
against 
Russia 
and 
monetary 
policy 
trajectory as 
well as stability 
related to 
the political cycle. 
Core inflation 
for Greece is 
assumed to 
gradually de-escalate, 
increase in 
post-Covid 19 
employment is 
assumed to 
contribute to 
lower unemployment 
path, real 
estate prices 
continue their 
upward trend, 
while short-term prospects are supported by the: (a) strong tourist season 
expected, (b) Recovery and Resilience Facility, Multiannual 
Financial Framework and European Investment Bank funds, (c) ample 
liquidity (deposits and state cash buffer) and (d) 
fiscal measures 
adopted to cushion energy. 
In the Eurozone 
front, the ECB is 
expected to pause 
its monetary policy tightening 
in the first 
quarter of 
2023. 
Optimistic scenario
The optimistic scenario assumes quicker recovery in 2022 and 2023, compared to the baseline scenario, as a result of: (a) higher than 
expected 
tourism 
revenues, 
(b) 
no 
negative 
developments 
with 
respect 
to 
the 
energy 
crisis 
(energy 
prices 
remain 
unchanged 
compared to 
the baseline scenario), 
and (c) no 
escalation of 
the war in 
Ukraine. In 
addition, it assumes 
quick resolution 
of political 
uncertainty, formation 
of a stable government with no need for a third round of elections and no negative 
surprises from the flow of 
EU funds. 
Adverse scenario
The adverse scenario assumes a prolongation and escalation of the 
war and economic sanctions, which leads to 
a larger supply shock, 
manifested in higher oil prices, and increase in domestic uncertainty as a 
result of the political cycle / elections. 
Therefore, higher and 
more 
persistent 
inflation 
(and 
subsequent 
erosion 
of 
incomes), 
more 
protracted 
postponement 
of 
investment, 
lower 
external 
demand but also more fiscal support measures, capped by the fiscal space of the country are expected. Also, negative 
developments 
are assumed on the RRF and structural reforms 
fronts, while uncertainty around the Eurozone 
growth outlook intensifies. 
Forward-looking information
The Group ensures that impairment 
estimates and macroeconomic forecasts, 
as provided by Economic Analysis 
& Financial Markets 
Research 
Division, 
applicable 
for 
business 
and 
regulatory 
purposes 
are 
fully 
consistent. 
Accordingly, 
the 
IFRS 
9 
baseline 
scenario 
applied in the ECL calculation coincides with the one used for ICAAP 
and business planning purposes. In addition, relevant experience 
gained from the stress tests 
imposed by the regulator, 
has been taken into account in the process of developing 
the macroeconomic 
scenarios, as well as impairments for stress testing 
purposes have been forecasted 
in line with IFRS 9 ECL methodology.
In 
terms 
of 
macroeconomic 
assumptions, 
the 
Group 
assesses 
a 
number 
of 
indicators 
in 
projecting 
the 
risk 
parameters, 
namely 
Residential and 
Commercial Property 
Price Indices, unemployment, 
Gross Domestic 
Product (GDP), Greek 
Government Bond 
(GGB) 
spread over Euribor and inflation as well as interest 
and FX rates. 

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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The arithmetic averages of the scenarios’ probability-weighted 
annual forecasts for the next four year 
period following the reporting 
date, 
used 
in 
the 
ECL 
measurement 
of 
Greek 
lending 
portfolios 
for 
the 
year 
ended 
31 
December 
2022 
and 
2021, 
are 
set 
in 
the 
following table:
Key macroeconomic indicator 
31 December 2022 
31 December 2021 
Average (2023-2026) 
annual forecast 
Average (2022-2025) 
annual forecast 
Gross Domestic Product growth 
2.10% 
3.27% 
Unemployment rate 
10.76% 
12.60% 
Residential property prices' index 
3.71% 
5.55% 
Commercial property prices' index 
3.46% 
5.75% 
Inflation rate 
3.10% 
1.57%
Changes in the 
scenarios and weights, 
the corresponding 
set of macroeconomic 
variables and 
the assumptions made 
around those 
variables for 
the forecast 
horizon would 
have a significant 
effect on 
the ECL amount. 
The Group independently 
validates all models 
and 
underlying 
methodologies 
used 
in 
the 
ECL 
measurement 
through 
competent 
resources, 
who are 
independent 
of 
the 
model 
development process. 
Development of ECL models, including the various formulas, choice 
of inputs and interdependencies
For the purposes 
of ECL measurement 
the Group performs 
the necessary model parameterization 
based on observed 
point-in-time 
data on 
a granularity 
of monthly intervals. 
The ECL calculations 
are based 
on input parameters, 
i.e. exposure 
at default 
(EAD), PDs, 
loss 
given 
default 
(LGD), 
credit 
conversion 
factors 
(CCFs) 
etc. 
incorporating 
Management’s 
view 
of 
the 
future. 
The 
Group 
also 
determines the 
links between 
macroeconomic scenarios 
and, economic inputs, 
such as unemployment 
levels and collateral 
values, 
and the effect on PDs, EADs and LGDs.
Furthermore, 
the 
PDs 
are 
unbiased 
rather 
than 
conservative 
and 
incorporate 
relevant 
forward 
looking 
information 
including 
macroeconomic scenarios. The forecasting 
risk parameters models incorporate 
a number of macroeconomic variables, 
such as GDP, 
unemployment etc. and 
portfolio specific variables 
such as seasonal flag etc., 
which are used as independent 
variables for optimum 
predictive capability. 
In 2022, 
the Group 
proceeded with 
the recalibration 
of its 
PD models, 
by introducing 
industry specific 
macro 
variables in corporate borrowers and applying interest 
rate and inflation scalars in the estimation of retail customers’ debt to income 
ratio. More 
specifically, 
in the 
latter case, 
the borrowers’ 
instalments were 
estimated with 
the use 
of the 
projected 
interest 
rates, 
while the income model, also took into account the projected 
inflation on top of the projected GDP and unemployment 
ratio. 
The ECL 
models are 
based on 
logistic regressions 
and run 
under the 
different 
macroeconomic scenarios 
and relevant 
changes and 
shocks in the macro environment reflected 
accordingly in a non-linear manner. 
Segmentation of financial assets when their ECL is assessed on a collective 
basis
The Group segments 
its exposures on the 
basis of shared credit 
risk characteristics 
upon initial recognition 
for the purposes 
of both 
assessing significant 
increase in 
credit risk 
and measuring 
loan loss 
allowance on 
a collective 
basis. The 
different 
segments aim 
to 
capture differences 
in PDs 
and in the 
rates of 
recovery in 
the event 
of default. 
On subsequent 
periods, the 
Group re-evaluates 
the 
grouping 
of 
its 
exposures 
at 
least 
on 
an 
annual basis, 
in 
order 
to 
ensure 
that 
the groups 
remain 
homogeneous 
in 
terms 
of 
their 
response 
to the 
identified 
shared credit 
risk characteristics. 
Re-segmentation 
reflects 
management’s 
perception 
in respect 
to 
the 
change of credit risk associated with the particular exposures 
compared to initial recognition.
Modeling and Management overlays / adjustments
A number 
of sophisticated 
models have 
been developed 
or modified 
to calculate 
ECL, while 
temporary 
management 
adjustments 
may be required to 
capture new developments and information 
available, which are not yet 
reflected in the ECL calculation 
through 
the risk models. Accordingly, 
considering the 
macroeconomic conditions and geopolitical 
backdrop linked 
to the war in Ukraine, 
Management incorporates 
in ECL calculations 
an estimation 
of potentially 
non modeled 
risks 
arising from its 
corporate lending 
portfolios, 
representing 4% of ECL stock. 
Management adjustments reflect in 2022 the sensitivity of the macroeconomic variability in 
the risk 
profile of 
debtors. 
Internal counterparty 
rating changes, 
new or 
revised models 
and data 
may significantly 
affect ECL. 
The 
models are governed 
by the Group’s 
validation framework, 
which aim to ensure 
independent verification, 
and are approved 
by the 
Board Risk Committee (BRC).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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Sensitivity analysis on lending portfolios
The sensitivity analysis when performed on certain key parameters can provide meaningful information only for portfolios 
where the 
risk parameters have a significant 
impact on the overall credit risk of a lending portfolio, particularly where such sensitivities are also 
used for internal credit risk management purposes. Otherwise, a sensitivity analysis on certain combinations of some risk 
parameters 
may not produce 
meaningful results, as 
in reality there 
are interdependencies 
between the various 
economic inputs, rendering 
any 
changes in the parameters, changes correlated 
in other factors.
The sensitivity analysis presented 
in the tables below assumes a 
favorable and 
an adverse shift in the 
scenario weighting, compared 
to the one applied in the 
ECL measurement. As at 
31 December 2022, considering that 
the prevailing macroeconomic 
conditions, as 
reflected 
in 
the 
three 
scenarios 
incorporated 
in 
the 
IFRS9 
weighted 
probability 
scenario, 
have 
resulted 
in 
the 
widening 
of 
the 
differences 
of 
the 
macro 
variables’ 
levels 
among 
the 
scenarios, 
the 
Group 
rebalanced 
the 
scenario 
weighting 
used 
in 
the 
ECL 
sensitivity analysis in order to reflect a reasonable potential change 
of key macroeconomic indicators. Accordingly, 
the favorable shift 
assumes an increase in the weighting of the optimistic 
scenario at 50% and a stable weighting 
of the baseline scenario at 50%, while 
the adverse shift assumes an increase in the weighting of the adverse scenario at 50% and a stable weighting of the 
baseline scenario 
at 50%. 
Correspondingly, 
at year-end 
2021, the 
favorable 
swift assumed 
an increase 
in the 
weighting of 
the optimistic 
scenario at 
75% and a decrease 
in the weighting 
of the baseline scenario 
at 25%, while the 
adverse swift assumed 
an increase in 
the weighting 
of the adverse scenario 
at 75% and a decrease in 
the weighting of the baseline 
scenario at 25% compared 
to the scenario weighting 
applied by the Group in ECL measurement. 
The tables below 
present the estimated 
effect in the 
Group’s 
ECL measurement (including 
off-balance sheet items) 
per stage, 
upon 
potential reasonable 
combined changes 
of forecasts 
in key 
macroeconomic indicators 
over the 
next 5 
years (2023-2027 
and 2022-
2026, respectively):
As at 31 December 2022 
As at 31 December 2021 
Sensitivity scenario 
Sensitivity scenario 
Key macroconomic 
 
indicators 
Combined change % 
Key macroconomic 
 
indicators 
Combined change % 
Positive 
change 
Adverse 
change 
Positive 
change 
Adverse 
change 
GDP growth 
41% 
-41% 
change of annual forecasts 
GDP growth 
20% 
-20% 
change of annual forecasts 
Unemployment 
rate 
-11% 
11% 
change of annual forecasts 
Unemployment 
rate 
-11% 
11% 
change of annual forecasts 
Inflation rate 
-2% 
2% 
change of annual forecasts 
Inflation rate 
1% 
-1% 
change of annual forecasts 
Property indices 
(RRE/CRE) 
4% 
-4% 
change of 
index adjusted 
real estate collateral market 
values 
Property indices 
(RRE/CRE) 
3% 
-3% 
change of 
index adjusted 
real estate collateral market 
values
Estimated effect per stage as at 31 December 2022 
Positive change 
Adverse change 
12-month 
ECL - Stage 1 
Lifetime ECL 
- Stage 2 
Lifetime ECL 
credit-impaired 
31 December 
2022 
12-month 
ECL - Stage 1 
Lifetime ECL 
- Stage 2 
Lifetime ECL 
credit-impaired 
31 December 
2022 
 
Ιmpact in 
€ million 
(12) 
(36) 
(34) 
(82) 
10 
43 
35 
88 
 
Ιmpact in 
% allowance 
-7.08 
-9.96 
-2.93 
-4.86 
5.73 
11.99 
3.03 
5.24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Estimated effect per stage as at 31 December 2021 
Positive change 
Adverse change 
12-month 
ECL - Stage 1 
Lifetime ECL 
- Stage 2 
Lifetime ECL 
credit-impaired 
31 December 
2021 
12-month 
ECL - Stage 1 
Lifetime ECL 
- Stage 2 
Lifetime ECL 
credit-impaired 
31 December 
2021 
 
Ιmpact in 
€ million 
(9) 
(24) 
(28) 
(61) 
6 
30 
34 
70 
 
Ιmpact in 
% allowance 
-5.06 
-7.57 
-1.98 
-3.20 
3.47 
9.39 
2.37 
3.64
The 
Group 
updates 
and 
reviews 
the 
reasonability 
and 
performs 
back-testing 
of 
the 
main 
assumptions 
used 
in 
its 
methodology 
assessment for SICR 
and ECL measurement, 
at least on an 
annual basis or earlier, 
based on facts and 
circumstances. In this 
context, 
experienced and dedicated staff within the 
Group’s Risk Management function monitor the 
risk parameters applied for the 
estimation 
of ECL. Furthermore, as part of the well-defined governance framework, 
any revisions to the methodology used are approved by the 
Group competent committees and 
ultimately the Board Risk Committee (BRC).
3.2 
Fair value of financial instruments
The fair 
value of financial 
instruments is 
the price that 
would be received 
to sell an 
asset or paid 
to transfer 
a liability in 
an orderly 
transaction 
between market 
participants in 
the principal 
(or most 
advantageous) 
market 
at the 
measurement 
date 
under current 
market 
conditions 
(i.e. an 
exit price) 
regardless 
of whether 
that 
price is 
directly 
observable 
or estimated 
using another 
valuation 
technique.
The fair 
value of 
financial instruments 
that are 
not quoted 
in an active 
market are 
determined by 
using other 
valuation techniques 
that 
include 
the 
use 
of 
valuation 
models. 
In 
addition, 
for 
financial 
instruments 
that 
trade 
infrequently 
and 
have 
little 
price 
transparency, 
fair value is less objective and requires varying degrees of judgment depending on liquidity, concentration, uncertainty 
of market factors, 
pricing assumptions and other risks 
affecting the specific instrument. 
In these cases, the fair values 
are estimated 
from observable data in respect of similar financial instruments 
or using other valuation techniques.
The valuation models used include 
present value methods and other models based 
mainly on observable inputs and 
to a lesser extent 
to non-observable inputs, in order to maintain 
the reliability of the fair value measurement.
Where valuation 
techniques are used 
to determine the 
fair values 
of financial instruments 
that are not 
quoted in an 
active market, 
they are validated 
and periodically reviewed by 
qualified personnel independent of the 
personnel that created 
them. All models are 
certified before they are used, and are calibrated to ensure that outputs reflect actual data and comparative market 
prices. The main 
assumptions and estimates, considered by 
management when applying a valuation model include:
●
the likelihood and expected timing of future 
cash flows; 
●
the selection of the appropriate discount rate, which is based on an assessment of what a market participant would regard as an 
appropriate spread of the rate 
over the risk-free rate; 
and 
●
judgment to determine what model to use in order 
to calculate fair value. 
To the extent practicable, models use only observable 
data, however areas such as 
credit risk (both own 
and counterparty), volatilities 
and correlations require 
the Management to 
make estimates 
to reflect uncertainties 
in fair values 
resulting from the 
lack of market 
data inputs. Inputs 
into valuations based 
on unobservable data 
are inherently uncertain 
because there is little 
or no current market 
data available. However, in most cases there will be 
some historical data on 
which to base 
a fair value measurement and 
consequently 
even when unobservable inputs are used, fair values 
will use some market observable inputs.
Information in respect of the fair valuation 
of the Group’s financial assets and liabilities 
is provided in note 5.3.
3.3 
Classification of financial instruments
The Group applies significant judgment in assessing the classification 
of its financial instruments and especially, in 
the below areas:
Business model assessment
Judgment is exercised 
in order 
to determine 
the appropriate 
level at which 
to assess the 
business model. In 
assessing the business 
model of financial instruments, these are aggregated into groups (business lines) based on their characteristics, and the way they are 
managed in order 
to achieve the Group’s 
business objectives. In 
general, the assessment 
is performed at 
the business unit 
level for 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
lending 
exposures 
including 
securitized 
notes 
issued 
by 
special 
purpose 
entities 
established 
by 
the 
Group 
and 
based 
on 
the 
measurement category for debt securities. 
However, 
further disaggregation may be performed by business 
strategy/ region, etc.
In assessing the business model for financial 
instruments, the Group performs a past sales evaluation of the 
financial instruments and 
assesses their expected evolution in the future. Judgment is 
exercised in determining the effect of sales to a “hold 
to collect” business 
model depending on their objective and their acceptable level and frequency.
Contractual cash flow characteristics test 
(SPPI test)
The 
Group 
performs 
the 
SPPI 
assessment 
of 
lending 
exposures 
and 
debt 
securities 
by 
considering 
all 
the 
features 
which 
might 
potentially lead to SPPI 
failure. Judgment is 
applied by the responsible 
business units when considering 
whether certain contractual 
features significantly 
affect future cash flows. 
Accordingly, 
for non-recourse financial 
assets, the Group assesses jointly 
criteria such 
as the adequacy 
of equity, 
LTV (Loan-to 
-Value) and 
DSCR (Debt-Service-Coverage-Ratio) 
ratios as well 
as the existence 
of corporate 
and personal guarantees. For the securitized notes issued by 
special purpose entities, either established by 
the Group or third parties, 
and held by the Group, the 
cash flow characteristics of the 
notes and the underlying pool of 
financial assets as well as the credit 
risk 
inherent 
in each 
securitization’s 
tranche compared 
to the 
credit risk 
of all 
of the 
underlying pool 
of financial 
assets, are 
assessed. 
Furthermore, in order to assess whether any variability in the cash flows is introduced by the modified time value of money element, 
the Group performs a quantitative assessment (as described in note 2.2.9). Moreover, 
the Group evaluates certain cases on whether 
the existence of performance-related 
terms exposes the Group to asset risk rather 
to the borrower's credit risk.
The Group has established a robust framework to perform the necessary assessments in accordance with Group’s 
policies in order to 
ensure 
appropriate 
classification 
of 
financial 
instruments, 
including 
reviews 
by 
experienced 
staff 
for 
lending 
exposures 
and 
debt 
securities.
3.4 
Assess control over investees 
Management exercises 
judgment in 
order to 
assess if the 
Group has control 
over another 
entity based on 
the control 
elements set 
out in note 2.2.1 (i). 
In particular, as part of its 
funding activity and 
non-performing loans’ management strategy, the Group sponsors certain securitization 
vehicles, the relevant 
activities of which have 
been predetermined as part 
of their initial design by the Group. 
The Group is exposed 
to variability of returns 
from these vehicles 
through the holding of 
debt securities issued 
by them or 
by providing credit enhancements 
in accordance with the respective contractual terms. In assessing whether it 
has control, the Group considers whether it manages the 
substantive decisions that could 
affect these vehicles’ returns. Accordingly, 
the Group assesses on a case-by-case basis the structure 
of securitization transaction, including the respective 
contractual arrangements, in order 
to conclude if it controls these vehicles.
In 
addition, 
the 
Group 
is 
involved 
in 
the 
initial 
design 
of 
various 
mutual 
funds 
in 
order 
to 
provide 
customers 
with 
investment 
opportunities. The 
Group primarily 
acts as 
an agent 
in exercising 
its decision 
making authority 
as it 
is predefined 
by the 
applicable 
regulated framework. 
As a result, the Group has concluded that it does not control 
these funds.
Further information in respect of the structured 
entities the Group is involved, either consolidated 
or not, is provided in note 25. 
3.5 
Income tax
The Group is subject to income taxes 
in various jurisdictions and estimates are required 
in determining the liability for income taxes. 
The Group 
recognizes 
liabilities 
for 
anticipated 
tax 
audit issues 
based on 
estimates 
of whether 
additional taxes 
will be 
due or 
for 
anticipated 
tax disputes. 
Where the 
final tax 
outcome of 
these matters 
is different 
from the 
amounts that 
were initially 
recorded, 
such differences will impact the income tax and deferred 
tax in the period in which such determination is made. Further information 
in relation to the above is provided in 
note 13.
In addition, 
the Group 
recognizes deferred 
tax assets 
to the 
extent that 
it is probable 
that sufficient 
taxable profit 
will be 
available 
against 
which 
unused 
tax 
losses 
and 
deductible 
temporary 
differences 
can 
be 
utilized. 
Recognition 
therefore 
involves 
judgment 
regarding the 
future financial performance 
of the particular Group 
legal entity in which 
the deferred tax 
asset has been recognized. 
Particularly, 
in order to determine the amount of deferred 
tax assets that can be recognized, 
significant management judgments are 
required regarding the likely timing 
and level of 
future taxable profits. In 
making this evaluation, 
the Group has 
considered all available 
evidence, including management’s projections 
of future taxable income and the tax 
legislation in each jurisdiction.

 
 
 
Notes to the Consolidated Financial Statements 
.
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The most significant judgment exercised by Management relates to the recognition of deferred tax assets in respect of losses realized 
in Greece. In the event that, the Group assesses that it 
would not be able to recover any portion of 
the recognized deferred tax assets 
in the future, the unrecoverable portion 
would impact the deferred tax balances in the period in which 
such judgment is made. 
Further 
information 
in respect 
of the 
deferred 
tax 
assets recognized 
by the 
Group 
and the 
assessment 
for 
their recoverability 
is 
provided in note 13.
3.6 
Retirement benefit obligations
The present 
value of 
the retirement 
benefit obligations 
depends on 
a number 
of factors 
that are 
determined on 
an actuarial 
basis 
using a number of assumptions, 
such as the discount rate 
and future salary increases. Any 
change in these assumptions impacts 
the 
carrying amount of the pension obligations.
The Group determines 
the appropriate discount 
rate used to 
calculate the present 
value of the estimated 
retirement obligations, 
at 
the end 
of each 
year based 
on interest 
rates 
of high 
quality corporate 
bonds. In 
countries where 
there is 
no deep 
market 
in such 
bonds, 
the 
yields 
on 
government 
bonds 
are 
used. 
The 
currency 
and term 
to 
maturity 
of 
the 
bonds 
used 
are 
consistent 
with 
the 
currency and estimated average 
term to maturity of the retirement benefit obligations. 
The salary rate increase assumption is based 
on future inflation estimates reflecting also 
the Group's reward structure 
and expected market conditions. 
Other 
assumptions 
for 
pension obligations, 
such as 
future 
inflation 
estimates, 
are 
based 
in part 
on current 
and expected 
market 
conditions.
For information in respect of the sensitivity analysis of the Group’s 
retirement benefit obligations to reasonably 
possible, at the time 
of preparation of these financial statements, 
changes in the abovementioned key actuarial assumptions, refer 
to note 36.
3.7 
Investment properties 
Investment 
property is 
carried at 
fair value, 
as determined 
by external, 
independent and 
certified valuators 
on an 
annual basis, 
or 
more frequently if deemed appropriate 
upon assessment of any relevant circumstances. 
The main factors underlying the 
determination of fair value are 
related with rental income from current leases 
and assumptions about 
rental income from future leases in the light of current market conditions,
including CPI indexation, future vacancy rates and periods, 
discount rates or rates 
of return, terminal values as well as the level of future 
maintenance and other operating costs. 
Additionally, 
where 
the 
fair 
value 
is 
determined 
based 
on 
market 
prices 
of 
comparable 
transactions 
those 
prices 
are 
subject 
to 
appropriate adjustments, in order to reflect 
current economic conditions and Management’s best estimate regarding the 
future trend 
of properties market based on advice received from 
its independent external valuers.
Further information in respect of the fair valuation 
of the Group’s investment 
properties is provided in note 27.
3.8 
Provisions and contingent liabilities
The Group 
recognizes 
provisions when 
it has 
a present 
legal or 
constructive 
obligation, it 
is probable 
that an 
outflow of 
resources 
embodying economic benefits will be required to settle 
the obligation and a reliable estimate can 
be made of its amount. 
A provision is not 
recognized and a contingent liability 
is disclosed when 
it is not 
probable that an outflow 
of resources will be 
required 
to settle the 
obligation, when the 
amount of the obligation 
cannot be measured reliably 
or in case that 
the obligation is 
considered 
possible and is subject to the occurrence or non -occurrence of one or more uncertain 
future events.
Considering the 
subjectivity and 
uncertainty 
inherent 
in the 
determination 
of the 
probability and 
amount of 
the abovementioned 
outflows, the Group takes into account a number of factors 
such as legal advice, the stage of the matter and historical evidence from 
similar cases. In 
the case of 
an offer made 
within the context of 
the Group’s voluntary exit scheme, 
the number of 
employees expected 
to accept the abovementioned 
offer along with 
their age cluster is 
a significant factor 
affecting the measurement 
of the outflow for 
the termination benefits. 
Further information in relation to 
the Group’s provisions 
and contingent liabilities is provided in notes 35 and 42.
3.9 
Share-based payments
The Group 
grants shares 
and share 
options to 
its employees 
as a 
common feature 
of employee 
remuneration. 
IFRS 2 
requires the 
recognition of 
an expense for 
those shares 
and share options 
at their 
fair value 
on the grant 
date (equity-settled 
plans). For shares 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
granted to employees, the fair value is measured directly 
at the market price of the entity’s shares, adjusted 
to take into account 
the 
terms and conditions upon which the shares were granted. For share options 
granted to employees, in many cases market 
prices are 
not available because the options granted 
are subject to terms and conditions that do not apply to traded 
options. If this is the case, 
the Group estimates 
the fair value of the 
equity instruments granted 
using a valuation technique, 
which is consistent with 
generally 
accepted valuation methodologies.
The valuation 
method and the 
inputs used to 
measure the share 
options granted 
to employees of 
the Group are 
presented in 
note 
39.
3.10 
Leases 
The Group, as a lessee, determines the lease term as the non-cancellable term of the 
lease, together with any periods covered 
by an 
option to extend 
the lease if it is 
reasonably certain to 
be exercised, 
or any periods covered 
by an option to 
terminate the lease if 
it 
is reasonably certain not to be exercised.
The Group 
applies judgement 
in evaluating 
whether it is 
reasonably certain 
or not to 
exercise an 
option to 
renew or 
terminate the 
lease, by 
considering all 
relevant 
factors 
and economic 
aspects that 
create an 
economic incentive. 
The Group 
reassesses the 
lease 
term if 
there is 
a significant 
event or 
change in 
circumstances 
that is 
within its 
control 
that affects 
its ability 
to exercise 
or not 
to 
exercise the 
option to 
renew or to 
terminate, such 
as significant leasehold 
improvements or 
significant customization 
of the leased 
asset.
In measuring 
lease liabilities, 
the Group 
uses the 
lessees’ incremental 
borrowing 
rate 
(‘IBR’) when 
it cannot 
readily determine 
the 
interest rate implicit in the 
lease. The IBR is the rate of interest 
that the Group would have to 
pay to borrow over a similar 
term, and 
with 
a 
similar 
security, 
the 
funds 
necessary 
to 
obtain 
an 
asset 
of 
a 
similar 
value 
to 
the 
right-of-use 
asset 
in 
a 
similar 
economic 
environment. 
Therefore, 
estimation is 
required when 
no observable 
rates are 
available (such 
as for 
subsidiaries that 
do not 
enter into 
financing 
transactions) or when 
they need to 
be adjusted to 
reflect the terms 
and conditions of 
the lease. The Group 
estimates the IBR 
using 
observable inputs (such as government bond yields) 
as a starting point when available, and 
performs certain additional entity-specific 
adjustments, 
such as 
credit spread 
adjustments 
or adjustments 
to reflect 
the lease 
terms and 
conditions. For 
the Bank 
and Greek 
subsidiaries, 
the 
IBR 
is 
derived 
from 
the 
estimated 
covered 
bonds 
yield 
curve, 
which 
is 
constructed 
based 
on 
observable 
Greek 
Government 
Bond 
yields, 
while 
for 
international 
subsidiaries 
the 
IBR 
is 
determined 
on 
a 
country 
basis, 
taking 
into 
consideration 
specific local conditions.
3.11 
Other accounting estimates and judgments
Information in respect of other estimates 
and judgments that are made by the Group is provided 
in notes 20 and 30. 
.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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4. 
Capital Management
The Group’s capital 
adequacy position is presented in the following table:
2022 
2021 
€ million 
€ million 
Equity attributable to shareholders 
of the Company 
6,623 
5,539 
Add: Adjustment due to IFRS 9 transitional arrangements 
279 
528 
Add: Regulatory non-controlling interests 
68 
57 
Less: Goodwill 
(2) 
(2) 
Less: Other regulatory adjustments 
(253) 
(686) 
Common Equity Tier 1 Capital 
6,715 
5,436 
Total Tier 1 Capital 
6,715 
5,436 
Tier 2 capital-subordinated debt 
1,250 
950 
Add: Other regulatory adjustments 
61 
- 
Total Regulatory 
Capital 
8,026 
6,386 
Risk Weighted Assets 
41,899 
39,789 
Ratios: 
% 
% 
Common Equity Tier 1 
16.0 
13.7 
Tier 1 
16.0 
13.7 
Total 
Capital Adequacy Ratio 
19.2 
16.1
. 
Notes: 
a) The 
profit of € 
1,330 million attributable 
to the 
shareholders of the 
Company for 
the year 
ended 31 
December 2022 (31 
December 2021: profit 
of € 
328 
million) has been included in the calculation of the above capital ratios. 
b) The Group has elected to 
apply the phase-in approach for mitigating the 
impact of IFRS 9 transition on the 
regulatory capital, according to the 
Regulation 
(EU) 2017/2395 (providing a 5-year transition period to recognize the impact 
of IFRS 9 adoption) and the Regulation 2020/873 (CRR quick fix – 
see below). The 
transition effect is included in the regulatory capital as of the first quarter of each year. 
c) As of 31 
March 2022, the Group 
is applying the 
temporary treatment specified 
in Article 468 of 
the CRR, amended 
by the Regulation (EU) 
2020/873, therefore 
the Group’s 
phased in 
own funds 
and capital 
ratios reflect 
the 60% 
of unrealised 
losses for 
the period 
1.1.2020 to 
31.12.2022, accounted 
for as 
fair value 
changes of debt instruments measured at 
fair value through other comprehensive 
income, corresponding to specific debt exposures, as 
provided for in the said 
article. The Group’s Common Equity 
Tier 1 and Total 
Capital Adequacy ratios, as if the temporary treatment of 
the aforementioned unrealised losses had not 
been applied, would be 15.8% % and 18.9% respectively. 
d) The 
Group’s 
CET1 as 
at 31 
December 2022, 
based on 
the full 
implementation of 
the Basel 
III rules 
in 2025 
(fully loaded 
CET1), referring 
mainly to 
the 
completion of the aforementioned IFRS 9 transitional arrangements, would be 15.2% (31 December 2021: 12.7%). 
e) The pro-forma Common Equity Tier 1 and Total 
Capital Adequacy ratios as at 31 December 2022 with the completion of Project “Solar” (note 20) would be 
16% and 19%, respectively. 
The Group 
has sought 
to 
maintain 
an actively 
managed 
capital 
base to 
cover 
risks 
inherent 
in the 
business. 
The adequacy 
of the 
Group's 
capital 
is 
monitored 
using, among 
other 
measures, 
the 
rules 
and 
ratios 
established 
by 
the 
Basel 
Committee 
on 
Banking 
Supervision (BIS rules/ratios) which have been incorporated in the European Union (EU) 
legislation through the Directive 2013/36/EU 
(known as 
CRD IV) 
along with 
the Regulation 
No 575/2013/EU 
(known as 
CRR), as 
they are 
in force. 
The above 
Directive has 
been 
transposed into 
Greek legislation 
by Law 4261/2014 
as in force. 
Supplementary to 
that, in the 
context of 
Internal Capital 
Adequacy 
Assessment Process (ICAAP), the Group considers a broader 
range of risk types and the Group’s risk 
management capabilities. ICAAP 
aims ultimately to ensure 
that the Group 
has sufficient capital to 
cover all material risks 
that it is 
exposed to, over a 
three-year horizon.
Based on Council Regulation No 1024/2013, the European Central Bank (ECB) conducts annually a Supervisory Review and 
Evaluation 
Process (SREP) in order 
to define the prudential 
requirements of the 
institutions under its supervision. 
The key purpose 
of the SREP 
is 
to 
ensure 
that 
institutions 
have 
adequate 
arrangements, 
strategies, 
processes 
and 
mechanisms 
as 
well 
as 
capital 
and 
liquidity 
to ensure a sound management and coverage of their risks, to which they are or 
might be exposed, including those revealed by stress 
testing and risks the institution may pose to 
the financial system.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
According to the 
2021 SREP decision, for 2022, 
the Group was required 
to meet a Common Equity 
Tier 1 Ratio of at 
least 9.58% and 
a Total 
Capital Adequacy 
Ratio of at 
least 14.39% 
(Overall Capital 
Requirement or 
OCR) including Combined 
Buffer Requirement 
of 
3.39%, which is covered with CET1 capital and sits on top of the Total SREP Capital Requirement (TSCR). The ECB’s relief measures for 
capital requirements, to address 
the effects of Covid-19, ended at 31 December 2022.
The breakdown of the Group’s 
CET1 and Total 
Capital requirements is presented below.
31 December 2022 
CET1 Capital 
Requirements 
Total Capital 
Requirements 
Minimum regulatory requirement 
4.50% 
8.00% 
Pillar 2 Requirement (P2R) 
1.69% 
3.00% 
Total SREP Capital Requirement 
(TSCR) 
6.19% 
11.00% 
Combined Buffer Requirement (CBR) 
Capital conservation buffer 
(CCoB) 
2.50% 
2.50% 
Countercyclical capital buffer 
(CCyB) 
0.14% 
0.14% 
Other systemic institutions buffer 
(O-SII) 
0.75% 
0.75% 
Overall Capital Requirement (OCR) 
9.58% 
14.39%
(1) 
As of 1
st
 
of March 2022, the P2R is not applicable for the Bank in its separate financial statements. 
According to 
the 2022 SREP 
decision, since January 
2023 the P2R 
for the 
Group has been 
reduced from 
3.00% to 2.75% 
in terms of 
total capital (or from 1.69% to 1.55% in terms of CET1 capital), reflecting the improved Group’s financial position particularly in terms 
of asset quality. Thus, for 
the first quarter of 2023, the Group is required to meet a Common Equity Tier 1 Ratio of at least 9.75% and 
a Total 
Capital Adequacy Ratio 
of at least 
14.45% (Overall Capital 
Requirements or 
OCR) including Combined Buffer 
Requirement of 
3.70% (Capital conservation buffer of 2.50%, Countercyclical 
capital buffer of 0.20% and Other Systemically 
Important Institution (O-
SII) buffer of 1.00%).
Furthermore, 
the Regulation 
2020/873 (CRR 
quick 
fix) provides, 
among others, 
for 
the extension 
by two 
years 
of the 
transitional 
arrangements 
for 
IFRS 
9 
and 
further 
relief 
measures, 
allowing 
banks 
to 
add 
back 
to 
their 
regulatory 
capital 
any 
increase 
in 
new 
provisions for expected 
losses that they have recognized 
in 2020 and 2021 for their 
financial assets, which have not 
been defaulted. 
Accordingly, 
the relief applied for 2022 is 75%, for 2023 50% and for 
2024 25%.
Further disclosures regarding capital 
adequacy in accordance with the Regulation 575/2013 are 
provided in the Consolidated Pillar 3 
Report on the Company’s website.
Minimum Requirements for Eligible Own Funds and Eligible Liabilities (MREL)
Under the Directive 
2014/59 (Bank 
Recovery and 
Resolution Directive) 
as in force, 
which was 
transposed into 
the Greek legislation 
pursuant to Law 
4335/2015 as in force, 
European banks are 
required to 
meet the minimum requirement 
for own funds 
and eligible 
liabilities (MREL). The Single Resolution Board (SRB) has determined Eurobank S.A. as the Group’s resolution entity and a Single Point 
of Entry (SPE) 
strategy for 
resolution purposes. Based 
on the latest 
SRB’s decision, 
the fully calibrated 
MREL (final target) 
to be met 
by Eurobank 
S.A. on a 
consolidated basis 
until the end 
of 2025 is 
set at 
27.46% of its 
total risk 
weighted assets 
(RWAs), including 
a 
fully-loaded combined buffer requirement (CBR) of 3.86%. 
The final MREL 
target is updated by the 
SRB on an 
annual basis. The 
interim 
binding MREL target, which is 
applicable from 1 January 2022, stands 
at 18.21% of RWAs, 
including a CBR of 3.70%, while an interim 
non-binding MREL target of 20.48%, including a CBR of 3.70%, applies from January 
2023. 
In 
the 
year 
ended 
31 
December 
2022, 
in 
the 
context 
of 
the 
implementation 
of 
its 
medium-term 
strategy 
to 
meet 
its 
MREL 
requirements, the Bank proceeded with the issuance of an MREL-eligible senior preferred bond with a nominal value of € 500 million 
and a 
Tier 2 
instrument of 
€300 million 
(note 34). 
As at 
31 December 
2022, the 
Bank’s 
MREL ratio 
at consolidated 
level stands 
at 
23.07% of RWAs including profit for the year ended 31 December 2022 (31 December 2021: 18.47%), which is significantly above the 
aforementioned interim MREL target 
of 20.48%.
Post balance sheet event

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
In January 2023, the Bank 
successfully completed the issue of 
€ 500 million senior preferred 
notes. The proceeds from 
the issue will 
support Eurobank Group’s strategy to 
ensure ongoing compliance with its MREL requirement and will be used for Eurobank’s general 
funding purposes (note 34).
.
2023 EU – wide stress test
.
In January 2023, the European Banking 
Authority (EBA) launched the 2023 
EU-wide stress test exercise 
which is designed to provide 
valuable 
input for 
assessing the 
resilience 
of the 
European 
banking sector 
in the 
current 
uncertain 
and changing 
macroeconomic 
environment.
This exercise is coordinated 
by the EBA in cooperation 
with the ECB and national supervisory authorities 
and is conducted according 
to the EBA’s 
methodology. It 
is carried out on the basis 
of year-end 2022 figures 
and assesses the performance 
of EU banks under a 
baseline and 
adverse 
macroeconomic 
scenario, 
covering 
the period 
from 
2023 to 
2025. The 
baseline scenario 
for 
EU countries 
is 
based on the projections from the EU national central banks 
of December 2022. The adverse scenario, although unlikely to 
unfold, is 
used to 
assess the 
resilience of 
banks to 
a hypothetical 
severe scenario 
of a 
significant deterioration 
in the 
overall 
outlook for 
the 
economy and financial markets in the next three years. The narrative depicts an adverse scenario related to a hypothetical worsening 
of geopolitical 
developments 
leading to 
a severe 
decline in 
GDP with 
persistent 
inflation and 
high interest 
rates. 
In terms 
of GDP 
decline, the 2023 adverse scenario is the most severe used in the EU wide stress up to now. Eurobank Holdings Group is participating 
in the EBA-led stress test.
 
In parallel, the 
ECB will conduct 
its own stress 
test for 
a number of medium 
sized- 
banks that it 
supervises directly and 
that are not 
included in the EBA-led stress test sample. 
The EBA 
expects to 
publish the 
results 
of the 
exercise 
at the 
end of 
July 2023. 
The stress 
test results 
will be 
used to 
update each 
bank’s 
Pillar 2 Guidance
 
in the context 
of the SREP, 
while qualitative findings 
on weaknesses in 
banks’ stress 
testing practices 
could 
also affect their 
Pillar 2 Requirements.
.
5. 
Financial risk management and fair value 
5.1 
Use of financial instruments 
By 
their 
nature 
the 
Group's 
activities 
are 
principally 
related 
to 
the 
use 
of 
financial 
instruments 
including 
derivatives. 
The 
Group 
accepts deposits from 
customers, at both 
fixed and floating 
rates, and 
for various periods 
and seeks to 
earn above average 
interest 
margins by investing these funds in high quality assets. The Group seeks to increase these margins by consolidat 
ing short-term funds 
and lending for longer periods at higher rates, 
while maintaining sufficient liquidity to meet all claims that might 
fall due. 
The 
Group 
also 
seeks 
to 
raise 
its 
interest 
margins 
by 
obtaining 
above 
average 
margins, 
net 
of 
provisions, 
through 
lending 
to 
commercial and retail borrowers within a range of credit standing. Such exposures include both on-balance sheet loans and advances 
and off-balance sheet guarantees and other commitments 
such as letters of credit. 
The Group also trades in financial instruments where it 
takes positions in traded and over the counter financial 
instruments, including 
derivatives, to take 
advantage of short-term 
market movements in the equity and bond markets 
and in currency and interest rates. 
5.2 
Financial risk factors 
Due to its activities, 
the Group is 
exposed to several 
financial risks, such as 
credit risk, market 
risk (including currency, 
interest rate 
, 
spread, equity and volatility risk), liquidity and operational risks. The Group's overall risk management strategy seeks to minimize any 
potential adverse effects 
on its financial performance, financial position and cash flows. 
Risk Management objectives and policies 
The Group 
acknowledges that 
taking risks 
is an integral 
part of its 
operations in 
order to 
achieve its business 
objectives. Therefore, 
the Group’s 
management sets adequate 
mechanisms to identify those 
risks at an 
early stage and 
assesses their potential impact 
on 
the achievement of these objectives. 
Due to the fact that 
economic, industry, 
regulatory and operating conditions 
will continue to change, 
risk management mechanisms 
are set 
in a 
manner that 
enable the 
Group to 
identify and 
deal with 
the risks 
associated with 
those changes. 
The Bank’s 
structure, 
internal processes and existing control mechanisms 
ensure both the 
independence principle and 
the exercise of sufficient supervision. 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
The Group's 
Management considers 
effective risk 
management as 
a top priority, 
as well as 
a major 
competitive advantage, 
for the 
organization. As such, the Group has allocated significant resources for upgrading its policies, methods and infrastructure, 
in order to 
ensure compliance with the requirements of 
the European Central Bank (ECB)
and of the 
Single Resolution Board (SRB), the 
guidelines 
of 
the 
European 
Banking 
Authority 
(EBA) 
and 
the 
Basel 
Committee 
for 
Banking 
Supervision 
and 
the 
best 
international 
banking 
practices. 
The 
Group 
implements 
a 
well-structured 
credit 
approval 
process, 
independent 
credit 
reviews 
and 
effective 
risk 
management policies for all material risks it is exposed to, both in Greece and in each country of its international operations. The risk 
management policies implemented by the Group are 
reviewed mainly annually.
The Group 
Risk and 
Capital Strategy, 
outlines the 
Group’s 
overall direction 
regarding 
risk and 
capital 
management issues, 
the risk 
management mission 
and objectives, 
risk definitions, 
risk management 
principles, risk 
governance framework, 
strategic 
objectives 
and key management initiatives for 
the improvement of the risk management framework 
in place. 
The maximum amount 
of risk which the 
Group is willing 
to assume in the 
pursuit of its 
strategic objectives 
is articulated via 
a set of 
quantitative 
and 
qualitative 
statements 
for 
specific risk 
types, 
including 
specific tolerance 
levels 
as 
described 
in 
the 
Group’s 
Risk 
Appetite Framework. The objectives are to support the 
Group’s business growth, balance a strong capital position with higher 
returns 
on equity and to ensure the Group’s 
adherence to regulatory requirements. 
The 
risk 
appetite 
that 
is 
clearly 
communicated 
throughout 
the 
Group, 
determines 
risk 
culture 
and 
forms 
the 
basis 
on 
which 
risk 
policies and risk 
limits are established 
at Group and 
regional level. Within 
the context 
of its Risk 
Appetite Framework, 
the Bank has 
further enhanced the risk identification process and the risk materiality 
assessment methodology. 
The identification and the 
assessment of all risks is the 
cornerstone for 
the effective Risk Management. 
The Group aiming to 
ensure 
a 
collective 
view 
on 
the 
risks 
linked 
to 
the 
execution 
of 
its 
strategy, 
acknowledges 
the 
new 
developments 
at 
an 
early 
stage 
and 
assesses 
the 
potential 
impact. 
In 
this 
context, 
the 
Bank 
has 
recognized 
climate 
change 
risk 
as 
a 
material 
risk 
and 
based 
on 
its 
supervisory 
guidelines, 
is in 
the process 
of 
continuing 
adapting 
its 
policies and 
methodologies for 
identifying 
and monitoring 
the 
relevant risks (note 5.2.5). 
Board Risk Committee (BRC)
The Board Risk Committee (BRC) 
is a committee of 
the BoD and its 
task is to assist the 
BoD to ensure that the 
Group has a well-defined 
risk and capital 
strategy in line 
with its business 
plan and in 
line with 
regulatory requirements and an 
adequate and robust 
risk appetite 
framework. 
Τhe BRC assesses the Group’s risk profile, monitors 
compliance with the approved risk appetite and risk tolerance levels 
and ensures 
that the Group has developed a risk management framework 
with appropriate methodologies, modelling tools, and data 
sources, as 
well as sufficient and competent staff to 
identify, assess, monitor and mitigate risks.
Moreover, BRC is conferred with certain approval 
authorities. 
The BRC consists of five (5) non-executive directors, meets at least on a monthly basis 
and reports to the BoD on a 
quarterly basis and 
on ad hoc instances if it is needed. 
Management Risk Committee
The Management Risk Committee (MRC) is a management 
committee established by the 
CEO and its main responsibility of the MRC 
is to oversee the risk management framework of the Group. As part of its responsibilities, the MRC facilitates reporting to the BRC on 
the range of risk-related topics under 
its purview. The MRC 
supports the Group Chief 
Risk Officer to 
identify material risks, to 
promptly 
escalate them 
to the 
BRC and 
to ensure 
that the 
necessary policies 
and procedures 
are in 
place to 
prudently 
manage risks 
and to 
comply with regulatory requirements. 
Group Risk Management General Division
The Group’s Risk Management General Division which 
is headed by 
the Group Chief Risk 
Officer (GCRO), operates independently from 
the business units and is responsible for the identification, assessment, 
monitoring, measurement and management of the risks that 
the Group is exposed to. It comprises 
of the Group Credit General Division (GCGD), 
the Group Credit Control Sector (GCCS), the 
Group 
Credit 
Risk 
Capital 
Adequacy 
Control 
Sector 
(GCRCACS), 
the 
Group 
Market 
and 
Counterparty 
Risk 
Sector 
(GMCRS), 
the 
Group 
Operational Risk Sector (GORS), the Group Model Validation 
and Governance Sector (GMVGS), the Group Risk Management Strategy 
Planning and 
Operations Division 
(GRMSPO), the 
Supervisory Relations 
and Resolution 
Planning Sector 
(SRRPS), the 
Group Climate 
Risk Division (GCRD) 
and the Risk Analytics Division (RAD).
 

 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Non-Performing Exposures (NPEs) management
The Group, following 
the strategic partnership 
with doValue S.p.A. and 
the successful transition to 
the new operating model 
for the 
management of 
NPEs, realizes 
the NPE 
Strategy Plan 
through its 
implementation by 
doValue Greece 
for the 
assigned portfolio 
and 
the successful securitization transactions. 
Troubled Assets Committee 
The 
Troubled 
Assets 
Committee 
(TAC) 
is 
established 
according 
to 
the 
regulatory 
provisions 
and 
its 
main 
purpose 
is 
to 
act 
as 
an 
independent body, 
closely monitoring the Bank’s troubled 
assets portfolio and the execution of its NPE Management 
Strategy. 
Remedial and Servicing Strategy (RSS) 
Eurobank 
established 
Remedial 
Servicing 
& 
Strategy 
Sector 
(RSS) 
with 
the 
mandate 
to 
devise 
the 
NPE 
reduction 
plan, 
to 
closely 
monitor 
the overall 
performance of 
the NPE 
portfolio 
as well 
as the 
relationship 
of the 
Bank with 
doValue 
Greece. 
Furthermore, 
following Eurobank’s commitments against the significant risk transfer (SRT) monitoring regulatory requirements pertaining to Bank’s 
concluded transactions, 
RSS has a 
pivotal role 
in ensuring that 
relevant process 
is performed smoothly 
and in a 
timely manner and 
that any 
shortcomings are 
appropriately resolved, 
while providing 
any required 
clarifications or 
additional material 
required by 
the 
regulatory authorities. 
The Head of 
RSS reports to the 
General Manager of Group Strategy.
In this context, RSS 
has been assigned 
inter alia with 
the following 
responsibilities: 
●
Develop and actively monitor the NPE targets 
and reduction plan 
●
Set the strategic principles, priorities, policy framework 
and KPIs under which doValue Greece is servicing the portfolio 
●
Closely monitor the execution of the 
approved strategies, as well as all 
contractual provisions under the relevant contractual 
agreements for Eurobank’s 
portfolio assigned to doValue Greece 
including the securitized portfolio of ERB Recovery 
DAC 
●
Monitoring of 
the performance 
of the 
senior notes 
of the securitizations 
in collaboration 
with Group 
Risk so 
as to 
ensure 
compliance to significant risk transfer 
(SRT) and to the Hellenic Asset Protection Scheme (HAPS) 
●
Budget and monitor the Bank’s expenses 
and revenues associated with the assigned portfolio 
●
Cooperate closely with doValue 
Greece on a daily basis in achieving the Group’s 
objectives 
●
Maintain supervisory dialogue
NPE Operational targets 
Ιn line with the regulatory framework and Single Supervisory Mechanism’s (SSM) requirements 
for Non-Performing Exposures’ (NPE) 
management, in 
March 2023, 
the Group 
submitted its 
NPE Management 
Strategy 
for 2023-2025, 
along with 
the annual 
NPE stock 
targets 
at both 
Bank and 
Group level. 
The plan 
envisages the 
decrease of 
the Group’s 
NPE ratio 
at 5.2% 
at the 
end of 
2023 and 
at 
4.5% in 2025.
5.2.1 Credit Risk 
Credit risk 
is the risk 
that a 
counterparty will 
be unable 
to fulfill 
its payment 
obligations in 
full when due. 
Credit risk 
is also 
related 
with country risk and settlement risk, specified below:
a)
Country risk 
is the 
risk of 
losses arising 
from cross 
-border lending 
and investment 
activities and 
refers 
to the 
uncertainty 
associated 
with exposure 
in a 
particular country. 
This uncertainty 
may relate 
to a 
number of 
factors 
including the 
risk of 
losses following nationalization, expropriation, 
debt restructuring and foreign exchange 
rates’ movement. 
b)
Settlement 
risk 
is 
the 
risk 
arising 
when 
payments 
are 
settled, 
for 
example 
for 
trades 
in 
financial 
instruments, 
including 
derivatives 
and currency 
transactions. 
The 
risk 
arises 
when 
the 
Group 
remits 
payments 
before 
it 
can 
ascertain 
that 
the 
counterparties’ payments have been 
received. 
Credit 
risk 
arises 
principally 
from 
the 
wholesale 
and 
retail 
lending 
activities 
of 
the 
Group, 
as 
well 
as 
from 
credit 
enhancements 
provided, such as financial guarantees and 
letters of credit. The Group 
is also exposed to credit risk arising from other activities such 
as investments in debt securities, trading, capital markets and settlement activities. Taking 
into account that credit risk is the primary 
risk the Group is exposed to, it is very closely managed and 
monitored by specialised risk units, reporting to the GCRO. 

 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
(a) Credit approval process
The credit approval 
and credit review 
processes are centralized 
both in Greece and 
in the International operations. 
The segregation 
of 
duties 
ensures 
independence 
among 
executives 
responsible 
for 
the 
customer 
relationship, 
the 
approval 
process 
and 
the 
loan 
disbursement, as well as monitoring of the loan during its lifecycle.
Credit Committees
The credit 
approval process 
in Corporate 
Banking is centralized 
through establishment 
of Credit 
Committees with 
escalating Credit 
Approval Levels. Main Committees of the Bank 
are considered to be the following: 
●
Credit Committees 
(Central and 
Local) authorized 
to approve new 
financing, renewals 
or amendments for 
domestic groups 
in 
the existing credit limits, in accordance with their credit approval 
authority, depending on total limit amount 
and customer risk 
category (i.e. high, medium or low), as well as the value and type of security;
●
Special Handling Credit Committees authorized to 
approve credit requests and take 
actions for distressed clients; 
●
International Credit 
Committees (Regional 
and Country) 
established for 
the wholesale borrowers 
of the Group’s 
international 
bank subsidiaries, authorized to approve new limits, renewals 
or amendments to existing limits, in accordance with their credit 
approval authority, 
depending on total customer exposure and risk category (i.e. high, medium or low), as well as the value and 
type of security; and
●
International Special Handling Committees established for 
handling distressed wholesale borrowers of the 
Group’s international 
bank subsidiaries.
The Credit Committees meet on a weekly basis or more frequently, 
if needed.
Group Credit General Division (GCGD)
Within an 
environment 
of increased 
risk requirements, 
Group Credit 
General Division’s 
(GCGD) mission 
is to 
safeguard 
the Banks’ 
asset side, 
by evaluating 
credit risk 
and making recommendations, 
so that borrower’s 
credit exposure 
is acceptable 
and within 
the 
approved 
Risk Appetite 
Framework. 
GCGD is 
headed by 
the Group 
Chief Credit 
Officer (GCCO) 
with direct 
reporting 
to the 
Group 
Chief Risk Officer (GCRO).
GCGD 
operations 
are 
comprised 
of 
two 
functions, 
i.e. 
the 
Corporate 
Credit 
Risk, 
including 
both 
the 
domestic 
and 
the 
foreign 
underwriting activities (the latter 
only for Global Clients 
and material exposures 
of International Subsidiaries), 
and Retail Credit 
Risk 
respectively, covering the underwriting needs of the 
SBB portfolio and the 
Household Lending (mortgage, consumer loans, 
auto-moto 
loans and credit cards). 
1.
Corporate Credit Risk
(a) Domestic and Greek related portfolio: the underwriting function includes the review of 
credit requests originating from Corporate 
Units handling 
large and 
medium scale 
corporate 
entities of 
every risk 
category and 
specialised lending 
units such 
as Shipping 
and 
Structured Finance (Commercial 
Real Estate, 
Hotels & Leisure, 
Project Finance, M&A 
Financing) and Private 
Banking. Major tasks 
of 
the respective workstream and involved 
credit units pertain to the following:
●
Evaluation of credit applications and 
issuance of an independent Risk Opinion, which includes:
(i) 
assessment 
of 
the 
customer 
credit 
profile 
based 
on 
the 
qualitative 
and 
quantitative 
risk 
factors 
identified 
(market, 
operational, structural and financial) 
(ii) 
recommendations for the formulation 
of bankable, well-secured and well-controlled 
transactions (credit facility), as well as
(iii) review and confirmation of the ratings 
of each separate borrower to reflect 
the risks acknowledged.
●
Participation with voting right in all credit committees 
as per the Credit Approval procedures.
●
Active participation in 
the regulatory audits 
and major internal projects 
of the Bank, providing 
at the same 
time credit related 
knowledge, expertise and support to other divisions.
●
Preparation 
of 
specialised 
reports 
to 
Management 
on 
a 
regular 
basis, 
with 
regards 
to 
the 
Top 
25 
largest, 
in 
terms 
of 
total 
exposure, borrower Groups, 
statistics on the new approved 
financings and leveraged transactions.

 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
(b) International 
Subsidiaries’ portfolio: 
The GCGD 
through its 
specialized International 
Credit Sector 
(ICS) is responsible 
to actively 
participate 
in 
the 
design, 
implementation 
and 
review 
of 
the 
credit 
underwriting 
function 
for 
the 
wholesale 
portfolio 
of 
the 
International Subsidiaries covering 
Bulgaria, Cyprus, Serbia, the ex-Romania 
portfolio (Perimeter B) 
and portion of the loan portfolio 
of Luxemburg (and London). Moreover, 
the respective unit’s tasks and responsibilities 
are highlighted below:
●
Participation 
with voting 
right in 
all International 
Committees 
(Regional 
and Special 
Handling) and 
Country Risk 
Committees 
(CRCs);
●
Participation in 
the sessions of 
Special Handling Monitoring 
Committees for 
Bulgaria and 
Serbia which monitor 
and decide on 
the strategy 
of problematic 
corporate relationships 
with loan 
outstanding exceeding 
a certain 
threshold, that 
is jointly 
set by 
ICS and Country TAG; 
●
Advice on best practices to the Credit Risk Units of International 
Subsidiaries
GCGD 
is 
also 
responsible 
for 
the 
preparation 
of 
all 
credit 
committees’ 
agendas, 
distribution 
of 
the 
respective 
material 
and 
maintenance of the respective Credit Committees’ 
minutes.
2.
Retail Credit Risk 
The scope of 
the Retail Banking Credit Risk 
& Underwriting Sector is 
the assessment of 
credit applications submitted by Retail Business 
Units, 
in 
relation 
to 
Borrowers 
of 
the 
retail 
credit 
portfolio 
(SBB 
loans 
and 
Household 
loans) 
based 
on 
thresholds, 
for 
which 
an 
assessment by GCGD is required as per the 
provisions of the relevant Credit Approval Procedures. 
The main tasks of Retail Credit Risk 
function are outlined below:
●
Assess credit 
requests in 
alignment with 
the credit 
risk assessment 
criteria and 
methodology provided 
in the 
appropriate 
Credit Policy Manual. 
●
Analyze and evaluate risk factors 
depending on the type of credit request. 
●
Prepare an 
independent Credit Opinion 
presenting the official 
GCGD opinion on 
the credit application 
and confirm, where 
required, the Borrower 
Rating for 
each Borrower 
in its portfolio 
ensuring that the 
risks identified are 
dully reflected 
in the 
Rating. 
●
Participate with 
voting rights in the 
credit committees 
as per the credit 
approval process, according 
to the Approval 
Levels 
defined in the CPM. 
●
Transfer 
of credit knowledge and expertise, as well as support to Network 
officers regarding credit matters. 
(b)
Credit risk monitoring 
Group Credit Control Sector
The 
Group 
Credit 
Control 
Sector 
(GCCS) 
monitors 
and 
assesses 
the 
quality 
of 
all 
of 
the 
Group’s 
loan 
portfolios 
and 
operates 
independently from the business units of the Bank. The GCCS reports directly 
to the GCRO.
The main responsibilities of the GCCS are to:
●
supervise, support and maintain the credit rating and 
impairment systems used to assess the wholesale lending customers;
●
monitor and review the performance of all of the Group’s 
loan portfolios;
●
supervise and control the foreign subsidiaries’ credit 
risk management units;
●
monitor on a 
regular basis and 
report on a 
quarterly basis to 
the Board of 
Directors and 
the BRC of 
risk exposures, 
along with 
accompanying analyses;
●
monitor 
and evaluate 
the efficiency 
of 
adopted 
strategies 
and 
proposed 
solutions 
in 
terms 
of 
dealing 
with 
Non-Performing 
Exposures 
(NPEs) 
and 
the 
achievement 
of 
targets 
for 
NPEs 
reduction, 
as 
communicated 
and 
agreed 
with 
the 
Supervisory 
Authorities; 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
●
conduct field reviews 
and prepare written 
reports to the 
Management on the 
quality of all 
of the Group’s 
loan portfolios and 
adherence with EBA prevailing regulations;
●
monitor the proper EBA classifications in accordance 
with the relevant provisions and guidelines;
●
participate in the approval of new credit policies and 
new loan products;
●
participate in the Troubled 
Asset Committee;
●
attend meetings of Credit Committees and 
Special Handling Committees, without voting right; 
●
formulate the Group’s credit impairment policy and measure the provisions of the Greek loan portfolios along with the relevant 
reporting to Management;
●
regularly review the adequacy of provisions of all of the Group’s 
loan portfolios;
●
formulate, in collaboration 
with the responsible lending Units the credit policy manuals for performing 
borrowers; 
●
provide guidance and monitor the process of designing and reviewing 
credit policies before approved 
by Management.
●
monitor the proper application of 
Real Estate collaterals’ valuation, as per the Banks’ 
Collateral Valuation policy and procedures;
●
monitor 
the 
supervisory, 
regulatory 
developments, 
emerging 
trends 
and 
best 
practices 
within 
its 
purview 
in 
order 
to 
keep 
Management abreast and propose required 
actions;
Group Credit Risk Capital Adequacy Control Sector
The 
Group 
Credit 
Risk 
Capital 
Adequacy 
Control 
Sector 
develops 
and 
maintains 
the 
credit 
risk 
assessment 
models 
for 
the 
loans 
portfolio of the Group, performs capital adequacy calculations and assessment for the loan portfolios of the group, conducts internal 
& external stress test exercises 
as well as well as forecasting of risk parameters. 
The Sector reports directly to the GCRO.
Specifically, the main responsibilities 
of the Group Credit Risk Capital Adequacy Control 
Sector are to:
●
control, measure and monitor the capital requirements 
arising from the Bank’s loan portfolio 
along with the relevant reporting 
to Management and regulators (ECB/SSM);
●
manage the models 
development, implementation, monitoring of the 
internal risk based 
models and IFRS9 
models of Probability 
of Default (PD), Loss Given Default (LGD) 
and Exposure at Default (EAD) for evaluating 
credit risk
●
measure and monitor the 
risk parameters (PD, 
LGD, EAD) for 
the purposes of internal capital 
adequacy assessment, as well as, 
the estimation of risk related parameters 
(such as forecast 12-m PD, forecast 
lifetime PD) for impairment calculation purposes; 
●
review 
the 
grouping 
of 
lending 
exposures 
and 
ensuring 
their homogeneity 
in 
accordance 
with 
the 
Group’s 
IFRS 
accounting 
policies
●
re-assess and re-develop if required, 
the significant increase in credit risk (SICR) thresholds under IFRS9 standard;
●
prepare monthly capital adequacy calculations (Pillar 
1) and relevant management, as 
well as, regulatory reports 
(COREPs, SREP) 
on a quarterly basis;
●
participate in the preparation of the business 
plan, the NPE targets plan and the recovery plan of the 
Group in relation to asset 
quality and 
capital requirements 
for the 
loan book 
(projected impairments 
and RWAs), 
as well 
as participate 
in the 
relevant 
committees; 
●
perform stress tests, both internal 
and external (EBA/SSM), and maintain the credit risk 
stress testing infrastructure;
●
coordinate the stress testing 
exercises for the loan portfolios 
at Group Level;
●
prepare the credit risk analyses for Internal 
Capital Adequacy Assessment (ICAAP)/ Pillar 2 purposes; 
●
prepare the Basel Pillar 3 disclosures for credit 
risk;
●
regularly 
report 
to 
the 
GCRO, 
to 
the 
Management 
Risk 
Committee 
and 
to 
the 
Board 
Risk 
Committee 
on: 
risk 
models 
performance, risk parameters 
(PD, LGD, EAD), forbearance 
reporting, vintage analysis and default 
/ redefault statistics;;
●
guide, monitor and supervise the Credit Risk divisions of the subsidiaries on modelling, credit stress testing and other credit risk 
related regulatory issues.
●
monitor and guide Group’s 
international subsidiaries on credit risk related 
ICAAP, 
stress testing and other regulatory credit risk 
related issues, based on Group standards. 
Review of local credit risk stress test 
exercises;

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
●
support the 
business units 
in the 
use of 
credit risk 
models in 
business decisions, 
for 
funding purposes, 
in the 
capital 
impact 
assessment 
of 
strategic 
initiatives 
and the 
development 
and usage 
of 
risk related 
metrics such 
as risk 
adjusted 
pricing, Risk 
Adjusted Return on Capital (RAROC) etc.; and
●
assist Remedial Servicing Strategy Sector in the 
risk assessment and risk impact of various programs and products.
Group Model Validation and Governance Sector
The Group Model Validation 
and Governance Sector was established in September 
2018, with key mandates:
●
the establishment of a comprehensive model governance 
and validation framework, and
●
the independent validation of 
the technical and 
operational completeness of all 
models used by 
the Group and 
their parameters, 
as well as their compliance with the provisions of the regulatory 
framework.
In more detail, the tasks of the Sector are outlined 
as follows:
●
Prepare and update the Group’s Models Framework (to include model definition, roles involved per model, model classification 
principles and methodology, model validation principles, materiality classifications and 
thresholds, models’ registry governance, 
etc.); 
●
Establish and update the Group’s 
Models Registry;
●
Review models’ classification, in accordance with the 
methodology provided in the Group Models Framework;
●
Prepare 
and 
update 
the 
Group 
Models 
Validation 
Framework, 
while 
providing 
support 
to 
Group’s 
subsidiaries 
in 
its 
implementation;
●
Monitor changes in ECB guidelines on models’ validation;
●
Propose and escalate for approval 
the quantitative thresholds, in order to 
assess the results of the validation tests;
●
Conduct model validation tests in alignment with the Group 
Model Validation Framework 
and regulatory requirements;
●
Prepare detailed 
reports of 
the model valuation 
results according 
to the 
specific requirements 
of the 
model validated, 
if any, 
which are communicated to BRC on an annual basis 
along with any related proposed remediation 
plan; 
●
Disseminate models’ validation test results 
within the Group’s BRC or MRC 
following reporting to Group CRO, 
as appropriate;
●
Prepare action plan for remediation actions, if any, 
as a result of the model validation tests implemented, and escalate the plan 
for its approval by the appropriate 
Management Authority;
●
Participate in the approval process 
of new models for assessing ratings’ system 
accuracy and suitability; and
●
Monitor industry practices on the development 
and use of models as well as related ECB guidelines and restrictions.
Group Market and Counterparty Risk Sector
Group Market 
and Counterparty Risk Sector 
(GMCRS) is responsible 
for the measurement, 
monitoring and periodic reporting 
of the 
Group’s exposure to counterparty risk (issuer risk and market driven counterparty risk), which is the risk of loss due to 
the customer’s 
failure 
to 
meet its 
contractual 
obligations 
in the 
context 
of treasury 
positions, 
such as 
debt securities, 
derivatives, 
repos, 
reverse 
repos, interbank placings, etc.
In addition, 
GMCRS monitors, 
controls 
and regularly 
reports country 
limits, exposures 
and escalates 
breaches to 
the Management 
and to 
Committees. GMCRS 
uses a comprehensive 
methodology approved 
by the BRC, 
for determining 
the acceptable 
country risk 
level, including the countries in which the Group has a strategic 
presence.
The 
Group 
sets 
limits on 
the level 
of 
counterparty 
risk 
that 
are 
based 
mainly 
on 
the counterparty’s 
credit 
rating, 
as 
provided 
by 
international rating agencies, the product type and 
the maturity of the 
transaction (e.g. control limits on net 
open derivative positions 
by both amount and term, sovereign bonds exposure, 
corporate securities, asset backed securities etc.). 
GMCRS maintains and updates the limits’ monitoring systems and ensures the correctness and compliance of all financial institutions 
limits with the Bank’s policies as approved 
by the Group’s relevant 
bodies.

 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
The utilization of the abovementioned limits, any excess of them, as well as the aggregate 
exposure per Group’s 
entity, counterparty 
and product type are monitored by GMCRS on a daily basis. Risk mitigation contracts are taken into account for the calculation of the 
final exposure.
Also, 
GMCRS 
ensures 
that 
the 
exposure 
arising 
from 
counterparties 
complies 
with 
the 
approved 
country 
limits 
framework. 
The 
GMCRS’s exposure measurement and reporting tool is 
also available to the 
Group’s subsidiaries treasury divisions, thus enabling 
them 
to monitor each counterparty’s exposure 
and the limit availability.
Additionally, 
for 
the 
banks’ 
corporate 
bond 
portfolio, 
GMCRS 
measures 
and 
monitors 
daily 
the 
total 
notional 
limits, 
the 
sectoral 
concentration 
and the 
maximum size 
per issuer. 
It uses 
a measurement 
tool for 
monitoring any 
downgrades and 
any idiosyncratic 
spread widening from purchase and any breach 
is communicated to the Management and to 
the relevant Committees.
GMCRS 
implements 
the 
market’s 
best 
practices 
and 
safeguards 
the 
compliance 
of 
all 
involved 
parties 
to 
limits’ 
policies 
and 
procedures. 
To 
this 
direction, 
for 
various 
units 
and 
International 
subsidiaries, 
GMCRS 
provides 
support 
and 
guidance 
for 
implementation of the limits’ guidelines and policies.
Furthermore, GMCRS 
prepares specialized 
reports for 
the Management/Committees 
along with 
regular reporting 
that includes the 
exposure 
to the 
Hellenic Republic 
and a 
report 
that 
is based 
on the 
calculation 
of the 
Lifetime 
Expected 
Losses for 
the exposure 
towards the Hellenic Republic (HR).
(c) Credit related commitments
The primary purpose of credit 
related commitments is to ensure that funds are available to a 
customer as agreed. Financial guarantee 
contracts carry 
the same credit 
risk as loans 
since they represent 
irrevocable assurances 
that the 
Group will 
make payments 
in the 
event that a customer 
cannot meet its obligations 
to third parties. Documentary 
and commercial letters 
of credit, which are written 
undertakings by the Group 
on behalf of a customer 
authorizing a third party 
to draw drafts 
on the Group up to 
a stipulated amount 
under specific terms 
and conditions, 
are secured by 
the underlying shipment 
of goods to 
which they relate 
and therefore 
carry less 
risk than a loan. Commitments to extend credit 
represent contractual commitments 
to provide credit under pre-specified terms 
and 
conditions (note 42) in the form of loans, guarantees or letters of credit for which the 
Group usually receives a commitment fee. Such 
commitments are irrevocable over the 
life of the facility or revocable only in response 
to a material adverse effect.
(d) Concentration risk
The Group 
structures the 
levels of 
credit risk 
it undertakes 
by placing 
exposure limits 
by borrower, 
or groups 
of borrowers, 
and by 
industry segments. 
The exposure 
to each 
borrower is 
further restricted 
by sub-limits 
covering on 
and off-balance 
sheet exposures, 
and daily delivery risk limits in relation to trading items 
such as forward foreign exchange 
contracts.
Such risks are 
monitored on a 
revolving basis and are 
subject to an 
annual or more 
frequent review. Risk concentrations are monitored 
regularly 
and 
reported 
to 
the 
BRC. 
Such 
reports 
include 
the 
25 
largest 
exposures, 
major 
watch 
list 
and 
problematic 
customers, 
industry analysis, analysis by rating/risk class, by delinquency bucket, 
and loan portfolios by country.
(e) Rating systems
Rating of wholesale lending exposures
The Group has decided upon the differentiation of rating models for wholesale lending activities, in order to reflect appropriately the 
risks 
arising 
from 
customers 
with 
different 
characteristics. 
Accordingly, 
the 
Group 
employs 
the 
following 
rating 
models 
for 
the 
wholesale portfolio:
●
Moody’s 
Risk 
Analyst 
model 
(“MRA” 
or 
“Fundamental 
Analysis”-“FA”) 
is 
used 
to 
assess 
the 
risk 
of 
borrowers 
for 
Corporate 
Lending.
●
Internal Credit Rating model (“ICR”) is used for 
those customers that cannot be rated 
by MRA.
●
Transactional 
Rating model (“TR”) has 
been developed 
in order to 
assess the risk 
of transactions taking 
into consideration 
their 
collaterals/guarantees. 
●
Slotting 
rating 
models 
are 
employed 
in 
view 
of 
assessing 
the 
risk 
of 
specialized 
exposures, 
which 
are 
part 
of 
the 
Specialized 
Lending corporate portfolio. 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
●
Finally, an assessment of the borrowers’ viability and the identification of impairment triggers is performed using the “Unlikely to 
Pay” (“UTP”) / impairment test. 
MRA, ICR, Slotting and ”UTP” functions are supported by the CreditLens (“CL”) 
computing platform provided 
by an external provider 
(Moody’s Analytics), while the TR is internally developed 
and is being supported by the core applications of the Bank.
MRA follows 
the Moody’s 
fundamental analysis 
(FA) 
approach. The 
FA 
models belong 
to a 
family of 
models defined 
as Knowledge 
Based Systems and rely on a 
probabilistic reasoning approach. They use quantitative and qualitative information of 
individual obligors 
in 
order 
to 
assess 
their 
creditworthiness 
and 
determine 
their 
credit 
rating. 
In 
particular, 
MRA 
takes 
into 
account 
the 
company's 
balance sheets, profit & loss accounts and cash flow statements to calculate key ratios. Its ratio analysis includes assessments of each 
ratio’s 
trend across multiple periods, both in terms of the slope 
and volatility of the trend. It also compares 
the value of the ratio for 
the most recent period 
with the quartile values for 
a comparable peer group. 
Moreover, 
MRA is supplied with a commonly used 
set 
of qualitative 
factors 
relating to 
the quality 
of the company’s 
management, the 
standing of 
the company, 
including the 
company’s 
transaction behavior towards the Bank, and the 
perceived riskiness of the industry. MRA is 
used for the assessment of 
all legal entities 
with full accountancy tax books irrespective 
of their legal form, and is calibrated 
on the Greek corporate environment.
The MRA is 
not employed 
for certain 
types of entities 
that use different 
accounting methods 
to prepare 
their financial statements, 
such as Insurance companies and brokerage firms. Moreover, 
entities such as start-ups that have not produced financial information 
for at least 
two annual accounting periods 
are not rated 
with MRA. In such cases, the 
Internal Credit Rating 
(“ICR”) is utilized, which 
is 
a 
scorecard 
consisting 
of 
a 
set 
of 
factors 
grouped 
into 
3 
main 
sections 
corresponding 
to 
particular 
areas 
of 
analysis: 
Financial 
Information, 
Qualitative 
Criteria, 
and 
Behavior 
Analysis. 
In 
addition, 
the 
Group 
performs 
an 
overall 
assessment 
of 
wholesale 
customers, based both on their rating 
(MRA or ICR) and the collaterals and guarantees 
regularly at every credit assessment. In 2021, 
in 
combination 
with 
the 
application 
of 
the 
new 
Definition 
of 
Default, 
the 
Bank 
calibrated 
its 
MRA 
and 
ICR 
models, 
which 
were 
approved by the regulatory authorities.
With reference to Specialized Lending portfolio (for which the Bank is using Slotting rating models) and in line with European Banking 
Authority (EBA) definitions, it comprises types of 
exposures towards entities specifically created to finance or operate physical assets, 
where the primary source of 
income and repayment 
of the obligation lies directly 
with the assets being financed. Accordingly, 
three 
of its 
product lines 
that are 
included in 
the Specialized 
Lending exposure 
class: Project 
Finance (assessed 
with the 
Project Finance 
Scorecard), Commercial Real Estate 
(assessed with the CRE investor & CRE Developer 
Scorecards) and Object Finance (assessed with 
the Object Finance Scorecard tailored for 
the Shipping portfolio).
In addition, the 
Group has developed 
an Unlikely to Pay/Impairment test. Unlikeliness 
to pay refers to circumstances when 
a Borrower 
is assessed as unlikely 
to pay its credit 
obligations in full without 
realization of collateral, 
regardless of the existence 
of any past due 
amount or of the days past due (i.e. to exposures less than 90 dpd). The impairment test , which is performed to all borrowers during 
every credit assessment is implemented in the CL platform 
and includes clearly defined indicators of unlikeliness to 
pay (UTP). These 
indicators are separated 
in “Hard” and “Soft” UTP triggers.
●
Hard 
UTP 
indicators 
lead 
directly 
to 
a 
recognition 
of 
non-performing 
(automatic 
NPE 
classification), 
as 
in 
most 
cases 
these 
events, by their very nature, directly fulfil the definition 
of UTP and there is little room for interpretation. 
●
Soft UTP triggers when applied, do 
not automatically mean that an exposure is non-performing, 
but that a thorough assessment 
should be performed (assessment prior to NPE classification).
The Bank has further enhanced its wholesale credit risk assessment models linking risk parameters 
estimation with macro-economic 
factors allowing the forecasting 
of rating transitions under different 
macroeconomic scenarios (base, adverse and optimistic).
The rating systems described 
above are an integral part of the wholesale banking decision-making 
and risk management processes:
●
the credit approval or rejection, both at the origination 
and review process;
●
the allocation of competence levels for 
credit approval; 
●
risk-adjusted pricing; 
●
the calculation of Economic Value 
Added (EVA) and internal capital 
allocation; and

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
●
the impairment calculation (staging criteria and 
subsequent ECL estimation of forecasted 
risk parameters).
Rating of retail lending exposures
The Group 
assigns credit 
scores to 
its retail 
customers 
using a 
number of 
statistically-based 
models both 
at the 
origination and 
on 
ongoing basis 
through behavioral 
scorecards. 
These models have 
been developed 
to predict, 
on the 
basis of available 
information, 
the probability of default, the loss given default and the exposure at default. They cover the entire spectrum of retail products (credit 
cards, consumer lending, unsecured revolving credits, 
car loans, personal loans, mortgages and small business loans).
The 
Bank’s 
models 
were 
developed 
based 
on 
historical 
data 
and 
credit 
bureau 
data. 
Behavioral 
scorecards 
are 
calculated 
automatically on a monthly basis, thus ensuring that the credit risk 
assessment is up to date.
The 
models 
are 
applied 
in 
the 
credit 
approval 
process, 
the 
credit 
limits 
management, 
as 
well 
as 
the 
collection 
process 
for 
the 
prioritization of the accounts in 
terms of handling. Furthermore, 
the models are often 
used for the risk 
segmentation of the customers 
and the 
risk based 
pricing of 
particular segments 
or new 
products 
introduced 
as well 
as in 
the calculation 
of the 
Economic 
Value 
Added (EVA) and Risk Adjusted Return 
on Capital (RaRoC) measures.
The rating systems employed 
by the Bank meets the requirements 
of the Basel III-Internal Ratings Based (IRB) approach. 
The Bank is 
IRB certified since 2008 for the Greek portfolios, both wholesale and retail (as detailed 
in Basel III, Pillar 3 disclosures available at the 
Bank’s website).
In the context of IFRS9 implementation, the Bank 
has further enhanced its retail credit 
risk assessment models linking risk 
parameters 
estimation with macro-economic factors allowing their 
forecasting over one year and 
lifetime horizon under different macroeconomic 
scenarios (base, adverse and optimistic) and supporting the staging analysis and allocation to risk classes under homogeneous pools.
The 
Group 
Credit 
Risk 
Capital 
Adequacy 
Control 
Sector 
monitors 
the 
capacity 
of 
rating 
models 
and 
scoring 
systems 
to 
classify 
customers 
according 
to 
risk, 
as well 
as 
to 
predict 
the probability 
of 
default 
and loss 
given default 
and exposure 
at default 
on 
an 
ongoing basis. 
The Group 
Models Validation 
and Governance 
Sector implements 
the Bank's 
validation 
policy which 
complies with 
international best practices 
and regulatory requirements. 
The Bank verifies the 
validity of the rating 
models and scoring systems 
on 
an annual basis and 
the validation includes both quantitative and qualitative aspects. 
The validation procedures are documented, and 
regularly reviewed and reported to 
the BRC. 
The Group’s Internal Audit Division also independently reviews the validation process in wholesale and retail rating systems annually.
(f) Credit risk mitigation
A key component of the Group's business strategy is to reduce risk by utilizing various risk mitigating techniques. The most important 
risk mitigating means are collaterals' 
pledges, guarantees and master 
netting arrangements.
Types of collateral commonly accepted 
by the Group
The Group has internal 
policies in place 
which set out 
the following types of 
collateral that are usually accepted 
in a credit 
relationship:
●
residential real estate, 
commercial real estate (offices, shopping malls, etc.), 
industrial buildings and land;
●
receivables (trade debtors) 
and post dated cheques;
●
securities, including listed shares and bonds;
●
deposits;
●
guarantees and letters 
of support;
●
insurance policies; and
●
equipment, mainly, vehicles 
and vessels.
A specific 
coverage 
ratio 
is pre-requisite, 
upon the 
credit relationship’s 
approval and 
on ongoing 
basis, for 
each collateral 
type, as 
specified in the Group’s credit 
policy.
For 
exposures, 
other than 
loans to 
customers 
(i.e. reverse 
repos, 
derivatives), 
the 
Group 
accepts as 
collateral 
only 
cash or 
liquid 
bonds.

 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Valuation principles of collaterals
In defining 
the maximum 
collateral 
ratio for 
loans, the 
Group considers 
all relevant 
information available, 
including the 
collaterals’ 
specific characteristics, 
if market 
participants 
would 
take 
those into 
account 
when 
pricing the 
relevant 
assets. 
The valuation 
and 
hence eligibility is based on the following factors:
●
 
the collateral’s 
fair value, 
i.e. the 
exit price 
that would 
be received 
to 
sell the 
asset in 
an orderly 
transaction 
under current 
market conditions; 
●
the fair value reflects market participants’ ability to generate economic benefits by using the asset in its highest and best use or 
by selling it;
●
a reduction in the 
collateral’s 
value is considered 
if the type, location 
or condition (such as deterioration 
and obsolescence) of 
the asset indicate so; and
●
no collateral value is assigned if a pledge is not 
legally enforceable.
The 
Group 
performs 
collaterals’ 
valuation 
in accordance 
with its 
processes 
and policies. 
With 
the exception 
of special 
cases 
(e.g. 
syndicated 
loans), the real 
estate collaterals 
of all units 
are valued 
by Cerved Property 
Services S.A. (“CPS”) 
who is the 
successor of 
the 
Bank’s 
former 
subsidiary, 
Eurobank 
Property 
Services S.A. 
CPS is 
regulated 
by the 
Royal 
Institute 
of 
Chartered 
Surveyors 
and 
employs internal 
or external 
qualified appraisers 
based on predefined 
criteria (qualifications 
and expertise). 
All appraisals take 
into 
account factors such as the region, 
age and marketability of the 
property, and are further reviewed and countersigned by experienced 
staff. 
The valuation 
methodology employed 
is based on 
International Valuation 
Standards (IVS), 
while quality 
controls are 
in place, 
such as reviewing mechanisms, independent sample reviews 
by independent well established valuation 
companies.
In order to monitor 
the valuation of residential 
property held as collateral, 
the Bank uses the Residential 
Property Index of the Bank 
of Greece. The 
index has been 
created by 
the Real Estate 
Market Analysis 
Section of BoG using 
detailed information 
collected from 
all Credit 
Institutions 
and Real 
Estate 
Investment 
Companies (REIC) 
operating 
in Greece. 
The Residential 
Property 
Index is 
used in 
combination with physical inspection and desktop 
valuation, depending on the EBA status and the 
balance of the loan.
For 
commercial 
real 
estates, 
the 
Bank 
uses 
the 
Commercial 
Real 
Estate 
Index 
developed 
by 
CPS. 
This 
index 
is derived 
through 
a 
combination of CPS & BoG CRE indices and it is 
based on internationally accepted methodology. It constitutes a tool for the statistical 
monitoring 
of possible 
changes of 
the values 
of the 
commercial properties 
as well 
as for 
the trends 
in the 
particular market. 
It is 
updated on an annual basis. The 
Commercial Real Estate Index is used in combination with physical inspection and desktop valuation, 
depending on the EBA status and the balance of the loan.
To ensure 
the quality of the post-dated cheques 
accepted as collateral, the Bank has developed 
a pre-screening system, which 
takes 
into 
account 
a 
number 
of 
criteria 
and 
risk 
parameters, 
so 
as 
to 
evaluate 
their 
eligibility. 
Furthermore, 
the 
post-dated 
cheques’ 
valuation is monitored through 
the use of advanced statistical 
reports and through the review 
of detailed information 
regarding the 
recoverability of cheques, referrals 
and bounced cheques, per issuer broken down.
Collateral policy and documentation
Regarding collaterals, Group’s 
policy emphasizes the need that collaterals and relevant processes are timely and prudently executed, 
in 
order 
to 
ensure 
that 
collaterals 
and relevant 
documentation 
are 
legally 
enforceable 
at 
any 
time. The 
Group 
holds the 
right 
to 
liquidate collateral in the event 
of the obligor’s financial 
distress and can claim 
and control cash proceeds 
from the liquidation process.
Guarantees 
The guarantees used as credit risk mitigation 
by the Group are largely issued by central and 
regional governments in the countries in 
which 
it 
operates. 
The 
Hellenic 
Development 
Bank 
(HDB) 
and 
similar 
funds, 
banks 
and 
insurance 
companies 
are 
also 
significant 
guarantors of credit risk.
Management of repossessed properties
The 
objective 
of 
the 
repossessed 
assets’ 
management 
is 
to 
minimize 
the 
time 
cycle 
of 
the 
asset’s 
disposal 
and 
to 
maximize 
the 
recovery of the capital engaged.
To this 
end, the management of repossessed assets 
aims at improving rental 
and other income from the 
exploitation of such assets, 
and at the 
same time reducing 
the respective holding and 
maintenance costs. Additionally, the Group is 
actively engaged in identifying 

 
 
 
 
Notes to the Consolidated Financial Statements 
.
61
|
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31 December 2022 Consolidated Financial Statements
suitable potential buyers for its portfolio of repossessed assets (including specialized funds involved 
in acquiring specific portfolios of 
properties repossessed), both in Greece and abroad, 
in order to reduce its stock of properties with a time horizon 
of 3-5 years.
Repossessed assets are closely monitored based on technical and 
legal due diligence reports, so that their market value 
is accurately 
reported and updated in accordance with market 
trends.
Counterparty risk 
The 
Group 
mitigates 
counterparty 
risk 
arising 
from 
treasury 
activities 
by 
entering 
into 
master 
netting 
arrangements 
and 
similar 
agreements, 
as 
well 
as 
collateral 
agreements 
with 
counterparties 
with 
which 
it 
undertakes 
a 
significant 
volume 
of 
transactions. 
Master netting arrangements do not generally result in 
the offset of balance sheet 
assets and liabilities, as 
the transactions are usually 
settled on 
a gross basis. 
However, 
the respective credit 
risk is reduced 
through a 
master netting 
agreement to 
the extent 
that if an 
event of default occurs, all amounts 
with the counterparty are terminated 
and settled on a net basis. 
In the case of 
derivatives, the Group 
makes use of 
International Swaps 
and Derivatives Association 
(ISDA) contracts, 
which limit the 
exposure 
via 
the 
application 
of 
netting, 
and 
Credit 
Support 
Annex 
(CSAs), 
which 
further 
reduce 
the 
total 
exposure 
with 
the 
counterparty. Under these agreements, the total exposure with the counterparty is calculated on a daily 
basis taking into account any 
netting arrangements and collaterals.
The same 
process is 
applied in 
the case 
of repo 
transactions where 
standard 
Global Master 
Repurchase 
Agreements 
(GMRAs) are 
used. The exposure 
(the net difference 
between repo 
cash and the 
market value 
of the securities) 
is calculated 
on a daily basis 
and 
collateral is transferred 
between the counterparties thus minimizing the exposure.
Following 
the 
European 
Market 
Infrastructure 
Regulation 
(EMIR), 
the 
Bank 
performs 
centrally 
cleared 
transactions 
for 
eligible 
derivative contracts 
through an EU 
authorized European 
central counterparty 
(CCP), recorded 
in trade 
repositories. The 
use of CCP 
increases market transparency 
and reduces counterparty credit and operational 
risks inherent in derivatives markets.
The Bank uses a comprehensive 
collateral management 
system for 
the monitoring of ISDA, CSAs 
and GMRAs, i.e. the daily valuation 
of the derivatives 
and the market value 
of the securities are used for 
the calculation of each counterparty’s 
exposure. The collateral 
which should be posted or requested by the relevant 
counterparty is calculated daily.
With 
this 
system, 
the 
Bank 
monitors 
and 
controls 
the 
collateral 
flow 
in 
case 
of 
derivatives 
and 
repos, 
independently 
of 
the 
counterparty. The effect of any market 
movement that increases the Bank’s exposure is reported and the Bank proceeds to collateral 
call accordingly.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
5.2.1.1 Maximum exposure to credit 
risk before collateral held
2022 
2021 
€ million 
€ million 
Credit risk exposures relating to on-balance sheet assets 
are as 
follows: 
Due from credit institutions 
1,330 
2,511 
Less: Impairment allowance 
(1) 
1,329 
(1) 
2,510 
Debt securities held for trading 
87 
69 
Derivative financial instruments 
1,185 
1,949 
Loans and advances to customers at 
amortised cost: 
- Wholesale lending⁽¹⁾ 
26,054 
23,716 
- Mortgage lending 
10,201 
10,105 
- Consumer lending 
3,353 
3,242 
- Small business lending 
3,842 
3,753 
Less: Impairment allowance 
(1,626) 
41,824 
(1,872) 
38,943 
Fair value changes of loans in portfolio hedging of 
interest rate risk 
(163) 
- 
Loans and advances to customers measured 
at FVTPL 
16 
23 
Investment securities: 
- Debt securities measured at amortised cost 
9,214 
4,672 
Less: Impairment allowance 
(22) 
9,192 
(6) 
4,666 
Debt securities measured at FVOCI 
3,828 
6,509 
Investment securities at FVTPL 
241 
141 
Other financial assets⁽²⁾ 
202 
190 
Less: Impairment allowance 
(23) 
179 
(28) 
162 
Credit risk exposures relating to off-balance 
sheet items (note 42): 
- Loan commitments 
7,611 
5,139 
- Financial guarantee contracts and 
other commitments 
2,860 
1,702 
Total 
68,189 
61,814
(1) 
Includes loans to public sector. 
(2) 
Refers to financial assets subject to IFRS 9 impairment requirements, which are recognised within other assets. 
The above table represents the Group’s 
maximum credit risk exposure as at 31 December 2022 and 
31 December 2021 respectively, 
without taking 
account 
of any 
collateral 
held or 
other credit 
enhancements 
that 
do not 
qualify for 
offset 
in the 
Group's 
financial 
statements.
For on-balance 
sheet assets, 
the exposures 
set out above 
are based 
on the carrying 
amounts as reported 
in the balance 
sheet. For 
off-balance 
sheet 
items, 
the 
maximum 
exposure 
is 
the 
nominal 
amount 
that 
the 
Group 
may 
be 
required 
to 
pay 
if 
the 
financial 
guarantee 
contracts 
and other 
commitments are 
called upon 
and the 
loan commitments 
are drawn 
down. Off-balance 
sheet loan 
commitments presented above, include 
revocable commitments to extend 
credit of € 3.7 billion (2021: € 3.6 billion) that are subject 
to ECL measurement.
5.2.1.2 
Loans and advances to customers
The section below provides an 
overview of the Group’s exposure to credit risk arising 
from its customer lending portfolios, in line 
with 
the guidelines 
set by 
the Hellenic 
Capital 
Markets 
Commission and 
the Bank 
of Greece 
(BoG) released 
on 30 
September 2013, 
as 
updated by the Group 
in order to comply with 
the revised IFRS 7 ‘Financial 
Instruments: Disclosures’, 
following the adoption of 
IFRS 
9 
from 
2018. 
In 
addition, 
the 
types 
of 
the 
Group’s 
forbearance 
programs 
are 
in 
line 
with 
the 
BoG’s 
Executive 
Committee 
Act 
42/30.05.2014 and its amendments.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
(a) Credit quality of loans and advances to customers
Loans and advances to customers carried 
at amortised cost are classified depending on how ECL is measured. 
Accordingly, 
loans reported 
as non-impaired 
include loans 
for 
which a 
‘12-month 
ECL allowance’ 
is recognized 
as they 
exhibit 
no 
significant increase in credit risk since initial recognition and loans for which a ‘Lifetime ECL allowance’ 
is recognized as they exhibit a 
significant increase in credit risk since initial recognition 
but are not considered to be in default.
Credit impaired loans category includes loans that are considered to be in default, for which a loss allowance equal to a ‘Lifetime ECL’ 
is recognized, 
and loans 
classified as ’Purchased 
or originated 
credit impaired’ 
(POCI) which are 
always measured 
on the 
basis of 
a 
‘Lifetime ECL’. 
From 1 January 2021 onwards, the Group applies a default definition for accounting purposes, which is 
consistent with 
the European Banking Authority (EBA) definition for non 
-performing exposure and regulatory definition 
of default.
Loans 
and 
advances 
to 
customers 
carried 
at 
FVTPL 
are 
not 
subject 
to 
ECL 
measurement 
and 
therefore 
are 
not 
included 
in 
the 
quantitative information provided in the below sections for loans and advances measured at amortised cost, except where indicated. 
The Group’s accounting 
policy for impairment of financial assets is set out in note 2.2.13.
Quantitative information
The 
following 
quantitative 
analysis 
presents 
information 
about 
the 
total 
gross 
carrying 
amount 
of 
loans 
and 
advances 
including 
securitization 
notes 
issued 
by 
special 
purpose 
entities 
established 
by 
the 
Group, 
and 
the 
nominal 
amount 
of 
credit 
related 
commitments, that are 
classified as non-impaired (stage 
1 and stage 
2) and those classified as 
credit-impaired (stage 
3 and POCI). It 
also presents 
the impairment 
allowance recognized 
in respect of 
all loans and 
advances and 
credit related 
commitments, analyzed 
into individually or 
collectively assessed, based 
on how the 
respective impairment allowance has 
been calculated, the carrying 
amount 
of 
loans 
and advances, 
as well 
as 
the 
value 
of 
collateral 
held to 
mitigate 
credit 
risk 
which is 
capped 
to 
the respective 
gross 
loan 
amount. In particular, 
the following four tables for 2022 and 
2021 provide:
●
a summary of the credit quality of lending exposures and credit related 
commitments, presenting product line, stage 
allocation, 
respective impairment allowance and collateral 
held 
●
the classification of lending exposures and credit related 
commitments into the internal credit rating 
categories, 
●
the movement of the gross carrying amounts for 
loans and advances to customers by product line and 
stage, 
●
the ageing analysis of credit impaired (Stage 3 and 
POCI) loans and advances to customers 
Public Sector lending 
exposures include exposures 
to the central 
government, local 
authorities, state-linked 
companies and entities 
controlled and fully 
or partially owned by the 
state, excluding 
public and private 
companies with commercial activity. 
For credit risk 
management purposes, exposures to Public Sector 
are incorporated in wholesale lending. 
.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
The following tables present 
summary information about the 
credit quality (stage analysis, 
impairment allowance and 
collateral held per product 
line) of loans 
and advances to 
customers carried at amortised 
cost and 
credit related 
commitments. 
In addition, 
they include the 
fair value 
changes of 
loans in 
portfolio hedging 
of interest 
rate risk 
and the loans 
and advances 
to customers 
carried at 
FVTPL for 
the 
purpose of reconciliation with the total carrying amount 
of loan and advances to customers:
.
31 December 2022 
Impairment allowance 
Lifetime ECL - 
Stage 3 and POCI⁽¹⁾ 
Lifetime ECL - 
Stage 3 and POCI⁽¹⁾ 
12-month ECL - 
Stage 1 
Lifetime ECL - Stage 2 
Individually 
assessed 
Collectively 
assessed 
Total gross carrying 
amount/nominal 
exposure 
12-month ECL - 
Stage 1 
Lifetime ECL - Stage 2 
Individually 
assessed 
Collectively 
assessed 
Carrying amount 
Value of 
collateral 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
12,169 
3,992 
105 
1,131 
17,396 
(81) 
(280) 
(73) 
(571) 
16,392 
11,598 
- Mortgage 
6,832 
2,825 
50 
495 
10,201 
(21) 
(160) 
(41) 
(188) 
9,792 
Value of collateral 
6,563 
2,378 
22 
385 
9,348 
- Consumer 
2,028 
357 
0 
214 
2,599 
(31) 
(42) 
(0) 
(149) 
2,376 
Value of collateral 
125 
2 
0 
3 
130 
- Credit card 
642 
70 
0 
42 
755 
(6) 
(6) 
(0) 
(37) 
705 
Value of collateral 
0 
0 
0 
0 
0 
- Small business 
2,668 
740 
54 
380 
3,842 
(23) 
(72) 
(32) 
(197) 
3,518 
Value of collateral 
1,347 
550 
25 
198 
2,120 
Wholesale Lending 
23,424 
1,581 
841 
182 
26,028 
(68) 
(75) 
(368) 
(109) 
25,408 
16,836 
- Large corporate 
14,865 
794 
284 
19 
15,961 
(40) 
(27) 
(139) 
(11) 
15,744 
Value of collateral 
7,890 
551 
165 
11 
8,618 
- SMEs 
3,658 
787 
557 
163 
5,166 
(28) 
(48) 
(228) 
(99) 
4,763 
Value of collateral 
2,238 
601 
387 
91 
3,317 
- Securitized notes⁽²⁾ 
4,901 
 
- 
- 
- 
4,901 
(0) 
 
- 
- 
- 
4,901 
Value of collateral 
4,901 
 
- 
- 
- 
4,901 
Public Sector 
25 
0 
1 
0 
26 
(0) 
(0) 
(1) 
(0) 
25 
0 
- Greece 
25 
- 
- 
0 
25 
(0) 
 
- 
- 
(0) 
24 
Value of collateral 
0 
 
- 
- 
0 
0 
- Other countries 
0 
0 
1 
- 
1 
(0) 
(0) 
(1) 
- 
1 
Value of collateral 
0 
 
- 
- 
- 
0 
Fair value changes of loans in 
portfolio hedging of interest rate 
risk 
(163) 
Loans and advances to customers 
at FVTPL 
16 
16 
Total 
35,618 
5,573 
946 
1,313 
43,450 
(149) 
(355) 
(441) 
(680) 
41,677 
28,450 
Total value of collateral 
23,065 
4,082 
599 
688 
Credit related commitments 
10,129 
289 
36 
17 
10,471 
(20) 
(6) 
(24) 
(7) 
Loan commitments 
7,429 
178 
3 
1 
7,611 
(12) 
(5) 
(1) 
(0) 
Financial guarantee contracts and 
other commitments 
2,701 
110 
33 
16 
2,860 
(8) 
(2) 
(23) 
(7) 
Value of collateral 
1,113 
56 
9 
5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
31 December 2021 
 
Impairment allowance 
Lifetime ECL - Stage 3 and POCI⁽¹⁾ 
Lifetime ECL - Stage 3 and POCI⁽¹⁾ 
12-month ECL - 
Stage 1 
Lifetime ECL - Stage 2 
Individually 
assessed 
Collectively 
assessed 
Total gross carrying 
amount/nominal 
exposure 
12-month ECL - 
Stage 1 
Lifetime ECL - Stage 2 
Individually 
assessed 
Collectively 
assessed 
Carrying amount 
Value of 
collateral 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
11,984 
3,790 
119 
1,205 
17,099 
(102) 
(235) 
(73) 
(581) 
16,108 
11,360 
- Mortgage 
6,871 
2,735 
54 
444 
10,105 
(17) 
(138) 
(36) 
(134) 
9,780 
Value of collateral 
6,474 
2,245 
27 
337 
9,083 
- Consumer 
1,905 
267 
2 
217 
2,391 
(35) 
(31) 
(1) 
(136) 
2,188 
Value of collateral 
107 
1 
2 
3 
112 
- Credit card 
667 
45 
0 
138 
850 
(9) 
(7) 
(0) 
(120) 
714 
Value of collateral 
1 
0 
0 
0 
1 
- Small business 
2,540 
744 
63 
406 
3,753 
(41) 
(58) 
(36) 
(190) 
3,427 
Value of collateral 
1,391 
555 
29 
190 
2,164 
Wholesale Lending 
20,564 
1,668 
1,168 
282 
23,681 
(68) 
(76) 
(599) 
(137) 
22,802 
16,118 
- Large corporate 
11,694 
726 
389 
23 
12,831 
(39) 
(37) 
(183) 
(13) 
12,559 
Value of collateral 
6,474 
478 
255 
9 
7,217 
- SMEs 
3,764 
941 
779 
259 
5,744 
(29) 
(38) 
(416) 
(124) 
5,137 
Value of collateral 
2,501 
717 
449 
128 
3,795 
- Securitized notes⁽²⁾ 
5,106 
 
- 
- 
- 
5,106 
(0) 
 
- 
- 
- 
5,106 
Value of collateral 
5,106 
 
- 
- 
- 
5,106 
Public Sector 
31 
3 
- 
2 
35 
(1) 
(0) 
- 
(1) 
33 
2 
- Greece 
30 
2 
- 
1 
33 
(1) 
(0) 
- 
(1) 
31 
Value of collateral 
1 
1 
- 
0 
2 
- Other countries 
1 
0 
- 
1 
2 
(0) 
(0) 
- 
(0) 
1 
Value of collateral 
0 
 
- 
- 
- 
0 
Loans and advances to customers 
at FVTPL 
23 
23 
Total 
32,578 
5,461 
1,287 
1,489 
40,815 
(171) 
(311) 
(672) 
(718) 
38,967 
27,503 
Total value of collateral 
22,055 
3,998 
762 
666 
Credit related commitments 
6,397 
393 
32 
19 
6,841 
(14) 
(6) 
(23) 
(5) 
Loan commitments 
4,871 
263 
3 
2 
5,139 
(9) 
(3) 
(1) 
(0) 
Financial guarantee contracts and 
other commitments 
1,526 
130 
29 
17 
1,702 
(5) 
(3) 
(22) 
(5) 
Value of collateral 
935 
51 
6 
7
(1)
 
As at 31 December 2022, total gross carrying amount of credit impaired 
loans includes POCI loans of € 43 million and carry an impairment 
allowance of € 6.5 million 
(2021: € 44 million gross carrying amount, of which € 9.3 million 
arose from 
the merger of Eurobank A.D. Beograd with Direktna Banka a.d. and € 6.4 million impairment allowance). 
(2)
 
It refers to the 
senior notes of the 
Pillar, Cairo 
and Mexico securitizations that are 
collateralized by the underlying 
pool of loans held by 
the respective securitization vehicles (note 
20). The amount of 
the securitized loan portfolios has 
been 
capped to the gross carrying amount of the senior notes. In addition, the senior notes of the Cairo and 
Mexico securitizations are guaranteed by the Hellenic Republic in the context of Hellenic Asset Protection Scheme (note 20).

 
Notes to the Consolidated Financial Statements 
.
66
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31 December 2022 Consolidated Financial Statements
The Group assesses the credit quality of its loans and advances to customers 
and credit related commitments that are subject to 
ECL 
using internal credit 
rating systems 
for the wholesale 
portfolio, which 
are based on 
a variety of quantitative 
and qualitative factors, 
while the credit quality of the retail portfolio is based 
on the allocation of risk classes into homogenous pools. 
The following tables present the distribution 
of the gross carrying amount of loans and advances and the nominal exposure 
of credit 
related commitments based on the credit quality 
classification categories and stage allocation:
31 December 2022 
31 December 2021 
Internal credit rating 
12-month ECL-
Stage 1 
Lifetime ECL-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total gross 
carrying 
amount 
12-month ECL - 
Stage 1 
Lifetime ECL - Stage 
2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total gross 
carrying 
amount 
Retail Lending 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
- Mortgage 
PD<2.5% 
6,460 
1,167 
- 
7,627 
5,738 
417 
- 
6,155 
2.5%<=PD<4% 
265 
284 
- 
549 
554 
465 
- 
1,019 
4%<=PD<10% 
66 
437 
- 
502 
504 
1,134 
- 
1,638 
10%<=PD<16% 
20 
553 
- 
573 
39 
282 
- 
321 
16%<=PD<99.99% 
21 
384 
- 
405 
37 
436 
- 
473 
100% 
 
- 
 
- 
545 
545 
 
- 
 
- 
498 
498 
- Consumer 
PD<2.5% 
287 
8 
- 
294 
131 
13 
- 
144 
2.5%<=PD<4% 
707 
34 
- 
742 
805 
22 
- 
827 
4%<=PD<10% 
964 
133 
- 
1,097 
903 
83 
- 
987 
10%<=PD<16% 
46 
11 
- 
57 
50 
12 
- 
62 
16%<=PD<99.99% 
23 
172 
- 
194 
15 
137 
- 
152 
100% 
 
- 
 
- 
214 
214 
 
- 
 
- 
219 
219 
- Credit card 
PD<2.5% 
372 
5 
- 
377 
429 
4 
- 
433 
2.5%<=PD<4% 
263 
41 
- 
304 
233 
27 
- 
260 
4%<=PD<10% 
6 
4 
- 
11 
4 
5 
- 
9 
10%<=PD<16% 
0 
5 
- 
5 
0 
1 
- 
1 
16%<=PD<99.99% 
0 
15 
- 
15 
0 
8 
- 
9 
100% 
 
- 
 
- 
42 
42 
 
- 
 
- 
139 
139 
- Small business 
PD<2.5% 
1,328 
48 
- 
1,376 
1,413 
26 
- 
1,439 
2.5%<=PD<4% 
498 
63 
- 
561 
232 
12 
- 
244 
4%<=PD<10% 
652 
47 
- 
699 
657 
81 
- 
738 
10%<=PD<16% 
47 
165 
- 
213 
78 
137 
- 
214 
16%<=PD<99.99% 
143 
417 
- 
559 
161 
488 
- 
649 
100% 
 
- 
 
- 
434 
434 
 
- 
 
- 
469 
469 
Wholesale Lending 
- Large corporate 
Strong 
10,572 
0 
- 
10,572 
7,417 
16 
- 
7,434 
Satisfactory 
4,127 
432 
- 
4,559 
4,070 
427 
- 
4,497 
Watch list 
165 
362 
- 
527 
206 
283 
- 
489 
Impaired (Defaulted) 
 
- 
 
- 
303 
303 
 
- 
 
- 
411 
411 
- SMEs 
Strong 
1,090 
9 
- 
1,098 
1,049 
20 
- 
1,069 
Satisfactory 
2,318 
321 
- 
2,639 
2,399 
356 
- 
2,755 
Watch list 
250 
458 
- 
708 
316 
565 
- 
882 
Impaired (Defaulted) 
 
- 
 
- 
720 
720 
 
- 
 
- 
1,039 
1,039 
- Securitized notes 
Strong 
4,901 
 
- 
- 
4,901 
5,106 
 
- 
- 
5,106 
Public Sector 
All countries 
Strong 
25 
 
- 
- 
25 
22 
 
- 
- 
22 
Satisfactory 
- 
- 
- 
- 
3 
0 
- 
3 
Watch list 
 
- 
0 
- 
0 
6 
2 
- 
8 
Impaired (Defaulted) 
 
- 
 
- 
1 
1 
 
- 
 
- 
2 
2 
Total 
35,618 
5,573 
2,259 
43,450 
32,578 
5,461 
2,776 
40,815

 
Notes to the Consolidated Financial Statements 
.
67
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31 December 2022 Consolidated Financial Statements
31 December 2022 
31 December 2021 
Internal credit rating 
12-month ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total 
nominal 
amount 
12-month ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total 
nominal 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Credit Related 
Commitments 
Retail Lending 
Loan commitments 
PD<2.5% 
1,455 
14 
- 
1,469 
1,479 
5 
- 
1,484 
2.5%<=PD<4% 
1,025 
62 
- 
1,088 
845 
45 
- 
890 
4%<=PD<10% 
541 
30 
- 
571 
415 
96 
- 
511 
10%<=PD<16% 
33 
3 
- 
37 
39 
10 
- 
49 
16%<=PD<99.99% 
1 
13 
- 
14 
0 
6 
- 
6 
100% 
 
- 
 
- 
1 
1 
 
- 
 
- 
2 
2 
Financial guarantee 
contracts and other 
commitments 
PD<2.5% 
81 
0 
- 
81 
92 
 
- 
- 
92 
2.5%<=PD<4% 
77 
1 
- 
78 
39 
 
- 
- 
39 
4%<=PD<10% 
22 
0 
- 
22 
11 
0 
- 
11 
10%<=PD<16% 
 
- 
0 
- 
0 
 
- 
0 
- 
0 
16%<=PD<99.99% 
0 
2 
- 
2 
1 
0 
- 
1 
100% 
 
- 
 
- 
1 
1 
 
- 
 
- 
1 
1 
Wholesale Lending 
Loan commitments 
Strong 
3,126 
0 
- 
3,126 
1,145 
34 
- 
1,179 
Satisfactory 
1,241 
37 
- 
1,278 
902 
58 
- 
960 
Watch list 
6 
18 
- 
24 
47 
9 
- 
56 
Impaired 
(Defaulted) 
 
- 
 
- 
3 
3 
 
- 
 
- 
3 
3 
Financial guarantee 
contracts and other 
commitments 
Strong 
1,940 
10 
- 
1,950 
883 
1 
- 
884 
Satisfactory 
552 
36 
- 
588 
466 
64 
- 
530 
Watch list 
28 
62 
- 
90 
34 
65 
- 
99 
Impaired 
(Defaulted) 
 
- 
 
- 
48 
48 
 
- 
 
- 
45 
45 
Total 
10,129 
289 
53 
10,471 
6,397 
393 
51 
6,841
The table below depicts the internal credit rating 
bands (MRA rating scale or equivalent) 
for the wholesale portfolio that correspond 
to the credit quality classification categories 
presented in the above tables:
Wholesale Lending 
Credit Quality classification 
categories 
Internal Credit Rating 
 
Large Corporate 
Internal Credit Rating 
 
SMEs 
Strong 
1-4 
1-3 
Satisfactory 
5-6 
4-6 
Watch list 
7-9 
7-9 
Impaired (Defaulted) 
10 
10

 
Notes to the Consolidated Financial Statements 
.
68
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31 December 2022 Consolidated Financial Statements
The following tables present the movement of the gross carrying 
amounts for loans and advances to customers 
by product line and stage and is calculated by reference 
to the opening and closing balances 
for the reporting years from 1 January 
2022 to 31 December 2022 and 1 January 2021 to 31 December 2021:
31 December 2022 
Wholesale 
Mortgage 
Consumer 
Small business 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Gross carrying amount at 1 
January 
20,594 
1,670 
1,452 
6,871 
2,735 
498 
2,572 
311 
358 
2,540 
744 
469 
40,815 
New loans and advances 
originated or purchased 
6,986 
 
- 
8 
809 
 
- 
- 
840 
 
- 
- 
725 
 
- 
- 
9,368 
Transfers 
between stages 
-to 12-month ECL 
576 
(575) 
(1) 
333 
(318) 
(15) 
92 
(82) 
(10) 
154 
(143) 
(12) 
- 
-to lifetime ECL 
(802) 
819 
(17) 
(506) 
611 
(105) 
(272) 
303 
(31) 
(183) 
235 
(52) 
- 
-to lifetime ECL credit-
impaired loans 
(41) 
(85) 
125 
(60) 
(151) 
210 
(71) 
(44) 
115 
(38) 
(75) 
113 
- 
Loans and advances 
derecognised/ reclassified as 
held for sale during the year 
(2) 
(2) 
(276) 
(2) 
 
- 
(0) 
(0) 
 
- 
- 
 
- 
 
- 
(1) 
(282) 
Amounts written-off⁽¹⁾ 
 
- 
 
- 
(87) 
 
- 
 
- 
(10) 
 
- 
 
- 
(141) 
 
- 
 
- 
(53) 
(290) 
Repayments 
(4,060) 
(293) 
(184) 
(820) 
(179) 
(45) 
(507) 
(87) 
(61) 
(615) 
(70) 
(38) 
(6,959) 
Foreign exchange differences 
and other movements 
198 
46 
2 
204 
127 
11 
15 
26 
26 
84 
49 
8 
798 
Gross Carrying amount at 31 
December 
23,448 
1,581 
1,024 
6,832 
2,825 
545 
2,669 
427 
257 
2,668 
740 
434 
43,450 
Impairment allowance 
(68) 
(75) 
(478) 
(21) 
(160) 
(229) 
(37) 
(48) 
(186) 
(23) 
(72) 
(229) 
(1,626) 
Carrying amount at 31 
December 
23,380 
1,506 
546 
6,810 
2,665 
316 
2,633 
379 
70 
2,645 
668 
205 
41,824

 
Notes to the Consolidated Financial Statements 
.
69
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Page 
31 December 2022 Consolidated Financial Statements
31 December 2021⁽²⁾ 
Wholesale 
Mortgage 
Consumer 
Small business 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Gross carrying amount at 1 
January 
17,204 
2,012 
2,125 
7,081 
2,791 
1,779 
2,230 
445 
732 
2,200 
1,189 
1,087 
40,874 
New loans and advances 
originated or purchased 
4,978 
- 
- 
642 
- 
- 
663 
- 
- 
558 
- 
- 
6,840 
Arising from acquisition 
94 
- 
2 
45 
- 
3 
164 
- 
3 
10 
- 
1 
322 
Securitized notes 
1,621 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
1,621 
Transfers 
between stages 
-to 12-month ECL 
460 
(441) 
(20) 
549 
(540) 
(9) 
149 
(144) 
(5) 
437 
(433) 
(4) 
- 
-to lifetime ECL 
(600) 
638 
(39) 
(748) 
966 
(218) 
(141) 
168 
(28) 
(152) 
216 
(64) 
- 
-to lifetime ECL credit-
impaired loans 
(35) 
(190) 
225 
(89) 
(223) 
312 
(66) 
(99) 
165 
(59) 
(142) 
202 
- 
Loans and advances 
derecognised/ reclassified as 
held for sale during the year 
(30) 
(34) 
(529) 
(24) 
(220) 
(1,255) 
(3) 
(14) 
(336) 
(5) 
(81) 
(637) 
(3,167) 
Amounts written-off⁽¹⁾ 
 
- 
 
- 
(166) 
- 
- 
(73) 
- 
- 
(145) 
- 
- 
(85) 
(469) 
Repayments 
(3,373) 
(360) 
(166) 
(771) 
(152) 
(69) 
(458) 
(65) 
(65) 
(451) 
(46) 
(45) 
(6,020) 
Foreign exchange differences 
and other movements 
276 
46 
17 
187 
115 
28 
34 
19 
37 
1 
41 
13 
814 
Gross Carrying amount at 31 
December 
20,594 
1,670 
1,452 
6,871 
2,735 
498 
2,572 
311 
358 
2,540 
744 
469 
40,815 
Impairment allowance 
(69) 
(76) 
(737) 
(17) 
(138) 
(170) 
(44) 
(39) 
(257) 
(41) 
(58) 
(227) 
(1,872) 
Carrying amount at 31 
December 
20,526 
1,595 
715 
6,854 
2,597 
328 
2,529 
273 
101 
2,499 
685 
242 
38,943
(1)
The contractual amount outstanding on lending exposures that were written off during the year ended 31 December 2022 and that are 
still subject to enforcement activity is € 111 million (2021: € 217 million). 
(2)
 
Comparative information has been adjusted in order to align with current year’s presentation. 
Note 1: Wholesale product line category includes also Public sector loans portfolio. 
Note 2: “Loans and advances derecognised/ reclassified as 
held for sale during the year” presents loans 
derecognized due to a) substantial 
modifications of the loans’ contractual terms, 
b) securitization and sale transactions, c) debt 
to equity 
transactions and those that have been reclassified as held for sale during the year 
(notes 20 and 30).

 
Notes to the Consolidated Financial Statements 
.
 
70
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31 December 2022 Consolidated Financial Statements
Credit impaired loans and advances to customers
The following 
tables present 
the ageing 
analysis of 
credit impaired 
(Stage 3 
and POCI) 
loans and 
advances by 
product line 
at their 
gross carrying amounts, as well as the respective impairment 
allowance and the value of collaterals held to 
mitigate credit risk.
For denounced loans, the Group ceases to monitor the delinquency status and therefore the respective balances have 
been included 
in the ‘over 360 days’ time band, with the 
exception of consumer exposures which continue to be monitored up to 360 
days past due.
31 December 2022 
Retail lending 
Wholesale lending 
Public sector 
Lifetime ECL 
credit-impaired 
Mortgage 
Consumer 
Credit card 
Small 
business 
Large 
corporate 
SMEs 
Greece and 
other countries 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
up to 90 days 
192 
68 
7 
120 
138 
308 
0 
832 
90 to 179 days 
38 
23 
7 
19 
16 
31 
- 
133 
180 to 360 days 
82 
38 
9 
47 
1 
52 
- 
228 
more than 360 days 
233 
86 
20 
248 
149 
329 
1 
1,066 
Total gross carrying 
amount 
545 
214 
42 
434 
303 
720 
1 
2,259 
Impairment allowance 
(229) 
(149) 
(37) 
(229) 
(150) 
(327) 
(1) 
(1,121) 
Carrying amount 
316 
65 
5 
205 
153 
393 
0 
1,138 
Value of Collateral 
407 
3 
0 
223 
177 
478 
0 
1,287
31 December 2021 
Retail lending 
Wholesale lending 
Public sector 
Lifetime ECL 
credit-impaired 
Mortgage 
Consumer 
Credit card 
Small 
business 
Large 
corporate 
SMEs 
Greece and 
other countries 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
up to 90 days 
208 
74 
24 
127 
208 
341 
0 
981 
90 to 179 days 
49 
26 
7 
26 
1 
4 
- 
113 
180 to 360 days 
88 
42 
9 
45 
0 
44 
0 
228 
more than 360 days 
153 
77 
99 
271 
203 
649 
2 
1,453 
Total gross carrying 
amount 
498 
219 
139 
469 
411 
1,039 
2 
2,776 
Impairment allowance 
(170) 
(137) 
(120) 
(227) 
(196) 
(539) 
(1) 
(1,391) 
Carrying amount 
328 
82 
18 
242 
215 
499 
1 
1,386 
Value of Collateral 
365 
4 
0 
218 
264 
577 
0 
1,428
Note: As at 31 December 2022, total gross carrying amount of credit impaired loans includes POCI loans 
of € 43 million (2021: € 44 million).
(b) Collaterals and repossessed assets
Collaterals
The Loan-to-Value 
(LTV) 
ratio of 
the mortgage 
lending reflects 
the gross 
loan exposure 
at the 
balance sheet 
date over 
the market 
value of the property held as collateral.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
71
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31 December 2022 Consolidated Financial Statements
The LTV ratio 
of the mortgage portfolio is presented below:
2022 
2021 
€ million 
€ million 
Mortgages 
Less than 50% 
2,881 
2,630 
50%-70% 
2,373 
2,100 
71%-80% 
1,524 
1,508 
81%-90% 
1,042 
1,010 
91%-100% 
825 
994 
101%-120% 
604 
680 
121%-150% 
437 
516 
Greater than 150% 
516 
666 
Total exposure 
10,201 
10,105 
Average LTV 
57.30% 
61.82%
The breakdown of collateral 
and guarantees for loans and advances to 
customers at amortised cost is presented 
below:
31 December 2022 
Value of collateral received 
Guarantees 
received⁽¹⁾ 
Real Estate 
Financial 
Other 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
10,760 
443 
396 
11,598 
721 
Wholesale Lending 
5,544 
923 
10,368 
16,836 
744 
Public sector 
0 
0 
0 
0 
 
- 
Total 
16,304 
1,366 
10,764 
28,434 
1,465
31 December 2021 
Value of collateral received 
Guarantees 
Received⁽¹⁾ 
Real Estate 
Financial 
Other 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
10,522 
504 
335 
11,360 
616 
Wholesale Lending 
4,795 
1,139 
10,184 
16,118 
376 
Public sector 
1 
1 
0 
2 
 
- 
Total 
15,318 
1,644 
10,519 
27,480 
992
(1) 
In addition to the above presented guarantees, from December 2021, the Group has entered 
into two financial guarantees contracts ‘Wave I’ 
and ‘Wave II’ 
related to the 
portfolios of performing 
SMEs and large 
corporate loans of 
€ 1.4 billion 
as at 31 
December 2022 (31 
December 2021: € 
1.7 billion) and 
from 
December 2022, into the financial guarantees contract ‘Wave III’ related to the portfolio of performing shipping loans of € 1.6 billion ($ 1.7 billion) (note 20).
The collaterals 
presented in 
the above table 
under category 
“Other”, 
include assigned receivables, 
equipment, inventories, 
vessels, 
etc. They also include the amount of the securitized loans held by the securitizations vehicles that 
issued the Pillar, Cairo and Mexico 
senior notes. The amount of the securitized loans has been 
capped to the gross carrying amount of the senior notes. In 
addition, the 
senior notes of 
the Cairo and 
Mexico securitizations are guaranteed by 
the Hellenic 
Republic in the 
context of Hellenic 
Asset Protection 
Scheme (note 20).
Repossessed assets
The Group recognizes 
collateral assets 
on the balance 
sheet by taking 
possession usually through 
legal processes or 
by calling upon 
other credit enhancements. As at 31 December 
2022, the carrying amount of repossessed assets 
which are included in “Other assets” 
amounted to € 559 million 
(31 December 2021: € 
572 million), note 29. These 
assets are carried at the lower of 
cost and net realizable 
value (note 2.2.18). 
The main 
type of 
collateral 
that the 
Group repossesses 
against 
repayment 
or reduction 
of the 
outstanding 
loan is 
real estate. 
The 
below 
table 
presents 
the 
movement 
of 
repossessed 
real 
estate 
assets 
during 
the 
year, 
including 
a) 
those 
transferred 
to 
the 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
72
|
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31 December 2022 Consolidated Financial Statements
appropriate category based on their use by the Group as part of its operations i.e. investment property or own-used (notes 2.2.6, 26, 
and 27) and b) those reclassified to “held for sale” category 
(notes 30).
2022 
2021 
Real estate 
Real estate 
Residential 
Commercial 
Total 
Residential 
Commercial 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Balance at 1 January 
209 
362 
571 
208 
377 
585 
Additions⁽¹⁾ 
14 
22 
36 
12 
23 
35 
Transfers 
to investment property 
(3) 
(8) 
(11) 
(1) 
(2) 
(3) 
Disposals 
(4) 
(22) 
(26) 
(4) 
(12) 
(16) 
Valuation losses 
(4) 
(9) 
(13) 
(2) 
(3) 
(5) 
Held for Sale (note 30 ) 
- 
- 
- 
(3) 
(21) 
(24) 
Other 
0 
(0) 
0 
(1) 
- 
(1) 
Balance at 31 December 
212 
345 
557 
209 
362 
571
(1)
 
The carrying amount 
of the real 
estate properties 
obtained during the 
year and held 
at the year 
ended 31 
December 2022 
amounted to € 
32 million 
(31 
December 2021: € 34 million). 
In addition, the Group 
repossesses other types of 
collaterals mainly referring 
to equity positions due 
to the participation 
in debt for 
equity transactions as part 
of forbearance measures (see below 
“Debt for equity swaps”). The 
Group during the year 
has not obtained 
other types of collaterals as a result of repossession 
(31 December 2021: € 2.9 million).
(c) Geographical and industry concentrations 
of loans and advances to customers
As 
described 
above 
in 
note 
5.2.1, 
the 
Group 
holds 
diversified 
portfolios 
across 
markets 
and 
countries 
and 
implements 
limits 
on 
concentrations arising from the 
geographical location or the 
activity of groups 
of borrowers that could 
be similarly affected by 
changes 
in economic or other conditions, in order to mitigate 
credit risk.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
The following 
tables break 
down the 
Group’s 
exposure into 
loans and 
advances to 
customers and 
credit related 
commitments at 
their gross 
carrying amount 
and nominal 
amount respectively 
by stage, 
product line, industry and geographical region 
and impairment allowance by product line, industry and geographical 
region:
31 December 2022 
Greece 
Rest of Europe 
Other Countries 
Gross carrying/nominal amount 
Gross carrying/nominal amount 
Gross carrying/nominal amount 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
8,547 
3,571 
1,024 
(807) 
3,614 
420 
210 
(197) 
7 
0 
1 
(1) 
-Mortgage 
4,978 
2,677 
463 
(337) 
1,848 
147 
81 
(72) 
6 
0 
1 
(1) 
-Consumer 
835 
177 
126 
(141) 
1,191 
180 
88 
(82) 
1 
0 
0 
(0) 
-Credit card 
543 
51 
36 
(43) 
98 
19 
6 
(6) 
0 
0 
0 
(0) 
-Small business 
2,191 
665 
399 
(286) 
477 
74 
35 
(38) 
0 
 
- 
- 
(0) 
Wholesale Lending 
10,579 
1,001 
804 
(479) 
9,676 
572 
207 
(131) 
3,169 
8 
12 
(11) 
-Commerce and services⁽²⁾ 
4,135 
331 
393 
(242) 
6,215 
106 
62 
(47) 
535 
0 
6 
(6) 
-Manufacturing 
2,658 
292 
130 
(96) 
969 
39 
26 
(16) 
5 
 
- 
- 
(0) 
-Shipping 
8 
2 
44 
(44) 
241 
 
- 
15 
(16) 
2,455 
 
- 
6 
(5) 
-Construction 
1,279 
51 
57 
(45) 
616 
62 
17 
(14) 
65 
8 
- 
(0) 
-Tourism 
962 
308 
176 
(48) 
228 
118 
44 
(2) 
 
- 
 
- 
- 
 
- 
-Energy 
1,474 
1 
2 
(3) 
234 
31 
16 
(8) 
 
- 
 
- 
- 
 
- 
-Other 
64 
17 
1 
(0) 
1,174 
215 
28 
(28) 
109 
 
- 
- 
(0) 
Public Sector 
25 
- 
0 
(0) 
0 
0 
1 
(1) 
 
- 
 
- 
- 
 
- 
Total 
19,151 
4,572 
1,829 
(1,286) 
13,291 
992 
418 
(328) 
3,176 
9 
13 
(11) 
Credit related 
Commitments 
7,352 
175 
48 
(47) 
2,489 
114 
4 
(10) 
288 
0 
0 
(0) 
-Loan commitments 
5,493 
109 
2 
(12) 
1,654 
70 
2 
(6) 
281 
0 
0 
(0) 
-Financial guarantee 
contracts and other 
commitments 
1,859 
66 
46 
(35) 
835 
44 
2 
(4) 
7 
 
- 
0 
(0)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
74
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31 December 2022 Consolidated Financial Statements
31 December 2021 
Greece 
Rest of Europe 
Other Countries 
Gross carrying/nominal amount 
Gross carrying/nominal amount 
Gross carrying/nominal amount 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
12-month ECL 
 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
8,873 
3,433 
1,092 
(812) 
3,103 
357 
232 
(178) 
8 
0 
1 
(1) 
-Mortgage 
5,300 
2,609 
403 
(257) 
1,565 
126 
95 
(68) 
6 
0 
1 
(1) 
-Consumer 
850 
125 
135 
(138) 
1,054 
142 
84 
(66) 
2 
0 
0 
(0) 
-Credit card 
566 
34 
132 
(132) 
101 
11 
7 
(5) 
0 
0 
0 
(0) 
-Small business 
2,158 
665 
423 
(286) 
383 
79 
46 
(40) 
0 
0 
- 
(0) 
Wholesale Lending 
8,365 
1,104 
1,204 
(744) 
9,369 
551 
223 
(124) 
2,830 
13 
22 
(12) 
-Commerce and services⁽²⁾ 
3,159 
516 
606 
(384) 
6,373 
109 
72 
(49) 
727 
 
- 
9 
(7) 
-Manufacturing 
2,520 
247 
178 
(147) 
772 
46 
28 
(15) 
0 
 
- 
- 
 
- 
-Shipping 
6 
3 
50 
(49) 
224 
 
- 
19 
(15) 
1,931 
3 
13 
(4) 
-Construction 
952 
80 
142 
(92) 
477 
31 
20 
(16) 
65 
8 
- 
(0) 
-Tourism 
975 
248 
224 
(62) 
274 
128 
18 
(2) 
 
- 
 
- 
- 
 
- 
-Energy 
682 
3 
0 
(5) 
177 
23 
20 
(5) 
 
- 
 
- 
- 
 
- 
-Other 
70 
6 
3 
(5) 
1,072 
215 
46 
(22) 
107 
2 
- 
(0) 
Public Sector 
30 
2 
1 
(2) 
1 
0 
1 
(0) 
 
- 
 
- 
- 
 
- 
Total 
17,268 
4,539 
2,298 
(1,557) 
12,473 
908 
456 
(302) 
2,838 
14 
23 
(12) 
Credit related Commitments 
4,125 
271 
46 
(41) 
2,073 
120 
5 
(7) 
199 
2 
0 
(0) 
-Loan commitments 
3,085 
168 
2 
(8) 
1,591 
94 
3 
(4) 
196 
2 
0 
(0) 
-Financial guarantee 
contracts and other 
commitments 
1,041 
104 
45 
(33) 
482 
26 
1 
(2) 
3 
 
- 
0 
(0)
(1)
 
Includes POCI loans of € 8.3 million held by operations in Greece, € 34.3 million 
held by operations in Rest of Europe and € 0.1 million held by operations in Other Countries (2021: € 44.1 million in 
Rest of Europe). 
(2)
 
The operations in Rest of Europe include € 4,901 million related to the notes of the Pillar, Cairo and Mexico securitizations (2021: € 5,106 million in Rest of Europe related to the notes of the Pillar, Cairo and Mexico securitizations). 
As at 31 December 2022, the carrying 
amount of Group's loans measured 
at FVTPL of € 16 million (2021: € 
23 million) was included in Wholesale 
lending portfolio, which was 
held by operations in Greece 
(2021: € 20 million were held by operations in Greece and 
€ 3.5 million were held by operations in Rest 
of Europe).

 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
(d) Forbearance practices on lending activities
Modifications 
of 
the 
loans’ 
contractual 
terms 
may 
arise 
due 
to 
various 
factors, 
such 
as 
changes 
in 
market 
conditions, 
customer 
retention and other factors as 
well as due 
to the potential 
deterioration in the borrowers’ financial 
condition. The Group 
has employed 
a range of forbearance 
solutions in order to 
enhance the management of 
customer relationships 
and the effectiveness 
of collection 
efforts, as well as to improve 
the recoverability of cash flows 
and minimize credit losses for both retail 
and wholesale portfolios.
Forbearance practices’ classification
Forbearance practices 
as monitored 
and reported by 
the Group, based 
on the European 
Banking Authority Implementing 
Technical 
Standards (EBA 
ITS) guidelines, 
occur only 
in the 
cases where 
the contractual 
payment terms 
of a 
loan have 
been modified, 
as the 
borrower is considered unable to 
comply with the existing loan’s 
terms due to apparent financial difficulties, and 
the Group grants a 
concession by 
providing more 
favorable 
terms and 
conditions that 
it would 
not otherwise 
consider had 
the borrower 
not been 
in 
financial difficulties.
All other 
types of 
modifications granted 
by the 
Group, where 
there is 
no apparent 
financial difficulty 
of the 
borrower and 
may be 
driven by factors of a business nature 
are not classified as forbearance measures.
Forbearance solutions
Forbearance solutions are granted following an assessment of the borrower’s ability and willingness to repay and can be of a short or 
longer 
term 
nature. 
The 
objective 
is to 
assist 
financially 
stressed 
borrowers 
by rearranging 
their 
repayment 
cash 
outflows into 
a 
sustainable 
modification, 
and 
at 
the 
same 
time, 
protect 
the 
Group 
from 
suffering 
credit 
losses. 
The 
Group 
deploys 
targeted 
segmentation strategies 
with the objective 
to tailor different 
short or long 
term and sustainable 
management solutions 
to selected 
groups of borrowers for 
addressing their specific financial needs.
The nature and type of forbearance options 
may include but is not necessarily limited to, one or more of the 
following:
●
arrears capitalization; 
●
arrears repayment plan; 
●
reduced payment above interest 
only; 
●
interest-only payments; 
●
reduced payment below interest 
only; 
●
grace period; 
●
interest rate reduction; 
●
loan term extensions; 
●
split balance and gradual step-up of installment 
payment plans; 
●
partial debt forgiveness/write-down; 
●
operational restructuring; and 
●
debt to equity swaps. 
Specifically 
for 
unsecured 
consumer 
loans 
(including 
credit 
cards), 
forbearance 
programs 
(e.g. 
term 
extensions), 
are 
applied 
in 
combination with debt consolidation whereby all existing consumer balances are pooled together. 
Forbearance solutions are applied 
in 
order 
to 
ensure 
a 
sufficient 
decrease 
on 
installment 
and 
a 
viable 
solution 
for 
the 
borrower. 
In 
selected 
cases, 
the 
debt 
consolidations may be combined with mortgage prenotations 
to convert unsecured lending exposures 
to secured ones.
In the case of mortgage loans, a decrease of installment 
may be achieved through 
forbearance measures such as extended payment 
periods, capitalization of arrears, split 
balance and gradual step-up of installment payment 
plans.
Wholesale exposures 
are subject to 
forbearance when 
there are indications 
of financial difficulties 
of the borrower, 
evidenced by a 
combination of factors including the deterioration 
of financials, credit rating downgrade, payment 
delays and other.
During 2020 in response to the COVID-19 pandemic, the EBA published guidelines on payment moratoria 
whereby the application of 
a general payment 
moratorium that meets 
the requirements of the guidelines 
would not in itself lead to a reclassification 
under the 
definition 
of 
forbearance. 
However, 
institutions 
should 
continue 
to 
categorize 
the 
exposures 
as 
performing 
or non-performing 
in 
accordance with the 
applicable requirements. 
More precisely, 
as a general 
principle, before 
granting a forbearance 
measure, credit 

 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
institutions should 
carry out 
an individual 
assessment of 
the repayment 
capacity of 
the borrower 
and grant 
forbearance measures 
tailored to the specific circumstances of the 
borrower in question.
Based on this, 
and following the 
internal process of individual 
assessments the Bank 
flagged as forbearance 
measures certain payment 
moratoria for accounts 
in the hotel sector, 
which were considered to have increased 
financial difficulties.
Debt for equity swaps
For 
wholesale 
portfolios, 
the Group 
on 
occasion 
participates 
in 
debt 
for 
equity 
transactions 
as 
part 
of 
forbearance 
measures, 
as 
described in note 2.2.9. In 2022, equity positions acquired by the Group 
and held as of 31 December 2022 relate to the participation 
of 3% 
in Kalogirou 
S.A. for 
trade of 
footwear, 
apparel and 
leather goods 
for a 
nil consideration. 
Similarly in 
2021, equity 
positions 
acquired by the Group and 
held as of 
31 December 2021 
related to a) the participation of 100% 
in Village Roadshow Operations Hellas 
S.A. for € 1 
million and b) the participation 
of 29.48% in Intertech 
S.A. – International Technologies 
for a cash 
consideration of € 
1.9 
million. 
i.
Classification of Forborne loans 
Forborne loans are classified either as non-impaired (stage 
2), or impaired (stage 3) by assessing their delinquency and credit quality 
status.
Credit impaired 
forborne loans enter 
initially a probation 
period of one 
year where 
the borrowers’ 
payment performance 
is closely 
monitored. If at 
the end of the abovementioned 
period, the borrowers 
have complied with 
the terms of the 
program and there 
are 
no past due amounts and concerns 
regarding the loans’ full 
repayment, the loans are 
then reported as non-impaired forborne 
loans 
(stage 2). 
In addition, 
non-impaired forborne 
loans, including those 
that were 
previously classified 
as credit impaired 
and complied 
with the 
terms of 
the program, 
are monitored 
over a 
period of 
two years. 
If, 
at the 
end of 
that period, 
the borrowers 
have made 
regular payments 
of a 
significant aggregate 
amount, there 
are no 
past due 
amounts over 
30 days 
and the 
loans are 
neither credit 
impaired nor any other SICR criteria are met they 
exit forborne status and are classified as stage 
1.
Particularly, 
the category 
of 
credit 
impaired 
forborne 
loans includes 
those that 
(a) at 
the date 
when 
forbearance 
measures 
were 
granted, were 
more than 
90 days 
past due 
or assessed 
as unlikely 
to pay, 
(b) at 
the end 
of the one 
year probation 
period met 
the 
criteria of entering the 
non -impaired status and 
during the two years monitoring 
period new forbearance 
measures were extended 
or became more than 30 days past 
due, and (c) were initially classified as non- 
impaired and during the two years 
monitoring period 
met the criteria for entering the credit impaired 
status. 
Furthermore, 
forborne 
loans 
that 
fail 
to 
perform 
under 
the 
new 
modified 
terms 
and 
are 
subsequently 
denounced 
cease 
to 
be 
monitored as 
part of the 
Group’s 
forbearance activities 
and are reported 
as denounced credit 
impaired loans (stage 
3) consistently 
with the Group’s management 
and monitoring of all denounced loans.
ii.
Impairment assessment 
Where forbearance 
measures are extended, 
the Group performs 
an assessment of 
the borrower’s 
financial condition and 
its ability 
to repay, 
under the 
Group’s 
impairment policies, 
as described 
in notes 
2.2.13 and 
5.2.1. Accordingly, 
forborne loans 
to wholesale 
customers, 
retail 
individually 
significant 
exposures 
and 
financial 
institutions 
are 
assessed 
on 
an 
individual 
basis. 
Forborne 
retail 
lending 
portfolios 
are 
generally 
assessed 
for 
impairment 
separately 
from 
other 
retail 
loan portfolios 
on a 
collective 
basis as 
they 
consist of large homogenous portfolio. 
iii.
Loan restructurings 
In 
cases 
where 
the 
contractual 
cash 
flows 
of 
a 
forborne 
loan 
have 
been 
substantially 
modified, 
the 
original 
forborne 
loan 
is 
derecognized 
and a 
new loan 
is recognized. 
The Group 
records 
the modified 
asset as 
a ‘new’ 
financial asset 
at fair 
value and 
the 
difference with the carrying amount of the existing 
one is recorded in the income statement 
as derecognition gain or loss.
In cases where 
the modification as 
a result of 
forbearance measures 
is not considered 
substantial, the Group 
recalculates the 
gross 
carrying amount of 
the loan and 
recognizes the difference as a 
modification gain or loss 
in the income 
statement. The Group continues 
to monitor the modified forborne loan in 
order to determine if the financial 
asset exhibits significant increase in credit risk since 
initial 
recognition during the forbearance period.
As at 31 December 2022, the carrying amount of Group's forborne 
loans measured at FVTPL was nil (2021: € 3.5 million).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
The following 
tables present 
an analysis 
of Group’s 
forborne activities 
for loans 
measured at 
amortised cost. 
In order 
to align 
with 
the quantitative 
information provided 
in section (a) based 
on revised IFRS 
7 requirements, 
the relevant 
tables below are 
presented 
on a gross 
carrying amount basis, 
while cumulative 
impairment allowance is 
presented separately, 
in line with 
the Group’s 
internal 
credit risk monitoring and reporting.
The following table presents a summary of the types of the Group’s 
forborne activities:
2022 
2021 
€ million 
€ million 
Forbearance measures: 
Split balance 
234 
423 
Loan term extension 
1,044 
1,468 
Arrears capitalisation 
137 
183 
Reduced payment below interest owed 
71 
112 
Interest rate reduction 
136 
237 
Reduced payment above interest owed 
111 
121 
Arrears repayment plan 
109 
163 
Interest only 
35 
33 
Grace period 
55 
77 
Debt/equity swaps 
8 
16 
Partial debt forgiveness/Write-down 
1 
27 
Operational restructuring 
14 
10 
Other 
54 
75 
Total gross carrying 
amount 
2,012 
2,946 
Less: cumulative impairment allowance 
(401) 
(465) 
Total carrying amount 
1,611 
2,481
The following tables present a summary of the credit 
quality of forborne loans and advances to customers:
31 December 2022 
Total loans & 
advances at 
amortised 
cost 
Forborne 
loans & 
advances 
% of Forborne 
loans & 
advances 
€ million 
€ million 
Gross carrying amounts: 
12-month ECL-Stage 1 
35,618 
 
- 
 
- 
Lifetime ECL-Stage 2 
5,573 
1,138 
20.4 
Lifetime ECL-Stage 3 and POCI 
2,259 
874 
38.7 
Total Gross Amount 
43,450 
2,012 
4.6 
Cumulative ECL Loss allowance: 
 
- 
 
- 
12-month ECL-Stage 1 
(149) 
 
- 
Lifetime ECL-Stage 2 
(355) 
(80) 
Lifetime ECL-Stage 3 and POCI of which: 
(1,121) 
(321) 
- Individually assessed 
(441) 
(165) 
- Collectively assessed 
(680) 
(156) 
Total carrying amount 
41,824 
1,611 
3.9 
Collateral received 
28,434 
1,527

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
31 December 2021 
Total loans & 
advances at 
amortised cost 
Forborne loans 
& advances 
% of Forborne 
loans & 
advances 
€ million 
€ million 
Gross carrying amounts: 
12-month ECL-Stage 1 
32,578 
 
- 
 
- 
Lifetime ECL-Stage 2 
5,461 
1,926 
35.3 
Lifetime ECL-Stage 3 and POCI 
2,776 
1,021 
36.8 
Total Gross 
Amount 
40,815 
2,946 
7.2 
Cumulative ECL Loss allowance: 
12-month ECL-Stage 1 
(171) 
 
- 
Lifetime ECL-Stage 2 
(311) 
(103) 
Lifetime ECL-Stage 3 and POCI of which: 
(1,391) 
(362) 
- Individually assessed 
(672) 
(194) 
- Collectively assessed 
(718) 
(168) 
Total carrying amount 
38,943 
2,481 
6.4 
Collateral received 
27,480 
2,221
The following table presents the movement 
of forborne loans and advances:
2022 
2021 
€ million 
€ million 
Gross carrying amount at 1 January 
2,946 
4,826 
Forbearance measures in the year 
299 
481 
Forborne loans derecognised/ reclassified as held 
for sale during the year ⁽¹⁾ 
(56) 
(1,128) 
Write-offs of forborne loans 
(22) 
(33) 
Repayment of loans 
(233) 
(260) 
Loans & advances that exited forbearance status 
⁽²⁾ 
(965) 
(992) 
Other 
42 
53 
Less: cumulative impairment allowance 
(401) 
(465) 
Carrying amount at 31 December 
1,611 
2,481
(1)
 
“Forborne loans 
derecognised/ reclassified 
as held 
for sale 
during the 
year” presents 
loans derecognized 
during the 
year due 
to a) 
securitization/ sale 
transactions and b) substantial modifications of the loans’ contractual terms and those that have been reclassified as 
held for sale during the year. 
(2)
 
In 2022, an amount of € 88 million loans and advances that exited forbearance status refers to loans that were denounced (2021: € 48 million).
The following table presents the Group’s 
exposure to forborne loans and advances by 
product line:
2022 
2021 
€ million 
€ million 
Retail Lending 
1,153 
1,985 
- Mortgage 
751 
1,358 
- Consumer 
106 
123 
- Credit card 
16 
47 
- Small business 
280 
456 
Wholesale Lending 
859 
961 
-Large corporate 
277 
295 
-SMEs 
582 
667 
Total gross carrying 
amount 
2,012 
2,946 
Less: cumulative impairment allowance 
(401) 
(465) 
Total carrying amount 
1,611 
2,481

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
The following table presents the Group’s 
exposure to forborne loans and advances by 
geographical region:
2022 
2021 
€ million 
€ million 
Greece 
1,638 
2,591 
Rest of Europe 
374 
351 
Other countries 
0 
5 
Total gross carrying 
amount 
2,012 
2,946 
Less: cumulative impairment allowance 
(401) 
(465) 
Total carrying amount 
1,611 
2,481
The 
following 
table 
provides 
information 
on 
modifications 
due 
to 
forbearance 
measures 
on 
lending 
exposures 
which 
have 
not 
resulted 
in 
derecognition. 
Such financial 
assets 
were 
modified 
while 
they 
had 
a loss 
allowance 
measured 
at 
an 
amount 
equal 
to 
lifetime ECL.
2022 
2021 
Modified lending exposures 
€ million 
€ million 
Loans modified during the year with loss allowance measured 
at an amount equal to lifetime ECL 
Gross carrying amount at 31 December 
449 
745 
Modification gain / (loss) 
2 
18 
Loans modified since initial recognition at a time when loss allowance was based on 
lifetime ECL 
Gross carrying amount at 31 December for which loss allowance has changed to 12-month 
ECL measurement 
370 
614
In 
the 
year 
ended 
31 
December 
2022, 
the 
gross 
carrying 
amount 
of 
loans 
previously 
modified 
for 
which 
the 
loan 
allowance 
has 
reverted to being measured at an amount 
equal to lifetime ECL amounted to 
€ 371 million (2021: € 504 million).
5.2.1.3 Debt Securities 
The following 
tables present 
an analysis 
of debt 
securities by 
external 
credit rating 
agency designation 
at 31 
December 2022 
and 
2021, based on Moody's ratings or their equivalent:
31 December 2022 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL-
Stage 3 
Total 
€ million 
€ million 
€ million 
€ million 
Debt securities at amortised cost 
Aaa 
2,617 
- 
- 
2,617 
Aa1 to Aa3 
140 
- 
- 
140 
A1 to A3 
133 
- 
- 
133 
Lower than A3 
6,211 
6 
7 
6,224 
Unrated 
74 
- 
26 
100 
Gross Carrying Amount 
9,175 
6 
33 
9,214 
Impairment Allowance 
(12) 
(0) 
(10) 
(22) 
Carrying Amount 
9,163 
6 
23 
9,192 
Debt securities at FVOCI 
Aaa 
339 
- 
- 
339 
Aa1 to Aa3 
212 
- 
- 
212 
A1 to A3 
398 
- 
- 
398 
Lower than A3 
2,605 
121 
- 
2,726 
Unrated 
58 
- 
- 
58 
Carrying Amount 
3,612 
121 
- 
3,733

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2021 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Total 
€ million 
€ million 
€ million 
Debt securities at amortised cost 
Aaa 
636 
- 
636 
Aa1 to Aa3 
108 
- 
108 
Lower than A3 
3,928 
- 
3,928 
Gross Carrying Amount 
4,672 
- 
4,672 
Impairment Allowance 
(6) 
- 
(6) 
Carrying Amount 
4,666 
- 
4,666 
Debt securities at FVOCI 
Aaa 
591 
- 
591 
Aa1 to Aa3 
271 
- 
271 
A1 to A3 
567 
- 
567 
Lower than A3 
4,899 
9 
4,908 
Unrated 
128 
- 
128 
Carrying Amount 
6,456 
9 
6,465
31 December 2022 
Debt securities 
held for trading 
Debt securities 
measured at 
FVTPL 
€ million 
€ million 
Debt securities at FVTPL 
Lower than A3 
86 
0 
Unrated 
1 
- 
Carrying Amount 
87 
0
31 December 2021 
Debt securities 
held for trading 
Debt securities 
measured at 
FVTPL 
€ million 
€ million 
Debt securities at FVTPL 
Aa1 to Aa3 
- 
1 
Lower than A3 
69 
0 
Carrying Amount 
69 
1
The carrying amount of debt securities 
rated lower than A3 includes: a) € 
5,413 million related to Greek sovereign debt (2021: 
€ 5,322 
million), b) € 
921 million related 
to Eurozone 
members sovereign 
debt (2021: € 
1,246 million), c) 
€ 841 million 
related to 
sovereign 
debt 
issued 
mainly 
by 
European 
Union 
members 
and 
candidate 
members 
(2021: 
€ 
763 
million) 
of 
which 
€ 517 
million 
issued 
by 
countries of Group’s presence (Bulgaria and Serbia) (2021: € 460 million) 
and d) € 1,846 million 
corporate and banks’ securities (2021: 
€ 1,568 million) of which € 958 million refer to Greek issuers (2021: 
€ 726 million) and € 701 million to other European issuers (2021: 
€ 689 
million). The 
carrying amount 
of unrated 
debt securities 
of € 
152 million 
(2021: € 
128 million) 
comprise € 
133 million 
Greek 
corporate bonds (2021: € 128 million) and € 19 million Russian corporate 
bonds (see below).
Following the 
significant worldwide 
restrictions and 
sanctions introduced 
against Russia, 
resulting in 
significant uncertainty 
on the 
ability of the Russian debt issuers to repay their obligations on foreign 
currency-denominated bonds, as of 31 March 2022 the Group 
has classified its Russian debt exposures as credit impaired. Following the repayment of a Russian government bond of carrying value 
€ 
12 
million 
in 
April 
2022, 
the 
carrying 
value 
of 
the 
said 
debt 
exposures 
was 
€ 19 
million 
as 
at 
31 December 
2022, 
including 
an 
impairment allowance of € 7 million. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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The following tables present the Group's exposure in debt securities, as categorized by stage, counterparty's geographical 
region and 
industry sector:
31 December 2022 
Greece 
Other European countries 
Other countries 
12-month 
ECL-Stage 1 
Lifetime ECL-
Stage 3 
12-month 
ECL-Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL-
Stage 3 
12-month 
ECL-Stage 1 
Lifetime ECL-
Stage 2 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Debt securities at amortised cost 
Sovereign 
4,379 
- 
756 
- 
- 
1,165 
- 
6,300 
Banks 
736 
- 
276 
- 
- 
- 
- 
1,012 
Corporate 
241 
7 
989 
3 
26 
633 
3 
1,902 
Gross Carrying Amount 
5,356 
7 
2,021 
3 
26 
1,798 
3 
9,214 
Impairment Allowance 
(9) 
(3) 
(3) 
(0) 
(7) 
(0) 
(0) 
(22) 
Net Carrying Amount 
5,347 
4 
2,018 
3 
19 
1,798 
3 
9,192 
Debt securities at FVOCI 
Sovereign 
976 
- 
1,046 
94 
- 
451 
- 
2,567 
Banks 
12 
- 
209 
7 
- 
- 
- 
228 
Corporate 
163 
- 
475 
15 
- 
280 
5 
938 
Carrying Amount 
1,151 
- 
1,730 
116 
- 
731 
5 
3,733
31 December 2021 
Greece 
Other European 
countries 
Other countries 
12-month ECL-
Stage 1 
Lifetime ECL- 
Stage 2 
12-month ECL-
Stage 1 
12-month ECL-
Stage 1 
Lifetime ECL- 
Stage 2 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Debt securities at amortised cost 
Sovereign 
3,162 
- 
519 
- 
- 
3,681 
Banks 
311 
- 
196 
- 
- 
507 
Corporate 
- 
- 
299 
185 
- 
484 
Gross Carrying Amount 
3,473 
- 
1,014 
185 
- 
4,672 
Impairment Allowance 
(5) 
- 
(1) 
(0) 
- 
(6) 
Net Carrying Amount 
3,468 
- 
1,013 
185 
- 
4,666 
 
Debt securities at FVOCI 
Sovereign 
2,149 
- 
1,859 
615 
- 
4,623 
Banks 
166 
- 
311 
- 
- 
477 
Corporate 
373 
7 
707 
276 
2 
1,365 
Carrying Amount 
2,688 
7 
2,877 
891 
2 
6,465

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2022 Consolidated Financial Statements
31 December 2022 
Greece 
Other 
European 
countries 
Other 
countries 
Total 
€ million 
€ million 
€ million 
€ million 
Debt securities at FVTPL 
Corporate 
0 
- 
- 
0 
Carrying Amount 
0 
- 
- 
0 
Debt securities held for trading 
Sovereign 
63 
23 
- 
86 
Corporate 
1 
- 
- 
1 
Carrying Amount 
64 
23 
- 
87
31 December 2021 
Greece 
Other 
European 
countries 
Other 
countries 
Total 
€ million 
€ million 
€ million 
€ million 
Debt securities at FVTPL 
Corporate 
0 
1 
- 
1 
Carrying Amount 
0 
1 
- 
1 
Debt securities held for trading 
Sovereign 
14 
19 
- 
33 
Corporate 
- 
23 
13 
36 
Carrying Amount 
14 
42 
13 
69
5.2.1.4 Offsetting of financial assets and financial liabilities 
Financial assets and 
financial liabilities are 
offset according 
to IAS 32 
‘Financial Instruments 
and the net 
amount is presented 
in the 
balance sheet when, there is a legally enforceable right 
to set off the recognized amounts and there 
is an intention to settle on a net 
basis, or to realize the asset and settle the liability simultaneously (the offsetting criteria), as also set out in Group's accounting policy 
2.2.4. 
In 2022, 
following the 
change in 
the volume 
and market 
terms of 
the Group’s 
positions in 
CCP (Central 
Counterparty) cleared 
OTC 
derivative financial instruments, there was a 
significant increase in the 
balances of the 
related cash accounts used for variation margin 
purposes reaching ca. € 1 bn liability, as at 31 December 2022 (2021: ca. € 0.2 billion asset). The Group 
has assessed the terms of the 
clearing agreements 
for these 
derivatives entered 
into with 
Clearing Members, 
as at 31 
December 2022. The 
Group has 
concluded 
that the offsetting 
criteria are met, 
as at 31 December 
2022, in respect 
of the cash 
accounts used for 
variation margin purposes 
for 
such derivatives, 
which are 
also used 
for the 
settlement 
of all 
payments 
thereunder, 
and accordingly 
derivative 
assets of 
€ 1,376 
million and derivative liabilities of 
€ 444 million (note 
19) were offset against € 932 million 
cash collateral received (note 32). Financial 
instruments 
that 
meet 
the 
offsetting 
criteria 
include 
also 
the 
eligible 
repos 
and 
reverse 
repos 
under 
global 
master 
repurchase 
agreements (GMRAs). 
Financial instruments under 
master netting 
arrangements and 
similar agreements that 
do not meet the 
criteria for offsetting 
in the 
balance 
sheet 
include 
derivatives 
(bilateral 
agreements) 
as 
well 
as 
repos 
and 
reverse 
repos, 
for 
which 
a) 
the 
right 
of 
set-off 
is 
enforceable 
only 
following 
an 
event 
of 
default, 
insolvency 
or 
bankruptcy 
of 
the 
Group 
or 
the 
counterparties 
or 
following 
other 
predetermined events and/or b) 
the Group and its counterparties may not intend to settle 
on a net basis or to realize the assets and 
settle the liabilities simultaneously. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
Page
 
31 December 2022 Consolidated Financial Statements
The following tables 
present financial assets 
and financial liabilities that 
meet the criteria for 
offsetting and thus 
are presented 
on a 
net 
basis 
in 
the 
balance 
sheet, 
as 
well 
as 
amounts 
that 
are 
subject 
to 
enforceable 
master 
netting 
arrangements 
and 
similar 
agreements for 
which the offsetting 
criteria mentioned above 
are not satisfied. 
In respect of 
the latter, 
the Group 
may receive and 
provide 
collateral 
in 
the 
form 
of 
marketable 
securities 
and 
cash 
that 
are 
included 
in 
the 
tables 
below 
under 
columns 
‘financial 
instruments’ and ‘cash collateral’.
31 December 2022 
Related amounts not offset in the BS 
Gross amounts 
of recognised 
financial assets 
Gross amounts 
of recognised 
financial 
liabilities offset 
in the balance 
sheet 
Net amounts of 
financial assets 
presented in 
the balance 
sheet 
Financial 
instruments 
(incl. non-cash 
collateral) 
Cash 
collateral 
received 
Net 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Financial Assets 
Reverse repos with banks 
116 
(114) 
2 
(2) 
- 
- 
Derivative financial instruments 
2,540 
(1,376) 
1,164 
(685) 
(232) 
247 
Other financial assets 
9 
(9) 
- 
- 
- 
- 
Total 
2,665 
(1,499) 
1,166 
(687) 
(232) 
247
31 December 2022 
Related amounts not offset in the BS 
Gross amounts of 
recognised 
financial 
liabilities 
Gross amounts of 
recognised 
financial assets 
offset in the 
balance sheet 
Net amounts 
of financial 
liabilities 
presented in 
the balance 
sheet 
Financial 
instruments (incl. 
non-cash 
collateral) 
Cash 
collateral 
pledged 
Net 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Financial Liabilities 
Derivative financial 
instruments 
2,043 
(444) 
1,599 
(685) 
(237) 
677 
Repurchase agreements with 
banks 
877 
(114) 
763 
(763) 
- 
- 
Other financial liabilities 
9 
(9) 
- 
- 
- 
- 
Deposits from banks received 
as collateral 
1,226 
(932) 
294 
(232) 
- 
62 
Total 
4,155 
(1,499) 
2,656 
(1,680) 
(237) 
739

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2022 Consolidated Financial Statements
31 December 2021 
Related amounts not offset in the BS 
Gross amounts 
of recognised 
financial assets 
Gross amounts 
of recognised 
financial 
liabilities offset 
in the balance 
sheet 
Net amounts of 
financial assets 
presented in the 
balance sheet 
Financial 
instruments 
(incl. non-cash 
collateral) 
Cash 
collateral 
received 
Net 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Financial Assets 
Reverse repos with banks 
622 
(591) 
31 
(31) 
- 
- 
Derivative financial instruments 
1,942 
- 
1,942 
(1,803) 
(40) 
99 
Other financial assets 
13 
(13) 
- 
- 
- 
- 
Total 
2,577 
(604) 
1,973 
(1,834) 
(40) 
99
31 December 2021 
Related amounts not offset in the BS 
Gross amounts of 
recognised 
financial liabilities 
Gross amounts of 
recognised 
financial assets 
offset in the 
balance sheet 
Net amounts 
of financial 
liabilities 
presented in 
the balance 
sheet 
Financial 
instruments (incl. 
non-cash 
collateral) 
Cash 
collateral 
pledged 
Net 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Financial Liabilities 
Derivative financial 
instruments 
2,386 
- 
2,386 
(695) 
(1,642) 
49 
Repurchase agreements with 
banks 
861 
(591) 
270 
(270) 
- 
- 
Other financial liabilities 
13 
(13) 
- 
- 
- 
- 
Total 
3,260 
(604) 
2,656 
(965) 
(1,642) 
49
Derivative 
financial assets 
and liabilities 
not under 
master 
netting arrangements 
and similar 
agreements 
of carrying 
value of 
€ 21 
million and € 62 million, respectively, 
(2021: € 7 million and € 8 million, respectively) are not presented 
in the above tables. 
Financial assets and 
financial liabilities are 
disclosed in the above 
tables at their 
recognized amounts, 
either at fair 
value (derivative 
assets and liabilities) or amortized cost (all other financial instruments), 
depending on the type of financial instrument.
5.2.2 
Market risk
The Group takes on exposure to market risk, which is the risk of potential financial loss due to an adverse change in market variables. 
Changes 
in 
interest 
rates, 
foreign 
exchange 
rates, 
credit 
spreads, 
equity 
prices 
and 
other 
relevant 
factors, 
such 
as 
the 
implied 
volatilities, can affect the Group’s 
income or the fair value of its financial instruments. The market 
risks, the Group is exposed to, are 
monitored, controlled and estimated 
by Group Market and Counterparty Risk 
Sector (GMCRS). 
GMCRS is respon 
sible for 
the measurement, 
monitoring, 
control and 
reporting of 
all market 
risks, including 
the interest 
rate risk 
in 
the Banking Book (IRRBB) of the Group. The Sector reports to the GCRO 
and its main responsibilities include: 
●
Monitoring of all key market 
& IRRBB risk indicators (VaR, 
sensitivities, etc.)
●
Implementation of Stress Testing 
methodologies for market risk and IRRBB 
(historical and hypothetical),
●
Monitoring and reporting of market and IRRBB risk limits utilization.
●
Development, maintenance and expansion of risk management 
infrastructure.

 
 
 
Notes to the Consolidated Financial Statements 
.
 
85
|
Page
 
31 December 2022 Consolidated Financial Statements
The market risks the Group is exposed 
to, are the following:
(a) Interest rate risk
The Group takes 
on exposure to 
the effects of 
fluctuations in the 
prevailing levels 
of market interest 
rates on its 
cash flows and 
the 
fair 
value 
of 
its financial 
positions. 
Cash flow 
interest 
rate 
risk is 
the risk 
that 
the future 
cash flows 
of 
a financial 
instrument 
will 
fluctuate because of 
changes in market 
interest rates. 
Fair value interest 
rate risk 
is the risk that 
the value of 
a financial instrument 
will fluctuate because of changes in market interest 
rates. Fair value interest 
rate risk is further split into ‘General’ and ‘Specific’. 
The 
former refers 
to changes in the fair valuation 
of positions due to the movements 
of benchmark interest rates, 
while the latter refers 
to changes in the fair valuation of positions due to the 
movements of specific issuer yields and credit spreads. 
(b) Currency risk
The Group takes 
on exposure to the 
effects of fluctuations 
in the prevailing foreign 
currency exchange rates 
on its financial position 
and cash flows. 
(c) Equity risk
Equity price risk is the risk 
of the decrease of fair values as 
a result of changes in the 
levels of equity indices and the 
value of individual 
stocks. The equity risk that the Group undertakes 
arises mainly from the investment portfolio. 
(d) Implied volatilities
The Group carries limited implied volatility (vega) 
risk, mainly as a result of open positions on options.
The Board’s Risk Committee 
sets limits on the level of exposure to market 
risks, which are monitored on a daily basis.
Market 
risk 
in 
Greece 
and 
International 
Subsidiaries 
is 
managed 
and 
monitored 
mainly 
using 
Value 
at 
Risk 
(VaR) 
methodology. 
Sensitivity and stress test analysis is additionally performed. 
(i) VaR 
summary for 2022 and 2021
VaR is a 
methodology used in measuring financial risk 
by estimating the potential 
negative change in the 
market value of 
a portfolio 
at a 
given confidence 
level and 
over a 
specified time 
horizon. The 
VaR 
that the 
Group measures 
is an 
estimate based 
upon a 
99% 
confidence level and a holding period of 1 day and the methodology used for the calculation is Monte Carlo simulation (full 
re-pricing 
of the positions is performed).
The VaR 
models are designed 
to measure 
market risk 
in a normal 
market environment. 
It is assumed 
that any 
changes occurring 
in 
the risk factors affecting the 
normal market environment 
will follow a normal distribution.
Although VaR 
is an 
important tool 
for measuring 
market risk, 
the assumptions 
on which 
the model 
is based 
do give 
rise to 
certain 
limitations. Given this, actual outcomes are 
monitored regularly, 
via back testing process, to test 
the validity of the assumptions and 
the parameters used in the VaR 
calculation.
The perimeter of the VaR 
analysis includes Eurobank 
Ergasias Services and Holdings 
S.A., Eurobank S.A. and its 
banking subsidiaries, 
taking into account the FVTPL, including trading 
and FVOCI portfolios. Consequently, 
the potential impact as it is depicted in the VaR 
figures would directly affect Group’s 
Capital (income statement or equity).
Since VaR 
constitutes an 
integral part 
of the Group's 
market risk 
control regime, 
VaR limits 
have been 
established for 
all the above 
operations 
(trading 
and 
investment 
portfolios 
measured 
at 
fair 
value) 
and 
actual 
exposure 
is 
reviewed 
daily 
by 
management. 
However, 
the use of this approach does not prevent losses outside of these limits in the event 
of extraordinary market 
movements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2022 Consolidated Financial Statements
VaR by risk type - Greece and International 
Subsidiaries 
(1)
.
2022 
(Average) 
2022 
2021 
(Average) 
2021 
€ million 
€ million 
€ million 
€ million 
Interest Rate Risk 
22 
9 
14 
14 
Foreign Exchange Risk 
0 
0 
1 
1 
Equities Risk 
2 
4 
0 
0 
Total VaR 
23 
11 
14 
14
(1
)
 
Includes all portfolios measured at fair value. 
The aggregate VaR of the interest 
rate, foreign exchange and equities VaR 
benefits from diversification effects. The largest 
portion of 
the Group’s Interest rate VaR 
figures is attributable to the risk associated with interest rate and credit spread sensitive debt 
securities 
and derivatives. The average VaR of 2022 is materially increased, as compared to the average VaR of 2021, due to 
geopolitical tension 
(i.e. war in Ukraine) and the relevant extreme volatility observed in the markets 
(especially between March and May), along with the 
market perception regarding Central Banks’ monetary policy in the following years. Equity Risk Var is also increased due to the Bank’s 
investment in Hellenic Bank which is in line with the Group’s 
strategy to further strengthen 
its presence in its core markets.
(ii) Interest rate gap and sensitivity
The following 
table provides 
the interest 
rate repricing 
gap of 
the Group, 
which analyses 
the structure 
of interest 
rate mismatches 
within the balance sheet. The Group’s 
financial assets/liabilities are included at their notional/outstanding 
amounts and categorized 
based on either (i) the next contractual repricing date if floating rate 
or (ii) the maturity/call date (whichever is first) if fixed rate. 
The 
below analysis provides an approximation of the interest rate risk exposure since transactions with different 
duration are aggregated 
together per time bucket. The interest 
rate gap analysis is prepared 
from 31 December 2022 onwards. 
.
31 December 2022 
less than 1 
month 
1-3 months 
3-12 months 
1-5 
years 
More than 5 
years 
€ million 
€ million 
€ million 
€ million 
€ million 
Balances with central banks 
14,481 
- 
- 
- 
- 
Due to credit institutions 
1,012 
64 
27 
- 
- 
Debt securities⁽¹⁾ 
390 
215 
371 
5,513 
5,797 
Loans and advances to customers 
18,658 
10,244 
8,034 
2,536 
2,538 
34,541 
10,523 
8,432 
8,049 
8,335 
Due to central banks 
(8,872) 
- 
- 
- 
- 
Due to credit institutions 
(575) 
(968) 
(299) 
(1) 
(14) 
Due to customers 
(48,934) 
(3,754) 
(3,991) 
(336) 
(2) 
Debt securities in issue 
(2) 
- 
(5) 
(1,916) 
(1,700) 
(58,383) 
(4,721) 
(4,295) 
(2,253) 
(1,716) 
Derivative financial instruments 
4,844 
(155) 
(471) 
69 
(4,360) 
Interest rate gap 
(18,998) 
5,647 
3,666 
5,865 
2,259
(1)
 
Including short positions in debt securities (note 35). 
The Group performs a sensitivity analysis to assess 
the impact on net interest 
income (NII) and on other 
comprehensive income (OCI), 
to a hypothetical change in the market 
interest rates. 
.

 
Notes to the Consolidated Financial Statements 
.
 
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The impact 
on NII is 
calculated under 
the scenario of 
an instantaneous 
parallel shift 
of all interest 
rates by 
+/- 100bps, 
for a 1-year 
period, assuming a static balance sheet approach. As at 31 December 2022 the impact on NII, under the scenario of a parallel shift 
in 
the yield curves, stands at € 232 million (+100bps) and €-279 million (-100bps). 
The 
impact on 
OCI is 
calculated 
as the 
fair 
value 
movement 
of 
all financial 
assets measured 
at 
FVOCI, 
net of 
hedging 
and of 
any 
hedging instruments 
designated in 
qualifying cash flow 
hedge relationships. 
As at 31 
December 2022 the 
impact on OCI, 
under the 
scenario of a parallel shift in the yield curves, stands at €-49 million (+100bps) and 
€ 51 million (-100bps).
.
(iii) Foreign exchange risk 
The following tables present the Group’s 
exposure to foreign currency 
exchange risk as at 31 December 2022 and 2021:
31 December 2022 
USD 
CHF 
RON 
RSD 
BGN 
OTHER 
EUR 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
ASSETS 
Cash and balances with 
central banks 
 
29 
 
4 
 
0 
 
375 
 
472 
 
9 
 
14,105 
 
14,994 
Due from credit 
institutions 
 
330 
 
20 
 
33 
 
0 
 
0 
 
63 
 
883 
 
1,329 
Securities held for trading 
 
0 
 
- 
 
- 
 
- 
 
18 
 
0 
 
116 
 
134 
Derivative financial 
instruments 
 
23 
 
0 
 
0 
 
0 
 
0 
 
0 
 
1,162 
 
1,185 
Loans and advances to 
customers 
 
3,068 
 
1,999 
 
8 
 
616 
 
3,975 
 
555 
 
31,456 
 
41,677 
Investment securities 
 
1,743 
 
- 
 
- 
 
99 
 
81 
 
264 
 
11,074 
 
13,261 
Other assets⁽¹⁾ 
 
16 
 
75 
 
5 
 
99 
 
213 
 
6 
 
8,382 
 
8,796 
Assets of disposal groups 
classified as held for sale 
(note 
30) 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
84 
 
84 
Total Assets 
 
5,209 
 
2,098 
 
46 
 
1,189 
 
4,759 
 
897 
 
67,262 
 
81,460 
LIABILITIES 
Due to central banks and 
credit institutions 
 
200 
 
0 
 
0 
 
45 
 
8 
 
9 
 
10,326 
 
10,588 
Derivative financial 
instruments 
 
21 
 
1 
 
0 
 
129 
 
0 
 
1 
 
1,509 
 
1,661 
Due to customers 
 
5,929 
 
95 
 
1 
 
666 
 
4,313 
 
604 
 
45,631 
 
57,239 
Debt securities in issue 
 
73 
 
73 
 
- 
 
- 
 
- 
 
5 
 
3,401 
 
3,552 
Other liabilities 
 
25 
 
1 
 
18 
 
20 
 
51 
 
3 
 
1,583 
 
1,701 
Liabilities of disposal 
group classified as held for 
sale (note 
30) 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
1 
Total Liabilities 
 
6,248 
 
170 
 
19 
 
860 
 
4,372 
 
622 
 
62,451 
 
74,742 
Net on balance sheet 
position 
 
(1,039) 
 
1,928 
 
27 
 
329 
 
387 
 
275 
 
4,811 
 
6,718 
Derivative forward 
foreign exchange position 
 
778 
 
(1,927) 
 
(15) 
 
(54) 
 
(0) 
 
(281) 
 
819 
 
(680) 
Total Foreign 
Exchange 
Position 
 
(261) 
 
1 
 
12 
 
275 
 
387 
 
(6) 
 
5,630 
 
6,038

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
31 December 2021 
USD 
CHF 
RON 
RSD 
BGN 
OTHER 
EUR 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
ASSETS 
Cash and balances with 
central banks 
 
13 
 
5 
 
0 
 
237 
 
686 
 
8 
 
12,565 
 
13,515 
Due from credit 
institutions 
 
211 
 
88 
 
41 
 
0 
 
0 
 
103 
 
2,067 
 
2,510 
Securities held for trading 
 
3 
- 
- 
- 
 
20 
 
0 
 
97 
 
119 
Derivative financial 
instruments 
 
39 
 
1 
- 
 
0 
 
0 
 
0 
 
1,908 
 
1,949 
Loans and advances to 
customers 
 
2,832 
 
2,124 
 
11 
 
640 
 
3,276 
 
469 
 
29,615 
 
38,967 
Investment securities 
 
909 
- 
 
0 
 
120 
 
56 
 
102 
 
10,129 
 
11,316 
Other 
assets ⁽¹⁾ 
 
23 
 
1 
 
8 
 
103 
 
179 
 
2 
 
9,015 
 
9,330 
Assets of disposal groups 
classified as held for sale 
(note 30) 
- 
- 
- 
- 
- 
- 
 
146 
 
146 
Total Assets 
 
4,029 
 
2,219 
 
59 
 
1,100 
 
4,218 
 
684 
 
65,543 
 
77,852 
LIABILITIES 
Due to central banks and 
credit institutions 
 
27 
 
1 
 
0 
 
26 
 
11 
 
16 
 
12,556 
 
12,636 
Derivative financial 
instruments 
 
42 
 
0 
 
0 
 
182 
 
0 
 
1 
 
2,170 
 
2,394 
Due to customers 
 
5,373 
 
131 
 
0 
 
538 
 
3,906 
 
569 
 
42,651 
 
53,168 
Debt securities in issue 
 
38 
- 
- 
- 
- 
- 
 
2,514 
 
2,552 
Other 
liabilities 
 
35 
 
1 
 
19 
 
18 
 
55 
 
5 
 
1,225 
 
1,358 
Liabilities of disposal 
group classified as held for 
sale (note 30) 
- 
- 
- 
- 
- 
- 
 
109 
 
109 
Total Liabilities 
 
5,515 
 
133 
 
19 
 
764 
 
3,972 
 
590 
 
61,224 
 
72,217 
Net on balance sheet 
position 
 
(1,485) 
 
2,086 
 
40 
 
336 
 
246 
 
94 
 
4,319 
 
5,635 
Derivative forward foreign 
exchange position 
 
1,280 
 
(2,084) 
 
(24) 
 
(53) 
 
20 
 
(95) 
 
(60) 
 
(1,015) 
Total Foreign 
Exchange 
Position 
 
(205) 
 
2 
 
16 
 
283 
 
266 
 
(1) 
 
4,259 
 
4,620
(1) 
Other assets include Investments in associates and joint ventures, Property and equipment, Investment 
property, Intangible assets, Deferred tax 
assets and 
Other assets.
5.2.3 
Liquidity risk
The Group 
is exposed 
to daily 
calls on 
its available 
cash resources 
due to 
deposits withdrawals, 
maturity of 
medium or 
long-term 
notes, 
maturity of 
secured 
or unsecured 
funding (interbank 
repos and 
money 
market 
takings), loan 
drawdowns 
and forfeiture 
of 
guarantees. Furthermore, margin calls on secured funding transactions (with ECB and the market), on risk mitigation contracts (CSAs, 
GMRAs) and on 
centrally cleared transactions 
(CCPs) result in 
liquidity exposure. The 
Group maintains 
cash resources to 
meet all of 
these needs. The Board Risk Committee sets liquidity limits to ensure 
that sufficient funds are available to 
meet such contingencies.
Past experience 
shows that 
liquidity requirements 
to support 
calls under 
guarantees and 
standby letters 
of credit 
are considerably 
less than the amount 
of the commitment. This is 
also the case with credit 
commitments where the outstanding 
contractual amount 

 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
to extend 
credit does 
not necessarily 
represent 
future cash 
requirements, 
as many 
of these 
commitments will 
expire or 
terminate 
without being funded.
The 
matching 
and 
controlled 
mismatching 
of 
the 
maturities 
and 
interest 
rates 
of 
assets 
and 
liabilities 
is 
fundamental 
to 
the 
management of the 
Group. It is 
unusual for banks 
to be completely 
matched, as transacted 
business is often 
of uncertain term 
and 
of different types. An unmatched 
position potentially enhances profitability, 
but also increases the risk of losses.
The maturities of assets and liabilities and the ability to 
replace, at an acceptable cost, interest 
bearing liabilities as they mature, are 
important factors in assessing the liquidity of the 
Group.
Liquidity Risk Management Framework
The Group’s Liquidity Risk Policy 
defines the following supervisory and control structure:
- 
Board Risk 
Committee's role 
is to 
approve 
all strategic 
liquidity risk 
management decisions 
and to 
monitor the 
quantitative and 
qualitative aspects of liquidity risk;
- 
Group Assets and Liabilities Committee has 
the mandate to form and implement 
the liquidity policies and 
guidelines in conformity 
with Group's risk appetite, and to review at 
least monthly the overall liquidity position of the Group;
- 
Group Treasury is responsible for the implementation of the Group's liquidity strategy, 
taking into account the latest funding plan 
and for the daily management of the Group’s 
liquidity;
- 
Group Market 
and Counterparty Risk Sector 
is responsible for 
measuring, controlling, monitoring 
and reporting the 
liquidity risk 
of the Group.
The main items related to liquidity risk that are 
monitored on a periodic basis are summarized as follows:
●
The analysis of liquidity buffer held on Group level 
per asset type and per subsidiary;
●
The Liquidity Coverage Ratio (LCR) both in solo 
and group level; 
●
The Net Stable Funding Ratio (NSFR) both in solo and group level; 
●
Liquidity stress 
test scenarios. 
These scenarios 
evaluate the 
impact of 
a number 
of stress 
events on 
the Group's 
liquidity 
position;
●
Market sensitivities affecting liquidity;
●
The Additional Liquidity Monitoring Metrics (ALMM) both in solo and group level; 
●
The Asset Encumbrance (AE) both in solo and group level; 
●
Monitoring and implementation of the funding plan.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
Maturity analysis of assets and assets held for managing liquidity risk
The following 
tables present 
maturity analysis 
of Group 
assets as 
at 31 
December 2022 
and 2021, 
based on 
their carrying 
values. 
Loans without 
contractual 
maturities 
are 
presented 
in the 
‘less than 
1 month’ 
time bucket. 
The Group 
has established 
credit 
risk 
mitigation contracts with its interbank counterparties (ISDA/CSA). Under these contracts the Group has posted or received collateral, 
which covers the corresponding net liabilities or net assets from derivative transactions. 
The collateral posted is not presented in the 
below tables. For derivative 
assets not covered by ISDA/CSA 
agreements the positive valuation 
is presented at fair 
value in the ‘over 
1 year’ time bucket.
31 December 2022 
Less than 1 
month 
1 - 3 
months 
3 months 
to 1 year 
Over 1 
year 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
- Cash and balances with central banks 
14,994 
- 
- 
- 
14,994 
- Due from credit institutions 
398 
28 
- 
167 
593 
- Loans and advances to customers 
3,164 
1,271 
3,549 
33,693 
41,677 
- Debt Securities 
115 
137 
349 
12,411 
13,012 
- Equity securities 
- 
- 
- 
383 
383 
- Derivative financial instruments 
- 
- 
- 
9 
9 
- Other assets⁽¹⁾ 
62 
16 
8 
8,710 
8,796 
- Assets of disposal groups classified as held for sale (note 30) 
- 
- 
84 
- 
84 
Total 
18,733 
1,452 
3,990 
55,373 
79,548
31 December 2021 
Less than 1 
month 
1 - 3 
months 
3 months 
to 1 year 
Over 1 
year 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
- Cash and balances with central banks 
13,515 
- 
- 
- 
13,515 
- Due from credit institutions 
484 
- 
- 
140 
624 
- Loans and advances to customers 
2,857 
799 
3,680 
31,631 
38,967 
- Debt Securities 
309 
179 
789 
9,924 
11,201 
- Equity securities 
- 
- 
- 
234 
234 
- Derivative financial instruments 
- 
- 
- 
104 
104 
- Other assets⁽¹⁾ 
66 
17 
9 
9,238 
9,330 
- Assets of disposal groups classified as held for sale 
- 
6 
140 
- 
146 
Total 
17,231 
1,001 
4,618 
51,271 
74,121
(1)
 
Other assets include Investments in associates and joint ventures, Property and equipment, Investment property, 
Intangible assets, Deferred tax assets and 
Other assets.
The 
Group 
holds 
a 
diversified 
portfolio 
of 
cash 
and 
highly 
liquid 
assets 
to 
support 
payment 
obligations 
and 
contingent 
deposit 
withdrawals in a stressed market 
environment. The Group's assets held for 
managing liquidity risk comprise:
(a) Cash and balances with central banks;
(b) Eligible bonds and other financial assets for collateral 
purposes; and
(c) Current accounts with banks and interbank 
placings maturing within one month.
The unutilized assets, containing highly liquid and central banks eligible assets, provide 
a contingent liquidity reserve of € 20.1 billion 
as at 
31 December 
2022 (2021: 
€ 16.9 
billion). This 
increase is 
attributed 
mainly to: 
i) a 
large inflow 
of customer 
deposits (annual 
increase by € 4 billion) 
and ii) new own debt issuances 
(annual increase by € 1.1 billion). 
In addition, the Group holds other 
types of 
liquid assets, as defined by the regulator, 
amounting to € 7.5 billion (cash value) (2021: € 7.5 billion). It should be noted that a part of 
the ECB available 
collateral of € 
3.8 billion (cash value) 
(2021: € 1.3 billion) is held 
by Group’s 
subsidiaries for which 
temporary local 
regulatory restrictions are applied and currently 
limit the level of its transferability between 
group entities.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
Maturity analysis of liabilities
The amounts disclosed 
in the 
tables below are 
the contractual undiscounted cash 
flows for the 
years 2022 and 
2021. Liabilities without 
contractual 
maturities (sight 
and saving 
deposits) are 
presented in 
the ‘less 
than 1 month’ 
time bucket. 
The Group 
has established 
credit risk 
mitigation 
contracts with 
its interbank 
counterparties (ISDA/CSA). 
Due to 
these contracts 
the Group 
has already 
posted 
collateral which covers the valuation 
of its net liabilities from interbank derivatives. For derivative liabilities not covered 
by ISDA/CSA 
agreements the negative valuation 
is presented at fair value in the ‘less than 
1 month’ time bucket.
It should be noted that this table represents the worst case scenario since it is based on the assumption that all liabilities will be paid 
at maturity and they will 
not be rolled over 
(e.g. all term 
deposits are withdrawn at their contractual maturity). 
The recent experience 
shows that even in a period of a systemic 
financial crisis the likelihood of such an event is remote.
31 December 2022 
Gross nominal 
Less than 
1 - 3 
3 months 
Over 
(inflow)/ 
1 month 
months 
 
to 1 year 
1 year 
outflow 
€ million 
€ million 
€ million 
€ million 
€ million 
Non-derivative liabilities: 
- Due to central banks and credit institutions 
996 
812 
4,815 
4,379 
11,002 
- Due to customers 
49,755 
3,220 
4,038 
250 
57,263 
- Debt securities in issue 
37 
7 
141 
4,395 
4,580 
- Lease liabilities 
3 
6 
28 
192 
229 
- Other liabilities 
863 
416 
217 
- 
1,496 
- Liabilities of disposal group classified as held for sale (note 30) 
- 
- 
1 
- 
1 
51,654 
4,461 
9,240 
9,216 
74,571 
Derivative financial instruments 
25 
- 
- 
- 
25
Off-balance sheet items
Less than 
Over 
1 year 
1 year 
€ million 
€ million 
Credit related commitments 
4,898 
5,573 
Contractual commitments⁽¹⁾ 
46 
- 
Total 
4,944 
5,573

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
31 December 2021 
Gross nominal 
Less than 
1 - 3 
3 months 
Over 
(inflow)/ 
1 month 
months 
 
to 1 year 
1 year 
outflow 
€ million 
€ million 
€ million 
€ million 
€ million 
Non-derivative liabilities: 
- Due to central banks and credit institutions 
442 
23 
2,756 
9,301 
12,522 
- Due to customers 
44,934 
3,661 
4,386 
195 
53,176 
- Debt securities in issue 
31 
1 
60 
2,737 
2,829 
- Lease liabilities 
3 
6 
27 
221 
257 
- Other liabilities 
416 
456 
239 
- 
1,111 
- Liabilities of disposal group classified as held for sale 
- 
- 
109 
- 
109 
45,826 
4,147 
7,577 
12,454 
70,004 
Derivative financial instruments 
16 
- 
- 
- 
16
Off-balance sheet items
Less than 
Over 
1 year 
1 year 
€ million 
€ million 
Credit related commitments 
1,757 
5,084 
Contractual commitments⁽¹⁾ 
43 
- 
Total 
1,800 
5,084
(1)
 
It refers to contractual commitments for the purchase of own used and investment property and intangible assets (note 42).
5.2.4 
Interest Rate Benchmark reform – IBOR reform
During 2022, the Group’s 
IBOR transition program 
managed successfully the transition 
of IBOR rates that 
ceased after 31 December 
2021 (CHF, GBP, 
JPY, 
1W and 2M USD and EUR Libor) to the new risk-free rates 
(RFRs). 
In particular, 
the Group’s 
financial instruments, referencing 
the abovementioned 
IBOR rates, 
have transitioned 
to the new 
RFRs on 
their first 
repricing date 
within 2022 
for 
loan and 
deposit contracts 
and through 
the activation 
of fallback 
clauses for 
derivatives. 
Currently, 
the 
Group 
focuses 
on 
the 
exposures 
referencing 
the 
remaining 
USD 
LIBOR 
tenors 
ahead 
of 
30 
June 
2023 
scheduled 
cessation date.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
As at 31 
December 2022, the 
Group’s 
exposures 
subject to transition 
to the new 
RFRs that mature 
after the IBORs’ 
cessation dates 
specified above are presented in the below table 
: 
.
31 December 2022 
Benchmark rates 
Impacted by IBOR 
reform 
USD 
LIBOR ⁽⁴⁾ 
€ million 
Non-derivative financial assets ⁽¹⁾ 
Loans & Advances to customers 
1,943 
1,943 
Non-derivative financial liabilities ⁽²⁾ 
Due to customers 
29 
29 
Derivative financial instruments ⁽³⁾ 
Derivatives designated in hedges 
309 
Trading derivatives 
1,892 
2,201
(1)
 
Balances provided are the gross carrying amounts (excl. ECL). 
(2)
 
Balances 
provided are at amortized cost 
(3)
 
Balances provided are the notional amounts. 
(4)
Excluding exposures to USD LIBORs that have a contractual maturity date before their planned cessation date.
5.2.5 Climate-related risk 
The 
Group 
has 
recognized 
climate 
change 
as 
a 
material 
risk 
and 
based 
on 
supervisory 
guidelines, 
is 
adapting 
its 
policies 
and 
methodologies for identifying and monitoring the relevant 
risks.
Specifically, 
climate risk 
is the 
risk deriving 
from potential 
loss or 
negative 
impact to 
the Group, 
including loss/damage 
to physical 
assets, disruption of business or system failures, 
from the adverse effects of climate 
change and natural disasters.
Climate-related and environmental 
risks are commonly understood to include the 
following risks:
-
Physical risk, 
which refers 
to the financial 
impact of 
a changing climate, 
including more 
frequent extreme 
weather events 
and gradual changes in climate, as well as of environmental degradation, such as air, 
water and land pollution, water stress, 
biodiversity loss and deforestation. 
-
Transition 
risk, 
which 
refers 
to 
an 
institution’s 
financial 
loss 
that 
can 
result, 
directly 
or 
indirectly, 
from 
the 
process 
of 
adjustment towards a lower- 
carbon and more environmentally sustainable 
economy. 
The Group is adopting a strategic approach towards 
sustainability, 
climate change risk identification and risk management, signifying 
the great 
importance that 
is given 
in the 
risks 
and opportunities 
arising from 
the transitioning 
to 
a low-carbon 
and more 
circular 
economy. In 
this context, the Bank is in the process of finalizing its Financed Impact Strategy, 
which will focus on: 
●
Clients’ engagement and awareness 
to adapt their business so as to address climate change challenges 
•
Actions for supporting customers in their transition 
efforts towards a more ESG-friendly 
economic environment 
•
Enablers and tools such as frameworks and 
products to underpin Sustainable Financing 
•
The risk assessment of climate-related material 
exposures 
In line with good practices identified by the ECB, the Financed Impact Strategy 
of the Bank will focus on sustainable financing targets 
/ commitments. In particular, 
the Bank identified total portfolio and sectoral targets 
with regards to financing the green transition of 
its clients. To facilitate 
the classification of sustainable/green financing opportunities in a structural 
manner, the Bank has developed 
its Sustainable 
Finance Framework 
(SFF). Through 
its SFF, 
the Bank classifies 
sustainable lending 
solutions offered 
to its customers, 
specifying the applied classification approach 
and the activities defined as eligible to 
access sustainable financing (eligible green 
and 
social assets). Similar initiatives for the establishment 
of SFF framework is under way in the subsidiaries. 

 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
Furthermore, the Group has updated its governance structure by introducing and defining the roles and responsibilities in relation to 
climate related & environmental 
(CR&E) risks, embedding regulatory guidelines and market 
practices. 
The CR&E 
Risk Governance 
involves various 
key stakeholders 
(i.e. Business 
functions, Units, 
and Committees). 
The Group 
applies a 
model of defined roles and responsibilities regarding 
the management of CR&E risks across the 3 Lines of Defense.
The 
Group 
Climate 
Risk 
Division 
(GCRD) 
has 
the 
overall 
responsibility 
for 
overseeing, 
monitoring, 
and 
managing 
CR&E 
risks. 
Specifically,
the GCRD 
operates as Project 
office responsible for 
the implementation of the 
Climate related and 
Environmental risks 
roadmap, 
with 
a 
coordinating 
and 
supervisory 
role 
on 
all 
related 
project 
streams 
to 
ensure 
alignment 
with 
the 
Bank’s 
business 
strategy 
and 
the 
regulatory 
authorities’ 
expectations. 
In 
this 
context, 
GCRD 
ensures 
the 
implementation 
of 
environmental 
and 
sustainability initiatives 
(frameworks, policies, 
procedures and 
products) and compliance 
with existing and 
upcoming sustainability-
related regulations, 
under an ongoing 
bank-wide program, 
in alignment with the 
supervisory agreed roadmap, 
which is accelerated 
where 
possible. Also, 
GCRD is 
responsible 
for 
the co-ordination 
with Business 
and Risk 
Units, the 
preparation 
and submission 
for 
approval 
of 
the 
Financed 
Impact 
Strategy, 
as 
well 
as 
monitors 
its 
implementation. 
Furthermore, 
the 
GCRD 
leads 
the 
2nd 
Line of 
Defense 
independent 
sustainable 
lending 
re-assessment 
process. 
Specifically, 
in 
the 
context 
of 
implementing 
the 
approved 
Sustainable 
Finance 
Framework 
(SFF), 
the 
Division 
is 
responsible 
to 
assess 
the 
sustainability 
features 
of 
new 
loans 
and products 
according to the criteria set within the SFF.
Climate risk stress test
The Group participated in the European Central Bank’s (ECB) supervisory climate risk stress test, which was conducted in the first half 
of 2022. The 
2022 climate risk 
stress test assessed how 
well banks are 
set up to 
deal with climate-related risks. 
A total of 
104 significant 
banks participated in the test consisting 
of three modules, in 
which banks provided information on their: 
(i) own climate stress-testing 
capabilities, (ii) reliance on carbon-emitting sectors, 
and (iii) performance under different scenarios over 
several time horizons. 
The test, which was part of the ECB’s wider climate roadmap, was not a capital adequacy exercise but rather a learning one for banks 
and supervisors alike, aiming at identifying vulnerabilities and best 
practices and providing guidance to banks for the green transition. 
In this context, the Group has successfully completed 
the 2022 climate risk stress test 
exercise. 
In July 
2022, the 
European 
Central 
Bank (ECB) 
published the 
climate 
risk stress 
test 
aggregated 
results, 
showing that 
banks must 
improve their focus on climate risk. Furthermore, 
all participating entities, including the Group, received individual 
feedback and are 
expected to 
take action 
accordingly, 
in line with 
the set of 
good 
practices for 
climate-related and 
environmental 
risk management 
that the ECB published in November 
2022, along with the good practices for 
climate stress testing published 
in December 2022. The 
results showed that the Group has made significant 
progress in incorporating a climate 
risk stress testing framework, 
with an overall 
performance in 
line with the 
average score 
of European 
Banks. The Group 
continues to 
work in order 
to implement 
its climate risk 
action 
plan, to 
further integrate 
climate 
risks 
into 
its business 
strategy 
and risk 
management 
practices, 
and to 
support its 
clients 
towards climate transition 
and sustainable business growth.
.
5.3 
Fair value of financial assets and liabilities
Fair value is 
the price that 
would be received 
to sell an 
asset or paid to 
transfer a 
liability in an orderly 
transaction between market 
participants in 
the principal (or 
most advantageous) 
market at 
the measurement 
date under 
current market 
conditions (i.e. an 
exit 
price). 
When 
a 
quoted 
price 
for 
an 
identical 
asset 
or 
liability 
is 
not 
observable, 
fair 
value 
is 
measured 
using 
another 
valuation 
technique that 
is appropriate 
in the 
circumstances 
and maximizes 
the use 
of relevant 
observable inputs 
and minimizes 
the use 
of 
unobservable inputs. Observable inputs are developed 
using market data, such as publicly available 
information about actual events 
or transactions, and reflect assumptions that market participants would 
use when pricing financial 
instruments, such as quoted prices 
in active markets for similar instruments, 
interest rates and yield curves, 
implied volatilities and credit spreads.
The Group’s financial instruments measured at fair value or at amortized cost for which fair value is disclosed are 
categorized into the 
three levels of the fair value hierarchy 
based on whether the inputs to the fair values are observable or 
unobservable, as follows:
(a)
Level 1-Financial instruments measured based on quoted 
prices (unadjusted) in active markets for identical financial 
instruments 
that the Group can access at the measurement date. A market is considered 
active when quoted prices are readily and regularly 
available 
from 
an 
exchange, 
dealer, 
broker, 
industry 
group, 
pricing 
service, 
or 
regulatory 
agency 
and 
represent 
actually 
and 
regularly occurring 
transactions. 
Level 1 
financial instruments 
include actively 
quoted 
debt instruments 
held or 
issued by 
the 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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Group, 
equity 
and 
derivative 
instruments 
traded 
on 
exchanges, 
as 
well 
as 
mutual 
funds 
that 
have 
regularly 
and 
frequently 
published quotes. 
(b)
Level 
2-Financial 
instruments 
measured 
using 
valuation 
techniques 
with 
inputs, 
other 
than 
level 
1 
quoted 
prices, 
that 
are 
observable 
either directly 
or indirectly, 
such as: 
i) quoted 
prices for 
similar financial 
instruments 
in active 
markets, 
ii) quoted 
prices for 
identical or 
similar financial 
instruments 
in markets 
that are 
not active, 
iii) inputs 
other than 
quoted prices 
that are 
directly 
or 
indirectly 
observable, 
mainly 
interest 
rates 
and 
yield 
curves 
observable 
at 
commonly 
quoted 
intervals, 
forward 
exchange 
rates, 
equity 
prices, 
credit 
spreads 
and 
implied 
volatilities 
obtained 
from 
internationally 
recognized 
market 
data 
providers 
and 
iv) 
other 
unobservable 
inputs 
which 
are 
insignificant 
to 
the 
entire 
fair 
value 
measurement. 
Level 
2 
financial 
instruments 
include over 
the 
counter 
(OTC) 
derivatives, 
less liquid 
debt 
instruments 
held 
or issued 
by the 
Group 
and equity 
instruments. 
(c)
Level 
3-Financial 
instruments 
measured 
using 
valuation 
techniques 
with 
significant 
unobservable 
inputs. 
When 
developing 
unobservable 
inputs, 
best 
information 
available 
is 
used, 
including 
own 
data, 
while 
at 
the 
same 
time 
market 
participants' 
assumptions 
are 
reflected 
(e.g. 
assumptions 
about 
risk). 
Level 
3 
financial 
instruments 
include 
unquoted 
equities 
or 
equities 
traded in markets that are not considered active, certain OTC 
derivatives, loans and advances to customers including securitized 
notes of loan portfolios 
originated by the 
Group and recognized 
in financial assets and 
certain debt securities held 
or issued by 
the Group.
Financial instruments carried at fair value
The fair value hierarchy categorization of the 
Group's financial assets and 
liabilities measured at 
fair value is presented in 
the following 
tables:
31 December 2022 
Level 1 
Level 2 
Level 3 
Total 
€ million 
€ million 
€ million 
€ million 
Securities held for trading 
134 
- 
- 
134 
Investment securities at FVTPL 
93 
15 
133 
241 
Derivative financial instruments⁽¹⁾ 
1 
1,178 
6 
1,185 
Investment securities at FVOCI 
3,600 
228 
- 
3,828 
Loans and advances to customers mandatorily 
at FVTPL 
- 
- 
16 
16 
Financial assets measured at fair value 
3,828 
1,421 
155 
5,404 
Derivative financial instruments⁽¹⁾ 
1 
1,660 
- 
1,661 
Trading liabilities 
419 
- 
- 
419 
Financial liabilities measured at fair value 
420 
1,660 
- 
2,080

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2021 
Level 1 
Level 2 
Level 3 
Total 
€ million 
€ million 
€ million 
€ million 
Securities held for trading 
119 
- 
- 
119 
Investment securities at FVTPL 
78 
16 
47 
141 
Derivative financial instruments 
0 
1,949 
0 
1,949 
Investment securities at FVOCI 
6,212 
297 
- 
6,509 
Loans and advances to customers mandatorily 
at FVTPL 
- 
- 
23 
23 
Financial assets measured at fair value 
6,409 
2,262 
70 
8,741 
Derivative financial instruments 
1 
2,393 
- 
2,394 
Trading liabilities 
43 
- 
- 
43 
Financial liabilities measured at fair value 
44 
2,393 
- 
2,437
(1) 
Amounts
are after offsetting € 1,376 million and € 444 million level 2 derivative financial assets and liabilities, respectively, against cash collateral 
received 
(note 5.2.1.4).
 
The Group 
recognizes 
transfers 
into 
and out 
of the 
fair value 
hierarchy 
levels at 
the beginning 
of the 
quarter 
in which 
a financial 
instrument's transfer 
was effected. 
During the year ended 
31 December 2022, the Group 
transferred OTC 
derivative instruments 
of 
€ 9 
million 
from 
Level 
2 to 
Level 
3 following 
the 
assessment 
on 
the 
significance of 
the 
CVA 
adjustment 
to 
their entire 
fair 
value 
measurement, calculated based on internal 
rating models. 
Reconciliation of Level 3 fair value measurements
2022 
2021 
€ million 
€ million 
Balance at 1 January 
70 
86 
Transfers 
into Level 3 
9 
0 
Transfers 
out of Level 3 
(0) 
(0) 
Additions, net of disposals and redemptions (note 24) ⁽¹⁾ 
87 
(18) 
Total gain/(loss) 
for the year included in profit or loss 
(11) 
3 
Foreign exchange differences and other 
0 
(1) 
Balance at 31 December 
155 
70
(1)
 
Including capital returns on equity instruments. 
.
Group's valuation processes and techniques
The Group’s 
processes and procedures 
governing the 
fair valuations 
are established 
by the Group 
Market Counterparty 
Risk Sector 
in line 
with the 
Group’s 
accounting policies. 
The Group 
uses widely 
recognized 
valuation 
models for 
determining the 
fair value 
of 
common 
financial 
instruments 
that 
are 
not quoted 
in an 
active market, 
such as 
interest 
and cross 
currency 
swaps, 
that 
use only 
observable market data 
and require little management 
estimation and judgment. Specifically, 
observable prices or model inputs are 
usually 
available 
in 
the 
market 
for 
listed 
debt 
and 
equity 
securities, 
exchange-traded 
and 
simple 
over-the-counter 
derivatives. 
Availability 
of 
observable 
market 
prices 
and 
model 
inputs 
reduces 
the 
need 
for 
management 
judgment 
and 
estimation 
and 
also 
reduces the uncertainty associated with determining 
fair values.
Where valuation 
techniques are used 
to determine 
the fair values 
of financial instruments 
that are not 
quoted in an 
active market, 
they 
are 
validated 
against 
historical 
data 
and, 
where 
possible, 
against 
current 
or 
recent 
observed 
transactions 
in 
different 
instruments, 
and 
periodically 
reviewed 
by 
qualified 
personnel 
independent 
of 
the 
personnel 
that 
created 
them. 
All 
models 
are 
certified before 
they are 
used and models 
are calibrated 
to ensure 
that outputs reflect 
actual data 
and comparative 
market prices. 
Fair values’ 
estimates obtained 
from models 
are adjusted 
for any 
other factors, 
such as liquidity 
risk or model 
uncertainties, to 
the 
extent that market 
participants would take 
them into account in 
pricing the instrument. Fair 
values also reflect the credit 
risk of the 
instrument and include adjustments to take 
account of the credit risk of the Group entity and the counterparty, 
where appropriate.
Valuation 
controls applied by 
the Group may 
include verification of 
observable pricing, re-performance 
of model valuations, 
review 
and approval process for new models and/or changes 
to models, calibration and back-testing against observable market transactions, 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2022 Consolidated Financial Statements
where available, analysis of 
significant valuation movements, etc. 
Where third parties' 
valuations are used for 
fair value measurement, 
these are reviewed in order to ensure 
compliance with the requirements of IFRS 13.
The fair values of 
OTC derivative financial 
instruments are estimated 
by discounting expected cash 
flows using market 
interest rates 
at the measurement date. 
Counterparty credit risk adjustments 
and own credit risk 
adjustments are applied to 
OTC derivatives, where 
appropriate. Bilateral 
credit risk adjustments 
consider the expected cash 
flows between the Group 
and its counterparties under 
the 
relevant terms 
of the derivative 
instruments and the 
effect of the 
credit risk on 
the valuation of 
these cash flows. 
As appropriate 
in 
circumstances, 
the Group 
considers also 
the effect 
of any 
credit risk 
mitigating arrangements, 
including collateral 
agreements and 
master netting agreements on the calculation of 
credit risk valuation adjustments (CVAs). CVA calculation uses probabilities of 
default 
(PDs) based 
on observable 
market data 
such as 
credit default 
swaps (CDS) 
spreads, where 
appropriate, or 
based on 
internal rating 
models. 
The 
Group 
applies 
similar 
methodology 
for 
the 
calculation 
of 
debit-value-adjustments 
(DVAs), 
when 
applicable. 
Where 
valuation techniques 
are based 
on internal 
rating models 
and the 
relevant 
CVA is 
significant to 
the entire 
fair value 
measurement, 
such 
derivative 
instruments 
are 
categorized 
as 
Level 
3 
in 
the 
fair 
value 
hierarchy. 
A 
reasonably 
possible 
change 
in 
the 
main 
unobservable input (i.e. 
the recovery rate), used 
in their valuation, 
would not have 
a significant effect on 
their fair value measurement.
The Group 
determines 
fair values 
for 
debt securities 
held using 
quoted 
market 
prices in 
active markets 
for 
securities with 
similar 
credit 
risk, 
maturity 
and 
yield, quoted 
market 
prices 
in 
non 
active markets 
for 
identical 
or 
similar 
financial 
instruments, 
or 
using 
discounted cash flows method.
Unquoted equity instruments at FVTPL under IFRS 9 are estimated mainly (i) 
using third parties' valuation reports based on investees' 
net assets, where management 
does not perform any further 
significant adjustments, and (ii) net 
assets' valuations, adjusted where 
considered necessary.
Loans and advances 
to customers 
including securitized notes 
of loan portfolios 
originated by the 
Group with contractual 
cash flows 
that do not represent 
solely payments of principal and interest 
(SPPI failures), are measured 
mandatorily at fair value 
through profit 
or loss. Quoted market 
prices are not available 
as there are no active 
markets where these 
instruments are traded. 
Their fair values 
are estimated on an individual loan basis by discounting the future expected cash flows over the time period they are expected to 
be 
recovered, using an appropriate discount rate or by reference to other comparable assets of 
the same type that 
have been transacted 
during 
a 
recent 
time 
period. 
Expected 
cash 
flows, 
which 
incorporate 
credit 
risk, 
represent 
significant 
unobservable 
input 
in 
the 
valuation and as such, the entire fair value 
measurement is categorized as Level 
3 in the fair value hierarchy.
Financial instruments not measured at fair value
The fair value hierarchy 
categorization of the 
Group’s financial assets 
and liabilities not measured at fair 
value on the balance sheet, 
is presented in the following tables:
31 December 2022 
Level 1 
Level 2 
Level 3 
Fair value 
Carrying 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
Loans and advances to customers 
- 
- 
41,767 
41,767 
41,661 
Investment securities at amortised cost 
6,185 
699 
1,271 
8,155 
9,192 
Financial assets not measured at fair value 
6,185 
699 
43,038 
49,922 
50,853 
Debt securities in issue 
1,343 
1,503 
553 
3,399 
3,552 
Financial liabilities not measured at fair value 
1,343 
1,503 
553 
3,399 
3,552

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2021 
Level 1 
Level 2 
Level 3 
Fair value 
Carrying 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
Loans and advances to customers 
- 
- 
38,369 
38,369 
38,943 
Investment securities at amortised cost 
2,824 
1,489 
- 
4,313 
4,666 
Financial assets not measured at fair value 
2,824 
1,489 
38,369 
42,682 
43,609 
Debt securities in issue 
962 
1,028 
549 
2,539 
2,552 
Financial liabilities not measured at fair value 
962 
1,028 
549 
2,539 
2,552
The assumptions and methodologies underlying the calculation of fair values 
of financial instruments not measured at fair value, 
are 
in line with those used to calculate the fair values for 
financial instruments measured at fair value. Particularly:
(a)
Loans and advances to customers including securitized notes of loan portfolios originated by the Group: quoted market prices are 
not available 
as there 
are no 
active markets 
where these 
instruments 
are traded. 
The fair 
values are 
estimated 
by discounting 
future expected cash flows 
over the time period they are 
expected to be recovered, 
using appropriate risk-adjusted 
rates. Loans 
are grouped into homogenous assets 
with similar characteristics, as monitored 
by Management, such as product, borrower 
type 
and delinquency status, in order to improve the accuracy 
of the estimated valuation outputs. In estimating future cash flows, the 
Group makes assumptions on expected 
prepayments, product spreads 
and timing of collateral realization. 
The discount rates for 
loans to customers incorporate 
inputs for expected credit losses and interest 
rates, as appropriate; 
(b)
Investment securities 
measured at amortized 
cost: the fair 
values are determined 
using prices quoted in 
an active market 
when 
these are 
available. In 
other cases, 
fair values 
are determined 
using quoted 
market prices 
for securities 
with similar 
credit risk, 
maturity 
and 
yield, 
quoted 
market 
prices 
in 
non 
active 
markets 
for 
identical 
or 
similar 
financial 
instruments, 
or 
by 
using 
the 
discounted cash flows method. 
In addition, for certain high quality corporate bonds for which quoted prices are not available, fair 
value 
is determined 
using 
prices that 
are 
derived 
from 
reliable data 
management 
platforms 
while 
part 
of them 
is verified 
by 
market 
participants 
(e.g. brokers). 
In certain 
cases, prices 
are 
implied by 
liquidity agreements 
(e.g. repos, 
pledges) with 
other 
financial institutions; 
and 
(c)
Debt securities in issue: the fair values are determined using quoted market prices, 
if available. If quoted prices are not available, 
fair values are determined based on third party 
valuations, quotes for similar debt securities or by discounting the 
expected cash 
flows at a risk-adjusted rate, where the Group's own credit risk is 
determined using inputs indirectly observable, i.e. quoted prices 
of similar securities issued by the Group or other Greek issuers. 
For other financial instruments, which are short term or re 
-price at frequent intervals (cash and balances with central 
banks, due 
from credit 
institutions, due 
to central 
banks, due 
to credit 
institutions and 
due to 
customers), the 
carrying amounts 
represent 
reasonable approximations of fair values.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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6. 
Net interest income
2022 
2021 
€ million 
€ million 
Interest income 
Customers 
1,394 
1,234 
- measured at amortised cost 
1,393 
1,232 
- measured at FVTPL 
1 
2 
Banks and other assets⁽¹⁾⁽³⁾ 
75 
11 
Securities 
258 
151 
- measured at amortised cost 
141 
39 
- measured at FVOCI 
107 
109 
- measured at FVTPL 
10 
3 
Derivatives (hedge accounting) 
94 
40 
Derivatives (no hedge accounting) 
494 
406 
2,315 
1,842 
Interest expense 
Customers ⁽¹⁾ 
(93) 
(50) 
Banks ⁽¹⁾⁽²⁾⁽³⁾ 
(2) 
35 
Debt securities in issue ⁽¹⁾ 
(118) 
(83) 
Derivatives (hedge accounting) 
(89) 
(58) 
Derivatives (no hedge accounting) 
(460) 
(362) 
Lease liabilities - IFRS 16 
(3) 
(3) 
(765) 
(521) 
Total 
1,550 
1,321
..
 
(1)
 
Measured at amortized cost.
.
.
 
(2)
 
For the year 2022, it includes net income of € 53 million that is attributable to the targeted longer-term refinancing operations (TLTRO 
III) of the European 
Central Bank (ECB) (2021: € 91 million) (note 31).
.
.
 
(3)
 
Interest from financial assets with negative rates, which were applied in 2021 and until June of 2022, was recorded 
in interest expense. 
. .
.
In 2022, the net 
interest income 
rose by 17.4% 
to € 1,550 
million, mainly driven 
by higher interest 
rates, the 
organic loans growth 
and the increased income from investment 
bonds 
partly offset by higher debt issued and deposits cost. 
Interest income recognized 
by quality of Loans and Advances and Product Line is further analyzed 
below:
 
.
31 December 2022 
Interest income 
on non-impaired 
loans and 
advances 
Interest 
income on 
impaired loans 
and advances 
Total 
€ million 
€ million 
€ million 
Retail lending 
634 
27 
661 
Wholesale lending⁽¹⁾ 
699 
34 
733 
Total interest 
income from customers 
1,333 
61 
1,394

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2021 
Interest income 
on non-impaired 
loans and 
advances 
Interest 
income on 
impaired loans 
and advances 
Total 
€ million 
€ million 
€ million 
Retail lending 
570 
65 
635 
Wholesale lending⁽¹⁾ 
551 
48 
599 
Total interest 
income from customers 
1,121 
113 
1,234
(1)
 
Including interest income on loans and advances to Public Sector.
7. 
Net banking fee and commission income
The 
following 
tables 
include 
net 
banking 
fees 
and 
commission 
income 
from 
contracts 
with 
customers 
in 
the 
scope 
of 
IFRS 
15, 
disaggregated by major type of services and operating 
segments (note 43).
31 December 2022 
Retail 
Corporate 
Global 
Markets & 
Asset Mngt 
International 
Other and 
Elimination 
center 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Lending related activities 
9 
98 
14 
19 
(0) 
139 
Mutual funds and assets under 
management 
13 
1 
41 
11 
5 
71 
Network activities and other⁽¹⁾ 
70 
7 
31 
105 
(1) 
213 
Capital markets 
- 
9 
13 
6 
(3) 
26 
Total 
92 
115 
99 
141 
1 
449
31 December 2021 
Retail 
Corporate 
Global 
Markets & 
Asset Mngt 
International 
Other and 
Elimination 
center 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Lending related activities 
9 
62 
10 
12 
(0) 
93 
Mutual funds and assets under 
management 
16 
1 
40 
9 
7 
73 
Network activities and other ⁽¹⁾ 
55 
6 
24 
91 
(7) 
168 
Capital markets 
- 
6 
14 
5 
(2) 
24 
Total 
80 
75 
88 
117 
(3) 
358
(1)
 
Including income from credit cards related services.
8. 
Income from non banking services
Income from non banking services 
includes rental income of € 92.4 
million (2021: € 95.9 
million) from real estate properties and other 
income of € 2.0 million (2021: € 1.9 million) from IT services provided by the Group 
entities.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
9. 
Net trading income and gains less losses from investment securities
2022 
2021 
€ million 
€ million 
Net trading income/(loss) 
Debt securities, including short positions 
98 
(2) 
Derivative financial instruments (note 
19) 
628 
(29) 
Equity securities 
(1) 
3 
Revaluation on foreign exchange 
positions 
2 
20 
Total 
727 
(8) 
Gains less losses from investment securities 
Debt securities measured at FVOCI ⁽¹⁾ 
(26) 
93 
Equity securities 
17 
8 
Total 
(9) 
101
. 
(1)
It includes termination fees from related derivatives amounting to € 4 million income (2021: € 6 million loss).
Trading results of € 98 million income related to 
debt securities include € 9 million loss (2021: € 3 million loss) from trading securities 
and € 107 
million gain on 
short positions on 
debt instruments entered 
into the context 
of the Group's 
economic hedging strategies 
(note 35).
Gains from derivative financial instruments of € 628 
million comprise mainly a) € 
390 million realized gains from unwinding of interest 
rate 
swaps in 
the context 
of the 
updated Group's 
hedging strategy, 
b) € 
160 million 
realised gains 
from unwinding 
of interest 
rate 
swaps 
following 
the mandatory 
discontinuance 
of certain 
hedge accounting 
relationships 
and c) 
€ 70 
million 
gains 
from 
portfolio 
hedging of interest rate risk (macro hedging), of which € 20 million arising from hedge ineffectiveness and € 50 million 
from fair value 
changes of the hedging derivatives 
that occur as part 
of the dynamic management 
of the pool of hedging instruments 
on a monthly 
basis, and include their fair value changes before 
initial designation or after de-designation (notes 2.2.3i and 
19).
10. 
Other income/ (expenses)
2022 
2021 
€ million 
€ million 
Gain/(loss) from change in fair value of investment 
property (note 27)⁽¹⁾ 
34 
32 
Sale of merchant acquiring 
business - Project Triangle (note 30) 
325 
- 
Derecognition gain/(loss) on loans measured at 
amortised cost (note 20) 
2 
(3) 
Fee expense related to the deferred 
tax credits (note 13) 
(6) 
(6) 
Gain/ (loss) on the disposal/liquidation of subsidiaries and 
associates (notes 23 and 24) 
(34) 
1 
Dividend income 
2 
2 
Gains/(losses) on loans at FVTPL 
3 
1 
Other 
(2) 
3 
Total 
324 
30
(1)
 
It includes ca € 2 
million gain from remeasurement of 
real estate property transferred 
to investment property 
from repossessed 
assets in 2022. 
In 2021, it 
includes € 1.7 million gain related to the remeasurement of the interest held in the Group’s former joint venture Value Touristiki S.A. (note 23.1).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
11. 
Operating expenses
2022 
2021 
€ million 
€ million 
Staff costs 
(447) 
(434) 
Administrative expenses 
(272) 
(253) 
Contributions to resolution and deposit guarantee 
funds 
(74) 
(75) 
Depreciation of real estate properties 
and equipment 
(46) 
(40) 
Depreciation of right of use assets 
(40) 
(38) 
Amortisation of intangible assets 
(38) 
(36) 
Total 
(917) 
(876)
For 
the year 
ended 31 
December 2022, 
the amount 
of operating 
expenses 
(excluding 
any 
contribution 
to 
a deposit 
guarantee 
or 
resolution fund) for the Group’s 
Greek activities was € 590 million (2021: € 583 million).
Contributions to resolution and deposit guarantee funds 
In 2016, the Single Resolution Mechanism (SRM), 
which is one of the 
pillars of the Banking Union in 
the euro area alongside the Single 
Supervisory Mechanism 
(SSM), became 
fully operational. 
The Single 
Resolution 
Fund (SRF) 
was established 
by the 
SRM Regulation 
(EU) No 
806/2014 in 
order to 
ensure uniform 
practice in 
the financing 
of resolutions 
within the SRM 
and it 
is owned 
by the 
Single 
Resolution Board (SRB). The SRM provides that 
the SRF will be built up over a period of eight years 
with ‘ex-ante’ 
contributions from 
the banking industry, which 
may include irrevocable payment commitments 
as a part of the total amount of contributions (note 42).
Staff costs
2022 
2021 
€ million 
€ million 
Wages, salaries and performance remuneration 
(335) 
(326) 
Social security costs 
(50) 
(51) 
Additional pension and other post employment costs 
(18) 
(17) 
Other 
(44) 
(40) 
Total 
(447) 
(434)
The average number of employees of the 
Group during the year was 11,615 (2021: 11,495). As at 31 December 2022, 
the number of 
branches and business/private banking centers 
of the Group amounted to 616 (2021: 668).
12. 
Other impairments, restructuring costs and provisions
2022 
2021 
€ million 
€ million 
Impairment and valuation losses on real estate properties 
(15) 
(17) 
Impairment losses on bonds (note 5.2.1.3) 
(21) 
(4) 
Other impairment losses and provisions 
(72) 
(31) 
Other impairment losses and provisions 
(108) 
(52) 
Voluntary exit schemes and other related costs 
(note 35) 
(60) 
(10) 
Other restructuring costs 
(42) 
(15) 
Restructuring costs 
(102) 
(25) 
Total 
(210) 
(77)

 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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For the year ended 31 
December 2022, the Group recognized € 
72 million (2021: 
€ 31 million) other impairment 
losses and provisions, 
of which € 49 million relate to impairment losses for receivables and provisions on litigations and 
other operational risk events (2021: 
€ 14 million), and € 23 million relate mainly to impairment 
losses on computer hardware and software 
(2021: € 16 million) (notes 26 
and 28).
. 
Furthermore, for 
the year 
ended 31 December 
2022, the 
Group recognized 
€ 42 
million restructuring 
costs (2021: 
€ 15 million), 
of 
which € 14 million 
relate to 
the merger of Eurobank 
a.d. Beograd with 
Direktna Banka 
a.d. and the integration 
initiatives thereafter 
(2021: € 5 million), 
while the remaining costs for both periods mainly relate 
to the Group’s transformation 
projects and initiatives.
13.
Income tax
2022 
2021 
€ million 
€ million 
Current tax 
 
(45) 
 
(40) 
Deferred tax 
 
(360) 
 
(116) 
Total income tax 
 
(405) 
 
(156)
According 
to 
Law 
4172/2013 
currently 
in 
force, 
the 
nominal 
Greek 
corporate 
tax 
rate 
for 
credit 
institutions 
that 
fall 
under 
the 
requirements of article 27A of Law 4172/2013 regarding eligible DTAs/deferred 
tax credits (DTCs) against the Greek State is 29%. The 
Greek corporate 
tax rate 
for legal entities 
other than the aforementioned 
credit institutions is 
22%. In addition, the 
withholding tax 
rate 
for 
dividends 
distributed, 
other 
than 
intragroup 
dividends, 
is 
5%. 
In 
particular, 
the 
intragroup 
dividends 
under 
certain 
preconditions are relieved from both 
income and withholding tax.
The nominal corporate tax 
rates applicable in the banking 
subsidiaries incorporated in the 
international segment of the Group 
(note 
43) are as follows: Bulgaria 10%, Serbia 15%, Cyprus 
12.5% and Luxembourg 24.94%.
Tax certificate 
and open tax years
The Company and its subsidiaries, associates 
and joint ventures, which operate 
in Greece (notes 23 and 24) have 
in principle up to 6 
open tax years. For fiscal years starting from 1 January 
2016 onwards, pursuant to the Tax Procedure Code, an ‘Annual Tax Certificate’ 
on an optional basis, is provided for the Greek entities, with annual financial statements audited compulsorily, 
which is issued after a 
tax audit is performed 
by the same statutory auditor 
or audit firm that audits the annual 
financial statements. The Company 
and, as 
a general rule, the Group’s 
Greek companies have opted to obtain 
such certificate.
Following the completion in 2022, of the tax audit of the Company by the 
tax authorities for the tax year 2016, its open tax 
years are 
2017-2022, while 
the Bank’s 
open tax 
years are 
2020 - 
2022. The 
tax certificates 
of the 
Company, 
the Bank 
and the 
other Group’s 
entities, which operate 
in Greece, are 
unqualified for 
their open tax 
years until 
2021. 
In addition, for 
the year ended 
31 December 
2022, the tax audits from external auditors 
are in progress.
In accordance 
with the 
Greek tax 
legislation and 
the respective 
Ministerial Decisions 
issued, additional 
taxes and 
penalties may 
be 
imposed by 
the Greek 
tax authorities 
following a 
tax audit 
within the applicable 
statute 
of limitations 
(i.e. in principle 
five years 
as 
from 
the 
end 
of 
the 
fiscal 
year 
within 
which 
the 
relevant 
tax 
return 
should 
have 
been 
submitted), 
irrespective 
of 
whether 
an 
unqualified tax 
certificate has 
been obtained 
from the 
tax paying 
company. 
In light of 
the above, 
as a general 
rule, the right 
of the 
Greek State 
to impose taxes 
up to tax 
year 2016 (included) 
has been time-barred 
for the Group’s 
Greek entities 
as at 31 
December 
2022. 
The open 
tax years 
of the 
foreign 
banking entities 
of the 
Group 
are as 
follows: 
(a) Eurobank 
Cyprus Ltd, 
2018-2022, (b) 
Eurobank 
Bulgaria A.D., 2017-2022, (c) Eurobank Direktna a.d. 
(Serbia), 2017-2022, and (d) 
Eurobank Private Bank Luxembourg S.A., 2018-2022. 
The remaining 
foreign 
entities of 
the Group 
(notes 23 
and 24), 
which operate 
in countries 
where a 
statutory 
tax audit 
is explicitly 
stipulated by 
law, 
have in 
principle up to 
6 open tax 
years, subject 
to certain 
preconditions of 
the applicable 
tax legislation 
of each 
jurisdiction.
In reference 
to its total 
uncertain tax 
positions, the Group 
assesses all relevant 
developments (e.g. legislative 
changes, case law, 
ad 
hoc tax/legal opinions, administrative 
practices) and raises adequate provisions.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
Deferred tax
Deferred tax 
is calculated 
on all deductible 
temporary differences 
under the 
liability method as 
well as for 
unused tax losses 
at the 
rate in effect at 
the time the reversal is expected to take 
place.
The net deferred tax is analyzed 
as follows:
2022 
2021 
€ million 
€ million 
Deferred tax assets 
4,161 
4,422 
Deferred tax liabilities 
(31) 
(26) 
Net deferred tax 
4,130 
4,396
The movement on deferred tax 
is as follows:
2022 
2021 
€ million 
€ million 
Balance at 1 January 
4,396 
4,498 
Income statement credit/(charge) 
(360) 
(116) 
Investment securities 
at FVOCI 
96 
30 
Cash flow hedges 
(0) 
(15) 
Actuarial gains/(losses) 
(1) 
- 
Other 
(1) 
(1) 
Balance at 31 December 
4,130 
4,396
Deferred income tax (charge)/credit 
is attributable to the following items:
2022 
2021 
€ million 
€ million 
Impairment/ valuation relating to loans, disposals and write-offs 
(128) 
13 
Unused tax losses 
(0) 
(1) 
Tax deductible PSI+ losses 
(50) 
(50) 
Carried forward debit difference of law 4831/2021 
(73) 
73 
Change in fair value and other temporary differences 
(109) 
(151) 
Deferred income tax (charge)/credit 
(360) 
(116)
Deferred tax assets/(liabilities) are 
attributable to the following items:
2022 
2021 
€ million 
€ million 
Impairment/ valuation relating to loans and accounting write-offs 
1,030 
1,034 
PSI+ tax related losses 
951 
1,001 
Losses from disposals and crystallized write-offs of loans 
2,242 
2,365 
Carried forward debit difference of law 4831/2021⁽¹⁾ 
- 
73 
Other impairments/ valuations through the income statement 
(120) 
(38) 
Cash flow hedges 
5 
5 
Defined benefit obligations 
5 
6 
Real estate properties, equipment and intangible assets 
(78) 
(61) 
Investment securities at FVOCI 
(15) 
(112) 
Other⁽²⁾ 
110 
123 
Net deferred tax 
4,130 
4,396
(1) 
The unutilized part, as at 31 December 2021, of the carried forward crystallized tax 
losses of loans, in accordance with the law 4831/2021 (see below), was 
offset against taxable profit for the year ended 31 December 2022. 
(
2) 
It includes, among others, DTA on deductible temporary differences relating to operational risk provisions and the leasing operations. 

 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2022 Consolidated Financial Statements
Further information, in relation to 
the aforementioned categories of deferred 
tax assets as at 31 December 2022, is as follows:
(a) 
€ 
1,030 
million 
refer 
to 
deductible 
temporary 
differences 
arising 
from 
impairment/valuation 
relating 
to 
loans 
including 
the 
accounting debt write-offs 
according to the Greek 
tax law 4172/2013, as 
in force. These temporary 
differences can be utilized 
in 
future periods with no specified time limit and according to current 
tax legislation of each jurisdiction;
(b) € 
951 million 
refer to 
losses resulted 
from the 
Group’s 
participation in 
PSI+ and the 
Greek’s 
state debt 
buyback program 
which 
are subject to amortization for tax purposes over a thirty-year period, i.e. 1/30 of 
losses per year starting from year 2012 onwards 
(see below – DTCs section);
(c) € 2,242 million refer to the unamortized part of the crystallized tax 
losses arising from write-offs and disposals of loans, which are 
subject to amortization over a twenty 
-year period;
Assessment of the recoverability of deferred 
tax assets
The recognition 
of the deferred 
tax assets 
is based on 
management’s assessment 
that the Group’s 
legal entities will 
have sufficient 
future taxable profits, against which the deductible temporary differences and the unused tax losses can be utilized. The deferred tax 
assets 
are 
determined 
on 
the 
basis 
of 
the 
tax 
treatment 
of 
each 
deferred 
tax 
asset 
category, 
as 
provided 
by 
the 
applicable 
tax 
legislation of each jurisdiction 
and the eligibility of 
carried forward 
losses for offsetting 
with future taxable 
profits. Additionally, 
the 
Group’s 
assessment 
on 
the 
recoverability 
of 
recognized 
deferred 
tax 
assets 
is 
based 
on 
(a) 
the 
future 
performance 
expectations 
(projections 
of 
operating 
results) 
and 
growth 
opportunities 
relevant 
for 
determining 
the 
expected 
future 
taxable 
profits, 
(b) 
the 
expected timing of reversal of the 
deductible and taxable temporary 
differences, (c) the probability 
that the Group entities will have 
sufficient taxable 
profits in the 
future, in the 
same period as 
the reversal 
of the deductible 
and taxable 
temporary differences 
or in 
the years into which the tax losses can be carried forward, and (d) the historical levels of Group entities’ performance in combination 
with the previous years’ tax losses caused 
by one off or non-recurring events.
In 
particular, 
as 
of 
31 December 
2022, the 
deferred 
tax 
asset 
(DTA) 
recoverability 
assessment 
has been 
based 
on the 
three-year 
Business Plan that was 
approved by the Board of 
Directors in December 2022, 
for the period up 
to the end 
of 2025, and 
was submitted 
to 
the 
Single 
Supervisory 
Mechanism 
(SSM). 
For 
the 
years 
beyond 
2025, 
the 
forecast 
of 
operating 
results 
was 
based 
on 
the 
management 
projections 
considering 
the 
growth 
opportunities 
of 
the 
Greek 
economy, 
the 
banking 
sector 
and 
the 
Group 
itself. 
Specifically, 
the management projections 
for the Group’s 
future profitability 
adopted in the 
Business Plan, have 
considered, among 
others, 
(a) the 
interest 
rates’ 
increase, (b) 
the sustainable 
increase in 
loan volumes 
and the 
growth, 
at a 
relatively 
lower 
pace, of 
customer 
deposits, 
(c) 
the 
increase 
in 
fee 
and 
commission 
income 
mostly 
driven 
by 
assets 
under 
management, 
bancassurance, 
network and lending 
related activities, cards’ issuing 
and investment property rentals, (d) 
the discipline 
to operating expenses’ targets, 
(e) the further decrease of NPE 
ratio in line with the NPE 
Management Strategy submitted to SSM (note 5.2), (f) the 
cost of risk, which 
is expected to carry the effect from the macroeconomic uncertainty and the inflationary 
pressures’ impact on households’ disposable 
income and (g) the fulfilment 
of interim MREL targets 
throughout the plan period. 
The major initiatives introduced 
in the context 
of 
the Group’s transformation 
plan “Eurobank 2030”, 
will contribute to meeting its financial objectives. 
The Group closely 
monitors and constantly assesses 
the developments on 
the macroeconomic and geopolitical 
front (note 2) including 
the inflationary 
pressures 
and their 
potential 
effect 
on the 
achievement 
of its 
Business Plan 
targets 
in terms 
of asset 
quality and 
profitability and will continue to update 
its estimates accordingly.
Deferred tax credit against the 
Greek State and tax regime for 
loan losses
As at 31 December 2022, pursuant to the Law 4172/2013, as in force, the Bank’s eligible DTAs/deferred 
tax credits (DTCs) against the 
Greek State 
amounted to 
€ 3,402 million (31 
December 2021: € 
3,547 million). The 
DTCs are 
accounted for 
on: (a) the unamortised 
losses from the Private 
Sector Involvement (PSI) 
and the Greek State Debt 
Buyback Program, which are subject to 
amortisation over 
a thirty-year 
period and 
(b) on the 
sum of (i) 
the unamortized 
part of the 
DTC eligible 
crystallized tax 
losses arising 
from write-offs 
and disposals 
of loans, which 
are subject 
to amortization 
over a 
twenty-year period, 
(ii) the accounting 
debt write-offs 
and (iii) the 
remaining 
accumulated 
provisions 
and 
other 
losses 
in 
general 
due 
to 
credit 
risk 
recorded 
up 
to 
30 
June 
2015. 
The 
DTCs 
will 
be 
converted into directly enforceable claims (tax credit) against 
the Greek State provided that the Bank’s after tax accounting 
result for 
the year is a loss. 
According 
to 
the 
Law 
4831/2021 
(article 
125), 
which 
amended 
Law 
4172/2013, 
the 
amortization 
of 
the 
PSI 
tax 
related 
losses 
is 
deducted from 
the taxable 
income at a 
priority over 
that of the 
crystallized tax 
losses (debit difference) 
arising from 
write-offs and 
disposals of loans. In addition, the amount of the annual tax amortization of the above crystallized tax losses is limited to the amount 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
of the 
annual taxable 
profits, calculated 
before the 
deduction of 
such losses 
and following 
the annual 
tax deduction 
of the 
PSI tax 
related losses. The 
unutilized part of the 
annual tax amortization 
of the crystallized 
loan losses can be carried 
forward for 
offsetting 
over a period of 20 
years. If at the end 
of the 20-year utilization period, there are balances 
that have not been offset, these will 
qualify 
as 
a tax 
loss, which 
is subject 
to 
the 
5-year 
statute 
of 
limitation. 
The above 
provisions 
apply 
as 
of 
1 January 
2021 and 
cover 
the 
crystallized tax losses that 
have arisen from write-offs and disposals of 
loans as of 1 January 2016 onwards.
Taking 
into 
account 
the 
tax 
regime 
in 
force, 
the 
recovery 
of 
the 
Bank’s 
deferred 
tax 
asset 
recorded 
on 
loans 
and 
advances 
to 
customers 
and 
the 
regulatory 
capital 
structure 
are 
further 
safeguarded, 
contributing 
substantially 
to 
the 
achievement 
of 
NPE 
management targets through 
write-offs and disposals, in line with the regulatory framework 
and SSM requirements.
According to tax Law 4172/2013 as in 
force, an annual fee of 1.5% is 
imposed on the excess amount of 
deferred tax assets guaranteed 
by the Greek 
State, stemming 
from the difference 
between the current 
tax rate 
for the eligible 
credit institutions 
(i.e. 29%) and the 
tax rate applicable on 30 June 2015 (i.e. 26%). For the year ended 
31 December 2022, an amount of € 
5.9 million has been recognized 
in “Other income/(expenses)”.
Income tax reconciliation and unused tax losses
The tax on the Group's profit before tax differs from the theoretical amount that would arise using the applicable tax rates as follows:
2022 
2021 
€ million 
€ million 
Profit/(loss) before tax 
1,735 
483 
Tax at the applicable tax 
rate 
(503) 
(140) 
Tax effect 
of: 
- income not subject to tax and non deductible expenses 
1 
(5) 
- effect of different tax rates 
in different countries 
44 
30 
- change in applicable tax rate 
- 
1 
- other 
53 
(42) 
Total income tax 
(405) 
(156)
As at 31 December 
2022, the Company 
and the Bank have 
not recognised deferred 
tax asset (DTA) 
on unused tax losses 
amounting 
to € 470 million (2021: € 
517 million). In particular, a part of the Bank’s carried forward tax losses was offset against the taxable profit 
for 
the year 
ended 31 
December 2022, 
leading the 
Group’s 
respective 
effective 
tax 
rate 
to 23% 
(32% 
in the 
comparative 
period, 
including 
the 
effect 
of 
the 
non-recognition 
of 
DTA 
on 
the 
impairment 
loss 
of 
the 
“Mexico” 
loan 
portfolio 
in 
Eurobank 
Holdings 
consolidated financial statements). 
The analysis of unrecognized DTA 
on unused tax losses of the Company and the 
Bank per year of 
maturity of related tax losses is presented 
in the table below:
Unrecognized 
DTA 
€ million 
Year of maturity of unused tax losses 
2023 
44 
2024 
62 
2025 
351 
2026 
12 
2027 
1 
Total 
470
14. 
Earnings per share
Basic earnings per share is 
calculated by dividing the net profit 
attributable to ordinary shareholders by the weighted average number 
of ordinary 
shares in 
issue during 
the year, 
excluding the 
average 
number of 
ordinary shares 
purchased by 
the Group 
and held 
as 
treasury shares.
The diluted 
earnings per 
share is 
calculated 
by adjusting 
the weighted 
average 
number of 
ordinary shares 
outstanding 
to assume 
conversion of all 
dilutive potential ordinary 
shares. As at 31 December 
2022, the Group’s 
dilutive potential ordinary 
shares relate to 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
the share 
options that 
were 
allocated 
to 
key 
executives 
with grant 
date 
in July 
2021 (note 
39). The 
weighted 
average 
number of 
shares is adjusted for 
the share options by calculating 
the weighted average 
number of shares that 
could have been acquired 
at fair 
value (determined as the average market price of the Company's shares for the year). The number of shares resulting from the above 
calculation is added to the weighted average number of ordinary shares in issue in order to determine the weighted average 
number 
of ordinary shares used for the calculation of the diluted 
earnings per share.
 
Year ended 31 December 
2022 
2021 
Net profit for the year attributable to ordinary shareholders 
€ million 
1,330 
328 
Weighted average number of ordinary 
shares in issue for 
basic earnings per share 
Number of shares 
3,708,988,032 
3,707,975,186 
Weighted average number of ordinary 
shares in issue for diluted earnings 
per share 
Number of shares 
3,714,564,870 
3,708,992,794 
Earnings per share 
- Basic and diluted earnings per share 
€ 
0.36 
0.09
15. 
Cash and balances with central banks
2022 
2021 
€ million 
€ million 
Cash in hand 
504 
478 
Balances with central banks 
14,490 
13,037 
Total 
14,994 
13,515
The 
Bank 
and 
its 
banking 
subsidiaries 
in 
Eurozone 
(Cyprus 
and 
Luxemburg), 
are 
required 
to 
hold 
a 
minimum 
level 
of 
deposits 
(minimum reserve requirement 
- MRR) with their national 
central bank on an 
average basis 
over maintenance periods 
(i.e. six week 
periods); 
these deposits 
are 
calculated 
as 1% 
of certain 
liabilities, mainly 
customers’ 
deposits, and 
can be 
withdrawn 
at any 
time 
provided that the MRR is met over the determined period of time. Similar obligations for the maintenance of minimum reserves with 
their national central bank are also 
applied to the banking 
subsidiaries in Bulgaria and 
Serbia. As at 31 
December 2022, the mandatory 
reserves (i.e. those that the Group entities maintain in 
order to meet the MRR) with central banks 
amounted to € 1,040 million (2021: 
€ 871 
million). The 
interest 
rate 
on the 
main refinancing 
operations 
(MRO) was 
applied for 
MRR deposits 
placed to 
the European 
Central Bank (ECB) until December 2022, and the deposit facility 
rate (DFR) in force is applied thereafter.
Since 
2019, 
the 
European 
Central 
Bank 
(ECB) 
had 
decided 
to 
introduce 
a 
two-tier 
system 
for 
eligible 
credit 
institutions' 
reserve 
remuneration which 
exempted part 
of excess 
liquidity holdings 
(i.e. reserve holdings 
in excess 
of MRR) from 
the negative 
DFR. 
The 
above two-tier system was lifted by ECB in September 2022, and the (positive) DFR in force is applied for the excess liquidity holdings 
placed to ECB thereafter.
.
16. 
Cash and cash equivalents and other information on cash flow statement
For the 
purpose of 
the cash 
flow statement, 
cash and 
cash equivalents 
comprise the 
following balances 
with original 
maturities of 
three months or less:
2022 
2021 
€ million 
€ million 
Cash and balances with central banks (excluding mandatory and collateral 
deposits with 
central banks) (note 15) 
13,954 
12,644 
Due from credit institutions 
418 
505 
Securities held for trading 
16 
- 
Total 
14,388 
13,149

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
Other (income)/losses on investment securities presented 
in operating activities are analyzed as follows:
2022 
2021 
€ million 
€ million 
Amortisation of premiums/discounts and accrued interest 
(21) 
26 
(Gains)/losses from investment securities 
9 
(101) 
Dividends 
(2) 
(1) 
Total 
(14) 
(76)
In the year 
ended 31 December 
2022, other adjustments 
of € 244 
million presented 
in the cash 
flow statement 
mainly include a) 
€ 
325 million gain 
resulting from the sale 
of Eurobank’s merchant acquiring business to 
Worldline (note 30), b) 
€ 34 million 
gain resulting 
from 
the disposal 
of a 5.1% 
shareholding in 
the Group’s 
former joint 
venture Grivalia 
Hospitality S.A. and 
the measurement 
on the 
disposal date of the retained interest in the entity as a financial asset at FVTPL (note 24) and c) 
€ 76 million loss from the recyclement 
of currency translation reserves due to 
liquidation of ERB Istanbul Holding A.S. (note 23.1).
Changes in liabilities arising from financing activities
During the year ended 
31 December 2022, 
changes in the Group’s liabilities arising 
from financing activities, other 
than lease liabilities 
(note 41), 
are attributable 
to: a) debt 
issuance amounting 
to € 1,070 
million (2021: € 
1,141 million) (net 
of issuance costs), 
b) debt 
repayment amounting to € 11 million (2021: € 
156 million) and c) accrued 
interest and amortisation of debt issuance costs amounting 
to € 57.1 million (2021: € 10.4 million).
17. 
Due from credit institutions
2022 
2021 
€ million 
€ million 
Pledged deposits with banks 
911 
2,002 
Placements and other receivables from banks 
196 
206 
Current accounts and settlement balances with banks 
222 
302 
Total 
1,329 
2,510
As at 
31 December 
2022, the 
Group’s 
pledged deposits 
with banks 
mainly include: 
a) € 
873 million 
mainly cash 
collaterals 
on risk 
mitigation contracts for derivative transactions and repurchase agreements (CSAs, GMRAs) and b) € 37 million cash collateral relating 
to the sale of former Romanian subsidiaries. 
The 
Group's 
exposure 
arising 
from 
credit 
institutions, 
as 
categorized 
by 
counterparty's 
geographical 
region, 
is 
presented 
in 
the 
following table:
2022 
2021 
€ million 
€ million 
Greece 
42 
36 
Other European countries 
1,217 
2,249 
Other countries 
70 
225 
Total 
1,329 
2,510
18. 
Securities held for trading
2022 
2021 
€ million 
€ million 
Debt securities (note 5.2.1.3) 
87 
69 
Equity securities 
47 
50 
Total 
134 
119

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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19. 
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments 
both for hedging and non-hedging purposes. 
The table below presents the fair values of the Group’s derivative financial instruments by product type and hedge relationship along 
with 
their 
notional 
amounts. 
The 
notional 
amounts 
of 
derivative 
instruments 
provide 
a 
basis 
for 
comparison 
with 
instruments 
recognized on 
the balance sheet 
but do not 
necessarily indicate the 
amounts of future 
cash flows involved 
or the current 
fair value 
of the instruments and, therefore, are 
not indicative of the Group’s 
exposure at the reporting date.
31 December 2022 
31 December 2021 
Contract / 
notional 
amount 
Fair values 
Contract / 
notional 
amount 
Fair values 
Assets 
Liabilities 
Assets 
Liabilities 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Derivatives for which hedge accounting is 
not applied/ held for trading 
- Interest rate swaps 
35,481 
1,778 
1,372 
29,758 
1,738 
1,352 
- Interest rate options⁽¹⁾ 
3,616 
74 
96 
3,599 
41 
97 
- Cross currency interest 
rate swaps 
- 
- 
- 
41 
3 
3 
- Foreign exchange contracts⁽²⁾ 
3,686 
62 
71 
3,682 
53 
25 
- Other ⁽³⁾ 
154 
2 
2 
195 
2 
2 
1,916 
1,541 
1,837 
1,479 
Derivatives designated as fair value hedges 
- Interest rate swaps 
7,277 
463 
431 
3,732 
82 
804 
- Interest rate swaps/portfolio hedging 
4,792 
180 
- 
- Interest rate floors 
7,791 
- 
55 
- 
- 
- 
643 
486 
82 
804 
Derivatives designated as cash flow hedges 
- Interest rate swaps 
- 
- 
- 
1,852 
30 
54 
- Cross currency interest 
rate swaps 
1,646 
2 
78 
1,632 
0 
57 
2 
78 
30 
111 
Offsetting (notes 5.2.1.4 and 32) 
- Interest rate swaps 
(1,376) 
(444) 
Total derivatives 
assets/liabilities 
1,185 
1,661 
1,949 
2,394
(1)
Interest rate options include interest rate caps and floors and swaptions. 
(2)
 
It includes currency swaps, forwards and options 
(3) 
It includes credit default swaps, warrants, commodity derivatives, futures and exchange traded equity options. 
Information on the fair value measurement 
and offsetting of derivatives is provided 
in notes 5.3 and 5.2.1.4, respectively. 
In response to the heightened market volatility, 
and particular the increase in interest rate levels and bond yields since the beginning 
of 2022, 
the Group 
discontinued certain 
hedging relationships 
designated as 
fair value 
and cash 
flow hedging 
of interest 
rate risk, 
which had been initiated in a low interest rate 
environment and fulfilled to a significant extent 
their hedging purpose. The derivative 
positions were 
gradually liquidated 
over the first 
quarter of 2022, 
while in parallel 
new economic hedges 
were initiated 
to manage 
the Group’s 
interest rate 
exposures on 
a portfolio 
level. Such 
economic hedges 
were eventually 
liquidated towards 
the end 
of the 
second quarter of 2022, since Management, in the context of its updated hedging strategy 
and risk management objectives, decided 
to enter into new interest rate 
swaps designated upon their inception as hedging instruments for which hedge accounting is applied. 
The realized gains from the 
aforementioned actions on the 
Group’s hedging strategies, due to the 
increase in interest rates, amounted 
to approximately € 390 million (note 
9).

 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
Furthermore, the significant movements in interest 
and inflation rates, especially in longer tenors exacerbated 
the ineffectiveness of 
certain long-dated 
hedging relationships 
for which 
different 
discount 
rates 
apply to 
the hedged 
item and 
hedging instrument. 
For 
these hedging relationships, the hedge ratio fell outside the designated range of 80%-125% allowed by IAS39, both prospectively and 
retrospectively, 
leading to the 
mandatory discontinuance 
of the hedge 
accounting since 
the relationships 
no longer 
met the hedge 
accounting 
criteria. 
Accordingly, 
the 
Bank 
proceeded 
to 
the 
gradual 
unwinding 
of 
the 
related 
interest 
rate 
swaps, 
realizing 
approximately 
€ 160 
million gains 
(note 9), 
while at 
the same 
time entered 
into new 
ones of 
shorter tenor, 
so as 
to ensure 
hedge 
effectiveness going forward.
The 
Group 
uses 
certain 
derivatives 
and 
other 
financial 
instruments, 
designated 
in 
a 
qualifying 
hedge 
relationship, 
to 
reduce 
its 
exposure to market 
risks. The hedging practices 
applied by the Group, 
as well as the 
relevant accounting 
treatment are disclosed 
in 
note 2.2.3. In particular:
(a) Fair value hedges
The Group 
hedges a 
portion of 
its existing 
interest 
rate risk 
resulting from 
any potential 
change in 
the fair 
value of 
fixed rate 
debt 
securities or fixed rate loans, denominated both in local and foreign 
currencies, using interest rate 
swaps and cross currency interest 
rate swaps. In 2022, the Group recognized a gain of € 886 million (2021: € 60 million loss) from changes in the carrying amount of the 
hedging instruments 
and € 862 million loss 
(2021: € 68 million 
gain) 
from changes in 
the fair value 
of the hedged items 
attributable 
to the 
hedged risk. The 
amount of hedge 
ineffectiveness recognized 
for 2022 
in “Net trading 
income/ 
(loss)” was 
€ 24 million 
gain 
(2021: € 8 million gain).
(b) Fair value hedges – portfolios of assets
The Group hedges a portion of its existing interest rate risk resulting from any potential 
change in the fair value of a portfolio of fixed 
rate loans 
including securitized notes 
initially issued and subsequently 
held by the Group 
(macro-hedging), using a group 
of interest 
rate 
swaps. The 
Group 
primarily designates 
the change 
in fair 
value attributable 
to changes 
in the 
benchmark interest 
rate as 
the 
hedged risk including 
also assumptions for 
prepayment risk and, 
accordingly, 
enters into 
interest rate 
swaps whereby 
the fixed legs 
represent the economic risks of the hedged items. In 2022, the Group recognized a gain of € 180 million from changes in the carrying 
amount of the hedging instruments and € 159 million loss from changes in the fair value of the designated hedged items attributable 
to the hedged 
risk. Accordingly, 
the amount of 
hedge ineffectiveness 
recognized for 
2022 in “Net 
trading income/ 
(loss)” was € 
21 
million gain.
The Group also 
hedges the variability 
deriving from the 
fair value changes 
of purchased 
interest rate 
floors embedded 
in portfolios 
of floating rate loans and debt securities by writing the floors in the market. In 2022, the 
Group recognized a gain of € 20 million from 
changes in the carrying amount of the hedging instruments, and € 20 million loss from 
changes in the fair value 
of the hedged items 
attributable to the hedged risk. 
(c) Cash flow hedges
The Group hedges 
a portion of 
its existing interest 
rate and 
foreign currency 
risk resulting from 
any cash flow 
variability on floating 
rate 
performing customer 
loans or 
floating rate 
deposits, denominated 
both in 
local and 
foreign 
currency, 
or unrecognized 
highly 
probable forecast transactions, 
using interest rate and 
cross currency interest rate 
swaps. For the year ended 31 December 2022, an 
amount of € 19 million gain was recognised in other comprehensive income in relation to derivatives 
designated as cash flow hedges 
(2021: € 
51 million 
gain). Furthermore, 
in 2022, 
the ineffectiveness 
recognized 
in the 
income statement 
that arose 
from cash 
flow 
hedges was nil (2021: nil). 
In addition, the Group 
uses other derivatives, 
not designated in a 
qualifying hedge relationship, 
to manage its exposure 
primarily to 
interest rate and foreign currency risks. Non 
qualifying hedges are derivatives entered into as 
economic hedges of assets 
and liabilities 
for which hedge accounting 
was not applied. The said derivative 
instruments are monitored 
and have been classified for 
accounting 
purposes along with those held for trading.

 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
The 
Group's 
exposure 
in 
derivative 
financial 
assets, 
as 
categorized 
by 
counterparty's 
geographical 
region 
and 
industry 
sector, 
is 
presented in the following tables:
31 December 2022 
Greece 
Other 
European 
countries 
Other 
countries 
Total 
€ million 
€ million 
€ million 
€ million 
Sovereign 
249 
- 
- 
249 
Banks 
12 
291 
570 
873 
Corporate 
51 
12 
- 
63 
Total 
312 
303 
570 
1,185
31 December 2021 
Greece 
Other 
European 
countries 
Other 
countries 
Total 
€ million 
€ million 
€ million 
€ million 
Sovereign 
1,105 
- 
- 
1,105 
Banks 
4 
466 
261 
731 
Corporate 
109 
0 
4 
113 
Total 
1,218 
466 
265 
1,949
As at 31 December 2022, 
the net carrying value 
of the derivatives with 
the Hellenic Republic amounted 
to a liability of € 
489 million 
(31 December 2021: € 1,100 million asset). 
At 31 December 2022 and 2021, 
the maturity profile of the nominal amount 
of the financial instruments designated 
by the Group in 
hedging relationships is presented in the tables 
below:
31 December 2022 
Fair Value Hedges 
Cash Flow Hedges 
1 - 3 
months 
3 - 12 
months 
1-5 years 
Over 5 
years 
Total 
3 - 12 
months 
1-5 years 
Over 5 
years 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Interest rate swaps⁽¹⁾ 
255 
24 
2,884 
4,114 
7,277 
- 
- 
- 
- 
Interest rate options 
- 
- 
800 
6,991 
7,791 
- 
- 
- 
- 
Cross currency interest rate 
swaps 
- 
- 
- 
- 
- 
101 
1,545 
- 
1,646 
Total 
255 
24 
3,684 
11,105 
15,068 
101 
1,545 
- 
1,646
31 December 2021 
Fair Value Hedges 
Cash Flow Hedges 
1 - 3 
months 
3 - 12 
months 
1-5 years 
Over 5 
years 
Total 
3 - 12 
months 
1-5 years 
Over 5 
years 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Interest rate swaps 
39 
13 
500 
3,180 
3,732 
19 
728 
1,105 
1,852 
Cross currency interest 
rate swaps 
- 
- 
- 
- 
- 
48 
1,584 
- 
1,632 
Total 
39 
13 
500 
3,180 
3,732 
67 
2,312 
1,105 
3,484
(1)
Nominal amount
of interest rate swaps designated as fair value portfolio hedges is not included.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2022 Consolidated Financial Statements
(a) Fair value hedges
The following 
tables present 
data relating 
to the hedged 
items under fair 
value hedges 
for the years 
ended 31 December 
2022 and 
2021:
31 December 2022 
Carrying 
amount/Exposure 
designated as 
hedged 
 
Accumulated 
amount of FV 
hedge 
adjustments 
related to the 
hedged item 
 
Change in value as 
the basis for 
recognising hedge 
ineffectiveness 
€ million 
€ million 
 
€ million 
Loans and advances to customers⁽¹⁾ 
12,693 
(216) 
(225) 
Debt securities AC⁽¹⁾ 
3,978 
(17) 
(431) 
Debt securities FVOCI 
1,336 
(157) 
(266) 
Debt securities in issue 
2,373 
(120) 
(120) 
Total 
20,380 
(510) 
(1,042)
31 December 2021 
Carrying amount/ 
Exposure 
designated as 
hedged 
 
Accumulated 
amount of FV 
hedge adjustments 
related to the 
hedged item 
 
Change in value as 
the basis for 
recognising hedge 
ineffectiveness 
€ million 
€ million 
€ million 
Loans and advances to customers⁽¹⁾ 
470 
16 
(5) 
Debt securities AC 
2,208 
531 
179 
Debt securities FVOCI 
2,573 
94 
(105) 
Total 
5,251 
641 
69
(1)
For loans 
and advances 
to customers 
hedges and 
debt securities 
at amortised 
cost 
included in 
portfolio hedges, 
the exposure 
designated as 
hedged is 
presented. 
At 31 December 
2022, the accumulated 
amounts 
of fair value 
hedge adjustments 
remaining in the balance 
sheet for any 
items that 
have ceased to be adjusted for 
hedging gains and losses were € 279 million assets for 
debt securities held at AC, € 4 million liabilities 
for debt issued and € 19 million liabilities for adjustments related to debt securities held at FVOCI (2021: € 190 million assets for debt 
securities held at AC).
(b) Cash flow hedges
The cash 
flow hedge 
reserves for 
continuing hedges 
as at 
31 December 
2022 were 
€ 4 
million gain 
(2021: € 
3 million 
gain), which 
relate to loans 
and advances to customers 
(2021: € 4 million gain 
relates to loans 
and advances to 
customers and € 
1 million loss to 
deposits). 
As at 31 December 2022, the 
balances remaining in the cash 
flow hedge reserve from 
any cash flow hedging 
relationships for which 
hedge accounting is no longer applied was € 20 million loss (2021: € 19 million loss). 
The reconciliation of the components of Group’s 
special reserves including cash flow hedges is provided in note 38.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2022 Consolidated Financial Statements
20. 
Loans and advances to customers
2022 
2021 
€ million 
€ million 
Loans and advances to customers at amortised cost 
 
- Gross carrying amount 
43,450 
40,815 
 
- Impairment allowance 
(1,626) 
(1,872) 
Carrying Amount 
41,824 
38,943 
Fair value changes of loans in portfolio hedging of interest rate 
risk 
(163) 
- 
Loans and advances to customers at FVTPL 
16 
23 
Total 
41,677 
38,967
The table below presents the carrying amount of loans and advances to customers 
per product line and per stage as at 31 December 
2022:
31 December 2022 
31 December 2021 
12-month ECL- 
Stage 1 
Lifetime 
ECL- 
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Total amount 
Total amount 
€ million 
€ million 
€ million 
€ million 
€ million 
Loans and advances to customers at 
amortised cost 
Mortgage lending: 
 
- Gross carrying amount 
6,832 
2,825 
545 
10,201 
10,105 
 
- Impairment allowance 
(21) 
(160) 
(229) 
(409) 
(325) 
Carrying Amount 
6,810 
2,665 
316 
9,792 
9,780 
Consumer lending: 
 
- Gross carrying amount 
2,669 
427 
257 
3,353 
3,242 
 
- Impairment allowance 
(37) 
(48) 
(186) 
(271) 
(340) 
Carrying Amount 
2,633 
379 
70 
3,082 
2,902 
Small Business lending: 
 
- Gross carrying amount 
2,668 
740 
434 
3,842 
3,753 
 
- Impairment allowance 
(23) 
(72) 
(229) 
(324) 
(326) 
Carrying Amount 
2,645 
668 
205 
3,518 
3,427 
Wholesale lending:⁽²⁾⁽³⁾ 
 
- Gross carrying amount 
23,448 
1,581 
1,024 
26,054 
23,716 
 
- Impairment allowance 
(68) 
(75) 
(478) 
(621) 
(881) 
Carrying Amount 
23,380 
1,506 
546 
25,432 
22,835 
Total loans and advances to customers 
at 
AC 
 
- Gross carrying amount 
35,618 
5,573 
2,259 
43,450 
40,815 
 
- Impairment allowance 
(149) 
(355) 
(1,121) 
(1,626) 
(1,872) 
Carrying Amount 
35,468 
5,218 
1,138 
41,824 
38,943 
Fair value changes of loans in portfolio 
hedging of interest rate risk 
(163) 
- 
Loans and advances to customers at FVTPL 
Carrying Amount⁽⁴⁾ 
16 
23 
Total 
41,677 
38,967
.
(1)
 
As at 31 December 2022, 
POCI loans of € 43 
million gross carrying amount (of 
which € 41 million included in 
non performing exposures) and € 
6.5 million 
impairment allowance are presented in ‘Lifetime ECL – stage 3 and 
POCI’ (31 December 2021: € 44 million 
gross carrying amount and € 6.4 million impairment 
allowance). 
(2)
 
Includes € 4,901 million related to the senior notes of Pillar, Cairo and Mexico securitizations, which have been categorized in Stage 1. 
(3) 
Includes loans to public sector. 
(4)
 
Includes € 9.9 million related to the mezzanine notes of the Pillar, Cairo and Mexico securitizations. 

 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
Loans and advances to customers – Project Solar
In the context 
of its NPE management strategy, 
the Group has structured 
another NPE securitization transaction 
(project ‘Solar’), as 
part 
of 
a joint 
initiative 
with 
the 
other 
Greek 
systemic 
banks 
initiated 
since 
2018, 
in 
order 
to 
decrease 
further 
its 
NPE 
ratio 
and 
strengthen 
its 
balance 
sheet 
de-risking. 
In 
addition, 
the 
Group 
targets 
to 
the 
prudential 
and 
accounting 
derecognition 
of 
the 
underlying 
corporate 
loan 
portfolio 
from 
its 
balance 
sheet 
by 
achieving 
a 
Significant 
Risk 
Transfer 
(SRT) 
and 
including 
‘Solar’ 
securitization under the Hellenic Asset Protection Scheme (HAPS), thus 
the senior note of the securitization to become 
entitled to the 
Greek State’s 
guarantee. 
In parallel, 
the Management 
along with 
the other 
participating banks 
have 
initiated 
actions towards 
the 
disposal of the majority stake of the mezzanine 
and junior notes to be issued in the context 
of the above-mentioned securitization. 
Accordingly, as of 30 June 
2022, the Group 
classified the underlying 
corporate loan portfolio as 
held for sale, 
while the remeasurement 
of the portfolio’s expected credit 
losses, in accordance with the Group’s accounting 
policy for the impairment of financial assets, had 
no significant impact 
in impairment losses from 
loans and advances to 
customers. The impairment 
loss was calculated 
by reference 
to 
the 
estimated 
fair 
value 
of 
the 
notes 
to 
be 
retained 
by 
the 
Group 
upon 
the 
completion 
of 
transaction 
and 
the 
expected 
consideration 
to 
be 
received 
by 
the 
sale 
of 
mezzanine 
and 
junior 
notes. 
As 
at 
31 
December 
2022, 
the 
carrying 
amount 
of 
the 
aforementioned loan 
portfolio reached € 
69 million, comprising loans 
with gross carrying 
amount of € 268 
million, which carried an 
impairment allowance of € 199 million. 
Furthermore, the impairment allowance of the letters of guarantee included in 
the underlying 
portfolio reached € 1 million and was presented 
in “liabilities of disposal groups classified as held for sale” (note 30). 
As at 
31 December 
2022, following 
the classification 
of project 
“Solar” underlying 
loan portfolio 
as held 
for sale, 
the Group’s 
NPE 
stock amounted to € 
2.3 billion (31 December 2021: € 2.8 billion) driving the 
NPE ratio to 5.2% (31 December 2021: 
6.8%), while the 
NPE coverage ratio 
stood at 74.6% (31 December 2021: 69.2%).
Loans and advances to customers – Project Wave
In December 2022, the Bank, proceeded with 
the execution of the third 
synthetic risk transfer 
transaction (project “Wave 
III”) in the 
form 
of 
a 
financial 
guarantee, 
providing 
credit 
protection 
over 
the 
mezzanine 
loss 
of 
a 
portfolio 
of 
performing 
shipping 
loans 
amounting to $ 1.7 billion (the reference 
portfolio). Similarly to the previous 
two synthetic risk transfer 
transactions (projects ‘Wave 
I’ and ‘Wave II’), that were executed 
in December 2021 over a reference portfolio of performing 
SMEs and large corporate loans of € 
1.7 
billion, 
the 
Wave 
III 
transaction 
was 
accounted 
for 
as 
a 
purchased 
financial 
guarantee 
contract 
that 
is 
not 
integral 
to 
the 
contractual terms of 
the reference 
portfolio, where 
a compensation right resulting 
from the expected credit 
losses of the protected 
loans 
is recognized, 
to 
the 
extent 
that 
it 
is virtually 
certain 
that 
the Group 
will be 
reimbursed 
for 
the credit 
losses 
incurred. 
The 
reference portfolios of 
Wave projects continued 
to be recognised on the Group’s 
Balance Sheet.
As at 31 December 
2022, the Wave 
III transaction, that 
was performed in 
the context of 
the Group’s 
initiatives for the 
optimization 
of its regulatory capital, resulted in a capital 
benefit of 40 bps.
Securitizations of loan portfolios originated by the Group
The Group 
in the 
context 
of the 
achievement 
of its 
NPE reduction 
targets 
has entered 
into the 
securitization 
of various 
classes of 
primarily NPE 
through the 
issue of senior, 
mezzanine and 
junior notes, 
which resulted, 
as described below, 
in the derecognition 
of 
the underlying loan portfolios and the recognition of the retained 
notes.

 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2022 Consolidated Financial Statements
‘Mexico’ securitization
In 
May 
2021, the 
Bank, through 
its 
special purpose 
financing 
vehicle 
(SPV) 
‘Mexico 
Finance 
Designated 
Activity 
Company’ issued 
senior, 
mezzanine and 
junior notes 
of total 
nominal amount 
of ca. € 
5.2 billion, 
via a securitization 
of a mixed 
portfolio comprising 
primarily NPE of total principle amount due of ca. 
€ 5.2 billion and gross carrying amount of 
ca. € 3.2 billion, which were fully retained 
by the Bank. The Group included ‘’Mexico” securitization 
under the Hellenic Asset Protection Scheme (HAPS) thus the senior 
note of 
the securitization became entitled to the Greek State’s 
guarantee.
In June 2021, the General Shareholders’ Meeting of 
the Bank (GM), 
approved the distribution of the 95% 
of the mezzanine and junior 
notes of Mexico 
securitization to its 
parent company 
through the decrease in 
kind of the Bank’s 
share capital. The 
Bank applied the 
use of book values in 
intercompany distributions of non-cash assets, consistently with the accounting policies 
already applied in other 
types of common control 
transactions. Therefore, 
the reduction of the 
Bank’s total 
equity was determined 
by the book value 
of the 
assets distributed.
The settlement of 
the aforementioned 
distribution in kind, that 
took place in September 
2021, resulted in the 
de-recognition of the 
underlying loan portfolio and the related 
assets and liabilities from the Bank’s 
balance sheet, on the basis that the 
latter transferred 
substantially 
all risks 
and rewards 
of the 
portfolio’s 
ownership and 
relinquished its 
control over 
it. In 
addition, the 
Bank ceased 
to 
control the SPV and the related real estate 
company, which resides 
with the majority stake of Class B noteholders. At the same time, 
Eurobank Holdings 
accounted for 
the distribution 
in kind as 
dividend, recognizing 
in profit 
and loss the 
fair value 
of the distributed 
notes, ie. 95% of 
the mezzanine and junior notes. 
Moreover, Eurobank Holdings obtained the direct control of the SPV 
and the related 
real estate company. 
In September 
2021, the BoD 
of Eurobank 
Holdings approved 
to proceed 
with the sale 
of 95% of 
the mezzanine 
and junior 
notes of 
Mexico securitization to doValue S.p.A. and the ongoing servicing of the portfolio by doValue Group. Accordingly, 
as at 30 September 
2021, the 
Group proceeded 
with the 
re-measurement 
of the 
portfolio’s 
expected credit 
losses, considering 
the estimated 
date for 
the 
Mexico 
loan 
portfolio’s 
derecognition 
from 
its 
balance 
sheet, 
in 
accordance 
with 
its 
accounting 
policy 
for 
the 
impairment 
of 
financial assets and recognized an impairment loss of € 72 million in the 
third quarter of 2021. 
The transaction 
with doValue 
Group for 
the sale of 
the 95% of 
the mezzanine 
and junior notes 
retained by 
Eurobank Holdings 
was 
concluded in December 
2021, after the 
fulfillment of all conditions 
and having received 
all appropriate 
approvals. As 
a result of the 
aforementioned sale, the Group ceased 
to control the SPV as 
well as the 
related real estate company and derecognized the underlying 
loan portfolio from 
its balance sheet, 
on the basis 
that it transferred 
substantially all 
risks and rewards 
of the portfolio’s 
ownership 
and ceased to have 
control over 
the securitized loans, 
which resides with the 
majority stake 
of Class B noteholders. 
In addition, the 
Group 
recognized 
the retained 
notes on 
its balance 
sheet i.e. 
100% of 
the senior 
and 5% 
of the 
mezzanine and 
junior notes, 
with 
carrying amount € 1,539 million at 31 December 2022 (31 December 2021: € 1,624 million). 
The derecognition of the underlying loan 
portfolio 
from 
the 
Group’s 
balance 
sheet 
resulted 
in 
a 
derecognition 
loss 
of 
€ 
5 
million, 
which 
was 
presented 
in 
‘other 
income/expenses’.
‘Cairo’ securitization
In June 
2019, the 
Group, through 
the special 
purpose financing 
vehicles (SPVs) 
‘Cairo No. 
1 Finance 
Designated Activity 
Company’, 
‘Cairo No. 2 Finance Designated 
Activity Company’ and ‘Cairo No. 3 Finance Designated 
Activity Company’, 
issued senior, 
mezzanine 
and junior notes of total face value of ca. € 7.5 billion, via a securitization 
of a mixed portfolio consisting primarily of non-performing 
loans 
(NPE) 
(“Cairo” 
securitization). 
In 
December 
2019, 
the 
Group 
announced 
that 
it 
has 
entered 
into 
a binding 
agreement 
with 
doValue S.p.A. for the sale 
of 20% of 
the mezzanine and 50.1% 
of the junior 
notes of “Cairo” 
securitization. The Group included 
“Cairo” 
securitization under 
the Hellenic Asset 
Protection Scheme 
(HAPS) thus 
the senior 
note of 
the securitization 
became entitled 
to the 
Greek State’s 
guarantee.
In June 2020, 
the sale of 
the aforementioned 
notes was 
completed and, 
as a result, 
the Group ceased 
to control 
the Cairo 
SPVs on 
the basis that it does not have 
the power to direct their 
relevant activities. Furthermore, 
in June 2020, Eurobank Holdings, 
following 
a decision of the Board of 
Directors (BoD), proceeded 
to the contribution of the 
retained Cairo notes, 
i.e. 75% of the mezzanine and 
44.9% of 
the junior 
notes, along 
with an 
amount of 
€ 1.5 
million in 
cash to 
its Cyprus-based 
subsidiary Mairanus 
Ltd, renamed 
to 
‘Cairo Mezz Plc’, 
in exchange for 
the newly-issued shares 
of the aforementioned 
subsidiary. 
In July 2020, the 
General Shareholders’ 
Meeting of the Company 
approved the distribution of Cairo 
Mezz Plc shares to 
Eurobank Holding’s shareholders through the decrease 
in kind of its share capital. 

 
 
 
Notes to the Consolidated Financial Statements 
.
 
116
|
Page
 
31 December 2022 Consolidated Financial Statements
In September 2020, 
following the completion 
of the distribution 
of the Cairo 
Mezz Plc shares, 
the underlying loan 
portfolio and the 
related assets and liabilities were derecognized 
from the Group’s 
balance sheet, on the basis that at that time the Group transferred 
substantially all risks 
and rewards of the portfolio’s 
ownership and ceased to have 
control over the securitized 
portfolio. In addition, 
the Group recognized 
the retained notes 
on its balance sheet, 
i.e. 100% of the 
senior notes, 5% of 
mezzanine and junior 
notes with 
carrying amount € 2,332 million at 31 December 2022 (31 December 2021: € 2,432
million).
 
‘Pillar’ securitization
In 
June 
2019, the 
Group, 
through 
the special 
purpose 
financing vehicle 
(SPV) 
‘Pillar 
Finance Designated 
Activity 
Company’ issued 
senior, 
mezzanine 
and 
junior 
notes 
of 
total 
value 
of 
ca. 
€ 
2 
billion, 
via 
a 
securitization 
of 
residential 
mortgage 
primarily 
NPE. 
In 
September 2019, the Group sold 95% of the above-mentioned mezzanine and 
junior notes to Celidoria S.A R.L. Upon the completion 
of the 
sale, the 
Group ceased 
to control 
the SPV 
and derecognized 
the underlying 
loan portfolio 
in its 
entirety, 
on the 
basis that 
it 
transferred substantially 
all the risks and rewards of the underlying loan portfolio’s 
ownership. In addition, the Group recognized the 
retained 
notes, i.e. 
100% of 
the senior, 
5% of 
the mezzanine 
and junior 
notes, on 
its balance 
sheet with 
carrying amount 
€ 1,039 
million at 31 December 2022 (31 December 2021: € 1,060 million).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
117
|
Page 
31 December 2022 Consolidated Financial Statements
21. 
Impairment allowance for loans and advances to customers
The following tables present the movement 
of the impairment allowance on loans and advances to customers 
(expected credit losses – ECL):
31 December 2022 
Wholesale 
Mortgage 
Consumer 
Small business 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Impairment allowance as at 1 January 
69 
76 
737 
17 
138 
170 
44 
39 
257 
41 
58 
227 
1,872 
New loans and advances originated or 
purchased 
29 
 
- 
- 
2 
 
- 
- 
21 
 
- 
- 
6 
 
- 
- 
58 
Transfers between stages 
 
- to 12-month ECL 
20 
(20) 
(0) 
10 
(9) 
(1) 
14 
(8) 
(5) 
13 
(10) 
(3) 
- 
 
- to lifetime ECL 
(12) 
13 
(1) 
(4) 
24 
(20) 
(8) 
24 
(15) 
(7) 
19 
(12) 
 
- 
 
- to lifetime ECL credit-impaired loans 
(6) 
(8) 
14 
(1) 
(9) 
10 
(5) 
(7) 
11 
(2) 
(7) 
9 
- 
Impact of ECL net remeasurement 
(35) 
13 
(1) 
(3) 
12 
100 
(25) 
(0) 
91 
(30) 
12 
69 
202 
Recoveries from written - off loans 
 
- 
 
- 
23 
 
- 
 
- 
9 
 
- 
 
- 
12 
 
- 
 
- 
9 
53 
Loans and advances derecognised/ 
reclassified as held for sale during the 
year⁽²⁾ 
 
- 
(0) 
(202) 
 
- 
 
- 
(0) 
 
- 
 
- 
- 
 
- 
 
- 
(1) 
(203) 
Amounts written off⁽³⁾ 
 
- 
 
- 
(87) 
 
- 
 
- 
(10) 
 
- 
 
- 
(141) 
 
- 
 
- 
(53) 
(290) 
Unwinding of Discount 
 
- 
 
- 
(11) 
 
- 
 
- 
(1) 
 
- 
 
- 
(3) 
 
- 
 
- 
(2) 
(18) 
Foreign exchange and other movements 
4 
1 
5 
(0) 
3 
(27) 
(4) 
1 
(21) 
2 
1 
(14) 
(49) 
Impairment allowance as at 31 December 
68 
75 
478 
21 
160 
229 
37 
48 
186 
23 
72 
229 
1,626

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
118
|
Page 
31 December 2022 Consolidated Financial Statements
31 December 2021 
Wholesale 
Mortgage 
Consumer 
Small business 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Impairment allowance as at 1 January 
83 
108 
1,052 
24 
152 
665 
41 
61 
617 
35 
119 
520 
3,477 
New loans and advances originated or 
purchased 
17 
 
- 
- 
1 
 
- 
- 
22 
 
- 
- 
5 
 
- 
- 
45 
Transfers between stages 
 
- to 12-month ECL 
16 
(11) 
(5) 
18 
(15) 
(2) 
21 
(17) 
(4) 
38 
(37) 
(2) 
- 
 
- to lifetime ECL 
(6) 
13 
(7) 
(7) 
80 
(73) 
(3) 
23 
(20) 
(3) 
23 
(20) 
 
- 
 
- to lifetime ECL credit-impaired loans 
(1) 
(22) 
22 
(1) 
(16) 
17 
(3) 
(16) 
18 
(3) 
(19) 
22 
 
- 
Impact of ECL net remeasurement 
(35) 
(10) 
138 
(15) 
(26) 
232 
(31) 
(12) 
138 
(30) 
(5) 
138 
480 
Recoveries from written - off loans 
 
- 
 
- 
7 
 
- 
 
- 
3 
 
- 
 
- 
10 
 
- 
 
- 
5 
25 
Loans and advances 
derecognised/reclassified as held for sale 
during the year⁽²⁾ 
(0) 
(3) 
(271) 
(0) 
(34) 
(604) 
(0) 
(1) 
(306) 
(0) 
(25) 
(327) 
(1,571) 
Amounts written off⁽³⁾ 
 
- 
 
- 
(166) 
 
- 
 
- 
(73) 
 
- 
 
- 
(145) 
 
- 
 
- 
(85) 
(469) 
Unwinding of Discount 
 
- 
 
- 
(21) 
 
- 
 
- 
(8) 
 
- 
 
- 
(7) 
 
- 
 
- 
(9) 
(46) 
Foreign exchange and other movements 
(5) 
1 
(13) 
(3) 
(2) 
12 
(3) 
0 
(42) 
(2) 
3 
(15) 
(69) 
Impairment allowance as at 31 December 
69 
76 
737 
17 
138 
170 
44 
39 
257 
41 
58 
227 
1,872
(1) 
The impairment allowance for POCI loans of € 6.5 million is included in ‘Lifetime ECL – stage 3 and POCI’ (2021: € 6.4 million). 
(2) 
It represents the impairment allowance of loans derecognized due 
to a) substantial modifications of the 
loans’ contractual terms, b) securitization and sale 
transactions, c) debt to equity transactions and those that 
have been reclassified as 
held for sale during the year (notes 20 and 30). 
(3) 
The contractual amount outstanding on lending exposures that were written off during the year ended 31 December 2022 and that 
are still subject to enforcement activity is € 111 million (2021: € 217 million).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
119
|
Page
 
31 December 2022 Consolidated Financial Statements
The impairment losses relating 
to loans and advances 
to customers recognized 
in the Group’s 
income statement 
for the year ended 
31 December 2022 
amounted to 
€ 291 
million (2021: € 
490 million, 
including € 
72 million 
loss relating 
to the 
project Mexico 
(note 
20)) and are analyzed as follows:
2022 
2021 
€ million 
€ million 
Impairment loss on loans and advances to customers 
(261) 
(525) 
Net income / (loss) from financial guarantee contracts⁽¹⁾ 
(22) 
- 
Modification gain / (loss) on loans and advances to customers 
2 
18 
Impairment (loss)/ reversal for credit 
related commitments 
(10) 
17 
Total 
(291) 
(490)
(1)
 
It refers to purchased financial guarantee contracts, not integral to the guaranteed loans (projects Wave).
22. 
Investment securities
2022 
2021 
€ million 
€ million 
Investment securities at FVOCI 
3,828 
6,509 
Investment securities at amortised cost 
9,192 
4,666 
Investment securities at FVTPL 
241 
141 
Total 
13,261 
11,316
Note: information on debt securities of the investment portfolio is presented in note 5.2.1.3 
Ιn December 2022, 
the Bank acquired 
an additional 3.2% 
holding in Hellenic 
Bank Public Company 
Limited (“Hellenic Bank”), 
a financial 
institution 
located in 
Cyprus, for 
a consideration 
of € 
16.74 million. 
Following 
this transaction, 
as at 
31 December 
2022, the 
Bank 
holds a 15.8% 
participation in Hellenic 
Bank. The said 
investment is aligned with 
the overall strategy of 
the Group to 
further strengthen 
its presence 
in its 
core markets 
in which 
retains 
a strategic 
interest 
and thus 
has been 
designated at 
FVOCI. Its 
fair value 
as at 
31 
December 2022 amounted to € 94.6 million (2021: € 44.4 million).
In addition, on 1 
December 2022, the Bank announced 
that it has entered 
into a share purch 
ase agreement with Wargaming 
Group 
Limited, pursuant to which it has agreed 
to acquire an additional 13.41% holding in Hellenic 
Bank for a consideration of € 70 
million. 
The completion of the said acquisition was subject to the full fulfillment of the relevant 
regulatory approvals.
Post balance sheet event 
On 
4 
April 
2023 
the 
Bank 
announced 
that, 
following 
the 
receipt 
of 
the 
relevant 
regulatory 
approvals, 
the 
above 
acquisition 
was 
completed, and 
its total 
holding in Hellenic 
Bank reached 
29.2%. Following 
that, the 
investment 
in Hellenic Bank 
will be accounted 
for as a Group’s 
associate in the consolidated financial statements 
as of the second quarter of 2023.
.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
120
|
Page
 
31 December 2022 Consolidated Financial Statements
22.1 
Movement of investment securities
The tables below present the movement of the carrying 
amount of investment securities per measurement 
category and per stage:
31 December 2022 
Debt securities at FVOCI 
Investment securities at amortised cost 
Investment 
securities at 
FVTPL 
Equity 
securities at 
FVOCI 
12-month 
ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
Lifetime ECL- 
Stage 3 
12-month 
ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
Lifetime ECL- 
Stage 3 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Gross carrying amount at 1 
January 
6,456 
9 
- 
4,672 
- 
- 
141 
44 
11,322 
Additions, net of disposals and 
redemptions 
(1,979) 
(6) 
(14) 
4,904 
- 
- 
80 
17 
3,002 
Transfers between stages 
(131) 
117 
14 
(40) 
6 
34 
- 
- 
- 
Net gains/(losses) from changes in 
fair value for the year 
(740) 
3 
- 
- 
- 
- 
16 
34 
(687) 
Amortisation of 
premiums/discounts and interest 
(42) 
(2) 
- 
64 
- 
2 
0 
- 
22 
Changes in fair value 
due to hedging⁽¹⁾ 
- 
- 
- 
(449) 
- 
(4) 
- 
- 
(453) 
Exchange adjustments and other 
movements 
48 
(0) 
- 
24 
- 
1 
4 
- 
77 
Gross carrying amount at 31 
December 
3,612 
121 
- 
9,175 
6 
33 
241 
95 
13,283 
Impairment allowance 
- 
- 
- 
(12) 
(0) 
(10) 
- 
- 
(22) 
Net carrying amount at 31 
December 
3,612 
121 
- 
9,163 
6 
23 
241 
95 
13,261
31 December 2021 
Debt securities at 
FVOCI 
Investment 
securities at 
amortised cost 
Investment 
securities at 
FVTPL 
Equity 
securities at 
FVOCI 
12-month ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
12-month ECL- 
Stage 1 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Gross carrying amount at 1 January 
5,444 
10 
2,789 
127 
- 
8,370 
Arising from acquisition (note 23.2) 
78 
- 
- 
0 
- 
78 
Additions, net of disposals and redemptions 
1,020 
- 
1,676 
8 
41 
2,745 
Transfers between stages 
2 
(2) 
- 
- 
- 
- 
Net gains/(losses) from changes in fair value for the year 
(132) 
1 
- 
4 
3 
(124) 
Amortisation of premiums/discounts and interest 
(21) 
(0) 
(5) 
0 
- 
(26) 
Changes in fair value due to hedging 
- 
- 
179 
- 
- 
179 
Exchange adjustments and other movements 
65 
0 
33 
2 
- 
100 
Gross carrying amount at 31 December 
6,456 
9 
4,672 
141 
44 
11,322 
Impairment allowance 
- 
- 
(6) 
- 
- 
(6) 
Net carrying amount at 31 December 
6,456 
9 
4,666 
141 
44 
11,316
(1)
 
Changes in fair value due to continued hedging relationships amount to € 548 million, loss.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
121
|
Page
 
31 December 2022 Consolidated Financial Statements
22.2 
Movement of ECL
The table below presents the ECL movement per portfolio, 
including ECL movement analysis per stage:
31 December 2022 
31 December 2021 
Measured at 
amortised cost 
Measured at 
FVOCI 
Total 
Measured at 
amortised cost 
Measured at 
FVOCI 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Balance at 1 January 
6 
12 
18 
5 
10 
15 
New financial assets purchased 
16 
2 
18 
8 
8 
16 
- of which 12-month ECL-Stage 1 
16 
2 
18 
8 
8 
16 
Transfers 
between stages 
- (from)/to 12-month ECL-Stage 1 
(6) 
(11) 
(17) 
- 
0 
0 
- (from)/to lifetime ECL-Stage 2 
0 
0 
0 
- 
(0) 
(0) 
- (from)/to lifetime ECL-Stage 3 
6 
11 
17 
- 
- 
- 
Remeasurement due to change in 
ECL risk parameters 
3 
13 
16 
(6) 
(6) 
(12) 
- of which 12-month ECL-Stage 1 
(2) 
9 
7 
(6) 
(6) 
(12) 
- of which lifetime ECL-Stage 2 
1 
4 
5 
- 
(0) 
(0) 
- of which lifetime ECL-Stage 3 
4 
- 
4 
- 
- 
- 
Financial assets disposed during the 
year 
(3) 
(4) 
(7) 
(0) 
(1) 
(1) 
- of which 12-month ECL-Stage 1 
(3) 
(4) 
(7) 
(0) 
(1) 
(1) 
Financial assets redeemed during the 
year 
- 
(10) 
(10) 
(0) 
(0) 
(0) 
- of which lifetime ECL-Stage 3 
- 
(10) 
(10) 
- 
- 
- 
Foreign exchange and other 
movements 
(0) 
(1) 
(1) 
(1) 
1 
- 
Balance as at 31 December 
22 
12 
34 
6 
12 
18
22.3 
Equity reserve: revaluation of the investment 
securities at FVOCI
Gains 
and 
losses 
arising 
from 
the 
changes 
in 
the 
fair 
value 
of 
investment 
securities 
at 
FVOCI 
are 
recognized 
in 
a 
corresponding 
revaluation reserve in equity. 
The movement of the reserve is as follows:
2022 
2021 
€ million 
€ million 
Balance at 
1 January 
322 
415 
Net gains/(losses) from changes in fair value 
(702) 
(128) 
Tax (expense)/benefit 
180 
33 
Revaluation reserve from associated undertakings, net of tax 
(33) 
(4) 
(555) 
(99) 
Net (gains)/losses transferred to net profit on disposal 
29 
(99) 
ECL transferred to net profit 
4 
3 
Tax (expense)/benefit on net (gains)/losses 
transferred to net profit on disposal 
(7) 
28 
Tax (expense)/benefit on ECL 
transferred to net profit 
(1) 
(1) 
25 
(69) 
Net (gains)/losses transferred to net profit from 
fair value hedges 
270 
105 
Tax (expense)/benefit 
(73) 
(30) 
197 
75 
Balance at 31 December 
(10) 
322

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
122
|
Page
 
31 December 2022 Consolidated Financial Statements
23. 
Group composition 
23.1 
Shares in subsidiaries
The following is a listing of the Company's subsidiaries as at 31 December 2022, included in the consolidated financial statements 
for 
the year ended 31 December 2022:
Name 
Note 
Percentage 
holding 
Country of 
incorporation 
Line of business 
Eurobank S.A. 
100.00 
Greece 
Banking 
Be Business Exchanges S.A. of Business Exchanges 
Networks and Accounting and Tax Services 
98.01 
Greece 
Business-to-business e-commerce, 
accounting, tax and sundry services 
Eurobank Asset Management Mutual Fund Mngt 
Company Single Member S.A. 
100.00 
Greece 
Mutual fund and asset management 
Eurobank Equities Investment Firm Single Member 
S.A. 
100.00 
Greece 
Capital markets and advisory services 
Eurobank Leasing Single Member S.A. 
100.00 
Greece 
Leasing 
Eurobank Factors Single Member S.A. 
100.00 
Greece 
Factoring 
Herald Greece Single Member Real Estate 
development and services S.A. 1 
100.00 
Greece 
Real estate 
Herald Greece Single Member Real Estate 
development and services S.A. 2 
100.00 
Greece 
Real estate 
Standard Single Member Real Estate S.A. 
100.00 
Greece 
Real estate 
Cloud Hellas Single Member Ktimatiki S.A. 
100.00 
Greece 
Real estate 
Piraeus Port Plaza 1 Single Member Development S.A. 
100.00 
Greece 
Real estate 
(Under liquidation) Anchor Hellenic Investment 
Holding Single Member S.A. 
100.00 
Greece 
Real estate 
Athinaiki Estate Investments Single Member S.A. 
100.00 
Greece 
Real estate 
Piraeus Port Plaza 2 Single Member Development S.A. 
100.00 
Greece 
Real estate 
Piraeus Port Plaza 3 Single Member Development S.A. 
100.00 
Greece 
Real estate 
Tenberco Real Estate 
Single Member S.A. 
100.00 
Greece 
Real estate 
Value Touristiki Single Member Development S.A. 
100.00 
Greece 
Real estate 
Eurobank Bulgaria A.D. 
99.99 
Bulgaria 
Banking 
IMO Property Investments Sofia E.A.D. 
100.00 
Bulgaria 
Real estate services 
ERB Hellas (Cayman Islands) Ltd 
k 
100.00 
Cayman Islands 
Special purpose financing vehicle 
Berberis Investments Ltd 
100.00 
Channel Islands 
Holding company 
Eurobank Cyprus Ltd 
100.00 
Cyprus 
Banking 
ERB New Europe Funding III Ltd 
100.00 
Cyprus 
Finance company 
Foramonio Ltd 
100.00 
Cyprus 
Real estate 
NEU 03 Property Holdings Ltd 
100.00 
Cyprus 
Holding company 
NEU Property Holdings Ltd 
100.00 
Cyprus 
Holding company 
Lenevino Holdings Ltd 
100.00 
Cyprus 
Real estate 
Rano Investments Ltd 
100.00 
Cyprus 
Real estate 
Neviko Ventures Ltd 
100.00 
Cyprus 
Real estate 
Zivar Investments Ltd 
100.00 
Cyprus 
Real estate 
Amvanero Ltd 
100.00 
Cyprus 
Real estate 
Revasono Holdings Ltd 
100.00 
Cyprus 
Real estate 
Volki Investments Ltd 
100.00 
Cyprus 
Real estate 
Adariano Investments Ltd 
100.00 
Cyprus 
Real estate 
Elerovio Holdings Ltd 
100.00 
Cyprus 
Real estate 
Sagiol Ltd 
j 
100.00 
Cyprus 
Holding company 
Macoliq Holdings Ltd 
j 
100.00 
Cyprus 
Holding company 
Senseco Trading Limited 
j 
100.00 
Cyprus 
Holding company 
Eurobank Private Bank Luxembourg S.A. 
100.00 
Luxembourg 
Banking 
Eurobank Fund Management Company (Luxembourg) 
S.A. 
100.00 
Luxembourg 
Fund management 

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
ERB Lux Immo S.A. 
100.00 
Luxembourg 
Real estate 
ERB New Europe Funding B.V. 
100.00 
Netherlands 
Finance company 
ERB New Europe Funding II B.V. 
100.00 
Netherlands 
Finance company 
ERB New Europe Holding B.V. 
100.00 
Netherlands 
Holding company 
ERB IT Shared Services S.A. 
100.00 
Romania 
Informatics data processing 
IMO Property Investments Bucuresti S.A. 
100.00 
Romania 
Real estate services 
IMO-II Property Investments S.A. 
100.00 
Romania 
Real estate services 
Retail Development S.A. 
99.99 
Romania 
Real estate 
Seferco Development S.A. 
99.99 
Romania 
Real estate 
Eurobank Direktna a.d. 
70.00 
Serbia 
Banking 
ERB Leasing A.D. Beograd-in Liquidation 
85.15 
Serbia 
Leasing 
IMO Property Investments A.D. Beograd 
100.00 
Serbia 
Real estate services 
Reco Real Property A.D. Beograd 
100.00 
Serbia 
Real estate 
ERB Hellas Plc 
f 
100.00 
United Kingdom 
Special purpose financing vehicle 
Karta II Plc 
- 
United Kingdom 
Special purpose financing vehicle 
Astarti Designated Activity Company 
- 
Ireland 
Special purpose financing vehicle 
ERB Recovery Designated Activity Company 
- 
Ireland 
Special purpose financing vehicle
 
The following entities are not included in the consolidated 
financial statements due to immateriality: 
(i) the Group’s 
special purpose financing 
vehicles and the 
related holding 
entities, which are 
dormant and/or 
are under liquidation: 
Themeleion 
III 
Holdings 
Ltd, 
Themeleion IV 
Holdings 
Ltd, 
Themeleion Mortgage 
Finance Plc, 
Themeleion 
II Mortgage 
Finance Plc, 
Themeleion 
III 
Mortgage 
Finance 
Plc, 
Themeleion 
IV 
Mortgage 
Finance 
Plc, 
Themeleion 
V 
Mortgage 
Finance 
Plc, 
Themeleion 
VI 
Mortgage Finance Plc, Anaptyxi APC Ltd and Byzantium 
II Finance Plc.
(ii) the holding entity of Karta II Plc: Karta II Holdings Ltd.
(iii) dormant entity: Enalios Real Estate 
Development S.A. 
(iv) entities 
controlled by 
the Group 
pursuant to 
the terms 
of the relevant 
share pledge 
agreements: Finas 
S.A., Rovinvest 
S.A. and 
Promivet S.A. 
In 2022, 
the changes 
in the 
Group 
structure 
due to: 
a) acquisitions, 
mergers 
and establishment 
of companies, 
b) sales 
and other 
corporate actions, 
which resulted in 
loss of control, 
c) transactions with 
the non-controlling interests, 
which did not result 
in loss of 
control and d) liquidations, are as follows:
(a) IMO 03 E.A.D., Bulgaria
In February 2022, 
the Bank disposed 
of its 
participation interest of 100% 
in IMO 03 
E.A.D. (which as 
of 31 
December 2021 was 
classified 
as held for sale) to a third party for a cash consideration 
of € 5.8 million. The resulting loss on the disposal was immaterial. 
(b) (Under liquidation) Real Estate Management 
Single Member S.A., Greece
In February 2022, the liquidation of the company was completed.
(c) Hellenic Post Credit S.A., Greece
In February 2022, the Bank reached an agreement for the 
acquisition of the remaining 50% of the 
share capital of Hellenic Post Credit 
S.A., settled 
by offsetting 
receivables it 
held from 
the other 
shareholder of 
the entity 
(note 42). 
In November 
2022, after 
receiving 
the 
required 
approvals 
from 
the competent 
authorities, the 
merger 
of 
the 
Bank and 
Hellenic Post 
Credit 
S.A. was 
completed, 
by 
absorption of the 
latter by the former. 
In line with the Group’s 
accounting policy for 
business combinations involving 
entities under 
common 
control, 
the 
transfer 
of 
the 
entity’s 
assets 
and 
liabilities 
to 
the 
Bank 
was 
performed 
at 
their 
pre-combination 
carrying 
amounts under the 
pooling of interests method (also 
known as merger 
accounting). The merger had no 
impact in the 
Group’s financial 
statements.
(d) Staynia Holdings Limited, Cyprus
In February 2022, the 
liquidation of the company 
was decided. In June 2022, 
the distribution of the 
company’s surplus 
assets to the 
Bank 
(its 
sole shareholder) 
was 
completed 
with 
an immaterial 
effect 
on 
the 
Group’s 
income statement, 
while 
its dissolution 
was 
completed in October 2022.
 

 
 
 
Notes to the Consolidated Financial Statements 
.
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(e) ERB Istanbul Holding A.S. in liquidation, Turkey 
In 
June 
2022, 
the 
liquidation 
of 
the 
company 
was 
completed. 
The 
Group 
recognized 
a) 
€ 
76.3 
million 
loss 
in 
“Other 
income/(expenses)”, 
arising mainly 
from the 
recyclement of 
foreign 
currency losses 
of € 
75.9 million, 
previously recorded 
in other 
comprehensive income, to the income statement 
and b) € 2.5 million tax expense on the liquidation proceeds.
(f) ERB Hellas Plc, United Kingdom
In June 2022, the liquidation of the company was decided.
(g) Vouliagmeni Residence Single Member S.A., Greece
In 
March 
2022, 
the 
Bank 
signed 
an 
agreement 
for 
the 
sale 
of 
its 
participation 
interest 
of 
100% 
in 
Vouliagmeni 
Residence 
Single 
Member S.A. to 
a third party. 
On the basis 
of the said 
agreement, the 
company was 
classified as held 
for sale 
since 31 March 
2022 
and an 
impairment loss 
of € 
0.7 million 
was recognised 
in the 
income statement 
line “Other 
impairment losses 
and provisions”. 
In 
July 2022, 
the sale 
of the 
company was 
completed for 
a cash 
consideration 
of € 
9.7 million 
with no 
effect 
on the 
Group’s 
income 
statement.
(h) Eliade Tower S.A., Romania
In September 
2022, the 
Group decided 
to proceed 
with the 
sale of its 
participation interest 
of 99.99% in 
Eliade Tower 
S.A. On this 
basis, as at 30 September 2022 the company was classified as held for sale and 
an impairment loss of € 1.5 million was recognized in 
the income statement 
line “Other impairment losses 
and provisions”. 
In October 2022, the 
sale of Eliade Tower 
S.A. was completed 
for a cash consideration of € 4.4 million with an immaterial 
effect on the Group’s 
income statement.
(i) Village Roadshow Operations Hellas S.A., Greece
The Bank had acquired 
“Village Roadshow Operations Hellas S.A.” in the 
third quarter of 2021, 
following the enforcement of collateral 
on the company’s 
shares under a 
lending arrangement. 
The company 
since its acquisition 
had been classified 
as held for 
sale. On 2 
August 2022, in the context 
of the Group’s 
loan restructuring activities, the Bank signed 
an agreement with a third party 
for the sale 
of its participation interest of 100% in the 
company and the restructuring of its existing loan facilities 
subject to certain preconditions, 
which were 
fulfilled in November 
2022. Following 
the completion of 
the agreement, 
the Group recognized 
a) € 21.5 
million benefit 
due to the reversal 
of loan provisions 
in the Bank’s 
accounts, in the income 
statement line 
“Impairment losses relating 
to loans and 
advances to customers” and b) € 2 million loss 
from the disposal of the company’s 
shares, including costs directly attributable 
to the 
agreement, in the income statement 
line ”Other income/(expenses)”.
(j) Sagiol Ltd, Macoliq Holdings Ltd and Senseco Trading 
Limited, Cyprus
In October 2022, the liquidation of the companies was decided.
(k) ERB Hellas (Cayman Islands) Ltd, Cayman Islands
In December 2022, the liquidation of the company was decided. 
In 2021, 
the changes 
in the 
Group 
structure 
due to: 
a) acquisitions, 
mergers 
and establishment 
of companies, 
b) sales 
and other 
corporate actions, 
which resulted in 
loss of control, 
c) transactions with 
the non-controlling interests, 
which did not result 
in loss of 
control and d) liquidations, are as follows:
(i)
Grivalia New Europe S.A., Luxembourg 
In January 2021, the liquidation of the company was completed.
(ii)
Senseco Trading Ltd, 
Cyprus and Value Touristiki 
S.A., Greece 
In April 2021, the Bank acquired 100% of the shares and voting rights of Senseco Trading Limited for a cash consideration of 
€ 6.7 million. The acquisition was accounted for as a business combination using the purchase method of accounting. At the 
date of acquisition, the fair value of the total net assets amounted to € 6.4 million mainly referring to 51% of the shares and 
voting rights 
of the Group’s 
joint venture 
Value Touristiki 
S.A. Accordingly, 
the resulting 
goodwill asset amounted 
to € 0.3 
million. Following the above transaction, Value Touristiki 
S.A. became a wholly owned subsidiary of the Bank. In 
accordance 
with the requirements for business combinations achieved in stages, the Group had remeasured 
its previously held interest 
of 49% in Value Touristiki S.A. at fair value of € 6.1 
million, with a resulting gain of 
€ 1.7 million that 
was recognized in “Other 
income/(expenses)”. 

 
 
 
Notes to the Consolidated Financial Statements 
.
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(iii)
Special purpose financing vehicle for the securitization of Bank’s 
loans and related real estate 
company 
In May 2021, in 
the context of the management of 
the Group’s non performing exposures (NPE) the Bank, 
through its special 
purpose financing vehicle Mexico Finance Designated Activity Company, proceeded with the securitization of a 
mixed assets 
portfolio of primarily NPE and established the related real estate 
company Mexico Estate 
Single Member S.A. In September 
2021, the BoD of Eurobank Holdings approved to proceed with the sale of 95% of the mezzanine and junior notes of Mexico 
securitization 
to 
doValue 
Group 
subject 
to 
the 
fulfillment 
of 
certain 
conditions. 
On 
20 
December 
2021, 
following 
the 
completion of 
the Mexico 
transaction, the 
Group ceased 
to control 
the special 
purpose financing 
vehicle Mexico 
Finance 
Designated Activity 
Company and the 
related real 
estate company 
Mexico Estate 
Single Member S.A., and 
as a result 
they 
were not included in the consolidated financial statements 
for the year ended 31 December 2021 (note 20).
(iv)
Eurobank A.D. Beograd and ERB Leasing A.D. Beograd 
– In Liquidation, Serbia 
In December 2021, the merger of Eurobank’s subsidiary in Serbia, Eurobank a.d. Beograd (“Eurobank Serbia”) with Direktna 
Banka 
a.d. 
Kragujevac 
(“Direktna”) 
was 
completed, 
after 
all 
necessary 
approvals 
from 
the 
competent 
authorities 
were 
obtained and the combined Bank was renamed to Eurobank Direktna a.d. As a result of the merger, the Group’s 
percentage 
holding in 
its previously 
wholly owned 
subsidiaries Eurobank 
Direktna a.d. 
and ERB 
Leasing A.D. 
Beograd – 
In Liquidation 
decreased to 70% and 85.15%, respectively. 
(v)
Ragisena Ltd, Cyprus 
In 
July 
2021, Eurobank 
Cyprus Ltd 
disposed 
its participation 
interest 
of 
100% in 
Ragisena 
Ltd 
to 
a third 
party 
for 
a cash 
consideration of € 0.8 million. The resulting gain 
on the disposal was immaterial.
(vi)
Eurobank Holding (Luxembourg) S.A. under liquidation, 
Luxembourg 
In September 2021, the liquidation of the company was 
decided and its dissolution was completed in December 2021.
(vii)
Demerger of Eurobank Ergasias Leasing Single Member S.A. 
In 
June 
2021, 
in 
the 
context 
of 
the 
optimization 
of 
the 
Group’s 
organizational 
structure 
and 
the 
enhancement 
of 
its 
competitiveness in the leasing market, the Extraordinary General 
Shareholders’ Meetings of the Bank and its wholly owned 
subsidiary 
Eurobank 
Ergasias 
Leasing 
Single 
Member 
S.A. 
resolved 
the 
approval 
of 
the 
demerger 
of 
Eurobank 
Ergasias 
Leasing Single Member S.A. 
(“Demerged Entity”) through 
(i) the transfer 
of part of its assets 
and liabilities to the 
Bank and 
(ii) 
the 
establishment 
of 
a 
new 
company 
through 
the 
transfer 
of 
the 
remaining 
part 
of 
the 
assets 
and 
liabilities 
of 
the 
Demerged Entity. 
The aforementioned 
demerger was 
completed in 
October 2021, 
after receiving 
the required 
approvals by 
the competent 
Authorities, while 
a new 
company 
“Eurobank Leasing 
Single Member 
S.A” 
was established 
for 
this purpose, 
as described 
above. 
Moreover, 
the 
deregistration 
of 
the 
demerged 
entity 
“Eurobank 
Ergasias 
Leasing 
Single 
Member 
S.A.” 
from 
the 
General Commercial Registry was completed.
In line with the Group’s 
accounting policy for business 
combinations involving entities 
under common control, the 
transfer 
of the Demerged Entity’s assets and liabilities to 
the Bank was performed at their pre-combination 
carrying amounts under 
the pooling of interests 
method, while the transfer 
of the Demerged Entity’s 
assets and liabilities to the 
new company was 
accounted for 
as an internal 
capital reorganization, 
thus also 
transferred 
at their 
carrying amounts. 
The demerger 
had no 
impact in the Group’s financial statements.
(viii)
Standard Single Member Real Estate S.A., Greece 
In December 
2021, the 
Bank signed 
a shares 
sale and 
purchase agreement 
with the 
other shareholder 
of Standard 
Real 
Estate S.A. for the acquisition of the remaining 
shares (5.90%) in the company for 
a cash consideration of € 0.1 million. The 
effect 
of 
the 
transaction 
was 
immaterial 
and 
was 
recognized 
directly 
in 
the 
equity 
attributable 
to 
the 
shareholders 
of 
Eurobank Holdings. As 
a result, Standard 
Real Estate 
S.A. became a wholly 
owned subsidiary of 
the Bank. In 
January 2022, 
following the above transaction, the name of the company 
was amended with the inclusion of the term “Single member”.
(ix)
ERB Istanbul Holding A.S. in liquidation, Turkey 
In December 
2021, the 
liquidation 
of the 
company 
was decided 
and accordingly 
its name 
was amended 
to ERB 
Istanbul 
Holding A.S. in liquidation.

 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Agreement for the acquisition of BNP Paribas Personal Finance 
Bulgaria by Eurobank Bulgaria A.D.
On 9 December 
2022, Eurobank 
Holdings announced that 
it had reached 
an agreement 
for the 
acquisition of 
BNP Paribas 
Personal 
Finance Bulgaria 
(the “Business”) 
by Eurobank’s 
subsidiary in 
Bulgaria, 
Eurobank 
Bulgaria 
A.D. (“Postbank”). 
Specifically, 
Postbank 
had signed a put option letter for the benefit of BNP Paribas Personal Finance providing for 
the sale of its Bulgarian branch, based on 
the agreed 
terms. 
Pursuant 
to the 
above 
agreement, 
a consultation 
process 
with the 
French 
Labour 
Council has 
taken 
place, the 
conclusion of which led to the signing of a Business Transfer 
Agreement in January 2023. 
The 
transaction 
is in 
line with 
the 
Group’s 
strategy 
to 
further strengthen 
Postbank’s 
position in 
the 
Bulgarian 
retail 
sector 
and is 
expected to burden the Eurobank Holdings Group’s regulatory capital 
ratios by c. 25bps, reflecting mainly the increase in the Group’s 
Risk Weighted 
Assets. As of 
the end of 
September 2022, BNP 
Paribas Personal 
Finance Bulgaria, which 
operates through 
a network 
of 44 branches, 
had total 
assets of € 
450 million, deposits 
close to € 
100 million and 
a clientele of 
more than 
270 thousand clients. 
The 
completion 
of 
the 
transaction 
is 
expected 
to 
take 
place 
in 
the 
first 
semester 
of 
2023 
subject 
to 
approvals 
by 
all 
competent 
regulatory authorities. 
Other post balance sheet events
Retail Development S.A., Romania
In February 
2023, the Bank 
signed an agreement 
for the 
sale of its 
participation interest 
of 99.99% in 
Retail Development 
S.A. to a 
third party.
Eurobank Direktna a.d., Serbia
On 
2 
March 
2023, 
the 
Bank 
announced 
that 
it 
has 
signed 
a binding 
agreement 
(share 
purchase 
agreement) 
with 
AIK 
Banka 
a.d. 
Beograd 
(“AIK”) 
for 
the 
sale 
of 
its 
70% 
shareholding 
in 
its 
subsidiary 
in 
Serbia, 
Eurobank 
Direktna 
a.d. 
(the 
“Transaction”). 
Consequently, 
the 
subsidiary 
will 
be 
classified 
as 
held 
for 
sale 
and 
its 
results 
will 
be 
presented 
in 
discontinued 
operations. 
The 
Transaction is consistent with Eurobank’s 
strategy to direct capital to opportunities with more compelling RoTBV (Return on Tangible 
Book Value) 
and to 
further enhance 
its presence 
in its 
core markets. 
In this 
context, 
based on 
the agreement, 
100% of 
Eurobank 
Direktna was valued at €280 million. 
The Transaction 
is expected 
to contribute 
ca. 50 
bps to 
Eurobank Holdings 
Group’s 
CET1 ratio 
(based on 
the third 
quarter of 
2022 
ratio), reflecting mainly the release of related 
RWAs (Risk Weighted 
Assets). It is expected to be completed within year 2023, subject 
to customary regulatory and other approvals.
ERB Hellas (Cayman Islands) Ltd, Cayman Islands
In February 2023, the return of the company’s 
share capital to the Bank, through the repurchase 
of the whole of its own shares, was 
completed. 
Significant restrictions on the Group's ability to access or 
use the assets and settle the liabilities of the Group 
The Group does 
not have any 
significant restrictions 
on its ability to 
access or use its 
assets and settle 
its liabilities other than 
those 
resulting from regulatory, 
statutory and contractual requirements, 
set out below:
●
Banking and 
other financial 
institution subsidiaries 
are subject 
to regulatory 
restrictions 
and central 
bank requirements 
in the 
countries 
in 
which 
the 
subsidiaries 
operate. 
Such 
supervisory 
framework 
requires 
the 
subsidiaries 
to 
maintain 
minimum 
capital 
buffers and 
certain capital adequacy 
and liquidity ratios, 
including restrictions to 
limit exposures and/or 
the transfer 
of funds to the 
Company 
and 
other 
subsidiaries 
within 
the 
Group. 
Accordingly, 
even 
if 
the 
subsidiaries’ 
financial 
assets 
are 
not 
pledged 
at 
an 
individual entity level, their transfer within the 
Group may be restricted under the 
existing supervisory framework. As at 31 
December 
2022, the 
carrying 
amount 
of the 
Group 
financial institution 
subsidiaries’ 
assets and 
liabilities, before 
intercompany 
eliminations, 
amounted to € 89.7 billion and € 80.3 billion, respectively, 
including Eurobank S.A. (2021: € 83.6billion and € 76.9 billion). 
●
Subsidiaries 
are 
subject 
to 
statutory 
requirements 
mainly 
relating 
with 
the 
level 
of 
capital 
and 
total 
equity 
that 
they 
should 
maintain, restrictions on the distribution of capital and special reserves, as well 
as dividend payments to their ordinary shareholders.. 
●
The Group 
uses its financial 
assets as 
collateral 
for repo 
and derivative 
transactions, secured 
borrowing from 
central and 
other 
banks, issuances of covered bonds, as well 
as securitizations. As a result of financial assets’ pledge, 
their transfer within 
the Group is 
not permitted. Information relating 
to the Group’s pledged 
financial assets is provided in notes 17, 29 and 40. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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●
The Group is 
required to maintain mandatory and 
collateral deposits with central banks. 
Information for these deposits 
is provided 
in note 15.
23.2
.
 
Subsidiary with material Non Controlling Interest
..
In December 
2021, the 
merger of 
Direktna Banka 
a.d. Kragujevac 
(“Direktna”) 
with Eurobank’s 
subsidiary in 
Serbia, Eurobank 
a.d. 
Beograd 
(“Eurobank 
Serbia”) 
(the 
“Transaction”) 
was 
concluded, 
with 
absorption 
of 
Direktna 
by 
Eurobank 
Serbia. 
Following 
the 
completion of the transaction 
Eurobank controls 70% 
of the combined bank, while Direktna’s 
shareholders own the remaining 
30%. 
Part of the Transaction 
was the dividend distribution and capital return to Eurobank 
Group of ca. € 232 million, after tax, in total.
As at 31 December 
2022, the combined 
bank “Eurobank Direktna 
a.d.” is 
the only entity of 
the Group with 
material non-controlling 
interests. 
Financial information 
regarding the 
combined bank, which 
is before 
inter-company eliminations 
with other companies 
of 
the Group, is provided in the table below.
.
2022 
2021 
€ million 
€ million 
Total operating 
income 
93.5 
66.6 
Net profit 
0.4 
0.3 
Other comprehensive income 
(4.2) 
(0.8) 
Total comprehensive 
income 
(3.8) 
(0.5) 
Total comprehensive 
income attibutable to non controlling interests 
(1.1) 
(1.4) 
Total assets 
2,580 
2,469 
Total liabilities 
2,265 
2,150 
Net assets 
315 
319 
Net assets attributable to non controlling interests 
95 
96 
Cash and cash equivalents at beginning of year 
224 
153 
Cash and cash equivalents at end of year 
208 
224
24. 
Investments in associates and joint ventures
.
.
As at 31 December 2022, the 
carrying amount of the Group’s investments in associates and joint ventures amounted to € 173 million 
(2021: € 267 million). The following is the listing of the Group’s 
associates and joint ventures as at 31 December 2022:
.
Name 
Note 
Country of 
incorporation 
Line of business 
Group's 
share 
Femion Ltd 
 
Cyprus 
Special purpose investment vehicle 
66.45 
(Under liquidation) Tefin S.A. 
 
Greece 
Dealership of vehicles and machinery 
50.00 
Global Finance S.A.⁽¹⁾ 
 
Greece 
Investment financing 
33.82 
Rosequeens Properties Ltd⁽²⁾ 
 
Cyprus 
Special purpose investment vehicle 
33.33 
Odyssey GP S.a.r.l. 
 
Luxembourg 
Special purpose investment vehicle 
20.00 
Eurolife FFH Insurance Group Holdings S.A.⁽¹⁾ 
 
Greece 
Holding company 
20.00 
Alpha Investment Property Commercial Stores S.A. 
 
Greece 
Real estate 
30.00 
Peirga Kythnou P.C. 
 
Greece 
Real estate 
50.00 
doValue Greece Loans and Credits Claim Management S.A. 
 
Greece 
Loans and Credits Claim Management 
20.00 
Perigenis Business Properties S.A. 
 
Greece 
Real estate 
18.90
(1)
 
Eurolife Insurance group (Eurolife FFH Insurance Group Holdings S.A. 
and its subsidiaries) and Global Finance group 
(Global Finance S.A. and its subsidiaries) 
are considered as the Group’s associates. 
(2)
 
Rosequeens Properties Ltd (including its subsidiary Rosequeens Properties SRL until December 2022) is considered as a Group’s joint venture. 
Omega Insurance 
and Reinsurance 
Brokers 
S.A. in which 
the Group 
holds 26.05% is 
not accounted 
under the 
equity method in 
the 
consolidated financial statements. The Group is 
not represented in the 
Board of Directors of 
the company, therefore does not exercise 
significant influence over it.

 
 
 
Notes to the Consolidated Financial Statements 
.
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Femion Ltd. 
is accounted 
for as 
a joint 
venture of 
the Group 
based on 
the substance 
and the 
purpose of 
the arrangement 
and the 
terms of the 
shareholder’s agreement which require the 
unanimous consent of 
the shareholders for significant 
decisions and establish 
shared control through the equal representation 
of the shareholders in the management bodies of the company.
Perigenis Business Properties 
S.A. is accounted 
for as an 
associate of the 
Group based 
on the Bank’s 
representation 
in the Board 
of 
Directors and the decision-making process as prescribed 
in the company’s articles of association.
(a) Grivalia Hospitality S.A., Luxembourg
On 24 March 2022, the Bank signed a Share Purchase Agreement for the disposal of a 5.1% shareholding in the Group’s 
joint venture 
Grivalia Hospitality 
S.A. for a 
total consideration 
of € 15.9 
million. As a 
result of the 
transaction, the 
Bank’s 
shareholding in Grivalia 
Hospitality S.A. decreased from 25% to 19.9% and in combination with the 
terms of the revised Shareholders’ Agreement signed with 
the other shareholders 
on the same date, 
the Bank ceased to 
have joint control 
over the entity and 
hence has discontinued the 
use 
of the equity method of accounting. 
Following the aforementioned 
sale, as of 31 March 2022, the 
retained interest 
in the entity has 
been 
measured 
as 
a financial 
asset 
at 
FVTPL with 
any 
change in 
the 
carrying 
amount 
to 
be recognized 
in 
the 
income statement. 
Accordingly, 
the difference 
between: 
(i) the 
fair 
value 
of 
the retained 
interest 
on the 
aforementioned 
date, 
amounting 
to € 
71.2 
million and the proceeds received from the 
said partial disposal and (ii) the previous carrying amount of the investment 
in the entity 
under the equity method amounting to € 54.2 million, resulted in a total gain of € 32.3 million, net of the recyclement of € 0.6 
million 
foreign 
currency 
translation 
losses 
(previously 
recognized 
in 
other 
comprehensive 
income), 
that 
was 
recognised 
in 
the 
income 
statement in “Other income/(expenses)”. 
For the year ended 31 December 2022, the 
above gain was 
further adjusted to € 34 million. 
(b) Information Systems Impact S.A., Greece
In July 2022, the 
Bank disposed of its 
participation interest in Information Systems Impact S.A. to a 
third party for a cash consideration 
of € 3.9 million. The resulting gain on disposal amounted to 
€ 1.1 million and was recognized in “Other income/(expenses)”.
(c) Intertech S.A. – International Technologies, 
Greece
In 
September 
2022, 
the 
Bank 
disposed 
of 
its 
participation 
interest 
in 
Intertech 
S.A. 
– 
International 
Technologies 
(which 
since its 
acquisition in the third quarter of 2021 was classified as held for sale) to a third party for a cash consideration of € 1.9 million with an 
immaterial effect on the Group’s 
income statement.
(d) Sinda Enterprises Company Ltd, Cyprus
In 
October 
2022, 
the 
Bank 
disposed 
of 
its 
participation 
interest 
in 
Sinda 
Enterprises 
Company 
Ltd 
to 
a 
third 
party 
for 
a 
cash 
consideration 
of 
€ 
3.2 
million. 
The 
resulting 
loss 
on 
disposal 
amounted 
to 
€ 
1.1 
million 
and 
was 
recognized 
in 
“Other 
income/(expenses)”.
(e) Rosequeens Properties Ltd, Romania
In December 2022, 
the Group’s 
joint venture 
Rosequeens Properties 
Ltd, disposed 
of its subsidiary 
Rosequeens Properties 
SRL to a 
third party.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Associates and joint ventures material to 
the Group
With regards to the Group’s associates and joint ventures, 
Eurolife FFH Insurance Group Holdings S.A. and doValue Greece Loans and 
Credits Claim Management 
S.A. are considered 
individually material for 
the Group. Financial 
information regarding 
those entities is 
provided in the tables below: 
Eurolife FFH Insurance Group Holdings S.A.
2022 
2021 
€ million 
€ million 
Current assets 
3,148 
3,451 
Non-current assets 
226 
132 
Total assets 
3,374 
3,583 
Current liabilities 
403 
391 
Non-current liabilities 
2,410 
2,491 
Total liabilities 
2,813 
2,882 
Equity 
561 
701 
Group’s carrying amount of the investment 
112 
140 
Operating income 
169 
129 
Net profit 
94 
65 
Other comprehensive income 
(163) 
(19) 
Total comprehensive 
income 
(69) 
46 
Dividends paid to the Group 
14 
17
doValue Greece Loans and Credits 
Claim Management S.A.
2022 
2021 
€ million 
€ million 
Current assets 
90 
128 
Non-current assets 
347 
361 
Total assets 
437 
489 
Current liabilities 
95 
157 
Non-current liabilities 
121 
140 
Total liabilities 
216 
297 
Equity 
221 
192 
Group's share in equity 
44 
38 
Goodwill and other adjustments ⁽¹⁾ 
1 
12 
Group’s carrying amount of the investment 
45 
50 
Operating income⁽¹⁾ 
72 
77 
Net profit⁽¹⁾ 
53 
54 
Total comprehensive 
income⁽¹⁾ 
53 
54 
Dividends paid to the Group 
5 
3
(1) 
In the year ended 
31 December 2022, other 
adjustments of € 11 
million (expense) refer mainly to 
the elimination of the 
Group’s share of the associate’s gains 
relating to upstream transactions with the Bank.
The Group’s share of the associate’s 
operating income, net profit and total comprehensive income, after the 
above adjustments 
amount to € 3 million, 
€ 
0.5 million loss, € 
0.5 million loss respectively. 
.

 
 
 
Notes to the Consolidated Financial Statements 
.
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The carrying amount, in aggregate, of the Group's joint ventures as at 31 December 2022 amounted to € 6 million (2021: € 65 million 
including Grivalia 
Hospitality S.A). 
The Group’s 
share of 
profit and 
loss and 
total comprehensive 
income of 
the above 
entities was 
immaterial (2021: € 1 million).
The 
carrying 
amount, 
in 
aggregate, 
of 
the 
Group's 
associates 
excluding 
Eurolife 
FFH 
Insurance 
Group 
Holdings 
S.A. 
and 
doValue 
Greece Loans and Credits Claim 
Management S.A. which is 
presented above (i.e. Global Finance 
S.A., Odyssey GP S.a.r.l., 
and Perigenis 
Business Properties S.A.) 
as at 31 December 
2022 amounted 
to € 9 million 
(2021: € 12 million). 
The Group’s 
share of profit 
and loss 
and total comprehensive income of the above 
entities was immaterial (2021: immaterial).
The Group has not recognized losses in relation 
to its interest in its joint ventures, 
as its share of losses exceeded its interest 
in them 
and no 
incurred obligations 
exist or 
any payments 
were performed 
on behalf 
of them. For 
the year 
ended 31 
December 2022, 
the 
unrecognized 
share of 
losses for 
the Group’s 
joint ventures 
amounted to 
€ 2 million 
(2021: € 2 
million). The cumulative 
amount of 
unrecognized share of losses for 
the joint ventures amounted to € 4 million (2021: € 24 million).
As 
at 
31 
December 
2022, 
the 
Group 
has 
no 
unrecognized 
commitments 
in 
relation 
to 
its 
participation 
in 
joint 
ventures 
nor 
any 
contingent liabilities regarding its participation 
in associates or joint ventures, which could result to 
a future outflow of cash or other 
resources.
The Group’s associate 
Eurolife FFH Insurance Group Holdings S.A is subject to regulatory 
and statutory restrictions and is required 
to 
maintain sufficient capital to satisfy 
its insurance obligations. 
Except 
as described 
above, no 
significant restrictions 
exist (e.g. 
resulting 
from loan 
agreements, regulatory 
requirements 
or other 
contractual arrangements) on the ability of associates or joint ventures to 
transfer funds to the Group either as dividends or to repay 
loans that have been financed by the Group.
25. 
Structured Entities
The Group is involved in various types of structured 
entities, such as securitization vehicles, mutual funds and private 
equity funds.
A structured 
entity is 
an entity that 
has been 
designed so 
that voting 
or similar rights 
are not the 
dominant factor 
in deciding who 
controls the entity, such as when any voting rights 
relate to administrative tasks only and the relevant activities are 
directed by means 
of contractual arrangements. A structured entity often has restricted activities, a narrow well-defined objective, insufficient equity to 
permit it 
to finance 
its activities 
without subordinated 
financial support 
and financing 
in the 
form 
of multiple 
contractually 
linked 
instruments to investors 
that create concentrations 
of credit or other risks.
An 
interest 
in 
a 
structured 
entity 
refers 
to 
contractual 
and non-contractual 
involvement 
that 
exposes 
the 
Group 
to 
variability 
of 
returns from 
the performance 
of the 
structured 
entity. 
Examples of 
interest 
in structured 
entities include 
the holding 
of debt 
and 
equity instruments, contractual arrangements, 
liquidity support, credit enhancement, residual value.
Structured entities may be established 
by the Group or by a third party and are 
consolidated when the substance of the relationship 
is such that the structured entities are controlled by the Group, as set out in note 2.2.1(i). As a result of the consolidation assessment 
performed, the Group has involvement 
with both consolidated and unconsolidated structured 
entities, as described below. 
Consolidated structured entities
The 
Group, 
as 
part 
of 
its 
funding activity, 
enters 
into 
securitization 
transactions 
of 
various 
classes of 
loans 
(corporate, 
small 
and 
medium enterprise, mortgage, consumer loans, credit card and bond loans), which generally result in 
the transfer of the above assets 
to structured 
entities (securitization 
vehicles), which, 
in turn 
issue debt 
securities held 
by investors 
and the 
Group’s 
entities. 
The 
Group monitors the credit quality of the securitizations’ underlying loans, as well as the credit ratings of the debt instruments issued, 
when applicable, 
and provides 
either credit 
enhancements to 
the securitization 
vehicles and/or 
transfers 
new loans 
to the 
pool of 
their underlying assets, whenever necessary, 
in accordance with the terms of the relevant 
contractual arrangements in force. 
A listing of the Group’s 
consolidated structured entities is set out in note 23. 
As at 31 December 2022, the face value of debt securities issued by the securitizations sponsored by the Group amounted 
to € 5,258 
million, of which € 4,705 million were held by the Bank (2021: € 5,916 million, of which € 5,364 million were held by the Bank) (notes 
20 and 34).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
131
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31 December 2022 Consolidated Financial Statements
The Group did not provide any 
non contractual financial or other support 
to these structured entities, where applicable, 
and currently 
has no intention to do so in the foreseeable future.
Unconsolidated structured entities 
The 
Group 
enters 
into 
transactions 
with 
unconsolidated 
structured 
entities, 
which 
are 
those not 
controlled 
by 
the Group, 
in 
the 
normal course of business, in order to provide 
fund management services or take advantage 
of specific investment opportunities.
Moreover, 
the Group in the context of 
its NPEs reduction acceleration plan 
entered into the securitization 
of various classes of NPEs 
through the issue of senior, 
mezzanine and junior notes (Cairo, Pillar and Mexico, 
note 20).
Group managed funds
The Group establishes 
and manages structured 
entities in order 
to provide customers, 
either retail or 
institutional, with investment 
opportunities. 
Accordingly, 
through 
its subsidiaries 
Eurobank 
Asset Management 
Mutual Fund 
Mngt 
Company 
S.A. and 
Eurobank 
Fund Management 
Company 
(Luxembourg) 
S.A., it 
is engaged 
with the 
management 
of different 
types of 
mutual funds, 
including 
fixed income, equities, funds of funds and money market. 
Additionally, 
the Group 
is entitled to 
receive management 
and other 
fees and 
may hold 
investments 
in such mutual 
funds for 
own 
investment purposes as well as for the benefit 
of its customers.
The Group is involved in the initial design of the mutual funds and, in its capacity as fund manager, takes investment decisions on the 
selection 
of 
their 
investments, 
nevertheless 
within 
a 
predefined, 
by 
relevant 
laws 
and 
regulations, 
decision 
making 
framework. 
Τherefore, the Group has determined 
that it has no power over these funds.
Furthermore, 
in its 
capacity as 
fund manager, 
the Group 
primary acts 
as an 
agent in 
exercising 
its decision 
making authority 
over 
them. Based on the above, the 
Group has assessed that it has no 
control over these mutual funds and as a 
result does not consolidate 
them. The Group does not have any contractual obligation to provide financial 
support to the managed funds and 
does not guarantee 
their rate of return. 
Non-Group managed funds 
The Group purchases and 
holds units of 
third party managed 
funds including mutual 
funds, private equity and 
other investment funds. 
Securitizations
The Group has interests in unconsolidated securitization vehicles by investing in residential 
mortgage backed and other asset-backed 
securities issued by these entities. 
The 
table 
below 
sets 
out 
the 
carrying 
amount 
of 
the 
Group’s 
interests 
in 
unconsolidated 
structured 
entities, 
recognized 
in 
the 
consolidated 
balance 
sheet 
as 
at 
31 
December 
2022, 
representing 
its 
maximum 
exposure 
to 
loss 
in 
relation 
to 
these 
interests. 
Information 
relating to 
the total 
income derived 
from interests 
in unconsolidated 
structured entities, 
recognized either 
in profit 
or 
loss or 
other comprehensive 
income during 
2022 is also 
provided (i.e. 
fees, interest 
income, net 
gains or 
losses on revaluation 
and 
derecognition):
31 December 2022 
Unconsolidated structured entity type 
Securitizations 
Group 
managed funds 
Non- Group 
managed funds 
Total 
€ million 
€ million 
€ million 
€ million 
Group's interest- 
assets 
Loans and advances to customers⁽¹⁾ 
4,911 
- 
- 
4,911 
Investment securities 
1,486 
71 
17 
1,574 
Other Assets 
- 
2 
- 
2 
Total 
6,397 
73 
17 
6,487 
Total 
income from Group interests 
77 
48 
2 
127

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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|
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31 December 2022 Consolidated Financial Statements
31 December 2021 
Unconsolidated structured entity type 
Securitizations 
Group 
managed funds 
Non- Group 
managed funds 
Total 
€ million 
€ million 
€ million 
€ million 
Group's interest- 
assets 
Loans and advances to customers ⁽¹⁾ 
5,116 
- 
- 
5,116 
Investment securities 
691 
63 
19 
773 
Other Assets 
- 
2 
- 
2 
Total 
5,807 
65 
19 
5,891 
Total 
income from Group interests 
64 
70 
3 
137
(1) 
Includes the senior and mezzanine notes of the Pillar, Cairo and Mexico securitizations (note 20).
For the 
year ended 
31 December 
2022, total 
income related 
to the 
Group’s 
interests 
from securitizations 
mainly includes: 
(i) € 
81 
million, € 2 million 
and € 0.7 million 
interest income 
of debt securities retained 
by the Group measured 
at amortized cost 
, 
at FVOCI 
and FVTPL 
respectively 
and (ii) 
€ 6.9 
million from 
gains or 
losses on 
revaluation 
recognized 
in other 
comprehensive 
income. Total 
income from Group 
interests in relation 
to Group managed 
funds consists of: (i) 
€ 50.1 million income 
relating to management 
fees 
and other commissions for 
the management of funds 
and (ii) € 2.5 million gains 
or losses on revaluation 
or from sale of the 
Group’s 
holding in funds recognized in profit or 
loss. In addition, total income 
in relation to non-Group managed funds consists mainly 
of gains 
or losses on revaluation or from sale of the Group’s 
holding in funds and has been recognized in profit 
or loss.
As at 31 
December 2022, the 
total assets 
of funds under 
the Group’s 
management as well 
as the notional 
amount of notes 
in issue 
by unconsolidated 
securitization vehicles 
amounted to 
€ 3,163 million 
(2021: € 3,303 
million) and 
€ 33,227 
million (2021: € 
24,856 
million), respectively.
26. 
Property and equipment
31 December 2022 
Land, buildings, 
leasehold 
improvements 
Furniture, 
equipment, 
motor 
vehicles 
Computer 
hardware, 
software 
Right of use 
assets (RoU)⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Cost: 
Balance at 1 January 
675 
198 
507 
336 
1,716 
Transfers 
(10) 
0 
6 
- 
(4) 
Transfers 
from/to repossessed assets 
1 
(2) 
- 
- 
(1) 
Additions 
24 
18 
29 
18 
89 
Disposals, write-offs and adjustment to RoU ⁽²⁾ 
(9) 
(8) 
(5) 
(26) 
(48) 
Impairment 
(6) 
(0) 
(11) 
- 
(17) 
Held for sale (note 30) 
1 
- 
- 
- 
1 
Balance at 31 December 
676 
206 
526 
328 
1,736 
Accumulated depreciation: 
Balance at 1 January 
(217) 
(155) 
(423) 
(106) 
(901) 
Transfers 
1 
0 
- 
- 
1 
Disposals, write-offs and adjustment to RoU ⁽²⁾ 
8 
8 
4 
6 
26 
Charge for the year 
(13) 
(9) 
(24) 
(41) 
(87) 
Balance at 31 December 
(221) 
(156) 
(443) 
(141) 
(961) 
Net book value at 31 December 
455 
50 
83 
187 
775

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
31 December 2021 
Land, buildings, 
leasehold 
improvements 
Furniture, 
equipment, 
motor 
vehicles 
Computer 
hardware, 
software 
Right of use 
assets (RoU)⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Cost: 
Balance at 1 January 
685 
198 
477 
274 
1,634 
Arising from acquisitions/merger 
6 
1 
- 
9 
16 
Transfers 
(15) 
(2) 
12 
- 
(5) 
Additions 
14 
9 
27 
10 
60 
Disposals, write-offs and adjustment to RoU⁽²⁾ 
(12) 
(8) 
(8) 
43 
15 
Impairment 
(2) 
(0) 
(1) 
(3) 
Held for sale (note 30) 
(1) 
- 
- 
- 
(1) 
Balance at 31 December 
675 
198 
507 
336 
1,716 
Accumulated depreciation: 
Balance at 1 January 
(216) 
(157) 
(411) 
(72) 
(856) 
Transfers 
2 
1 
- 
- 
3 
Disposals, write-offs and adjustment to RoU⁽²⁾ 
10 
8 
8 
4 
30 
Charge for the year 
(13) 
(7) 
(20) 
(38) 
(78) 
Held for sale (note 30) 
0 
- 
- 
0 
0 
Balance at 31 December 
(217) 
(155) 
(423) 
(106) 
(901) 
Net book value at 31 December 
458 
43 
84 
230 
815
(1) 
The respective lease liabilities are presented in “other liabilities” (note 35). 
(2)
 
It refers to termination, modifications and remeasurements of RoU. It includes 
the remeasurement from revised estimates of the lease term during the year, 
considering all facts and circumstances that affect the Group’s housing needs. 
As at 
31 December 
2022, the 
RoU assets 
amounting to 
€ 187 
million (31 
December 2021: 
€ 230 
million) refer 
to leased 
office and 
branch premises, ATM 
locations, residential properties 
of € 180 million (31 December 2021: € 223 million) 
and motor vehicles of € 7 
million (31 December 2021: € 7 million).
Leasehold improvements relate to 
premises occupied by the Group for its own activities.
27. 
Investment property 
The 
Group 
applies 
the 
fair 
value 
model 
regarding 
the 
measurement 
of 
Investment 
Property 
according 
to 
IAS 
40 
“Investment 
property”.
The movement of investment property 
is as follows:
2022 
2021 
€ million 
€ million 
Balance at 1 January 
1,492 
1,459 
Additions 
4 
3 
Arising from acquisition 
- 
33 
Transfers 
from/to repossessed assets 
13 
3 
Other transfers 
9 
13 
Disposals 
(119) 
(31) 
Net gain/(loss) from fair values adjustments 
32 
30 
Held for sale (note 30) 
(21) 
(18) 
Balance at 31 December 
1,410 
1,492
As at 31 December 
2022, RoU assets 
that meet the definition 
of investment 
property amount to 
€ 14 million (31 
December 2021: € 
14 million). The respective lease liabilities are presented 
in “other liabilities” (note 35).

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
134
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31 December 2022 Consolidated Financial Statements
Changes 
in 
fair 
values 
of 
investment 
property 
are 
recognized 
as 
gains/(losses) 
in 
profit 
or 
loss 
and 
included 
in 
the 
"Other 
Income/(expense)" (note 10). All gains/(losses) are unrealized.
During 
the year 
ended 31 
December 2022, 
an amount 
of € 
88 million 
(2021: € 
93 million) 
was 
recognized 
as rental 
income from 
investment property 
in income from 
non banking services (note 
8). As at 
31 December 2022, 
the contractual 
obligations in relation 
to 
investment 
property 
amounted 
to 
approximately 
€ 
4 
million, 
and 
are 
associated 
with 
property 
redevelopment, 
repairs 
and 
maintenance.
The main classes of investment property have 
been determined based on the nature, the characteristics 
and the risks of the Group’s 
properties. The 
fair value 
measurements of 
the Group’s 
investment property, 
which are categorized 
within level 
3 of the 
fair value 
hierarchy, 
are presented in the below table.
2022 
2021 
€ million 
€ million 
Residential 
11 
21 
Commercial 
1,358 
1,420 
Land Plots 
32 
35 
Industrial 
9 
16 
Total 
1,410 
1,492
The 
basic 
methods 
used 
for 
estimating 
the 
fair 
value 
of 
the 
Group’s 
investment 
property 
are 
the 
income 
approach 
(income 
capitalization/discounted 
cash flow 
method), the 
comparative 
method and 
the cost 
approach, which 
are also 
used in 
combination 
depending on the class of property being valued.
The discounted 
cash flow method 
is used for 
estimating the fair 
value of the 
Group’s 
commercial investment 
property. 
Fair value is 
calculated through the projection of 
a series of 
cash flows using 
explicit assumptions regarding the benefits 
and liabilities of 
ownership 
(income and 
operating 
costs, vacancy 
rates, 
income growth), 
including the 
residual value 
anticipated 
at the 
end of 
the projection 
period. To this projected 
cash flows series, an appropriate, market 
-derived discount rate is applied to 
establish its present value.
Under 
the 
income 
capitalization 
method, 
also 
used 
for 
the 
commercial 
class 
of 
investment 
property, 
a 
property’s 
fair 
value 
is 
estimated based on the 
normalized net operating 
income generated by 
the property, 
which is divided by the capitalization 
rate (the 
investor's rate of 
return).
The comparative method is used for the residential, commercial and land plot classes of investment 
property. Fair value 
is estimated 
based on data for 
comparable transactions, by 
analyzing either real transaction 
prices of similar properties, 
or by asking prices after 
performing the necessary adjustments.
The cost approach is used 
for estimating the fair value of 
the residential and the industrial 
classes of the Group’s investment property. 
This approach refers to the 
calculation of the 
fair value based on 
the cost of 
reproduction/replacement (estimated construction costs), 
which is then reduced by an appropriate rate 
to reflect depreciation.
The Group’s 
investment 
property valuations 
are performed 
taking into 
consideration the 
highest and 
best use of 
each asset that 
is 
physically possible, legally permissible and financially feasible.
The main method used to estimate the fair value of Group’s Investment property portfolio as at 31 December 2022, is 
the discounted 
cash flow method. Significant unobservable inputs used in the fair value measurement of the 
relevant portfolio are the rental income 
growth and the discount 
rate. Increase in rental 
income growth would result 
in increase in the carrying 
amount while an increase in 
the discount rate would have the 
opposite result. The discount rate used 
ranges from 7% to 12%. 
As at 31 
December 2022, an increase 
or decrease 
of 5% in 
the discount 
rate used 
in the DCF 
analysis, would 
result in 
a downward 
or upward 
adjustment of 
the carrying 
value of the respective investment 
properties by € 31 million.
In 2022, the Greek real 
estate market 
attracted significant 
investment capital, 
especially in the first 
half, when 
the pace of domestic 
and 
foreign 
investment 
activity returned 
to 
the 
pre-Covid 
19 pandemic 
level. 
However, 
towards 
the 
end 
of 
the 
year, 
the rise 
of 
inflation 
and 
interest 
rates, 
as 
well 
as 
the 
increase 
in 
energy 
and 
construction 
costs 
as 
a 
result 
of 
the 
Ukraine 
war, 
led 
market 
participants to become 
more cautious and 
selective in their investment 
decisions. Nevertheless, the demand 
for quality sustainable 
properties outstrips current 
market supply, 
therefore the value 
of these assets is expected 
to demonstrate resilience 
going forward, 
even during an economic slowdown.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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In this 
volatile economic 
environment, 
the diversification 
of the Group’s 
investment 
property portfolio, 
which primarily 
consists of 
office and big 
box/supermarket 
properties, has 
proven to 
be an effective 
shield, as despite 
the increase of 
interest rates 
in 2022, it 
recorded 
fair 
value 
gains 
of c. 
€34 million 
mainly due 
to 
the increase 
of the 
value 
of specific 
offices leased 
to 
prime tenants 
and 
logistics (note 10).
In 
particular, 
the 
characteristics 
of 
the 
Group’s 
investment 
property 
portfolio 
in 
terms 
of 
tenant’s 
quality 
(AAA 
tenants) 
and 
sustainable lease 
contracts that 
were also favored 
by CPI indexation, 
as well as 
the specifications 
of the properties 
were taken 
into 
account by the valuators in determining 
the fair value of the Group’s 
investment properties.
Moreover, 
the 
office 
and 
logistics 
sectors 
continue 
to 
exhibit 
strong 
supply/demand 
fundamentals 
in 
Greece, 
whereas 
the 
retail 
sector, 
considering 
the 
recovery 
in 
private 
consumption 
in 
the 
post-pandemic 
environment, 
is 
experiencing 
a 
strong 
leasing and 
investment activity especially in big box retail 
properties, although it lags in rental growth compared 
to other sectors. 
The Group will continue 
to monitor closely the 
effect of the economic 
environment and 
the trends that will be 
demonstrated in the 
investment real 
estate market 
in the upcoming 
period on the valuation 
of its investment 
properties, while intensifying 
its efforts 
to 
implement “green” energy investments 
on its properties
.
28. 
Intangible assets
The movement of computer software and 
other intangible assets which refer to 
purchased and developed software is as follows:
2022 
2021 
€ million 
€ million 
Cost: 
Balance at 1 January 
587 
539 
Arising from acquisitions 
- 
2 
Transfers 
(6) 
(12) 
Additions 
94 
77 
Disposals and write-offs 
(7) 
(3) 
Impairment 
(10) 
(16) 
Balance at 31 December 
658 
587 
Accumulated amortisation: 
Balance at 1 January 
(320) 
(287) 
Transfers 
- 
0 
Amortisation charge for the year 
(49) 
(36) 
Disposals and write-offs 
7 
3 
Balance at 31 December 
(362) 
(320) 
Net book value at 31 December 
296 
267
As at 
31 December 
2022, the 
Group’s 
remaining carrying 
amount of 
goodwill amounts 
to € 
1.6 million 
(31 December 
2021: € 
1.6 
million), out of which € 0.9 million relates to ERB Lux Immo S.A.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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29. 
Other assets
2022 
2021 
€ million 
€ million 
Receivable from Deposit Guarantee and Investment 
Fund 
495 
706 
Repossessed properties and relative prepayments 
577 
597 
Pledged amount for a Greek sovereign risk financial guarantee 
234 
235 
Balances under settlement⁽¹⁾ 
51 
18 
Deferred costs and accrued income 
92 
104 
Other guarantees 
215 
128 
Income tax receivable⁽²⁾ 
30 
30 
Other assets 
286 
247 
Total 
1,980 
2,065
(1) 
Includes settlement balances with customers and brokerage activity. 
 
(2) 
Includes withholding taxes, net of provisions. 
In September 2022, the law 4370/2016 in respect of the deposit guarantee schemes of the Greek credit institutions was amended by 
law 4972/2022. Pursuant to the 
law’s amendments, the receivable from the 
Hellenic Deposit and 
Investment Guarantee Fund (HDIGF) 
referring to the “Supplementary Deposit Cover Fund” 
is refundable to the 
Greek credit institutions in three equal 
instalments, starting 
three months after the 
enactment of the 
law and each 
year thereafter, subject to the provisions of 
the article 25a 
of the law. Following 
that, in December 2022 an amount of € 210 million was refunded to 
the Bank by HDIGF.
As at 31 December 2022, other assets net of provisions, amounting to 
€ 286 million include, among others, receivables related 
to (a) 
prepayments to suppliers, (b) public entities, 
(c) property management activities (d) legal cases and e) project 
Triangle (note 30).
30. 
Disposal groups classified as held for sale
2022 
2021 
€ million 
€ million 
Assets of disposal groups 
Real estate properties 
15 
31 
Loans related to project Solar (note 20) 
69 
- 
Village Roadshow Operations Hellas S.A. and 
Intertech S.A. – International Technologies 
- 
81 
IMO 03 E.A.D. (note 23) 
- 
6 
Credit card acquiring - project Triangle 
- 
28 
Total 
84 
146 
Liabilities of disposal groups 
Village Roadshow Operations Hellas S.A. 
- 
72 
Credit card acquiring - project Triangle 
- 
37 
Other liabilities related to project Solar (note 20) 
1 
- 
Total 
1 
109
Real estate properties
Starting 
from 
the 
end 
of 
2019, 
the 
Group, 
in 
the 
context 
of 
its 
strategy 
for 
the 
active 
management 
of 
its 
real 
estate 
portfolio 
(repossessed, 
investment 
properties and 
own used 
properties), has 
gradually 
classified as 
held for 
sale (HFS) 
certain pools 
of real 
estate 
assets of 
total remaining 
carrying amount 
ca. € 
15 million 
as at 
31 December 
2022 (31 
December 2021: 
€ 31 
million), after 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
their 
remeasurement 
in 
accordance 
with 
the 
IFRS 
5 
requirements. 
The 
Group 
remains 
committed 
to 
its 
plan 
to 
sell 
the 
aforementioned assets, which is expected 
to be completed within 2023, and undertakes 
all necessary actions towards this direction.
The above 
non-recurring fair 
value measurements 
were categorized 
as Level 3 
of the fair 
value hierarchy 
due to the 
significance of 
the unobservable inputs used, with no change occurring up to 31 December 2022.
Eurobank Merchant Acquiring business -Project ‘Triangle’
On 7 December 2021, the Company 
announced that its subsidiary Eurobank 
S.A. (“Eurobank”) had signed a binding 
agreement with 
Worldline B.V. 
(“Worldline”) that included, among others, a) the sale of 80% of Eurobank’s 
merchant acquiring business (“PayCo”) to 
Worldline and b) a long term agreement for the 
exclusive distribution of PayCo products in Greece through Eurobank’s sales network. 
On the basis of the aforementioned agreement, 
as of 31 December 2021 “PayCo” was classified as held for 
sale.
On 30 June 2022, after receiving all necessary approvals, the 
spin-off of the Bank’s merchant 
acquiring business to Cardlink Payment 
Institution S.A. 
(“Cardlink One”), 
a licensed payment 
institution, and 
the transfer 
of 80% of 
Cardlink One’s 
shares to 
Worldline was 
completed 
for 
a 
cash 
consideration 
of 
€ 
254 
million, 
after 
certain 
adjustments. 
Furthermore, 
under 
the 
related 
shareholders’ 
agreement, 
the 
remaining 
20% 
interest 
in 
“Cardlink 
One” 
is 
subject 
to 
a 
combination 
of 
call 
and 
put 
options, 
exercisable 
after 
approximately 3 years. 
As a result 
of the sale transaction 
for the 80% 
shareholding and based 
on the terms of 
the shareholders’ 
agreement in reference 
to 
the combination of options for the 
20% shareholding, the Bank has 
fully derecognised the merchant acquiring business, since 
through 
the combination of 
options, access to substantially 
all the returns 
associated with the 
remaining 20% ownership 
interest is deemed 
to be transferred to Wordline 
at the time of the transaction. 
On this basis, other than 
the cash consideration, on 30 June 2022 
the Bank recognised in other assets 
a financial asset to be 
measured 
at 
fair 
value 
through 
profit 
or loss 
equal 
to 
€ 68.5 
million, 
representing 
the present 
value 
of the 
contractual 
right 
to 
receive 
the 
options’ estimated exercise 
price at the time of their execution. 
In addition, on the same date, the Bank recognised in 
other assets € 
15.1 million deferred consideration 
in accordance with the terms of the agreement.
Following the 
above, the resulting 
gain from 
the transaction 
that was 
recognised in 
“Other income/(expenses)”, 
amounted to 
ca. € 
325 million before tax (ca. € 231 million after 
tax), including the costs directly attributable 
to the transaction.
...... .... .. ..
31. 
Due to central banks
2022 
2021 
€ million 
€ million 
Secured borrowing from ECB 
8,774 
11,663
As at 31 December 2022, the Group had € 8.9 
billion outstanding principal under the TLTRO 
III refinancing program of the European 
Central 
Bank 
(ECB), 
following 
the 
maturity 
of 
€1.9 
billion 
and 
the 
early 
repayment 
of 
1 
billion 
during 
the 
quarter, 
whereas 
the 
respective net 
income recognized 
under interest 
expense amounted 
to € 
53 million 
(note 6). 
On the 
basis that 
the Group 
met the 
required lending 
thresholds, the above 
income was 
calculated under 
the program’s 
more favorable 
interest rates 
that provides 
for 
an interest 
rate of 
-1% for the special 
interest period 
from 24 June 2020 
to 23 June 
2022 and the average 
deposit facility rate 
(DFR) 
as set by ECB’s decisions, 
thereafter.
32. 
Due to credit institutions
2022 
2021 
€ million 
€ million 
Secured borrowing from credit institutions 
764 
270 
Borrowings from international financial and similar institutions 
663 
619 
Deposits from banks received as collateral⁽¹⁾ 
294 
27 
Current accounts and settlement balances with banks 
76 
54 
Interbank takings 
17 
3 
Total 
1,814 
973
(1)
 
for 2022 the amount presented is after offsetting € 932 million against derivatives assets and liabilities (note 5.2.1.4) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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As 
at 
31 
December 
2022, 
borrowings 
from 
international 
financial 
and 
similar 
institutions 
include 
borrowings 
from 
European 
Investment Bank, European Bank for 
Reconstruction and Development and other similar institutions.
33. 
Due to customers
2022 
2021 
€ million 
€ million 
Savings and current accounts 
42,840 
40,601 
Term deposits 
14,198 
12,367 
Repurchase agreements 
201 
200 
Total 
57,239 
53,168
For the year 
ended 31 December 
2022, due to 
customers for 
the Greek and 
International operations 
amounted to 
€ 39,575 million 
and € 17,664 million, respectively (2021: € 37,016 million and € 16,152 million, respectively).
34. 
Debt securities in issue
2022 
2021 
€ million 
€ million 
Securitisations 
553 
552 
Subordinated notes (Tier 2) 
1,259 
948 
Medium-term notes (EMTN) 
1,740 
1,052 
Total 
3,552 
2,552
Securitisations
The carrying value 
of the class A 
asset backed 
securities issued by 
the Bank’s 
special purpose entities 
Karta II plc 
and Astarti DAC 
as 
at 31 December 2022, amounted to € 303 million and € 250 million, respectively. 
Tier 2 Capital instruments
On 30 November 2022, the Company announced the issuance of a € 300 million 
subordinated Tier II debt instrument which matures 
in 
December 
2032, 
is 
callable 
in 
December 
2027 
offering 
a 
coupon 
of 
10% 
per 
annum 
and 
is 
listed 
on 
the 
Luxembourg 
Stock 
Exchange’s 
Euro 
MTF 
market. 
On 
the 
same 
date, 
the 
Bank 
issued 
a 
subordinated 
instrument 
of 
equivalent 
terms, 
held 
by 
the 
Company. 
The proceeds from 
the issue will 
support Eurobank 
Holding’s group 
strategy to 
ensure ongoing 
compliance with 
its total 
capital adequacy ratio requirements 
and will be used for Eurobank S.A.’s 
general funding purposes. 
Further information about the issue is provided in the relevant 
announcement published in the Company’s website 
on 30 November 
2022.
In 
January 
2018, 
Eurobank 
Ergasias 
S.A. 
issued 
Tier 
2 
capital 
instruments 
of 
face 
value 
of 
€ 
950 
million, 
in 
replacement 
of 
the 
preference shares which had been issued in the context of 
the first stream of Hellenic Republic’s plan to support liquidity in the 
Greek 
economy under Law 3723/2008. The aforementioned 
instruments have a maturity of ten years 
(until 17 January 2028) and pay fixed 
nominal interest rate of 
6.41%, that shall be payable semi-annually.
Covered bonds
Financial disclosures required by the Act 2620/28.08.2009 of 
the Bank of Greece 
in relation to the covered bonds issued, are available 
at the Bank's website (Investor 
Report for Covered Bonds Programs). 
Medium-term notes (EMTN)
In June 2022, the Bank proceeded with the issue of a preferred senior debt with a nominal value of € 500 million, of which € 7 million 
were held by a Bank’s 
subsidiary. The bond, which 
is listed in the Luxembourg Stock Exchange’s 
Euro MTF market, matures 
in March 
2025 and is callable at par in March 2024, offering a coupon 
of 4.375% per annum. 
This transaction 
is another step 
towards the 
implementation of 
Eurobank’s 
medium-term strategy 
to meet its 
MREL requirements. 
The proceeds from the issue will be used for Eurobank’s 
general funding purposes.
Further information about the issue is provided in the relevant 
announcement published in the Bank’s 
website on 1 June 2022.

 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
During the year 
ended 31 December 2022, 
the Bank proceeded 
with the issue of 
medium term notes 
of face value 
of € 286 million, 
which were designated for Group’s 
customers.
Post balance sheet event
In January 2023, the Bank completed 
the issue of a € 500 million 
senior preferred note. 
The bond, which is listed 
in the Luxembourg 
Stock 
Exchange’s 
Euro 
MTF market, 
matures 
in January 
2029 and 
is callable 
at 
par in 
January 2028, 
offering 
a coupon 
of 7% 
per 
annum. 
The proceeds from the issue will 
support Group’s strategy to ensure ongoing compliance with its MREL requirements and will be 
used 
for the Bank’s general 
funding purposes. 
Further information about the issue is provided in the 
relevant announcement published in the Bank’s 
website on 20 January 2023.
35. 
Other liabilities
2022 
2021 
€ million 
€ million 
Lease liabilities 
205 
248 
Balances under settlement⁽¹⁾ 
444 
374 
Deferred income and accrued expenses 
165 
157 
Other provisions 
71 
95 
ECL allowance for credit related commitments (note 
5.2.1.2) 
57 
48 
Standard legal staff retirement 
indemnity obligations (note 36) 
19 
23 
Employee termination benefits 
61 
64 
Sovereign risk financial guarantee 
33 
36 
Income taxes payable 
14 
15 
Deferred tax liabilities (note 13) 
31 
26 
Trading liabilities 
419 
43 
Other liabilities 
182 
229 
Total 
1,701 
1,358
(1)
Includes settlement balances relating to bank cheques and remittances, credit card transactions, other 
banking and brokerage activities. 
As 
at 
31 
December 
2022, 
other 
liabilities 
amounting 
to 
€ 
182 
million 
mainly 
consist 
of 
payables 
relating 
with 
(a) 
suppliers 
and 
creditors, (b) contributions to insurance 
organizations, and (c) duties and other taxes. 
As at 31 
December 2022, trading 
liabilities amounting to 
€ 419 million 
(31 December 2021: 
€ 43 million) 
reflect the higher 
levels of 
short positions in debt 
instruments, entered 
into in the context 
of the Group’s 
economic hedging strategies, 
aiming to manage on 
a 
pool basis 
market 
driven risks 
that derive 
from asset 
positions. For 
the year 
ended 31 
December 2022, 
the gain 
recognized 
in net 
trading income from the aforementioned 
short positions amounted to € 107 million.
As at 31 
December 2022, other 
provisions amounting to € 
71 million (2021: 
€ 95 million) 
mainly include: 
(a) € 28 
million for outstanding 
litigations against 
the Group 
(note 42) and 
(b) € 43 
million for 
other operational 
risk events, 
of which € 
22 million is 
relating to 
the 
sale of former Romanian subsidiaries. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
The movement of the Group's other provisions, 
is presented in the following table:
31 December 2022 
Litigations and 
claims in 
dispute 
Other 
Total 
€ million 
€ million 
€ million 
Balance at 1 January 
64 
31 
95 
Amounts charged during the year 
13 
12 
25 
Amounts used during the year 
(46) 
(1) 
(47) 
Amounts reversed during the year 
(3) 
(2) 
(5) 
Foreign exchange and other movements 
- 
3 
3 
Balance at 31 December 
28 
43 
71
31 December 2021 
Litigations and 
claims in 
dispute 
Other 
Total 
€ million 
€ million 
€ million 
Balance at 1 January 
60 
33 
93 
Arising from acquisition 
2 
2 
Amounts charged during the year 
9 
3 
12 
Amounts used during the year 
(5) 
(4) 
(9) 
Amounts reversed during the year 
(2) 
(1) 
(3) 
Balance at 31 December 
64 
31 
95
For the year ended 31 
December 2022, an amount of 
€ 48 million has 
been recognised in the Group’s income statement for employee 
termination benefits mainly in respect of the new 
Voluntary Exit Scheme (VES) that 
was launched by the Group in February 
2022 for 
eligible units 
in Greece 
and offered 
to employees 
over a 
specific age 
limit. The 
new VES 
is implemented 
through either 
lump-sum 
payments 
or 
long-term 
leaves 
during 
which 
the 
employees 
will be 
receiving 
a 
percentage 
of 
a 
monthly 
salary, 
or 
a 
combination 
thereof. The estimated 
saving in personnel expenses amounts to € 16 million on 
an annual basis.
36. 
Standard legal staff retirement indemnity obligations
The Group provides for staff retirement indemnity obligation for its employees in Greece and abroad, who are entitled to a lump sum 
payment 
based on 
the number 
of years 
of service 
and the 
level of 
remuneration 
at the 
date 
of retirement, 
if they 
remain in 
the 
employment of the Group until 
normal retirement age, in accordance with the 
local labor legislation. The 
above retirement indemnity 
obligations typically expose the Group to actuarial risks such as interest rate risk and salary risk. Therefore, a decrease in the discount 
rate used to calculate 
the present value of 
the estimated future cash 
outflows or an increase in 
future salaries will increase the 
staff 
retirement indemnity obligations of 
the Group. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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The movement of the liability for standard 
legal staff retirement 
indemnity obligations is as follows:
 
2022 
2021 
€ million 
€ million 
Balance at 1 January 
23 
22 
Arising from acquisition 
- 
0 
Current service cost 
3 
3 
Interest cost 
0 
0 
Past service cost and (gains)/losses on settlements 
49 
38 
Remeasurements: 
Actuarial (gains)/losses arising from changes in financial assumptions 
(2) 
(1) 
Actuarial (gains)/losses arising from changes in demographic assumptions 
(0) 
0 
Actuarial (gains)/losses arising from experience and other adjustments 
(2) 
0 
Benefits paid 
(52) 
(39) 
Exchange adjustments 
0 
(0) 
Balance at 31 December 
19 
23
The benefits paid 
by the Group 
during 2022, in the 
context of the 
Voluntary Exit 
Scheme (VES) (note 
35), amounted to 
€ 52 million. 
The provision for staff retirement 
obligations of the staff that participated 
in the above scheme, amounted to € 2 million.
The significant actuarial assumptions (expressed as weighted 
averages) were as follows:
2022 
% 
2021 
% 
Discount rate 
3.4 
0.6 
Future salary increases 
2.9 
1.6
As at 31 
December 2022, the 
assumption for the price 
inflation (weighted average) is 2.6% 
(2021: 2%) and 
has been taken into account 
in determining the above actuarial assumptions for future 
salaries increases.
As at 31 December 2022, 
the average duration of the standard legal staff retirement indemnity obligation was 8 years (2021: 8 years).
A quantitative 
sensitivity analysis 
based on 
reasonable 
changes to 
significant actuarial 
assumptions as 
at 31 
December 2022 
is as 
follows:
An increase/(decrease) of the discount 
rate assumed, by 50 bps/(50 bps), 
would result in a (decrease)/increase of the 
standard legal 
staff retirement obligations 
by (€ 0.7 million)/ € 0.7 million.
An increase/(decrease) of 
the future salary 
growth assumed, by 
0.5%/(0.5%) would result 
in an increase/(decrease) 
of the standard 
legal staff retirement 
obligations by € 0.7 million/(€ 0.7 million).
The above sensitivity analysis is based on a change in an assumption while 
holding all other assumptions constant. In practice, 
this is 
unlikely to occur, 
and changes in some of the assumptions may be correlated.
The 
methods 
and 
assumptions 
used 
in 
preparing 
the 
above 
sensitivity 
analysis 
were 
consistent 
with 
those 
used 
to 
estimate 
the 
retirement benefit obligation 
and did not change compared to the previous year.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
37. 
Share capital, share premium and treasury shares
As 
at 
31 December 
2022, the 
par value 
of the 
Company's 
shares is 
€ 0.22 
per 
share 
(2021: € 
0.22). All 
shares 
are 
fully paid. 
The 
movement of share capital and share 
premium is as follows:
Share capital 
Share 
premium 
€ million 
€ million 
Balance at 1 January 2021 
815 
8,055 
Reclassification of treasury shares 
1 
1 
Balance at 31 December 2021 
816 
8,056 
Balance at 1 January 2022 
816 
8,056 
Offsetting of equity accounts (note 38) 
- 
(6,895) 
Share capital increase following the exercise of share options 
0 
0 
Balance at 31 December 2022 
816 
1,161
In the year ended 31 December 2022, the Group has decided to 
proceed with the presentation of the issued share capital on the face 
of the 
balance sheet 
instead of 
the outstanding 
share capital, 
and changed 
the presentation 
of the 
treasury shares 
accordingly. 
In 
particular, 
the Group has 
proceeded with the 
reclassification of 
the nominal value 
of the treasury 
shares and their 
premium, which 
were 
previously 
deducted 
from 
the 
“Share 
capital” 
and 
“Share 
premium” 
respectively, 
within 
“Reserves 
and 
retained 
earnings”. 
Comparative information has been adjusted, as of 1 January 2021, resulting in an increase of the share capital and share premium by 
€ 1 million each against € 2 million decrease of “Reserves and 
retained earnings”.
 
Share capital increase
Following the exercise 
of share options 
granted to key 
executives of the 
Group under the current 
share options’ plan (note 
39), and 
by virtue 
of the decision 
of the Board 
of Directors 
of the Company 
on 30 August 
2022, the Company’s 
share capital 
increased by € 
333,444.32 through the issue of 1,515,656 new common voting shares, of a nominal value of € 0.22 per share and exercise 
price of € 
0.23 per 
share. The 
difference 
between the 
exercise 
price of 
the new 
shares and 
their nominal 
value, net 
of the 
expenses directly 
attributable to the equity transaction, 
amounted to € 2,136 and was recorded 
in the account “Share premium”. 
Following the above 
increase, 
as 
at 
31 
December 
2022, 
the 
share 
capital 
of 
the 
Company 
amounts 
to 
€ 
816,349,051.76, 
divided 
into 
3,710,677,508 
common shares with a nominal value of € 0.22 each. The new shares were 
listed on the Athens Exchange on 14 September 
2022.
The following is an analysis of the movement in the number of the 
Company’s shares outstanding:
.
Number of shares 
Issued 
Shares 
Treasury 
Shares 
Net 
Balance at 1 January 2021 
3,709,161,852 
(2,433,987) 
3,706,727,865 
Purchase of treasury shares 
- 
(3,083,564) 
(3,083,564) 
Sale of treasury shares 
- 
4,733,011 
4,733,011 
Balance at 31 December 2021 
3,709,161,852 
(784,540) 
3,708,377,312 
Balance at 1 January 2022 
3,709,161,852 
(784,540) 
3,708,377,312 
Share capital increase following the exercise of share options 
1,515,656 
- 
1,515,656 
Purchase of treasury shares 
- 
(1,745,293) 
(1,745,293) 
Sale of treasury shares 
- 
2,269,797 
2,269,797 
Balance at 31 December 2022 
3,710,677,508 
(260,036) 
3,710,417,472
In the 
ordinary 
course 
of business, 
the Company’s 
subsidiaries, except 
for 
the Bank, 
may 
acquire 
and dispose 
of treasury 
shares. 
According to 
paragraph 1 
of Article 16c of 
Law 3864/2010, during 
the period of 
the participation of 
the HFSF in 
the share capital 
of 
the Company, the Company is not permitted 
to purchase treasury shares without the approval of the HFSF. 
As at 31 December 2022, 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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the cost of 
the treasury shares 
presented above, which is 
included in 
other reserves (note 
38), amounted to 
€ 0.3 million 
(31 December 
2021: € 0.7 million).
In addition, 
as at 31 
December 2022 the 
number of the 
Company’s 
shares held 
by the Group’s 
associates in 
the ordinary 
course of 
their insurance and investing activities was 
64,163,790 in total (2021: 64,163,790).
38. 
Reserves and retained earnings/losses
Statutory 
reserves 
Non-taxed 
reserves 
Fair value reserve 
Other 
reserves 
Retained 
earnings/(losses) 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Balance at 1 January 2021 
396 
831 
415 
8,212 
(13,462) 
(3,608) 
Reclassification of treasury shares (note 37) 
- 
- 
- 
(2) 
- 
(2) 
Net profit/(loss) 
- 
- 
- 
- 
328 
328 
Transfers between reserves 
15 
(1) 
- 
148 
(162) 
0 
Changes in participating interests in subsidiary 
undertakings (note 23.2) 
- 
- 
- 
82 
(81) 
1 
Debt securities at FVOCI 
- 
- 
(91) 
- 
- 
(91) 
Cash flow hedges 
- 
- 
- 
37 
- 
37 
Foreign currency translation 
- 
- 
- 
(0) 
- 
(0) 
Gains/(losses) from equity securities at FVOCI 
- 
- 
2 
- 
- 
2 
Associates and joint ventures 
-changes in the share of other comprehensive 
income, net of tax 
- 
- 
(3) 
(0) 
- 
(3) 
Actuarial gains/(losses) on post employment 
benefit obligations, net of tax 
- 
- 
- 
- 
1 
1 
Share options plan 
- 
- 
- 
- 
2 
2 
Purchase/sale of treasury shares 
- 
- 
- 
1 
- 
1 
Other 
- 
- 
(1) 
0 
- 
(1) 
Balance at 31 December 2021 
411 
830 
322 
8,479 
(13,374) 
(3,333) 
Balance at 1 January 2022 
411 
830 
322 
8,479 
(13,374) 
(3,333) 
Net profit 
- 
- 
- 
- 
1,330 
1,330 
Transfers between reserves 
73 
(1) 
- 
195 
(267) 
- 
Offsetting of equity accounts 
(214) 
- 
- 
(6,705) 
13,814 
6,895 
Debt securities at FVOCI 
- 
- 
(323) 
- 
- 
(323) 
Cash flow hedges 
- 
- 
- 
(0) 
- 
(0) 
Foreign currency translation (note 23.1) 
- 
- 
- 
77 
- 
77 
Gains/(losses) from equity securities at FVOCI 
- 
- 
24 
- 
- 
24 
Associates and joint ventures 
-changes in the share of other comprehensive 
income, net of tax 
- 
- 
(33) 
1 
(0) 
(32) 
Actuarial gains/(losses) on post employment 
benefit obligations, net of tax 
- 
- 
- 
- 
4 
4 
Share options plan (note 39) 
- 
- 
- 
- 
4 
4 
Purchase/sale of treasury shares (note 37) 
- 
- 
- 
1 
0 
1 
Other 
- 
- 
- 
(1) 
- 
(1) 
Balance at 31 December 2022 
270 
829 
(10) 
2,047 
1,511 
4,646
As at 31 December 2022, other reserves comprise, among others, a) corporate law reserves of 
€ 8 million, pursuant to the provisions 
of the Greek company law in force 
(2021: € 6,714 million) - 
see below, b) € 1,568 million reserves relating to 
dividends and gains from 
the 
sale 
of 
participations 
(2021: 
€ 
1,373 
million), 
c) 
€ 
125 
million 
accumulated 
loss 
relating 
to 
foreign 
operations’ 
translation 
differences, including € 24 
million accumulated gain 
relating to net investment 
hedging - NIH (2021: € 203 
million accumulated loss, 
including 
€ 
27 
million 
gain 
relating 
to 
NIH) 
and 
d) 
€ 
12 
million 
accumulated 
loss 
from 
cash 
flow 
hedging 
(2021: 
€ 
12 
million 
accumulated loss). 
.

 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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Offsetting of equity accounts
On 21 July 
2022, the Annual 
General Meeting (AGM) of 
the shareholders of Eurobank 
Holdings approved, among others, 
the offsetting 
of a) the total 
of the account “Corporate 
law Reserves” amounting 
to € 6,919.3 million 
and b) part of the 
account “Share Premium” 
amounting to € 6,894.4 million with accumulated losses of equivalent value amounting to € 13,813.7 million, included in the account 
“Retained earnings/(losses)”. 
The above offsetting, 
which was approved by 
the competent Supervisory 
Authorities in October 2022, 
did not affect the Company’s 
own and regulatory capital. 
Dividends
Pursuant to the provisions of the Company 
Law 4548/18, companies are required to pay 
dividends of at least 35% of after-tax 
profit, 
after necessary deductions for the formation 
of the statutory reserve and other credit balances in 
the income statement that 
do not 
arise from realized earnings.
For the 
financial year 
2022, Eurobank 
Holdings has 
no profits 
and therefore 
will not 
distribute minimum 
dividend. Furthermore, 
in 
2023 the 
Group has 
announced that 
the amount 
earmarked for 
dividend distribution 
will be used 
in an 
optimal way 
to bid 
for the 
1.4% HFSF stake through 
a share buyback scheme (note 45).
39. 
Share options
The Annual 
General Meeting 
of the 
shareholders 
of Eurobank 
Holdings held 
on 28 
July 2020 
approved 
the establishment 
of a 
five 
year shares 
award 
plan, starting 
from 2021, 
in the 
form 
of share 
options rights 
by issuing 
new shares 
with a 
corresponding share 
capital increase, in accordance with the provisions of article 
113 of law 4548/2018, awarded to executives and personnel of Eurobank 
Holdings and its affiliated companies according to article 32 of law 4308/2014. The maximum number of rights that 
can be approved 
was set at 55,637,000 rights, each of 
which would correspond to one new share. The exercise price of 
each new share would be equal 
to 
€ 
0.23. 
The 
Annual 
General 
Meeting 
authorized 
the 
Board 
of 
Directors 
of 
Eurobank 
Holdings 
to 
define 
the 
eligible 
staff 
and 
determine the remaining terms and conditions of the plan. 
The 
final 
terms 
and the 
implementation 
of 
the 
share 
options 
plan, 
which 
is 
a 
forward-looking 
long-term 
incentive 
aiming 
at 
the 
retention of key executives, 
are defined and approved annually by the Board of Directors 
in accordance with the applicable legal and 
regulatory framework, as well as the policies of the 
Group.
The options 
are exercisable 
in portions, 
annually during 
a period 
from one 
to five 
years. Each 
portion may 
be exercised 
wholly or 
partly and converted into shares at the employees’ option, provided that they remain 
employed by the Group until the first available 
exercise date. The corporate 
actions that adjust the number and the price of shares also adjust accordingly 
the share options.
In addition, the share options also comply with the restrictions regarding 
remuneration of Law 3864/2010, as each time in force.
The movement of share options during the period is analysed as follows:
Share options granted 
2022 
Balance at 1 January 2022 
12,374,561 
Options awarded during the year 
11,654,117 
Options cancelled during the year 
(244,700) 
Options exercised during the year 
(1,515,656) 
Balance at 31 December 2022 
22,268,322

 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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The share options outstanding at the end of the period have 
the following expiry dates:
Share options 
Expiry date ⁽¹⁾ 
31 December 2022 
2023 
5,551,925 
2024 
7,131,580 
2025 
3,120,978 
2026 
2,595,139 
2027 
2,595,139 
2028 
1,273,561 
Weighted average remaining contractual 
life of share 
options outstanding at the end of the period 
24 months
(1)
 
Based on the earliest contractual exercise date.
In accordance 
with the 
Group’s 
accounting policy 
on employees’ 
share based 
payments, the 
grant date 
fair value 
of the 
options is 
recognized as an expense with a corresponding 
increase in equity over the vesting period.
The fair 
value at 
grant date 
is determined 
using an 
adjusted form 
of the 
Black-Scholes 
model for 
Bermudan equity 
options which 
takes 
into account 
the exercise 
price, the 
exercise 
dates, the 
term of 
the option, 
the share 
price at 
grant 
date and 
expected price 
volatility 
of the underlying share, the expected dividend yield and the risk-free 
interest rate for 
the term of the options. 
Furthermore, 
additional 
conditions 
on 
certain 
share 
options 
granted 
to 
key 
executives 
who 
are 
subject 
to 
any 
remuneration 
restrictions of Law 3864/2010 at the time of grant, are treated as non-vesting conditions. Accordingly, 
the fair value measurement at 
grant 
date 
of 
such 
share 
options 
takes 
into 
consideration 
the 
probability 
that 
the 
relevant 
restrictions 
will 
be 
lifted, 
based 
on 
Management judgement, and is not subsequently revised 
regardless of whether the condition is eventually 
satisfied. 
The weighted average fair 
value of the share options granted in December 2022 was € 0.63 (2021: € 0.42). The significant inputs into 
the model were 
a share price of € 
1.021 (2021: € 0.7823) at 
the grant date, 
exercise price of 
€ 0.23, annualized dividend 
yield of 3% 
(2021: 
3%), 
expected 
average 
volatility 
of 
38% 
(2021: 
68%), 
expected 
option 
life 
of 
1-5 
years, 
and 
a 
risk-free 
interest 
rate 
corresponding to the 
options’ maturities, based 
on the Euro swap 
yield curve. The expected 
volatility is measured 
at the grant 
date 
of the options and is based on the average historical 
volatility of the share price over the last one and a half year.
40. 
Transfers 
of financial assets
The Group 
enters 
into transactions 
by which 
it transfers 
recognized 
financial assets 
directly to 
third 
parties or 
to Special 
Purpose 
Entities (SPEs).
(a) The Group sells, in exchange 
for cash, securities under an agreement 
to repurchase them (repos) 
and assumes a liability to repay 
to the counterparty the cash received. 
In addition, the Group pledges, 
in exchange for cash, securities, covered bonds, as 
well as loans 
and receivables and assumes a liability to 
repay to the counterparty 
the cash received. The Group may 
also transfer securities under 
securities lending agreements with no exchange of cash or pledging of other financial assets as collateral. 
For all the aforementioned 
transactions, the 
Group has 
determined that 
it retains 
substantially all 
the risks, 
including associated 
credit and 
interest 
rate risks, 
and rewards of these financial assets and therefore has not derecognized them. As a result, the Group 
is unable to use, sell or pledge 
the transferred assets for the duration of the transaction. The related liability, where applicable, is recognized in Due to central banks 
and credit institutions (notes 31 and 32), Due to customers 
(note 33) and Debt securities in issue (note 34), as appropriate.
The Group 
enters 
into 
securitizations 
of various 
classes of 
loans 
(corporate, 
small and 
medium enterprise, 
consumer 
and various 
classes of non-performing loans), under which it assumes an obligation to pass on the cash flows from the loans to the holders of the 
notes. The Group has determined that it retains substantially 
all risks, including associated credit and interest rate 
risks, and rewards 
of these 
loans and 
therefore 
has not 
derecognized 
them. As 
a result 
of the 
above transactions, 
the Group 
is unable 
to use, 
sell or 
pledge the 
transferred 
assets for 
the duration 
of their retention 
by the 
SPE. Moreover, 
the note 
holders' recourse 
is limited 
to the 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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transferred 
loans. As at 
31 December 2022, 
the securitizations’ 
issues held by 
third parties amounted 
to € 553 
million (2021: € 
552 
million) (note 34).
The table below sets out the details of Group's financial assets that have been 
sold or otherwise transferred, but which do not qualify 
for derecognition:
Carrying amount 
2022 
2021 
€ million 
€ million 
Securities held for trading 
44 
11 
Loans and advances to customers 
14,186 
14,344 
-securitized loans⁽¹⁾ 
3,411 
4,232 
-pledged loans under covered bond program 
4,261 
4,360 
-pledged loans with central banks 
6,309 
5,545 
-other pledged loans 
205 
207 
Investment securities 
3,027 
6,930 
Total 
17,257 
21,285
(1)
 
It includes securitized loans of issues held by the Bank, not used for funding. 
(b) The Group 
may sell or 
re-pledge any 
securities borrowed 
or obtained through 
reverse repos 
and has an 
obligation to 
return the 
securities. 
The 
counterparty 
retains 
substantially 
all 
the 
risks 
and 
rewards 
of 
ownership 
and 
therefore 
the 
securities 
are 
not 
recognized by 
the Group. As 
at 31 December 
2022, the Group 
had obtained through 
reverse repos 
securities of face 
value of € 
134 
million, of which € 15 million 
sold under repurchase agreements and € 67 million pledged with 
central banks (2021: € 598 million face 
value of 
which € 
60 million 
sold under 
repurchase 
agreements and 
€ 505 
million pledged 
with central 
banks). Furthermore, 
in the 
comparative 
year, 
the Group had 
obtained Greek 
treasury bills as 
collaterals for 
derivatives transactions 
with the Hellenic 
Republic 
of face value of € 1,400 million, of which € 324 million sold under repurchase 
agreements.
As at 31 December 2022, the cash value of the assets transferred 
or borrowed by the Group through securities lending, reverse 
repo 
and 
other 
agreements 
(points 
a 
and 
b) 
amounted 
to 
€ 
10,512 
million, 
while 
the 
associated 
liability 
from 
the 
above 
transactions 
amounted to € 10,412 
million, of which € 114 million 
repo agreements offset 
in the balance sheet against 
reverse repo deals 
(notes 
31, 32, 33, 
34 and 5.2.1.4) 
(2021: cash value 
€ 13,583 million 
and liability € 
13,287 million, of 
which € 591 
million repo 
agreements 
offset in the balance sheet). 
In addition, the Group’s 
financial assets pledged as collaterals 
for repos, derivatives, 
securitizations and 
other transactions other than the financial assets presented 
in the table above are provided in notes 17 and 29.
41. 
Leases
Group as a lessee
The Group leases office and branch premises, ATM 
locations, residential properties for the 
Group’s personnel, 
and motor vehicles.
The majority of the Group’s property leases are under long term agreements (for a term of 12 
years or more in the case of leased real 
estate 
assets), 
with 
options 
to 
extend 
or 
terminate 
the 
lease 
according 
to 
the 
terms 
of 
each 
contract 
and 
the 
usual 
terms 
and 
conditions 
of commercial 
leases 
applicable 
in each 
jurisdiction, 
while motor 
vehicles generally 
have 
lease terms 
of up 
to 
4 years. 
Extension options held by the Group are included in the lease term when it is reasonably certain that they will be exercised 
based on 
its assessment. 
For 
contracts 
having 
an indefinite 
remaining 
life 
as at 
1 January 
2022, the 
lease term 
has been 
determined 
at 
an 
average of 7 years for the Bank, after 
considering all relevant facts and circumstances. Depending on the 
terms of each lease 
contract, 
lease payments are 
adjusted annually 
in line with the 
consumer Price Index, 
as published by 
the Greek Statistical 
Authority, 
plus an 
agreed fixed percentage. 
Information about the leases for which the Group 
is a lessee is presented below:
Right-of-Use Assets
As at 31 December 2022, the right-of-use assets included in property plant and equipment amounted to € 
187 million (31 December 
2021: € 230 million) (note 
26), while those that 
meet the definition of 
investment property 
amounted to € 14 million 
(31 December 
2021: € 14 million) (note 27).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Lease Liabilities 
The 
lease liability 
included under 
other 
liabilities 
amounted 
to 
€ 205 
million 
as at 
31 December 
2022 (31 
December 2021: 
€ 248 
million) (note 35). The 
maturity analysis of lease 
liabilities as at 31 
December 2022, based on 
the contractual undiscounted cash flows, 
is presented in note 5.2.3. 
Amounts recognised in profit or loss
Interest on 
lease liabilities is presented 
in note 6 and the 
lease expense relating to 
short term leases is 
ca. € 3 million (31 
December 
2021: € 3 million).
The Group had total cash outflows for 
leases of € 39 million in 2022 (2021: € 39 million).
Group as a lessor 
Finance lease
The Group leases out certain real estate 
properties and equipment under finance leases, in its capacity as a lessor.
The maturity analysis of finance lease 
receivables, based on the undiscounted lease payments to be 
received after the reporting date, 
is provided below:
2022 
2021⁽¹⁾ 
€ million 
€ million 
Not later than one year 
303 
343 
1-2 years 
83 
108 
2-3 years 
65 
85 
3-4 years 
53 
56 
4-5 years 
36 
35 
Later than 5 years 
164 
178 
Lease Payments: 
704 
805 
Gross investment in finance leases 
704 
805 
Less: unearned finance income 
(66) 
(51) 
Net investment in finance leases 
638 
754 
Less: impairment allowance 
(139) 
(217) 
Total 
499 
537
(1)
 
Comparative information has been adjusted in order to align with 
current year’s presentation of the finance lease receivables.
Operating Leases
The 
Group 
leases 
out 
its 
investment 
property 
under 
the 
usual 
terms 
and 
conditions 
of 
commercial 
leases 
applicable 
in 
each 
jurisdiction. 
When such 
leases do 
not transfer 
substantially 
all of 
the risks 
and rewards 
incidental 
to the 
ownership 
of the 
leased 
assets, the Group classifies these lease 
as operating leases. Information relating to operating leases of investment property, 
including 
the rental income recognised by the Group 
during the year, 
is provided in note 27. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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The maturity 
analysis of operating 
lease receivables, 
based on the 
undiscounted lease 
payments to 
be received after 
the reporting 
date, is provided below:
2022 
2021 
€ million 
€ million 
Not later than one year 
92 
96 
One to two years 
85 
89 
Two to three years 
78 
82 
Three to four years 
70 
75 
Four to five years 
64 
70 
More than five years 
250 
304 
Total 
639 
716
42. 
Contingent liabilities and other commitments
The Group 
presents 
the credit 
related 
commitments 
it has 
undertaken 
within the 
context 
of its 
lending related 
activities into 
the 
following 
three categories: 
a) financial 
guarantee 
contracts, 
which refer 
to guarantees 
and standby 
letters 
of credit 
that carry 
the 
same credit risk 
as loans (credit 
substitutes), b) commitments to 
extend credit, which comprise 
firm commitments that are 
irrevocable 
over the life of the facility or revocable 
only in response to a material adverse effect 
and c) other credit related commitments, which 
refer 
to 
documentary 
and 
commercial 
letters 
and 
other 
guarantees 
of 
medium 
and 
low 
risk 
according 
to 
the 
Regulation 
No 
575/2013/EU.
Credit related commitments are analyzed 
as follows:
2022 
2021 
€ million 
€ million 
Financial guarantee contracts 
1,807 
1,068 
Commitments to extend credit 
3,898 
1,572 
Other credit related commitments 
1,053 
634 
Total 
6,758 
3,274
The credit 
related commitments 
within the scope 
of IFRS 9 
impairment requirements 
amount to 
€ 10.5 billion 
(2021: € 6.8 
billion), 
including revocable loan commitments 
of € 3.7 billion (2021: € 3.6 billion), while 
the corresponding allowance for 
impairment losses 
amounts to € 57 million (2021: € 48 million).
In addition, the Group has issued a sovereign risk financial guarantee of € 0.23 billion (31 December 2021: € 0.24 billion) for which an 
equivalent amount has been deposited under the relevant 
pledge agreement (note 29). 
Other commitments
(a) The Bank has signed 
irrevocable payment 
commitment and collateral 
arrangement agreements 
with the Single Resolution Board 
(SRB) amounting in total to € 24.4 
million as at 31 December 
2022 (2021: € 20 million), 
representing 15% of its resolution contribution 
payment obligation to the Single Resolution 
Fund (SRF) for the years 2016-2022.
According 
to the 
agreements, 
which are 
backed 
by cash 
collateral 
of an 
equal amount, 
the Bank 
undertook to 
pay 
to the 
SRB an 
amount up 
to the 
above irrevocable 
payment 
commitment, in 
case of 
a call 
and demand 
for payment 
made by 
it, in 
relation to 
a 
resolution action 
taken for 
another European 
bank. The said 
cash collateral 
has been recognized 
as a financial 
asset in the 
Group’s 
balance sheet (note 29).
(b) As at 31 December 2022, 
the contractual commitments for the acquisition of own used property, equipment and intangible assets 
amounted to € 46 million (2021: € 43 million). 
Post balance sheet event
In February 2023, the Bank signed a binding pre-agreement with a third party for 
the acquisition of a Cypriot holding company, which 
indirectly owns a land plot to be developed into a modern office complex and proceeded with an advance payment of €15.2m, in line 
with the agreement. The completion of the agreement is expected 
to take place in 2024.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Legal proceedings
In the 
year ended 
31 December 
2022, the 
Bank concluded 
an agreement 
for the 
acquisition of 
the remaining 
50% of 
Hellenic Post 
Credit S.A share capital (note 23.1), settled by offsetting receivables it held from the other shareholder. As a result, related provisions 
of € 
34 million 
which had 
been recognized, 
were used 
to offset 
the respective 
receivables
,
 
leading to 
a significant 
decrease of 
the 
provisions for 
legal proceedings 
outstanding against 
the Group, 
which as at 
31 December 2022 
amounted to 
€ 28 million 
(note 35) 
(31 December 2021: € 64 million). 
Furthermore, in the normal course of its business, the Group has been involved in a number of legal proceedings, which are either at 
still a premature 
or at an advanced trial 
instance. The final settlement 
of these cases may 
require the lapse of 
a certain time so that 
the litigants exhaust the legal remedies provided for by the 
law. Management, is closely monitoring the developments to the relevant 
cases 
and 
having 
considered 
the 
advice 
of 
the 
Legal 
Services 
General 
Division, 
does 
not 
expect 
that 
there 
will 
be 
an 
outflow 
of 
resources and therefore 
does not acknowledge the need for a provision.
43. 
Operating segment information
Management has 
determined the operating 
segments based on 
the internal reports 
reviewed by 
the Strategic 
Planning Committee 
that 
are 
used 
to 
allocate 
resources 
and 
to 
assess 
their 
performance 
in 
order 
to 
make 
strategic 
decisions. 
The 
Strategic 
Planning 
Committee considers the business both from a business unit and geographic perspective. Geographically, management considers the 
performance of its business activities originated from Greece and 
other countries in Europe (International). 
Greece is 
further segregated 
into retail, 
corporate, 
global markets 
& asset 
management 
and investment 
property. 
International 
is 
monitored and reviewed on a country basis. 
The Group aggregates segments when 
they exhibit similar economic characteristics and 
profile and are expected to have 
similar long-term economic development.
In more detail, the Group is organized 
in the following reportable segments:
-
Retail: 
incorporating 
customer 
current 
accounts, 
savings, 
deposits 
and 
investment 
savings 
products, 
credit 
and 
debit 
cards, 
consumer loans, small business banking and mortgages. 
-
Corporate: 
incorporating current 
accounts, deposits, 
overdrafts, 
loan and other 
credit facilities, 
foreign currency 
and derivative 
products 
to 
corporate 
entities, 
custody 
and 
clearing 
services, 
cash 
management 
and 
trade 
services 
and 
investment 
banking 
services including corporate finance, merger and 
acquisitions advice. 
-
Global Markets 
& Asset Management: 
incorporating financial 
instruments trading, 
services to institutional 
investors, 
as well as, 
specialized financial 
advice and intermediation. 
In addition, this 
segment incorporates 
mutual fund products, 
institutional asset 
management and equity brokerage. 
-
International: incorporating operations 
in Bulgaria, Serbia, Cyprus, Luxembourg and Romania. 
-
Investment 
Property: 
incorporating 
investment 
property 
activities relating 
to 
a diversified 
portfolio 
of 
commercial 
real 
estate 
assets. 
Other segment 
of the 
Group refers 
mainly to 
a) property 
management (including 
repossessed assets), 
b) other 
investing 
activities 
(including equities’ positions), 
c) private banking 
services to medium and 
high net worth 
individuals, d) the 
Group’s 
share of results 
of Eurolife Insurance group, e) the results related 
to the Group’s transformation 
projects and initiatives, the notes of Cairo, Pillar and 
Mexico 
securitizations, 
which were 
retained 
by the 
Group, 
and the 
Group’s 
share of 
results of 
doValue 
Greece Loans 
and Credits 
Claim Management S.A. and f) the effect of the liquidation of “ERB Istanbul 
Holding A.S.” in June 2022 (note 23.1).
The 
Group's 
management 
reporting 
is 
based 
on 
International 
Financial 
Reporting 
Standards 
(IFRS) 
as 
adopted 
by 
the 
EU. 
The 
accounting policies of the Group's operating segments 
are the same with those described in the principal accounting policies.
Revenues from 
transactions between 
business segments are allocated 
on a mutually agreed 
basis at rates 
that approximate 
market 
prices.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
43.1 
Operating segments
31 December 2022 
Retail 
Corporate 
Global Markets & 
Asset Mngt 
Investment 
Property 
International 
Other and 
Elimination 
center 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Net interest income 
437 
374 
284 
 
(12) 
457 
10 
1,550 
Net commission income 
92 
115 
99 
0 
141 
1 
449 
Other net revenue 
324 
2 
703 
183 
 
(6) 
 
(69) 
1,136 
Total external revenue 
854 
490 
1,087 
171 
592 
 
(58) 
3,135 
Inter-segment revenue 
23 
38 
 
(36) 
2 
 
(2) 
 
(24) 
- 
Total revenue 
876 
528 
1,051 
173 
589 
 
(83) 
3,135 
Operating expenses 
 
(409) 
 
(125) 
 
(68) 
 
(39) 
 
(278) 
0 
 
(917) 
Impairment losses relating to loans 
and advances to customers 
 
(223) 
 
(18) 
- 
- 
 
(32) 
 
(17) 
 
(291) 
Other impairment losses and provisions (note 12) 
 
(6) 
 
(3) 
 
(18) 
 
(3) 
 
(17) 
 
(62) 
 
(108) 
Share of results of associates and 
joint ventures 
 
(0) 
0 
 
(0) 
- 
- 
18 
18 
Profit/(loss) before tax before restructuring costs 
239 
383 
965 
132 
262 
 
(143) 
1,837 
Restructuring costs (note 12) 
 
(24) 
 
(1) 
 
(1) 
- 
 
(14) 
 
(62) 
 
(102) 
Profit/(loss) before tax 
215 
381 
965 
132 
248 
 
(205) 
1,735 
Profit/(loss) before tax attributable to non 
controlling interests 
- 
- 
- 
- 
0 
 
(0) 
0 
Profit/(loss) before tax attributable 
to shareholders 
215 
381 
965 
132 
248 
 
(205) 
1,735
31 December 2022 
Retail 
Corporate 
Global Markets & 
Asset Mngt 
Investment 
Property 
International 
Other and 
Elimination 
center⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Segment assets 
14,817 
16,522 
13,088 
1,445 
21,704 
13,884 
81,460 
Segment liabilities 
30,535 
12,441 
5,568 
308 
19,736 
6,154 
74,742
The International segment is further analyzed 
as follows:
31 December 2022 
Bulgaria 
Serbia 
Cyprus 
Luxembourg 
Romania 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Net interest income 
 
215 
 
70 
 
136 
 
34 
 
2 
 
457 
Net commission income 
 
73 
 
22 
 
40 
 
8 
 
(1) 
 
141 
Other net revenue 
 
(5) 
 
1 
 
1 
 
0 
 
(2) 
 
(6) 
Total external revenue 
 
282 
 
93 
 
177 
 
42 
 
(2) 
 
592 
Inter-segment revenue 
 
0 
 
(0) 
 
0 
 
(3) 
- 
 
(2) 
Total revenue 
 
283 
 
93 
 
177 
 
39 
 
(2) 
 
589 
Operating expenses 
 
(136) 
 
(63) 
 
(50) 
 
(23) 
 
(5) 
 
(278) 
Impairment losses relating to loans and 
advances to customers 
 
(37) 
 
(14) 
 
(1) 
 
(0) 
 
20 
 
(32) 
Other impairment losses and provisions 
 
(5) 
 
(4) 
 
(1) 
 
(0) 
 
(7) 
 
(17) 
Share of results of associates and joint 
ventures 
- 
- 
- 
- 
 
0 
 
0 
Profit/(loss) before tax before restructuring 
costs 
 
105 
 
11 
 
125 
 
15 
 
6 
 
262 
Restructuring costs (note 12) 
- 
 
(14) 
- 
- 
- 
 
(14) 
Profit/(loss) before tax 
 
105 
 
(3) 
 
125 
 
15 
 
6 
 
248 
Profit/(loss) before tax attributable to non 
controlling interests 
 
0 
 
0 
- 
- 
- 
 
0 
Profit/(loss) before tax attributable to 
shareholders 
 
105 
 
(3) 
 
125 
 
15 
 
6 
 
248

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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|
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31 December 2022 Consolidated Financial Statements
31 December 2022 
Bulgaria 
Serbia 
Cyprus 
Luxembourg 
Romania 
International 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Segment assets⁽²⁾ 
7,944 
2,504 
8,793 
2,304 
159 
21,704 
Segment liabilities⁽²⁾ 
7,146 
2,217 
8,031 
2,112 
230 
19,736
31 December 2021 
Retail 
Corporate 
Global Markets 
& 
Asset Mngt 
Investment 
Property 
International 
Other and 
Elimination 
center 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Net interest income 
436 
317 
217 
(21) 
375 
(3) 
1,321 
Net commission income 
80 
75 
88 
1 
117 
(3) 
358 
Other net revenue 
1 
2 
71 
131 
0 
16 
221 
Total external revenue 
518 
394 
376 
110 
492 
10 
1,900 
Inter-segment revenue 
22 
40 
(33) 
2 
(3) 
(28) 
- 
Total revenue 
540 
434 
343 
112 
489 
(19) 
1,900 
Operating expenses 
(412) 
(126) 
(59) 
(38) 
(240) 
(2) 
(876) 
Impairment losses relating to loans and advances 
to customers 
(251) 
(94) 
- 
- 
(73) 
(71) 
(490) 
Other impairment losses and provisions (note 12) 
(5) 
(1) 
(6) 
(3) 
(9) 
(28) 
(52) 
Share of results of associates and joint ventures 
(0) 
0 
0 
2 
(0) 
24 
26 
Profit/(loss) before tax before restructuring costs 
(128) 
213 
279 
72 
168 
(95) 
508 
Restructuring costs (note 12) 
(7) 
(2) 
(0) 
(7) 
(10) 
(25) 
Profit/(loss) before tax 
(135) 
211 
279 
72 
161 
(105) 
483 
Profit/(loss) before tax attributable to non 
controlling interests 
- 
- 
- 
0 
(1) 
0 
(1) 
Profit/(loss) before tax attributable to shareholders 
(135) 
211 
279 
72 
163 
(105) 
484
31 December 2021 
Retail 
Corporate 
Global Markets 
& 
Asset Mngt 
Investment 
Property 
International 
Other and 
Elimination 
center⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Segment assets 
14,878 
14,696 
13,265 
1,495 
19,870 
13,648 
77,852 
Segment liabilities 
29,562 
10,869 
6,828 
356 
18,183 
6,420 
72,217
31 December 2021 
Bulgaria 
Serbia 
Cyprus 
Luxembourg 
Romania 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Net interest income 
185 
53 
102 
25 
10 
375 
Net commission income 
63 
14 
33 
8 
(2) 
117 
Other net revenue 
(1) 
1 
1 
0 
(0) 
0 
Total external revenue 
247 
68 
136 
34 
7 
492 
Inter-segment revenue 
0 
(0) 
0 
(3) 
- 
(3) 
Total revenue 
247 
68 
136 
31 
7 
489 
Operating expenses 
(118) 
(50) 
(45) 
(21) 
(5) 
(240) 
Impairment losses relating to loans and 
advances to customers 
(43) 
(11) 
(4) 
0 
(15) 
(73) 
Other impairment losses and provisions 
(3) 
(4) 
0 
(0) 
(1) 
(9) 
Share of results of associates and joint 
ventures 
- 
(0) 
- 
- 
(0) 
(0) 
Profit/(loss) before tax before restructuring 
costs 
83 
3 
87 
9 
(15) 
168 
Restructuring costs 
- 
(5.11) 
- 
(1) 
- 
(7) 
Profit/(loss) before tax 
83 
(2) 
87 
8 
(15) 
161 
Profit/(loss) before tax attributable to non 
controlling interests 
0 
(1) 
- 
- 
- 
(1) 
Profit/(loss) before tax attributable to 
shareholders 
83 
(1) 
87 
8 
(15) 
163

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
31 December 2021 
Bulgaria 
Serbia 
Cyprus 
Luxembourg 
Romania 
International 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Segment assets⁽²⁾ 
7,159 
2,404 
8,027 
2,231 
159 
19,870 
Segment liabilities⁽²⁾ 
6,422 
2,121 
7,341 
2,051 
358 
18,183
(1)
 
Interbank eliminations between International and the other Group’s segments are included. 
(2)
 
Intercompany balances among the Countries have been excluded from the reported assets and liabilities of International segment.
43.2 
Entity wide disclosures
Breakdown of the Group's revenue 
for each group of similar products and services is as follows:
2022 
2021 
€ million 
€ million 
Lending related activities 
1,445 
1,522 
Deposits, network and asset management activities 
323 
(88) 
Capital markets 
950 
339 
Non banking and other services 
417 
127 
Total 
3,135 
1,900
Information on the Country by Country Reporting based 
on Law 4261/2014 is provided in the Appendix.
44. 
Post balance sheet events
Details of post balance sheet events are provided 
in the following notes:
Note 2.1 – Basis of preparation
Note 4 – Capital Management
Note 5 – Financial risk management and fair value
Note 22 – Investment securities
Note 23.1 – Shares in subsidiaries
Note 34 - Debt securities in issue
Note 42 - Contingent liabilities and other commitments
Note 45 - Related parties
45. 
Related parties
Eurobank Ergasias Services and Holdings S.A. (the 
Company or Eurobank Holdings) is the 
parent company of Eurobank S.A. (the 
Bank). 
The Board 
of Directors 
(BoD) of Eurobank 
Holdings is the 
same as the 
BoD of the 
Bank and part 
of the key 
management personnel 
(KMP) of the Bank 
provides services to Eurobank Holdings 
according to the terms 
of the relevant agreement between 
the two entities. 
As at 31 December 2022, 
the percentage of 
the Company’s 
ordinary shares with 
voting rights held by the 
Hellenic Financial Stability 
Fund (HFSF) stands at 1.40%. The HFSF is considered to have significant influence over the Company pursuant to the provisions of the 
Law 3864/2010, as in force, including the amendments under law 4941/2022,
and the Tripartite Relationship 
Framework Agreement 
(TRFA) between the Bank, the 
Company and the HFSF 
signed on 23 
March 2020 and 
amended on 3 
February 2022. Further 
information 
in 
respect 
of 
the 
HFSF 
rights 
based 
on 
the 
aforementioned 
framework 
is 
provided 
in 
the 
section 
“Report 
of 
the 
Directors 
and 
Corporate Governance Statement” of the Annual 
Financial Report for the year ended 31 December 2022. 
In 2023, Eurobank 
Holdings announced its intention 
to submit an offer 
for 
the buyback of its 52.08 
million shares (corresponding 
to 
a participation 
of 1.4%), 
presently owned 
by the 
HFSF, 
subject to 
the receipt 
of the 
required approvals 
from the 
regulator and 
the 
General Meeting of the Company’s 
Shareholders.
Fairfax 
Group, 
which 
holds 
32.99% 
of 
Eurobank 
Holdings 
voting 
rights 
as 
of 
31 
December 
2022 
(31 
December 
2021: 
33%), 
is 
considered to have significant 
influence over the Company. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
153
|
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31 December 2022 Consolidated Financial Statements
In 
January 
2022, 
an 
occupational 
insurance 
fund 
(“Institution 
for 
occupational 
retirement 
provision-occupational 
insurance 
fund 
Eurobank’s 
Group personnel” 
henceforth “the 
Fund”) was established 
as a not-for 
-profit legal 
entity under 
Law 4680/2020, for 
the 
benefit of the 
employees of the 
Company, 
the Bank and certain 
other Greek entities 
of the Group, 
which constitute the 
sponsoring 
employers of the Fund. Accordingly, 
in line with IAS 24 Related Parties, the Fund is considered to 
be related party to the Group. 
A number 
of banking 
transactions are 
entered into 
with related 
parties in 
the normal 
course of 
business and 
are conducted 
on an 
arm's length basis. 
These include loans, 
deposits and guarantees. 
In addition, as 
part of its normal 
course of business 
in investment 
banking activities, the Group at times may hold positions in debt and 
equity instruments of related parties. 
The 
outstanding 
balances 
of 
the 
transactions 
with 
(a) 
Fairfax 
group, 
(b) 
the 
key 
management 
personnel 
(KMP) 
and 
the 
entities 
controlled or jointly controlled by 
KMP and (c) other related parties, as well as the relating 
income and expenses are as follows:
31 December 2022 
31 December 2021 
Fairfax 
Group⁽²⁾ ⁽⁴⁾ 
KMP and Entities 
controlled or jointly 
controlled by KMP⁽¹⁾ 
Other Related 
Parties⁽³⁾ 
Fairfax 
Group⁽²⁾ 
KMP and Entities 
controlled or jointly 
controlled by KMP⁽¹⁾ 
Other Related 
Parties⁽³⁾ 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Loans and advances to 
customers 
73.45 
5.69 
0.14 
0.01 
4.95 
26.52 
Other assets 
0.39 
 
- 
87.07 
0.37 
0.19 
76.04 
Due to customers 
34.22 
20.98 
97.50 
0.24 
21.90 
80.68 
Debt securities in issue 
81.98 
1.27 
102.47 
 
- 
0.20 
 
- 
Other liabilities 
0.13 
0.20 
10.35 
 
- 
0.32 
40.86 
Net interest income 
 
(0.69) 
0.01 
 
(4.68) 
0.21 
 
- 
 
(2.52) 
Net banking fee and 
commission income 
0.02 
0.11 
10.89 
 
- 
0.16 
14.74 
Net trading income 
 
- 
 
- 
0.01 
 
- 
 
- 
0.45 
Impairment losses relating to 
loans and advances including 
relative fees 
 
(0.55) 
 
- 
 
(62.75) 
0.02 
 
- 
 
(89.75) 
Other operating 
income/(expenses) 
9.56 
 
(15.18) 
 
(10.17) 
5.93 
 
(14.99) 
 
(12.44) 
Guarantees issued 
1.97 
 
- 
 
- 
 
- 
0.01 
4.65 
Guarantees received 
 
- 
0.01 
 
- 
 
- 
0.01 
 
-
 
(1) 
Includes the key management personnel of the Group and their close family members. 
(2)
 
The balances with the Group’s 
associate Eurolife FFH Insurance Group 
Holdings S.A., which is also a member 
of Fairfax Group are presented 
in the column 
other related parties. 
(3) 
Other related parties 
include associates, joint 
ventures and as 
of the first 
half of 2022 
the aforementioned 
Eurobank Group’s personnel 
occupational insurance 
fund. In particular, 
as at 31 December 
2022 the outstanding balances of 
transactions with the Fund 
refer mainly to 
deposits of € 1 
million received from the 
Fund. 
(4) 
As of 24 March 2022, the Bank ceased to have joint 
control over its former joint venture Grivalia Hospitality S.A. (note 24). In addition, 
in the third quarter of 
2022, Fairfax 
Group obtained control 
over Grivalia Hospitality 
S.A. Hence, as 
at 31 
December 2022, the 
company is 
considered to be 
a related party 
of the 
Group. 
For the year ended 31 December 2022, there were no 
material transactions with the HFSF.
For the year ended 31 
December 2022, an impairment of € 
0.8 million (2021: € 0.2 million) has been 
recorded against 
loan balances 
with Group’s 
associates 
and joint 
ventures, 
while the 
respective 
impairment allowance 
amounted 
to € 
0.02 million 
(31 December 
2021: € 0.4 million). 

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2022 Consolidated Financial Statements
Key management compensation (directors 
and other key management personnel of the Group) 
Key management personnel are entitled to compensation in the form of short-term employee benefits of € 7.52 million (2021: € 7.35 
million) and long-term employee benefits 
of € 1.24 
million (2021: € 
1.17 million). Additionally, the Group has recognised € 
1.94 million 
expense relating 
with equity settled 
share based payments 
(2021: € 0.52 million) 
(note 39). Furthermore 
, 
as at 31 
December 2022, 
the defined benefit 
obligation for 
the KMP amounts 
to € 1.58 
million (31 December 
2021: € 1.48 
million), while the 
respective cost 
for the 
year through 
the income 
statement 
amounts to 
€ 0.12 
million (2021: 
€ 0.12 
million) and 
the other 
comprehensive 
income 
(actuarial gain) amounts to € 0.07 million (2021: € 0.05 million actuarial gain).
46. 
External Auditors
The 
Group 
has 
adopted 
a 
Policy 
on 
External 
Auditors’ 
Independence 
which 
provides 
amongst 
others, 
for 
the 
definition 
of 
the 
permitted 
and non-permitted 
services the 
Group 
auditors 
may provide 
further to 
the statutory 
audit. For 
any 
such services 
to be 
assigned to 
the Group’s 
auditors there 
are specific 
controlling 
mechanisms in 
order for 
the Company’s 
Audit Committee 
to ensure 
that a) the non-audit services 
assigned to “KPMG Certified Auditors S.A.”, along with the KPMG network (KPMG), have been reviewed 
and approved as required and b) there 
is proper balance between audit and permitted non-audit work. 
The total fees of the Group’s 
principal independent auditor KPMG, for audit and other services provided are 
analyzed as follows:
2022 
2021 
€ million 
€ million 
Statutory audit⁽¹⁾ 
(3.0) 
(2.8) 
Tax certificate 
(0.4) 
(0.4) 
Other audit related assignments 
(1.1) 
(1.2) 
Non audit assignments 
(0.1) 
(0.2) 
Total 
(4.6) 
(4.6)
(1)
 
Includes fees for statutory audit of the annual separate and consolidated financial statements. 
It is noted 
that the non-audit 
assignment fees 
of “KPMG Certified 
Auditors S.A.” 
Greece, statutory 
auditor of the 
Group, amounted 
to € 0.08 million.

 
 
 
Notes to the Consolidated Financial Statements 
.
155
|
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31 December 2022 Consolidated Financial Statements
47. 
Board of Directors
The Board of Directors (BoD) was elected by the Annual General Meeting (AGM) of the Shareholders 
held on 23 July 2021 for a three 
years term of office that will expire 
on 23 July 2024, prolonged until the end of the period the AGM for the year 2024 will take 
place.
Following the aforementioned AGM 
decision, the BoD was constituted as a body at the BoD meeting of 23 July 2021, as follows:
G. Zanias 
Chairman, Non-Executive Member 
G. Chryssikos 
Vice Chairman, Non-Executive Member 
F. Karavias 
Chief Executive Officer 
S. Ioannou 
Deputy Chief Executive Officer 
K. Vassiliou 
Deputy Chief Executive Officer 
A. Athanasopoulos 
Deputy Chief Executive Officer 
B.P. 
Martin 
Non-Executive Member 
A. Gregoriadi 
Non-Executive Independent Member 
I. Rouvitha Panou 
Non-Executive Independent Member 
R. Kakar 
Non-Executive Independent Member 
J. Mirza 
Non-Executive Independent Member 
C. Basile 
Non-Executive Independent Member 
E. Deli 
Non-Executive Member (HFSF representative 
under Law 
3864/2010)
Athens, 6 April 2023
Georgios P. 
Zanias 
Fokion C. Karavias 
Harris V. Kokologiannis 
I.D. No ΑI - 414343 
I.D. No ΑΙ - 677962 
I.D. No AN - 582334 
CHAIRMAN 
OF THE BOARD OF DIRECTORS 
CHIEF EXECUTIVE OFFICER 
GENERAL MANAGER OF GROUP FINANCE 
 
CHIEF FINANCIAL OFFICER
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
156
|
Page
 
31 December 2022 Consolidated Financial Statements
APPENDIX – Disclosures under Law 4261/2014 
Country by Country Reporting 
Pursuant to article 81 of Law 4261/2014, which incorporated article 89 of Directive 
2013/36/EC into the Greek legislation, the Group 
provides the following information 
for each country in which it has an establishment: 
(i) 
Names, nature of activities and geographical location.
(ii) 
The operating income (turnover), the 
profit/(loss) before tax, the tax 
on profit/ (loss) and the current tax 
on a consolidated 
basis for 
each country; intercompany 
transactions among countries are eliminated 
through the line ‘Intra-Group 
amounts’. 
The amounts disclosed are prepared on the same basis as 
the Group’s financial statements for the year ended 31 December 
2022.
(iii) 
The number of employees on a full time equivalent basis.
(iv) 
The public subsidies received.
For the listing of the 
Bank’s subsidiaries 
at 31 December 2022, the 
country of their incorporation 
and the line of their business 
refer 
to note 23.1.
The information per country is set out below:
Year ended 31 December 2022 
Operating 
income 
Profit/(loss) 
before tax 
Tax on profit/(loss) 
Current 
tax 
Number of 
employees at 31 
December 
€ million 
€ million 
€ million 
€ million 
Greece 
2,632 
1,561 
 
(365) 
 
(6) 
6,265 
Bulgaria 
282 
109 
 
(12) 
 
(12) 
3,016 
Romania 
 
(3) 
 
(9) 
 
(0) 
 
(1) 
16 
Cyprus 
164 
115 
 
(21) 
 
(20) 
450 
Serbia 
92 
 
(1) 
0 
 
(0) 
1,477 
Luxembourg⁽¹⁾ 
48 
22 
 
(6) 
 
(6) 
104 
Turkey (note 23.1) 
 
(79) 
 
(79) 
 
(1) 
 
(1) 
 
- 
Netherlands 
 
(0) 
 
(1) 
 
- 
 
- 
 
- 
Intra-Group amounts 
 
(1) 
 
- 
 
- 
 
- 
Total 
3,135 
1,717 
 
(405) 
 
(46) 
11,328
(1)
 
The operations of Eurobank Private Bank Luxembourg S.A.’s branch in London are included within Luxembourg. 
For 
the 
year 
ended 
31 
December 
2022, 
net 
income 
of 
€ 
53 
million 
that 
is 
attributable 
to 
the 
targeted 
longer-term 
refinancing 
operations (TLTRO 
III) of the European Central Bank has been recognised in the income statement 
(note 31).
Article 82 of Law 4261/2014
For 2022, the Group’s 
return on assets (RoA) was 1.66%. RoA is calculated 
by dividing the net profit for the year ended 31 December 
2022 by the Group’s average 
total assets for the year.

 
 
 
 
 
 
KPMG Certified Auditors S.A.
3 Stratigou Tombra 
Street
Aghia Paraskevi
153 42 Athens, Greece
Telephone 
+30 210 6062100
Fax 
+30 210 6062111
Email: 
info@kpmg.gr
KPMG Certified Auditors S.A., a Greek Societe Anonyme and a member 
firm of the KPMG global organization of independent member firms 
affiliated with KPMG International Limited, a private English company 
limited by guarantee.All rights reserved.
Certified Auditors
Independent Auditors’ Report 
To 
the Shareholders of 
Eurobank Ergasias Services and Holdings S.A.
Report on the Audit of the Financial Statements
Opinion
We have audited 
the accompanying Financial Statements 
of Eurobank Ergasias 
Services and Holdings 
S.A. 
(the 
“Company”) 
which 
comprise 
the 
Balance 
Sheet 
as 
at 
31 December 
2022, 
the 
Statements 
of 
Comprehensive Income, Changes in Equity and Cash Flow for the year then 
ended, and notes, comprising 
a summary of significant accounting policies and other 
explanatory information.
In our opinion, the 
accompanying Financial Statements 
present fairly, 
in all material respects, 
the financial 
position 
of 
Eurobank 
Ergasias 
Services 
and 
Holdings 
S.A. 
as 
at 
31 December 
2022 
and 
its 
financial 
performance and its 
cash flows for 
the year then 
ended, in accordance 
with International Financial 
Reporting 
Standards as adopted by the European Union.
Basis for Opinion
We conducted 
our audit 
in accordance 
with International 
Standards on 
Auditing (ISA), 
as incorporated 
in 
Greek 
legislation. 
Our 
responsibilities 
under 
those 
standards 
are 
further 
described 
in 
the 
Auditors’ 
Responsibilities for 
the Audit of 
the Financial 
Statements section of 
our report. We 
are independent 
of the 
Company in accordance 
with the International 
Ethics Standards Board 
for Accountants International 
Code 
of Ethics 
for Professional 
Accountants, as 
incorporated in 
Greek legislation, 
and the 
ethical requirements 
that are 
relevant to 
the audit 
of the 
financial statements 
in Greece, 
and we 
have fulfilled 
our other 
ethical 
responsibilities in accordance 
with the requirements 
of the applicable 
legislation. We 
believe that the audit 
evidence we have obtained is sufficient and appropriate 
to provide a basis for our opinion.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
2
Key Audit Matters
Key audit matters 
are those matters, 
that, in our 
professional judgment, 
were of 
most significance 
in our 
audit of the financial statements of the current period.
These matters and the relevant significant assessed risks of material misstatement were 
addressed in the 
context of our audit of the financial statements as a whole, and 
in forming our opinion thereon, and we do 
not provide a separate opinion on these matters.
Assessment of Impairment indicators of shares in 
subsidiaries
See Notes 2.2.1, 2.2.6 and 10 to the Financial Statements.
Shares 
in 
subsidiaries 
as 
of 
31 
December 
2022 
amounted 
to 
EUR 
4 
097 
million 
(2021: 
EUR
4
093 million).
The key audit matter
How the matter was addressed in our audit
The Company 
records shares 
in subsidiaries 
at 
amortised 
cost 
less 
impairment. 
In 
accordance with 
IFRS, management performs 
impairment 
tests 
for 
investments 
in 
subsidiaries when relevant indications exist.
The 
assessment 
of 
whether 
there 
are 
any 
triggers 
for 
impairment 
of 
shares 
in 
subsidiaries 
involves 
significant 
judgment 
from 
management 
and 
therefore 
increased 
levels of audit focus.
Disclosures in the Financial Statements
Disclosures 
regarding 
the 
assumptions 
and 
the 
methodology 
used 
for 
the 
calculation 
of 
any impairment 
are important 
to provide 
clarity 
to the financial statements.
Key aspects of our testing included, among others:
●
 
We 
evaluated 
management 
assessment 
of 
whether 
triggers 
for 
impairment 
of 
shares 
in 
subsidiaries exist. 
Assessing disclosures:
We evaluated 
the adequacy 
and appropriateness 
of the 
disclosures 
in 
the 
financial 
statements 
that 
address 
the 
matters around the judgements.

 
 
 
 
 
 
 
 
 
3
Other Information
The 
Board 
of 
Directors 
is 
responsible 
for 
the 
other 
information. 
The 
other 
information 
comprises 
the 
information included in the Board of 
Directors’ Report, for which reference is made in 
the “Report on Other 
Legal and Regulatory 
Requirements” and 
the Declarations 
of the Members 
of the Board 
of Directors 
but 
does not include the Financial Statements and our Auditors’ Report 
thereon.
Our opinion on the Financial Statements does not cover 
the other information and we do not express any 
form of assurance conclusion thereon.
In connection with our audit of the Financial Statements, our responsibility is to read the other information 
and, 
in 
doing 
so, 
consider 
whether 
the 
other 
information 
is 
materially 
inconsistent 
with 
the 
Financial 
Statements or 
our knowledge 
obtained 
in the 
audit, or 
otherwise appears 
to be 
materially misstated. 
If, 
based on 
the work 
we have 
performed, we 
conclude 
that there 
is a 
material 
misstatement 
of this 
other 
information, we are required to report that fact. We 
have nothing to report in this regard.
Responsibilities of the Board of Directors and Those Charged with Governance 
for the Financial Statements
The Board of Directors is responsible 
for the preparation and fair 
presentation of the financial statements 
in accordance 
with International 
Financial Reporting 
Standards as 
adopted by 
the European 
Union, and 
for such 
internal control 
as the 
Board of 
Directors determines 
is necessary 
to enable 
the preparation 
of 
financial statements that are free from material misstatement, 
whether due to fraud or error.
In preparing the 
financial statements, 
the Board of 
Directors is responsible 
for assessing the 
Company’s 
ability to 
continue as a 
going concern, disclosing, 
as applicable, matters 
related to going 
concern and using 
the 
going 
concern 
basis 
of 
accounting 
unless 
the 
Board 
of 
Directors 
either 
intends 
to 
liquidate 
the 
Company or to cease operations, or has no realistic alternative 
but to do so. 
The 
Audit 
Committee 
of 
the 
Company 
is 
responsible 
for 
overseeing 
the 
Company’s 
financial 
reporting 
process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are 
free from 
material misstatement, whether 
due to 
fraud or 
error, and to 
issue an 
auditors’ report 
that includes 
our 
opinion. 
Reasonable 
assurance 
is 
a 
high 
level 
of 
assurance 
but 
is 
not 
a 
guarantee 
that 
an 
audit 
conducted in accordance 
with ISAs which 
have been incorporated 
in Greek legislation 
will always detect 
a material 
misstatement when 
it exists. 
Misstatements can 
arise from 
fraud or 
error and 
are considered 
material if, individually or 
in the aggregate, they 
could reasonably be expected 
to influence the economic 
decisions of users taken on the basis of these financial statements.
As 
part 
of 
an 
audit 
in 
accordance 
with 
ISAs, 
which 
have 
been 
incorporated 
in 
Greek 
legislation, 
we 
exercise professional judgment and maintain professional 
skepticism throughout the audit. We 
also:
●
 
Identify 
and 
assess 
the 
risks 
of 
material 
misstatement 
of 
the 
financial 
statements, 
whether 
due 
to 
fraud 
or 
error, 
design 
and 
perform 
audit 
procedures 
responsive 
to 
those 
risks, 
and 
obtain 
audit 

 
 
 
 
 
 
4
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting 
a material misstatement resulting from fraud is higher 
than for one resulting from error, 
as fraud may 
involve collusion, 
forgery, intentional omissions, misrepresentations, 
or the 
override of 
internal control. 
●
 
Obtain an understanding 
of internal control 
relevant to 
the audit 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 Company’s internal 
control. 
●
 
Evaluate 
the 
appropriateness 
of 
accounting 
policies 
used 
and 
the 
reasonableness 
of 
accounting 
estimates and related disclosures made by the Board 
of Directors. 
●
 
Conclude 
on 
the 
appropriateness 
of 
the 
Board 
of 
Directors’ 
use 
of 
the 
going 
concern 
basis 
of 
accounting and, based on the 
audit evidence obtained, whether 
a material uncertainty exists 
related 
to events or 
conditions that may cast 
significant doubt on the 
Company’s ability to continue as 
a going 
concern. If 
we conclude 
that a 
material uncertainty 
exists, we 
are required 
to draw 
attention in 
our 
auditors’ 
report 
to 
the 
related 
disclosures 
in 
the 
financial 
statements 
or, 
if 
such 
disclosures 
are 
inadequate, to 
modify our 
opinion. Our conclusions 
are based 
on the audit 
evidence obtained 
up to 
the 
date 
of 
our 
auditors’ 
report. 
However, 
future 
events 
or 
conditions 
may 
cause 
the 
Company 
to 
cease to continue as a going concern. 
●
 
Evaluate 
the 
overall 
presentation, 
structure, 
and 
content 
of 
the 
financial 
statements, 
including 
the 
disclosures, and 
whether the 
financial statements 
represent the 
underlying transactions 
and events 
in a manner that achieves fair presentation. 
We communicate with those 
charged with governance regarding, 
among other matters, the 
planned scope 
and timing of 
the audit and 
significant audit findings, 
including any significant 
deficiencies in internal 
control 
that we identify during our audit.
We 
also 
provide 
those charged 
with 
governance 
with 
a statement 
that 
we have 
complied 
with relevant 
ethical 
requirements 
regarding 
independence 
and 
communicate 
with 
them 
all 
relationships 
and 
other 
matters 
that 
may 
reasonably 
be 
thought 
to 
bear 
on 
our 
independence, 
and 
where 
applicable, 
related 
safeguards.
From the 
matters communicated 
with those 
charged with 
governance, we 
determine those 
matters that 
were of most significance 
in the audit of 
the Financial Statements 
of the current period 
and are therefore 
the key audit matters. We describe 
these matters in our auditors’ report 
unless law or regulation precludes 
public disclosure about 
the matter or 
when, in extremely 
rare circumstances, we 
determine that a 
matter 
should 
not 
be 
communicated 
in 
our 
report 
because 
the 
adverse 
consequences 
of 
doing 
so 
would 
reasonably be expected to outweigh the public interest 
benefits of such communication.
Report on Other Legal and Regulatory Requirements
1 
Additional Report to the Audit Committee 
Our 
audit 
opinion 
on 
the 
Financial 
Statements 
is 
consistent 
with 
the 
Additional 
Report 
to 
the 
Audit 
Committee 
of 
the 
Company 
dated 
7 
April 
2023, 
pursuant 
to 
the 
requirements 
of 
article 11 
of 
the 
Regulation 537/2014 of the European Union (EU).
2 
Provision of Non-Audit Services 
We 
have 
not 
provided 
to 
the 
Company 
any 
prohibited 
non-audit 
services 
referred 
to 
in 
article 
5 
of 
Regulation (EU) 537/2014.

 
 
 
 
 
 
 
 
 
 
5
The 
permissible 
non-audit 
services 
that 
we 
have 
provided 
to 
the 
Company 
during 
the 
year 
ended 
31 December 2022 are disclosed in Note 20 of the accompanying 
Financial Statements.
3 
Appointment of Auditors 
We were 
appointed for 
the first 
time as 
Certified Auditors 
of the 
Company based 
on the 
decision of 
the 
Annual General Shareholders’ Meeting 
dated 10 July 
2018. From then 
onwards our appointment has 
been 
renewed 
uninterruptedly 
for 
a 
total 
period 
of 
five 
years 
based 
on 
the 
annual 
decisions 
of 
the 
General 
Shareholders’ Meeting.
4 
Operations Regulation 
The Company has an 
Operations Regulation in 
accordance with the 
content provided by 
the provisions of 
the article 14 of Law 4706/2020.
5 
Assurance Report on the European Single Electronic Reporting Format 
We examined the 
digital files of 
Eurobank Ergasias Services 
and Holdings S.A. 
(the Company), which 
were 
prepared 
in 
accordance 
with 
the 
European 
Single 
Electronic 
Format 
(ESEF) 
that 
is 
determined 
by 
the 
Commission 
Delegated 
Regulation 
(EU) 2019/815, 
as 
in 
force 
(the 
ESEF 
Regulation) 
that 
include 
the 
Financial 
Statements 
of 
the 
Company 
for 
the 
year 
ended 
as 
at 
31 December 
2022 
in 
XHTML 
format 
(JEUVK5RWVJEN8W0C9M24-2022-12-31-en.xhtml).
Regulatory framework
The 
digital 
files 
of 
the 
European 
Single 
Electronic 
Format 
are 
prepared 
in 
accordance 
with 
the 
ESEF 
Regulation, 
and 
the 
2020/C 379/01 
Commission 
Interpretative 
Communication 
issued 
on 
10 November 
2020, as 
required by 
the L. 3556/2007 
and the 
relevant announcements 
of the 
Hellenic Capital 
Markets 
Commission and the Athens Stock Exchange (the “ESEF 
Regulatory Framework”).
This Framework includes in summary, among others, that 
all the annual financial 
reports must be prepared 
in XHTML format. 
The 
requirements 
as 
defined 
in 
the 
ESEF 
Regulatory 
Framework 
as 
in 
force 
are 
appropriate 
criteria 
in 
order to express a reasonable assurance conclusion.
Responsibilities of the Board of Directors and those charged with governance 
The 
Board 
of 
Directors 
is 
responsible 
for 
the 
preparation 
and 
filing 
of 
the 
financial 
statements 
of 
the 
Company, 
for the year 
ended as at 
31 December 2022, 
in accordance with 
the requirements determined 
by the ESEF Regulatory Framework, and 
for such internal control as the Board 
of Directors determines is 
necessary to enable 
the preparation 
of digital files 
that are free 
from material misstatement, 
whether due 
to fraud or error.
Auditors’ Responsibilities 
Our responsibility is the planning and the execution 
of this assurance engagement in accordance 
with the 
214/4/11-02-2022 
Decision of 
the Hellenic 
Accounting and 
Auditing Standards 
Oversight 
Board and 
the 

6
Guidelines 
for 
the 
assurance 
engagement 
and 
report 
of 
Certified 
Auditors 
on 
the 
European 
Single 
Electronic Reporting Format (ESEF) of 
issuers with shares listed 
in a regulated market 
in Greece, as these 
were issued 
by the 
Institute of 
Certified Public 
Accountants of 
Greece on 
14 February 
2022 (the 
“ESEF 
Guidelines”), in order 
to obtain reasonable 
assurance that the 
Financial Statements 
of the Company 
that 
are prepared 
by the 
the 
Board 
of Directors 
of the 
Company 
in accordance 
with 
the ESEF 
comply 
in all 
material respects with the ESEF Regulatory Framework 
as in force.
Our 
work 
was 
performed 
in 
accordance 
with 
the 
International 
Ethics 
Standards 
Board 
for 
Accountants’ 
Code of 
Ethics for 
Professional 
Accountants, 
as it 
has 
been incorporated 
into Greek 
legislation 
and we 
have also 
fulfilled our 
independence requirements, in 
accordance with the 
L. 4449/2017 and the 
Regulation 
(EU) 537/2014.
The assurance work 
that we carried 
out refers exclusively 
to the ESEF 
Guidelines and was 
conducted in 
accordance with the International 
Standard on Assurance Engagements 
3000, “Assurance Engagements 
other than Audits or Reviews 
of Historical Financial Information”. Reasonable 
assurance is a high level 
of 
assurance 
but 
is 
not 
a 
guarantee 
that 
such 
an 
assurance 
engagement 
will 
always 
detect 
a 
material 
misstatement regarding non-compliance with the requirements 
of the ESEF Regulation.
Conclusion
Based 
on 
the 
procedures 
performed 
and 
the 
evidence 
obtained, 
we 
express 
the 
conclusion 
that 
the 
Financial 
Statements 
of 
the 
Company 
for 
the 
year 
ended 
as 
of 
31 December 
2022 
in 
XHTML 
format 
(JEUVK5RWVJEN8W0C9M24-2022-12-31-en.xhtml), 
have 
been 
prepared, 
in 
all 
material 
respects, 
in 
accordance with the requirements of the ESEF Regulatory 
Framework.
Athens, 7 April 2023
KPMG Certified Auditors S.A. 
AM SOEL 114 
Harry Sirounis, Certified Auditor 
 
AM SOEL 19071

FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 
31 DECEMBER 2022 
8 Othonos Str, Athens 
105 57, 
Greece 
eurobankholdings.gr, 
Tel.: (+30) 214 40 61000 
General Commercial 
Registry No: 000223001000

 
 
 
. 
Index to the Financial Statements
 
.................................................................................................................................................. 
Page 
Balance Sheet ........................................................................................................................................................................................ 1 
Statement of Comprehensive Income ................................................................................................................................................... 2 
Statement of Changes in Equity................................ 
............................................................................................................................. 3 
Cash Flow Statement ............................................................................................................................................................................. 4 
Notes to the Financial Statements 
1. 
General information ................................................................................................ 
..................................................................... 
5 
2. 
Basis of preparation and principal accounting policies 
................................................................................................................ 5 
2.1 
Basis of preparation ...................................................................................................................................................................... 
5 
2.2 
Principal accounting policies 
......................................................................................................................................................... 9 
3. 
Critical accounting estimates and judgments 
in applying accounting policies ........................................................................... 
19 
4. 
Financial risk management and fair value ................................................................................................ 
.................................. 
21 
4.1 
Financial risk factors and risk management................................ 
................................................................................................ 21 
4.2 
Fair value of financial assets and liabilities ................................................................................................................................. 
21 
5. 
Net interest income .................................................................................................................................................................... 22 
6. 
Other income/(expenses) ........................................................................................................................................................... 22 
7. 
Operating expenses .................................................................................................................................................................... 23 
8. 
Income tax .................................................................................................................................................................................. 23 
9. 
Investment securities 
................................................................................................................................................................ 
.. 
24 
10. 
Shares in subsidiaries 
................................................................................................................................................................ 
.. 
24 
11. 
Other assets 
................................................................................................................................................................ 
................ 
24 
12. 
Debt securities in issue ............................................................................................................................................................... 24 
13. 
Other liabilities ................................................................................................................................ 
........................................... 
25 
14. 
Share capital and share premium ............................................................................................................................................... 26 
15. 
Reserves and retained earnings/(losses) .................................................................................................................................... 26 
16. 
Share options 
................................................................................................................................................................ 
.............. 
27 
17. 
Cash and cash equivalents .......................................................................................................................................................... 
28 
18. 
Post balance sheet events ................................................................................................................................ 
.......................... 
28 
19. 
Related parties 
................................................................................................................................................................ 
............ 
28 
20. 
External Auditors ................................................................................................................................................................ 
........ 
29 
21. 
Board of Directors 
................................................................................................................................................................ 
....... 
30 

 
 
 
Balance Sheet 
.
1
 
| 
Page 
31 December 
2022 Financial 
Statements 
Notes on pages 5 to 30 form an integral part of these 
financial statements.

 
 
 
Statement of Comprehensive Income 
.
2
 
| 
Page 
31 December 
2022 Financial 
Statements 
Notes on pages 5 to 30 form an integral part of these 
financial statements

 
 
 
Statement of Changes in Equity 
.
3
 
| 
Page 
31 December 
2022 Financial 
Statements 
Notes on pages 5 to 30 form an integral part of these 
financial statements.

 
 
 
Cash Flow Statement 
.
4
 
| 
Page 
31 December 
2022 Financial 
Statements 
Notes on pages 5 to 30 form an integral part of these 
financial statements.

 
 
 
Notes to the Financial Statements 
.
5
 
| 
Page 
31 December 
2022 Financial 
Statements 
1. 
General information
Eurobank 
Ergasias 
Services and 
Holdings S.A. 
(the Company 
or Eurobank 
Holdings) is 
the parent 
company 
of Eurobank 
S.A. (the 
Bank) which 
along with 
its subsidiaries 
(Eurobank S.A. 
Group), comprise 
the major 
part of 
Eurobank Holdings 
Group (the 
Group) 
(note 10). 
The Company 
operates 
mainly in 
Greece and 
through the 
Bank’s 
subsidiaries in 
Central 
and Southeastern 
Europe. Its 
main activities 
relate to 
the strategic 
planning of 
the administration 
of non-performing 
loans and 
the provision 
of services 
to its 
subsidiaries and third parties, while 
the Eurobank S.A. Group is 
active in retail, corporate 
and private banking, asset 
management, 
treasury, 
capital markets 
and other services. The 
Company is 
incorporated in 
Greece, with its 
registered office 
at Othonos Street, 
Athens 105 57 and its shares are listed on 
the Athens Stock Exchange. 
These financial statements were approved 
by the Board of Directors on 6 April 2023. The Ιndependent Auditor’s Report 
is included 
in section B III of the Annual Financial Report.
2. 
Basis of preparation and principal accounting policies
The 
financial 
statements 
of 
the 
Company 
have 
been 
prepared 
on 
a 
going 
concern 
basis 
and 
in 
accordance 
with 
the 
principal 
accounting policies set out below: 
2.1 
Basis of preparation
The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) 
issued by 
the International 
Accounting 
Standards 
Board 
(IASB), as 
endorsed by 
the European 
Union (EU), 
and in 
particular with 
those standards 
and interpretations, 
issued and 
effective 
or issued 
and early 
adopted as 
at the 
time of 
preparing these 
financial 
statements.
The financial statements are 
prepared under the historical cost basis 
except for the financial assets measured 
at fair value through 
other comprehensive income and financial assets and financial liabilities measured 
at fair-value-through-profit 
-or-loss.
 
The accounting policies for the preparation of the financial statements of the Company have been consistently applied to the 
years 
2022 and 2021, after 
taking into account 
the amendments in IFRSs 
as described in section 
2.1.1 (a) “New and 
amended standards 
adopted by the Company as of 1 January 2022”. 
In addition, where necessary, 
comparative figures have 
been adjusted to conform 
to changes in presentation in the current 
year. 
The 
preparation 
of 
financial 
statements 
in 
accordance 
with 
IFRS 
requires 
the 
use 
of 
estimates 
and 
judgements 
that 
affect 
the 
reported amounts of 
assets and liabilities and 
disclosure of contingent 
liabilities at the date 
of the financial statements, 
as well as 
the reported amounts of 
revenues and expenses during the 
reporting period. Although these 
estimates are based on management's 
best knowledge of current events and conditions, 
actual results ultimately may differ from 
those estimates.
The Company’s presentation currency is the Euro (€). Except 
as indicated, financial information presented in Euro has 
been rounded 
to the nearest million. The figures presented 
in the notes may not sum precisely to the totals provided 
due to rounding.
Going concern considerations
The 
Company’s 
business 
strategy 
and 
activities 
are 
linked 
to 
those 
of 
its 
banking 
subsidiary 
Eurobank 
S.A. 
In 
this 
context, 
the 
directors monitor closely the 
capital and liquidity 
position of the 
Bank as well 
as the associated 
risks, uncertainties and the 
mitigating 
factors affecting 
its operations. The annual 
financial statements have 
been prepared on a 
going concern basis, as the 
Board of the 
Directors considered as appropriate, 
taking into consideration the following: 
2022 was 
marked 
by the 
war in 
Ukraine, which 
gave 
rise to 
a global 
- but 
predominantly 
European - 
energy crisis, 
added to 
the 
mounting inflationary 
pressures, and 
led to 
widespread economic 
uncertainty and 
increased volatility 
in the global 
economy and 
financial 
markets. 
Nevertheless, 
the 
post-pandemic 
recovery 
continued 
for 
a 
second 
consecutive 
year 
in 
Greece, 
with 
its 
GDP 
growth overperforming 
that of most 
of its EU 
peers. According 
to the 
Hellenic Statistical 
Authority (ELSTAT) 
provisional data, 
the 
Greek economy 
expanded by 
5.9% on 
an annual basis 
in 2022, with 
the European 
Commission (EC) 
estimating the 
full-year 2022 
growth rate at 5.5% and 1.2% 
in 2023 in 
its winter economic forecast (February 2023). The inflation 
rate, as measured by the 
change 
in the 12-month average Harmonized Index 
of Consumer Prices (HICP), increased to 9.3% in 2022 according to ELSTAT, 
primarily as 
a result 
of supply-side shocks 
(including the hikes 
in energy, 
food and 
other raw 
material prices, 
the continued 
disruptions in the 
supply chain and the rising nominal wages), alongside the steep post-pandemic recovery of domestic and external demand. The EC 
expects that the 
inflation rate will 
decline to 4.5% in 
2023, and further de-escalate 
to 2.4% in 2024. 
Moreover, 
provisional ELSTAT 

 
 
 
Notes to the Financial Statements 
.
6
 
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Page 
31 December 
2022 Financial 
Statements 
data shows that 
the average 
monthly unemployment in 
2022 decreased to 12.4%, 
from 14.8% in 2021, 
while the Organisation 
for 
Economic Co-operation 
and Development (OECD) in 
its latest report 
(January 2023) expects unemployment 
to decline to 11.5% in 
2023. On 
the fiscal 
front, the 
general government 
primary balance was 
to post 
a deficit 
of 1.6% 
of GDP 
in 2022 
according to 
the 
2023 Budget (latest outlook point to a primary deficit of 
ca. 1% of GDP or even lower), and a surplus of 0.7% of GDP in 2023 (2021: 
deficit of 5%). The gross public debt-to-GDP ratio is expected to decline to 168.9% 
and 159.3% in 2022 and 2023 respectively (2021: 
194.5%). The 
above forecasts 
may change 
in case 
of potential 
adverse 
international 
developments 
that could 
affect 
energy and 
other goods prices, interest rates, external and domestic demand, and bring about the need for additional fiscal support measures.
The Bulgarian 
economy expanded 
by 3.4% 
in 2022 (2021: 
7.6%), based 
on data 
from the 
National Statistical 
Institute of 
Bulgaria, 
while inflation averaged 
at 15.3% in 2022 
(2021: 3.3%). According 
to the EC’s 
winter economic forecasts 
(February 2023), the real 
GDP in Bulgaria 
is expected to 
grow by 
1.4% in 2023, 
while the HICP 
is expected 
at 7.8% in 
2023. Respectively, 
in Cyprus 
the real 
GDP growth is forecasted at 5.8% in 2022 and 1.6% in 2023 (2021: 6.6%), while the CPI is estimated at 8.1% in 2022 and 4% in 2023 
(2021: 2.3%). 
A significant boost 
to growth in 
Greece and in 
other countries of 
presence is expected 
from European 
Union (EU) funding, 
mainly 
under 
the Next 
Generation 
EU (NGEU) 
instrument 
and 
the Multiannual 
Financial 
Framework 
(MFF) 2021–2027, 
EU’s 
long-term 
budget. Greece shall receive EU funds of more than € 
30.5 billion (€ 17.8 billion 
in grants and € 12.7 billion in loans) 
up to 2026 from 
NGEU’s 
Recovery and 
Resilience Facility 
(RRF) to finance 
projects and 
initiatives laid down 
in its National 
Recovery and 
Resilience 
Plan (NRRP) titled “Greece 
2.0”. 
A pre-financing of 
€ 4 billion was disbursed 
in August 2021, and the 
first two regular 
payments of 
€ 3.6 billion each in April 2022 and January 2023 respectively. Greece has been also allocated about € 40 billion through MFF 2021-
2027. On the monetary policy front, although net 
bond purchases under the temporary Pandemic Emergency Purchase Programme 
(PEPP) 
ended 
in 
March 
2022, as 
scheduled, 
the 
European 
Central 
Bank 
(ECB) 
will 
continue 
to 
reinvest 
principal 
from 
maturing 
securities 
at 
least 
until 
the 
end 
of 
2024, 
including 
purchases 
of 
Greek 
Government 
Bonds 
(GGBs) 
over 
and 
above 
rollovers 
of 
redemptions. Furthermore, the Governing Council of the ECB, 
in line with its strong commitment to its price stability 
mandate, has 
proceeded with six rounds of interest rate hikes (in July, September, October, 
December 2022, February and in 
March 2023), raising 
the 
three 
key 
ECB 
interest 
rates 
by 
350 basis 
points 
in 
aggregate. 
Moreover, 
it 
approved 
a new 
instrument 
(the “Transmission 
Protection Instrument” 
– TPI) aimed 
at preventing 
fragmentation in 
the sovereign 
bonds market. 
Finally, 
following the 
expiration 
of the special terms and conditions 
applying to the TLTRO 
III (Targeted 
Longer-Term 
Refinancing Operations) on 
23 June 2022, the 
ECB will keep assessing how targeted 
lending operations are contributing to 
its monetary policy stance.
In 2022, 
the Greek 
State proceeded 
with the 
issuance of 
nine bonds 
of various 
maturities (5-year, 
10-year, 
15-year and 
20-year) 
through the 
Public Debt 
Management Agency 
(PDMA), raising 
a total 
of € 
8.3 billion 
from international 
financial markets. 
On 17 
January 2023, the PDMA issued a 
10-year bond of € 3.5 
billion at a yield of 4.279% 
and more recently, 
on 29 March 2023, issued a 
5-year bond of € 2.5 billion at a yield of 3.919%. As of end 2022, the cash reserves of the Greek State stood in excess of € 30 billion, 
and 
as of 
early 
February 
2023, its 
sovereign 
rating 
was 
one 
notch 
below 
investment 
grade 
by three 
of the 
four 
External 
Credit 
Assessment Institutions (ECAIs) accepted by the Eurosystem 
(DBRS Morningstar: ΒΒ (high); S&P Ratings, Fitch Ratings: BB+).
Regarding 
the outlook 
for the 
next 12 
months the 
major macroeconomic 
risks and 
uncertainties in 
Greece and 
our region 
are as 
follows: 
(a) 
the 
ongoing 
Russia 
- 
Ukraine 
war 
and 
its 
ramifications 
on 
regional 
and 
global 
stability 
and 
security, 
as 
well 
as 
the 
European and 
Greek economy, 
(b) a potential 
prolongation of 
the ongoing 
inflationary wave 
and its impact 
on economic growth, 
employment, public 
finances, household 
budgets, firms’ 
production costs, 
external trade 
and banks’ 
asset quality, 
as well 
as any 
potential social 
and/or political 
ramifications these 
may entail, 
(c) the ongoing 
and potential 
upcoming central 
bank interest 
rate 
hikes worldwide, 
and in the 
euro area 
in particular, 
that may 
exert upwards 
pressures on 
sovereign and 
private borrowing 
costs, 
especially those of highly indebted borrowers, deter investments, increase volatility 
in the financial markets and lead economies to 
slow down or even a temporary recession, (d) the recent banking sector turmoil to 
continue and expand in the euro area, affecting 
customers’ confidence, 
with a potential 
impact on assets 
under management levels 
and on liquidity, 
(e) the impact 
of a potential 
curtailment or discontinuation of the 
government energy support measures on growth, 
employment and the servicing 
of household 
and corporate 
debt, (f) the 
persistently large 
current account 
deficits and the 
prospect of them 
becoming once again 
a structural 
feature 
of 
the 
country’s 
growth 
model, 
(g) 
the 
absorption 
capacity 
of 
the 
NGEU 
and 
MFF 
funds 
and 
the 
attraction 
of 
new 
investments in the country, 
(h) the effective and timely implementation of the reform agenda required to meet the RRF milestones 
and targets and to 
boost productivity, competitiveness, and resilience, (i) 
a delay in 
the implementation of 
planned reforms, projects 
and 
the 
budget’s 
fiscal 
agenda 
due 
to 
the 
possibility 
of 
the 
2023 
national 
elections 
resulting 
in 
an 
inability 
or 
delay 
to 
form 
a 
government with solid Parliament 
majority, (j) the geopolitical developments 
in the near region, (k) the evolution 
of the pandemic 

 
 
 
 
Notes to the Financial Statements 
.
7
 
| 
Page 
31 December 
2022 Financial 
Statements 
and 
the 
probability 
of 
emergence 
of 
new 
Covid-19 
variants 
that 
could 
further 
impact 
economic 
growth, 
fiscal 
balances 
and 
international trade by prolonging the disruptions in the global supply chain, and (l) the exacerbation 
of natural disasters due to the 
climate change and their effect on GDP, 
employment, fiscal balance and sustainable development 
in the long run.
Materialization of the above risks, would 
have potentially adverse effects on the fiscal 
planning of the Greek 
government, as it could 
decelerate the pace 
of expected 
growth and on 
the liquidity, 
asset quality, 
solvency and profitability 
of the Greek 
banking sector. 
The 
Group 
Management 
and Board, 
mindful of 
the recent 
banking 
turmoil 
across 
some markets, 
has done 
a proactive 
internal 
review to re-assure itself of the continued resilience of Eurobank business model to 
such possible external shocks and is pleased to 
report 
that 
this 
model 
is 
well 
supported 
by 
sound 
business 
practices, 
diversified 
activities 
and 
prudent 
risk 
management 
approaches. 
The 
resulting 
stability 
of 
the 
Group’s 
business 
operating 
model 
is 
also 
further well-reflected 
by, 
among 
others, 
its 
financial position and performance 
as analysed below. 
In this context, 
the Group is continuously 
monitoring the developments 
on 
the macroeconomic, financial and geopolitical fronts as well as the evolution of its asset quality 
and liquidity KPIs and has increased 
its level of readiness, so 
as to accommodate decisions, initiatives 
and policies to protect 
its capital and liquidity standing 
as well as 
the fulfilment, to the maximum 
possible degree, of its strategic 
and business goals in accordance 
with the business plan for 
2023–
2025.
For the year ended 31 December 
2022, at the Group level, 
the net profit attributable 
to shareholders amounted 
to € 1,330 million 
(2021: € 
328 million), 
of which 
€ 212 
million (2021: 
€ 143 
million) was 
related 
to the 
international operations. 
The adjusted 
net 
profit, excluding the € 230.5 million gain (after tax) on sale of Bank’s merchant acquiring business and the € 75 million restructuring 
costs (after tax), 
amounted to € 1,174 
million (2021: € 424 
million). The net loss 
for the company 
equals to € 8 million 
(2021: € 55 
million profit). The Group’s Total 
Adequacy Ratio (total CAD) and Common Equity Tier 1 (CET1) ratios stood at 19.2% (31 December 
2021: 16.1%) 
and 16% 
(31 December 2021: 
13.7%) respectively 
as at 
31 December 2022. 
In January 
2023, the 
European Banking 
Authority 
(EBA) 
launched 
the 
2023 
EU-wide 
stress 
test 
exercise 
which 
is 
designed 
to 
provide 
valuable 
input 
for 
assessing 
the 
resilience 
of 
the 
European 
banking 
sector, 
including 
the 
4 
Greek 
systemic 
banks, 
in 
the 
current 
uncertain 
and 
changing 
macroeconomic environment, 
covering the period of 
2023-2025. The EBA expects 
to publish the results 
of the exercise 
at the end 
of July 2023.
With 
regards 
to 
asset 
quality, 
as 
at 
31 
December 
2022 
the 
Group’s 
NPE 
stock, 
following 
the 
classification 
of 
project 
“Solar” 
underlying loan portfolio 
as held for sale 
and other initiatives, amounted 
to € 2.3 billion 
(31 December 2021: € 2.8 
billion), driving 
the NPE ratio to 5.2% (31 December 2021: 6.8%), while the NPE coverage 
ratio stood at 74.6% (31 December 2021: 69.2%).
 
In terms 
of liquidity, 
as at 
31 December 2022, 
the Group 
deposits increased 
to € 
57.2 billion (31 
December 2021: € 
53.2 billion), 
while 
the 
funding 
from 
the 
targeted 
long 
term 
refinancing 
operations 
of 
the 
European 
Central 
Bank 
– 
TLTRO 
III 
programme 
decreased by € 2.9 billion amounting 
to € 8.8 billion (31 December 2021: 
€ 11.7 billion). During the year, 
the Bank proceeded with 
the issuance of 
a preferred 
senior note of 
€ 500 million 
and the Company 
completed the 
issuance of a Tier 
2 instrument 
of € 300 
million. More recently, in January 2023, the Bank successfully completed the issue of a € 500 million senior preferred note. 
The rise 
in high quality liquid assets of the Group led the respective Liquidity Coverage 
ratio (LCR) to 173% (31 December 2021: 152%). 
Going concern assessment
The Board of Directors, acknowledging the geopolitical, macroeconomic and financial risks to the economy and the banking system 
and taking 
into account 
the above 
factors 
relating to 
(a) the 
idiosyncratic 
growth opportunities 
in Greece 
and the 
region for 
this 
and the next years, 
also underpinned by the mobilisation 
of the already approved 
EU funding mainly through 
the RRF, 
and (b) the 
Group’s pre-provision 
income generating capacity, 
asset quality, capital adequacy and liquidity position, has been satisfied that the 
financial statements of the Company 
can be prepared on a going concern basis.
2.1.1 
New and amended standards and interpretations
(a) New and amended standards adopted by the Company as 
of 1 January 2022
The following amendments to standards 
as issued by the IASB and endorsed by the EU, that are relevant 
to the Company, 
apply as 
of 1 January 2022: 

 
 
 
 
 
Notes to the Financial Statements 
.
8
 
| 
Page 
31 December 
2022 Financial 
Statements 
IFRS 3, Amendments, 
Reference to the Conceptual Framework 
The amendments 
to IFRS 
3 “Business 
Combinations” updated 
a reference 
to the 
current version 
of Conceptual 
Framework while 
added a requirement 
that, for obligations 
within the scope of IAS 
37 “Provisions, Contingent 
Liabilities and Contingent 
Assets”, 
an 
acquirer applies IAS 
37 to determine 
whether at the 
acquisition date a present 
obligation exists as a 
result of past events. 
In addition, 
for a levy that would be within the 
scope of IFRIC 21 Levies, the 
acquirer applies IFRIC 21 to determine whether the 
obligating event 
that gives rise to a liability to pay the levy exists 
at the acquisition date.
Moreover, 
the issued amendments added a new paragraph to IFRS 3 to clarify that contingent 
assets do not qualify for recognition 
in a business combination at the acquisition date. 
The adoption of the amendments had no impact on the financial statements.
Annual improvement to IFRSs 2018-2020 cycle: IFRS 9 and IFRS 
16 
The improvements 
introduce changes to 
several standards. 
The amendments that 
are relevant to 
the Company’s 
activities are set 
out below:
The 
amendment 
to 
IFRS 
1 
“First-time 
Adoption 
of 
International 
Financial 
Reporting 
Standards” 
provides 
additional 
relief 
to 
a 
subsidiary which becomes a first-time adopter 
later than its parent in respect of accounting 
for cumulative translation differences. 
As a result, the amendment allow 
entities that have elected to 
measure their assets and liabilities at carrying 
amounts recorded in 
their parent’s books to 
also measure any 
cumulative translation differences using the 
amounts reported in 
the parent’s consolidated 
financial statements. This amendment also applies to 
associates and joint ventures that have 
taken the same IFRS 1 exemption.
The 
amendment 
to 
IFRS 
9 
“Financial 
Instruments” 
clarifies 
which 
fees 
should 
be 
included 
in 
the 
10% 
test 
for 
derecognition 
of 
financial liabilities. 
The fees 
to be 
included in 
the assessment 
are only 
those paid 
or received 
between the 
borrower (entity) 
and 
the 
lender, 
including 
fees 
paid 
or 
received 
by 
either 
the 
borrower 
or 
lender 
on 
the 
other’s 
behalf. 
The 
amendment 
is 
applied 
prospectively to modifications and exchanges 
that occur on or after the date the entity first 
applies the amendment.
The amendment to 
IFRS 16 “Leases”
removes the illustration 
of the reimbursement 
of leasehold improvements, 
in order to 
avoid 
any potential confusion about the treatment 
of lease incentives. 
The adoption of the amendments had no impact on the financial statements.
IAS 37, Amendments, Onerous Contracts – Costs 
of Fulfilling a Contract 
The amendments 
to IAS 
37 
‘Provisions, Contingent 
Liabilities and 
Contingent Assets’
 
clarify which 
costs to 
include in 
determining 
the cost 
of fulfilling a 
contract when 
assessing whether 
a contract 
is onerous. 
In particular, 
the direct costs 
of fulfilling a 
contract 
include both 
the incremental 
costs 
and an 
allocation of 
other costs 
directly related 
to fulfilling 
contracts’ 
activities. General 
and 
administrative costs 
do not relate directly 
to a contract 
and are excluded unless 
they are explicitly chargeable 
to the counterparty 
under the contract. 
The adoption of the amendments had no impact on the financial statements.
(b) New and amended standards not yet adopted by the Company 
A number of amendments to existing standards are effective after 2022, as they have not yet been endorsed by the EU, or have not 
been early applied by the Company. 
Those that may be relevant to the 
Company are set out below: 
IAS 8, Amendments, Definition of Accounting Estimates (effective 
1 January 2023)
The amendments in IAS 
8 “Accounting Policies, Changes in Accounting Estimates and 
Errors” introduced the definition of accounting 
estimates and include other 
amendments to IAS 8 which 
are intended to help 
entities distinguish changes in 
accounting estimates 
from changes in accounting policies.
The amendments clarify (a) how accounting policies and accounting estimates relate to each other by (i) explaining that accounting 
estimates are used 
in applying accounting policies and 
(ii) making the definition of accounting 
policies clearer and concise 
and, (b) 
that selecting an estimation or valuation technique
and choosing the inputs to be used constitutes making an accounting estimate.
The adoption of the amendments is not expected to impact the financial statements. 

 
 
 
Notes to the Financial Statements 
.
9
 
| 
Page 
31 December 
2022 Financial 
Statements 
Amendments 
to 
IAS 1 
Presentation 
of 
Financial 
Statements 
and IFRS 
Practice 
Statement 
2: 
Disclosure 
of 
Accounting 
policies 
(effective 1 January 2023)
IASB issued amendments to IAS 1 “Presentation 
of Financial Statements” that require 
entities to disclose their material accounting 
policies rather than their significant accounting policies. 
According 
to IASB, 
accounting policy 
information 
is material 
if, 
when considered 
together 
with other 
information 
included in 
an 
entity’s financial statements, it can 
reasonably be expected to 
influence decisions that 
the primary users 
of general purpose financial 
statements make on the 
basis of those financial statements.
Furthermore, the amendments clarify how an entity can identify material accounting policy information, while provide examples of 
when accounting policy information is likely to be material. The amendments 
to IAS 1 also clarify that immaterial accounting policy 
information 
need not 
be disclosed. 
However, 
if it 
is disclosed, 
it 
should not 
obscure 
material 
accounting 
policy 
information. 
To 
support these 
amendments the 
Board has 
also developed 
guidance and 
examples to 
explain and 
demonstrate 
the application 
of 
the 
‘four-step 
materiality 
process’ 
described 
in 
IFRS 
Practice 
Statement 
2 
Making 
Materiality 
Judgements 
to 
accounting 
policy 
disclosures, in order to support the amendments to 
IAS 1.
The adoption of the amendments is not expected to impact the financial statements.
IAS 12, Amendments, Deferred Tax 
related to Assets and Liabilities arising from a Single Transaction 
(effective 1 January 2023)
The amendments clarify 
that the exemption 
on initial recognition 
set out in IAS 
12 ‘Income Taxes’ 
does not apply 
for transactions 
such as 
leases and 
decommissioning obligations 
that, on 
initial recognition, 
give rise 
to equal 
amounts of 
taxable and 
deductible 
temporary 
differences. 
Accordingly, 
for 
such 
transactions 
an 
entity 
is 
required 
to 
recognise 
the 
related 
deferred 
tax 
asset 
and 
liability, with the recognition 
of any deferred tax 
asset being subject to the recoverability 
criteria in IAS 12. The amendments apply 
to transactions that occur on or after the beginning of the earliest 
comparative period presented.
The adoption of the amendments is not expected to impact the financial statements.
IAS 1, Amendments, Classification of Liabilities as Current or Non-Current 
(effective 1 January 2024, not yet endorsed by EU)
The amendments, published in 
January 2020, affect only 
the presentation of liabilities in 
the balance sheet 
and provide clarifications 
over the 
definition of 
the right 
to defer 
the settlement 
of a 
liability, 
while they 
make 
clear that 
the classification 
of liabilities 
as 
current or non-current 
should be based on rights 
that are in existence 
at the end of the 
reporting period. In addition, 
it is clarified 
that the 
assessment for 
liabilities classification 
made at the 
end of the 
reporting period 
is not affected 
by the expectations 
about 
whether an entity 
will exercise its 
right to defer 
settlement of a liability. 
The Board also clarified 
that when classifying liabilities 
as 
current or non-current, an entity can ignore 
only those conversion options that are 
recognised as equity. 
In October 2022, the IASB issued
 
Non-current Liabilities with Covenants (Amendments to IAS 1)
 
with respect to the classification (as 
current 
or non-current), 
presentation 
and disclosures 
of liabilities 
for 
which an 
entity’s 
right to 
defer 
settlement 
for 
at least 
12 
months 
is 
subject 
to 
the 
entity 
complying 
with 
conditions 
after 
the 
reporting 
period. 
The 
amendments 
to 
IAS 
1 
specify 
that 
covenants 
to be 
complied with 
after 
the reporting 
date 
do not 
affect 
the classification 
of debt 
as current 
or non-current 
at 
the 
reporting 
date. 
Instead, 
the amendments 
require 
a company 
to disclose 
information 
about these 
covenants 
in the 
notes to 
the 
financial statements.
The adoption of the amendments is not expected to impact the financial statements.
2.2 
Principal accounting policies
2.2.1 
Investments in subsidiaries 
Investments 
in subsidiaries, including 
investments acquired 
through common 
control transactions, 
are accounted 
at cost 
less any 
impairment losses. Cost is 
the fair value of 
the consideration given 
being the amount of 
cash or shares issued, 
or if that cannot be 
determined reliably, 
the consideration received together 
with any directly attributable costs. 
As an exception to the above measurement basis, when the Company transfers an existing Group entity or business sector to a 
new 
subsidiary 
formed 
for 
this 
purpose 
in 
a 
share 
for 
share 
exchange 
that 
does 
not 
have 
commercial 
substance, 
the 
Company’s 
investment in that newly formed 
subsidiary is recognized at the carrying amount of 
the transferred entity.

 
 
 
Notes to the Financial Statements 
.
10
 
| 
Page 
31 December 
2022 Financial 
Statements 
A listing of the Company’s subsidiaries is set out 
in note 10.
2.2.2 Foreign currencies
Foreign currency 
transactions 
are translated 
into the 
functional currency 
using the 
exchange 
rates 
prevailing 
at the 
dates of 
the 
transactions. 
Foreign exchange 
gains and 
losses resulting 
from the 
settlement of 
such transactions 
are recognized 
in the 
income 
statement.
Monetary assets and liabilities denominated in foreign 
currencies are translated into the functional currency 
at the exchange rates 
prevailing at each reporting date and 
exchange differences are 
recognized in the income statement.
Non-monetary assets and liabilities are 
translated into the functional currency at the 
exchange rates prevailing at initial recognition.
2.2.3 Income statement
(i) Interest income and expense
Interest 
income and 
expense are 
recognized 
in the 
income statement 
for all 
interest 
bearing financial 
instruments on 
an accrual 
basis, using the 
effective interest 
rate (EIR) 
method. The effective 
interest rate 
is the rate 
that exactly 
discounts estimated 
future 
cash payments or receipts through the expected life of the financial instrument 
or, when appropriate, 
a shorter period to the gross 
carrying 
amount 
of 
the 
financial 
asset 
or 
to 
the 
amortized 
cost 
of 
a 
financial 
liability. 
When 
calculating 
the 
EIR 
for 
financial 
instruments, the 
Company estimates 
future cash 
flows considering 
all contractual 
terms of 
the financial 
instrument but 
does not 
consider expected credit losses. 
The EIR calculation includes fees and 
points paid or received that 
are an integral part of the 
effective interest rate, transaction costs, 
and other 
premiums or 
discounts. Transaction 
costs include 
incremental costs 
that are 
directly attributable 
to the 
acquisition or 
issue of a financial asset or liability.
The amortized 
cost of 
a financial 
asset or 
liability is 
the amount 
at which 
it is 
measured upon 
initial recognition 
minus principal 
repayments, plus or minus cumulative 
amortization using the EIR (as described above) and for 
financial assets it is adjusted for the 
expected 
credit 
loss 
allowance. 
The 
gross 
carrying 
amount 
of 
a 
financial 
asset 
is 
its 
amortized 
cost 
before 
adjusting 
for 
ECL 
allowance.
The Company 
calculates interest 
income and 
expense by 
applying the EIR 
to the 
gross carrying 
amount of 
non-impaired financial 
assets (exposures in Stage 1 and 2) and to the 
amortized cost of financial liabilities respectively. 
For 
financial 
assets 
that 
have 
become 
credit-impaired 
subsequent 
to 
initial 
recognition 
(exposures 
in 
Stage 
3), 
the 
Company 
calculates 
interest 
income by 
applying the 
effective 
interest 
rate 
to the 
amortized 
cost 
of the 
financial asset 
(i.e. gross 
carrying 
amount adjusted 
for the expected 
credit loss allowance). 
If the asset is 
no longer credit 
-impaired, then the 
EIR is applied 
again to 
the gross carrying amount.
Interest income and expense are presented separately 
in the income statement for all interest bearing financial instruments within 
net interest income.
(ii) Fees and commissions
 
Fee and 
commission received 
or paid 
that 
are integral 
to the 
effective 
interest 
rate 
on a 
financial asset 
or financial 
liability are 
included in the effective interest 
rate.
Other fee and commission income is recognised over time as the related services are being provided to the customer, to the extent 
that it 
is highly 
probable that 
a significant 
reversal 
of the 
revenue amount 
recognized 
will not 
occur. 
Transaction-based 
fees are 
recognised at the point in time when the transaction takes 
place.
2.2.4 Property and equipment 
Property 
and 
equipment 
are 
stated 
at 
cost 
less 
accumulated 
depreciation 
and 
accumulated 
impairment 
losses. 
Cost 
includes 
expenditure that is directly attributable to the acquisition of the asset. Subsequent expenditure is recognized in the asset's carrying 
amount only when it is probable that future economic benefits will flow to the Company and the cost of the asset can be measured 
reliably. All other repair and maintenance costs are 
recognized in the income statement as incurred. 
Depreciation is calculated using 
the straight-line method to write down the cost of property and equipment, to their residual values over their estimated useful life. 

 
 
 
Notes to the Financial Statements 
.
11
 
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31 December 
2022 Financial 
Statements 
2.2.5 Computer software
Costs 
associated 
with 
the 
maintenance 
of 
existing 
computer 
software 
programs 
are 
expensed 
as 
incurred. 
Development 
costs 
associated with the production of 
identifiable assets controlled by 
the Company are recognized 
as intangible assets when they 
are 
expected 
to 
generate 
economic 
benefits 
and 
can 
be 
measured 
reliably. 
Internally 
generated 
computer 
software 
assets 
are 
amortized using the straight-line method. 
2.2.6 Impairment of subsidiaries
The Company assesses as 
at each reporting 
balance sheet date whether 
there is any indication 
that its investments 
in subsidiaries 
may be impaired by considering both external and internal sources of information, 
such as the net assets compared to the carrying 
value 
of 
each 
entity, 
as 
well 
as 
forward 
looking 
developments 
and/or 
economy 
sector 
in 
which 
they 
operate. 
In 
addition, 
the 
collection of dividends from 
subsidiaries is also a potential 
trigger that may indicate 
that the respective investments 
are impaired. 
In particular, 
when dividend 
is received 
from the 
Company’s 
subsidiaries, it 
is also 
examined whether 
that dividend 
exceeds the 
total 
comprehensive 
income 
of 
the 
subsidiary 
in 
the 
period 
the 
dividend 
is 
declared, 
to 
determine 
whether 
an 
indication 
of 
impairment exists.
If any 
indication of 
impairment exists 
at each 
reporting date, 
the Company 
estimates the 
recoverable 
amount of 
the investment, 
being the higher of its fair value less costs to sell and 
its value in use. 
An impairment loss is recognized in profit or loss when the 
recoverable amount of the investment 
is less than its carrying amount. 
Investments 
in 
subsidiaries 
for 
which 
an 
impairment 
loss 
was 
recognized 
in 
prior 
reporting 
periods, 
are 
reviewed 
for 
possible 
reversal of such impairment at each reporting 
date.
2.2.7 Impairment of non-financial assets
Non-financial assets 
are assessed 
for indications 
of impairment 
at each 
reporting date 
by considering 
both external 
and internal 
sources of information such as a significant reduction in the asset’s value and evidence that the economic performance of the asset 
is 
or 
will 
be 
worse 
than 
expected. 
When 
events 
or 
changes 
in 
circumstances 
indicate 
that 
the 
carrying 
amount 
may 
not 
be 
recoverable, an impairment loss is recognized for the 
amount by which the 
asset’s carrying amount exceeds its recoverable amount. 
The 
recoverable 
amount 
is the 
higher 
of 
an 
asset’s 
fair 
value 
less 
costs 
to 
sell 
and 
value 
in 
use. 
For 
the 
purposes 
of 
assessing 
impairment, assets are grouped 
at the lowest levels 
for which there 
are separately identifiable 
cash flows, where 
applicable. Non-
financial assets for 
which an impairment 
loss was recognized 
in prior reporting 
periods, are reviewed 
for possible reversal 
of such 
impairment at each reporting date.
2.2.8 Financial assets
Financial assets - Classification and measurement
The Company 
classifies financial 
assets based 
on the 
business model 
for 
managing those 
assets and 
their contractual 
cash flow 
characteristics. 
Accordingly, 
financial assets 
are classified 
into one 
of the 
following measurement 
categories: amortized 
cost, fair 
value through other comprehensive income (FVOCI) or 
fair value through profit or loss (FVTPL). 
Financial Assets measured at Amortized Cost (‘AC’)
The Company classifies and 
measures a financial asset at 
AC only if both of the 
following conditions are 
met and is not designated 
as at FVTPL:
(a) The financial asset is held within 
a business model whose objective is to 
collect contractual cash flows 
(hold-to-collect business 
model) and
(b) The contractual 
terms of the financial 
asset give rise on 
specified dates to 
cash flows that 
are solely payments 
of principal and 
interest on the principal amount outstanding 
(SPPI). 
These financial assets 
are recognized initially at 
fair value plus 
or minus direct 
and incremental transaction costs 
that are attributable 
to the acquisition of these assets, and are subsequently 
measured at amortized cost, using the effective 
interest rate 
(EIR) method 
(as described in 2.2.3 above).

 
 
 
Notes to the Financial Statements 
.
12
 
| 
Page 
31 December 
2022 Financial 
Statements 
Interest income, realized 
gains and losses on derecognition, 
and changes in expected credit 
losses from assets classified at 
AC, are 
included in the income statement.
Equity Instruments designated at FVOCI
The Company may make an irrevocable election to designate an equity instrument at FVOCI. This designation, if elected, is made at 
initial recognition and on an instrument by instrument 
basis. Gains and losses on these instruments, including when derecognized, 
are recorded in OCI and are not subsequently reclassified to 
the income statement. Dividends received are 
recorded in the income 
statement. 
Financial Assets measured at Fair Value through Profit 
and Loss (“FVTPL”)
The Company 
classifies and 
measures all 
other financial 
assets that 
are not 
classified at 
AC or 
FVOCI, at 
FVTPL. Accordingly, 
this 
measurement category 
includes financial instruments 
that are held 
within the 
hold–to-collect (HTC) 
but fail 
the SPPI assessment, 
equities 
that 
are 
not 
designated 
at 
FVOCI 
and 
financial 
assets 
held 
for 
trading. 
Financial 
assets 
measured 
at 
FVTPL 
are 
initially 
recorded at fair value and any 
unrealized gains or losses arising due to changes in 
fair value are included in the income statement.
Business model and contractual characteristics assessment
The business model assessment determines how the Company 
manages a group of assets to generate 
cash flows. That is, whether 
the Company's 
objective is solely 
to collect contractual 
cash flows from 
the asset, to 
realize cash 
flows from the 
sale of assets, 
or 
both to 
collect contractual 
cash flows 
and cash 
flows from 
the sale of 
assets. In addition, 
the business 
model is determined 
after 
aggregating the financial 
assets into groups 
(business lines) which are 
managed similarly rather 
than at an 
individual instrument’s 
level. 
The business model 
is determined by 
the Company’s key management personnel consistently with the 
operating model, considering 
how 
financial 
assets 
are 
managed 
in 
order 
to 
generate 
cash 
flows, 
the 
objectives 
and 
how 
performance 
of 
each 
portfolio 
is 
monitored and reported and any available 
information on past sales and on future sales’ strategy, 
where applicable. 
Accordingly, in making the above assessment, the Company will consider a number of 
factors including the risks associated with the 
performance of the business model and how those risks are evaluated and managed, the related personnel compensation, 
and the 
frequency, volume 
and reasons of past sales, as well as expectations about future 
sales activity. 
Types of business models
The Company’s 
business models fall into two categories, 
which are indicative of the key strategies 
used to generate returns. 
The hold-to-collect 
(HTC) business 
model has 
the objective 
to hold 
the financial 
assets in 
order to 
collect contractual 
cash flows. 
Sales within this model 
are monitored and may be 
performed for reasons which are not 
inconsistent with this business model. 
More 
specifically, sales of financial assets due to credit deterioration, as well as sales close to the maturity are considered consistent with 
the objective of hold-to-collect contractual cash flows regardless of value and frequency. 
Sales for other reasons may be consistent 
with the HTC 
model such as liquidity 
needs in any 
stress case scenario 
or sales made to 
manage high concentration 
level of credit 
risk. Such sales 
are monitored 
and assessed depending 
on frequency and 
value to 
conclude whether they 
are consistent 
with the 
HTC 
model. 
Other 
business 
models 
include 
financial 
assets 
which 
are 
managed 
and 
evaluated 
on 
a 
fair 
value 
basis 
as 
well 
as 
portfolios that 
are held 
for trading. 
The Company’s 
business models are 
reassessed at 
least annually or 
earlier, 
if there is 
a sales’ 
assessment trigger or if there are any changes in the Company’s 
strategy and main activities. 
Cash flow characteristics assessment
For a financial instrument to be measured at AC, its contractual terms must give rise on specified dates to cash flows that are solely 
payments of principal and interest (SPPI) on 
the principal amount outstanding. 
In 
assessing 
whether 
the 
contractual 
cash 
flows 
are 
SPPI, 
the 
Company 
will 
consider 
whether 
the 
contractual 
terms 
of 
the 
instrument are 
consistent with 
a basic lending 
arrangement 
i.e. interest 
includes only consideration 
for the time 
value of money, 
credit risk, other 
basic lending risks and 
a profit margin. On 
the initial recognition 
of a financial asset, 
an assessment is performed 
of whether 
the financial 
asset contains 
a contractual 
term that 
could change 
the amount 
or timing of 
contractual cash 
flows in 
a 
way that it would 
not be consistent with the 
above condition. Where the contractual 
terms introduce exposure 
to risk or volatility 
that are inconsistent with 
a basic lending arrangement, the related 
financial asset is considered to have failed 
the SPPI assessment 
and will be measured at FVTPL.

 
 
 
Notes to the Financial Statements 
.
13
 
| 
Page 
31 December 
2022 Financial 
Statements 
For 
the 
purpose 
of 
the 
SPPI 
assessment, 
the 
Company 
considers 
the 
existence 
of 
various 
features, 
including 
among 
others, 
contractually linked terms, prepayment terms, deferred interest-free payments, extension and equity conversion options and 
terms 
that 
introduce 
leverage 
including 
index 
linked 
payments, 
features 
that 
change 
contractual 
cash 
flows 
based 
on 
the 
borrower 
meeting certain 
contractually 
specified environmental, 
social and 
governance (ESG) 
targets. 
In addition, 
for the 
purposes of 
the 
SPPI assessment, if a contractual feature could have an effect that is de-minimis on the contractual cash flows of the financial 
asset, 
it does not 
affect its 
classification. Moreover, 
a contractual 
feature is 
considered as 
not genuine by 
the Company, 
if it affects 
the 
instrument’s contractual 
cash flows only on the occurrence of an event that is extremely rare, highly 
abnormal and very unlikely to 
occur. 
In such a case, it does not affect the instrument’s 
classification.
Derecognition of financial assets
The Company 
derecognizes 
a financial 
asset when 
its contractual 
cash flows 
expire, or 
the rights 
to receive 
those cash 
flows are 
transferred in an outright sale 
in which substantially all 
risks and rewards of 
ownership have been transferred. In addition, 
a financial 
asset is derecognized even 
if rights to receive cash 
flows are retained 
but at the same time the Company 
assumes an obligation to 
pay the received cash 
flows without a material 
delay (pass through agreement) 
or when substantially all 
the risks and rewards 
are 
neither transferred 
nor retained 
but the 
Company has 
transferred 
control 
of the 
asset. Control 
is transferred 
if, 
and only 
if, 
the 
transferee 
has 
the 
practical 
ability 
to 
sell 
the 
asset 
in 
its 
entirety 
to 
unrelated 
third 
party 
and 
is 
able 
to 
exercise 
that 
ability 
unilaterally and without imposing additional restrictions 
on the transfer. 
On derecognition 
of 
a financial 
asset, 
the difference 
between 
the 
carrying 
amount 
of 
the asset 
and the 
consideration 
received 
(including any new asset obtained less any new 
liability assumed) is recognized in income statement.
Modification of financial assets that may result in derecognition
In addition, derecognition of financial 
asset arises when its contractual 
cash flows are modified and 
the modification is considered 
substantial enough so that the original asset is derecognized and a new one is recognised. The Company records the modified asset 
as a ‘new’ financial asset at fair value plus any eligible transaction costs and the difference with 
the carrying amount of the existing 
one is recorded in the income statement 
as derecognition gain or loss. 
2.2.9 Reclassifications of financial assets
The Company reclassifies a 
financial asset only 
when it changes 
its business model 
for managing financial assets. 
Generally, a change 
in the business 
model is expected 
to be rare 
and occurs 
when the Company 
either begins or 
ceases to perform 
an activity that 
is 
significant to 
its operations. 
In the 
rare event 
when there 
is a 
change to 
the existing 
business model, 
the updated 
assessment is 
approved by 
the Company’s 
competent Committees 
and the amendment 
is reflected 
appropriately in 
the Company’s 
budget and 
business plan. 
Changes in 
intention related 
to particular 
financial assets 
(even in 
circumstances of 
significant changes 
in market 
conditions) and 
the temporary 
disappearance of 
a particular 
market for 
financial assets, are 
not considered 
by the 
Company changes 
in business 
model.
The reclassification 
is applied prospectively 
from the reclassification 
date, therefore 
previously recognized 
gains, losses (including 
impairment losses) or interest are not restated.
2.2.10 Financial liabilities
Financial liabilities - Classification and measurement
The Company classifies its financial liabilities at amortized cost 
category. 
These 
financial 
liabilities 
are 
recognized 
initially 
at 
fair 
value 
minus 
transaction 
costs 
that 
are 
attributable 
to 
the 
issue of 
these 
liabilities, and 
are subsequently 
measured at 
amortized cost, 
using the 
effective interest 
rate (EIR) 
method (as 
described in 
2.2.3 
above).
Derecognition of financial liabilities
A 
financial 
liability is 
derecognized 
when 
the obligation 
under 
the liability 
is discharged, 
cancelled or 
expires. 
When 
an existing 
financial liability of the Company is replaced by another 
from the same counterparty on substantially 
different terms, or the terms 

 
 
 
Notes to the Financial Statements 
.
14
 
| 
Page 
31 December 
2022 Financial 
Statements 
of an existing 
liability are substantially 
modified, such an 
exchange or 
modification is treated 
as an extinguishment 
of the original 
liability and the recognition of a new liability and any difference 
arising is recognized in the income statement.
The Company 
considers the 
terms to 
be substantially 
different, 
if the 
discounted present 
value of 
the cash 
flows under 
the new 
terms, 
including any 
fees 
paid net 
of any 
fees 
received 
and discounted 
using the 
original effective 
interest 
rate, 
is at 
least 10% 
different from the discounted 
present value of the remaining cash flows 
of the original financial liability.
If an exchange 
of debt instruments 
or modification of 
terms is accounted 
for as an 
extinguishment, any 
costs or fees 
incurred are 
recognized 
as 
part 
of 
the 
gain 
or 
loss 
on 
the 
extinguishment. 
If 
the 
exchange 
or 
modification 
is 
not 
accounted 
for 
as 
an 
extinguishment, any costs or fees incurred adjust the carrying amount 
of the liability and are amortized over the remaining term of 
the modified liability.
Similarly, 
when the 
Company 
repurchases 
any 
debt instruments 
issued by 
the Company, 
it accounts 
for 
such transactions 
as an 
extinguishment of debt.
2.2.11 Fair value measurement of financial instruments
Fair 
value of 
financial instruments 
is the 
price that 
would be 
received to 
sell an 
asset or 
paid to 
transfer 
a liability 
in an 
orderly 
transaction 
between 
market 
participants 
at 
the 
measurement 
date 
under 
current 
market 
conditions 
in 
the 
principal 
or, 
in 
its 
absence, the most advantageous 
market to which the Company 
has access at that date. The fair 
value of a liability reflects its 
non-
performance risk.
When 
available, 
the 
Company 
measures 
the 
fair 
value 
of 
an 
instrument 
using 
the 
quoted 
price 
in 
an 
active 
market 
for 
that 
instrument. A market 
is regarded as 
active if transactions 
for the asset 
or liability take 
place with sufficient 
frequency and volume 
to provide 
pricing information 
on an ongoing 
basis. If there 
is no quoted 
price in an 
active market, 
then the Company 
uses other 
valuation techniques that maximize the use of relevant observable inputs and minimize the use of 
unobservable inputs. The chosen 
valuation technique incorporates 
all of the factors that market 
participants would take into 
account in pricing a transaction.
The Company has elected to use mid-market pricing 
as a practical expedient for fair 
value measurements within a bid-ask spread.
The best evidence of the fair value of a financial instrument at initial recognition is normally the transaction price, i.e. the fair value 
of the 
consideration 
given or 
received 
unless the 
Company 
determines 
that 
the fair 
value 
at 
initial recognition 
differs 
from 
the 
transaction price. 
In this case, 
if the fair 
value is 
evidenced by 
a quoted 
price in an 
active market 
for an 
identical asset 
or liability 
(i.e. 
Level 
1 
input) 
or 
based 
on 
a 
valuation 
technique 
that 
uses 
only 
data 
from 
observable 
markets, 
a 
day 
one 
gain 
or 
loss 
is 
recognized 
in 
the 
income 
statement. 
On 
the 
other 
hand, 
if 
the 
fair 
value 
is 
evidenced 
by 
a 
valuation 
technique 
that 
uses 
unobservable inputs, 
the financial instrument 
is initially measured 
at fair 
value, adjusted 
to defer 
the difference 
between the 
fair 
value at initial 
recognition and the 
transaction price (day 
one gain or 
loss). Subsequently the deferred 
gain or loss 
is amortized on 
an appropriate 
basis over the 
life of the 
instrument or released 
earlier if a quoted 
price in an 
active market 
or observable 
market 
data become available or the financial instrument 
is closed out.
All assets and liabilities for which fair value is 
measured or disclosed in the financial 
statements are categorized within the fair value 
hierarchy based on the lowest level 
input that is significant to the fair value 
measurement as a whole.
For assets and liabilities that 
are measured at fair 
value on a recurring basis, 
the Company recognizes transfers 
into and out of the 
fair value hierarchy 
levels at the beginning of the quarter in which a financial instrument's transfer 
was effected.
2.2.12 Impairment of financial assets
The Company recognizes allowance for 
expected credit losses (ECL) that 
reflect changes in credit quality since initial recognition 
to 
financial assets 
that are 
measured at 
AC. ECL 
are a 
probability-weighted 
average 
estimate 
of credit 
losses that 
reflects the 
time 
value of money.
Upon initial recognition 
of the financial instruments, 
the Company records 
a loss allowance equal 
to 12-month ECL, 
being the ECL 
that result from default events 
that are possible within the next twelve months. 
Subsequently, for 
those financial instruments that 
have 
experienced 
a 
significant 
increase 
in 
credit 
risk 
(SICR) 
since 
initial 
recognition, 
a 
loss 
allowance 
equal 
to 
lifetime 
ECL 
is 
recognized, arising from default 
events that are possible over the expected life 
of the instrument. 
Loss allowances for 
receivables presented 
under Other Assets are 
always measured 
at an amount 
equal to lifetime 
ECL under the 
simplified approach. For all other financial assets subject to impairment, 
the general three-stage approach 
applies.

 
 
 
Notes to the Financial Statements 
.
15
 
| 
Page 
31 December 
2022 Financial 
Statements 
Accordingly, 
ECL are recognized using a three-stage 
approach based on the extent of credit deterioration 
since origination:
•
Stage 1 – When there is no significant increase in credit risk since initial recognition of a financial instrument, an amount equal 
to 12-month 
ECL is recorded. 
The 12 – 
month ECL 
represent a 
portion of lifetime 
losses, that 
result from 
default events 
that 
are possible within the next 12 months after the reporting date and is equal to the expected cash shortfalls 
over the life of the 
instrument or group of 
instruments, due to loss 
events probable within the 
next 12 months. Not 
credit-impaired financial assets 
that are either newly 
originated or purchased, as well 
as assets recognized following 
a substantial modification 
accounted for 
as a derecognition, are classified initially in Stage 1. 
•
Stage 2 – When a financial instrument experiences a SICR subsequent to 
origination but is not considered to be in default, it is 
included 
in 
Stage 
2. Lifetime 
ECL 
represent 
the expected 
credit 
losses 
that 
result 
from 
all possible 
default 
events 
over 
the 
expected life of the financial instrument. 
•
Stage 3 – Financial instruments that are considered to be in default are included in this stage. Similar to Stage 2, the allowance 
for credit losses captures the lifetime expected 
credit losses. 
A financial asset is credit-impaired when one or more 
events that have a detrimental 
impact on the estimated future cash flows 
of 
that exposure have occurred: 
•
The borrower faces a significant difficulty 
in meeting his financial obligations. 
•
There has been a breach of contract, 
such as a default or past due event. 
•
The Company, 
for economic or contractual 
reasons relating to the borrower’s 
financial difficulty, has 
granted to the borrower 
a concession(s) that the Company would not otherwise consider. 
•
There is a probability that the borrower 
will enter bankruptcy or other financial re-organization. 
For investment securities, the Company determines 
the risk of default using an internal credit rating scale. The 
Company considers 
debt securities as credit 
impaired if the internal 
rating of the issuer/counterparty corresponds to a 
rating equivalent to "C" (Moody's 
rating scale) or 
the external rating 
of the issuer/counterparty 
at the reporting date 
is equivalent to 
“C” (Moody’s rating scale) 
and 
the internal rating is not available.
Significant increase in credit risk (SICR) and staging allocation
Determining 
whether 
a 
loss 
allowance 
should 
be 
based 
on 
12-month 
expected 
credit 
losses 
or 
lifetime 
expected 
credit 
losses 
depends on whether there has been a significant increase in credit 
risk (SICR) of the financial assets since initial recognition. 
At 
each reporting 
date, 
the Company 
performs 
an assessment 
as to 
whether 
the risk 
of a 
default 
occurring over 
the remaining 
expected lifetime 
of the 
exposure has 
increased significantly 
from the 
expected risk 
of a default 
estimated at 
origination for 
that 
point in time. 
Specifically, 
the assessment of 
SICR for investment 
securities is performed 
on an individual basis 
based on the number 
of notches 
downgrade in the internal credit rating 
scale since the origination date.
Transfers from Stage 
2 to Stage 1
A financial asset, which is classified to Stage 2 due to Significant Increase 
in Credit Risk (SICR), is reclassified to Stage 1, as long as it 
does not meet anymore any of the Stage 2 Criteria. 
Transfers from Stage 
3 to Stage 2
A financial asset 
is transferred 
from Stage 
3 to Stage 
2, when the 
criteria based on 
which the financial 
asset was 
characterized as 
credit impaired, are no longer valid. 
Measurement of Expected Credit Losses/ECL Key Inputs
The ECL calculations 
are based on 
the term structures 
of the probability 
of default (PD), 
the loss 
given default (LGD) and 
the exposure 
at 
default 
(EAD). Generally, 
these parameters 
are 
based on 
observed 
point-in-time and 
historical 
data, 
derived 
by international 
rating agencies.
For investment 
securities, PDs 
are obtained 
by an 
international rating 
agency using 
risk methodologies 
that maximize 
the use 
of 
objective non-judgmental variables and market data. The 
Company assigns internal credit ratings to 
each issuer/counterparty based 
on these 
PDs. In 
case of 
counterparties 
for 
which no 
information 
is available, 
the Company 
assigns PDs 
which are 
derived from 
internal models. 

 
 
 
Notes to the Financial Statements 
.
16
 
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31 December 
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Statements 
The Exposure at default 
(EAD) is an estimate of 
the exposure at a future 
default date, taking 
into account expected 
changes in the 
exposure after the reporting date. 
For investment securities, the LGD is typically based on historical data derived 
mainly from rating agencies’ studies but may also be 
determined considering the existing and expected 
liabilities structure of the obligor and macroeconomic environment.
Furthermore, the seniority of 
the debt security, 
any potential collaterals 
by the obligor or 
any other type of 
coverage is taken 
into 
account for the calculation.
Presentation of impairment allowance 
For financial assets measured at amortized cost, impairment allowance is 
recognized as a loss allowance reducing the gross carrying 
amount of the financial assets in the balance sheet.. The respective ECL is recognised 
within impairment losses.
Write-off of financial assets
Where the Company has no reasonable expectations of recovering 
a financial asset either in its entirety or a portion of it, the gross 
carrying amount of that 
instrument is reduced directly 
, 
partially or in full, against 
the impairment allowance. The 
amount written-
off is considered as derecognized. Subsequent recoveries of amounts 
previously written off decrease the amount 
of the impairment 
losses in the income statement.
2.2.13 Income tax
Income tax consists of current and 
deferred tax.
(i) Current income tax
Income tax payable 
on profits, based 
on the applicable 
tax law and 
the tax rate 
enacted at the reporting 
date, is recognized 
as an 
expense in the period in which profits arise. 
(ii) Deferred tax
Deferred 
tax is 
provided 
in full, 
using the 
liability method, 
on temporary 
differences 
arising between 
the tax 
base of 
assets and 
liabilities and 
their carrying 
amounts in 
the financial 
statements. 
Deferred 
tax assets 
and liabilities are 
measured at 
the tax 
rates 
that are expected 
to apply to the 
period when the asset 
is realized or 
the liability is settled, 
based on tax 
rates (and tax 
laws) that 
have been enacted or substantively enacted 
by the balance sheet date. 
Deferred 
tax 
assets are 
recognized 
where 
it is 
probable 
that 
future taxable 
profit 
will be 
available against 
which the 
temporary 
differences can be utilized. The carrying amount of deferred tax assets is reviewed at each 
reporting date and reduced to the extent 
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the 
asset to be recovered. Any such 
reduction is reversed to the extent that it becomes probable that sufficient taxable profit will be available. The Company recognises 
a previously 
unrecognised 
deferred 
tax asset 
to the 
extent 
that it 
has become 
probable 
that future 
taxable 
profit will 
allow the 
deferred tax asset to be recovered. 
The deferred tax asset on income tax losses 
carried forward is recognized as an asset when 
it is 
probable that future taxable profits 
will be available against which these losses can be utilized.
(iii) Uncertain tax positions
The Company determines and assesses all material tax positions taken, 
including all, if any, significant uncertain positions, 
in all tax 
years that are still subject 
to assessment (or when 
the litigation is in 
progress) by relevant tax authorities. In 
evaluating tax positions, 
the 
Company 
examines 
all 
supporting 
evidence 
(Ministry 
of 
Finance 
circulars, 
individual 
rulings, 
case 
law, 
past 
administrative 
practices, ad hoc tax/legal 
opinions etc.) to the 
extent they are applicable 
to the facts and 
circumstances of the particular 
Company’s 
case/ transaction. 
In addition, judgments concerning the recognition of a provision against the possibility of 
losing some of the tax positions are highly 
dependent on advice received from internal/ 
external legal counselors. For 
uncertain tax positions with a high level of uncertainty, 
the Company recognizes, on a 
transaction by transaction basis, 
or together as a 
group, depending on 
which approach better predicts 
the 
resolution 
of 
the 
uncertainty 
using 
an 
expected 
value 
(probability-weighted 
average) 
approach: 
(a) 
a 
provision 
against 
tax 
receivable which has been booked 
for the amount of income tax 
already paid but further pursued 
in courts or (b) a liability for 
the 
amount which is expected to be paid to the tax authorities. The Company presents in its balance sheet all uncertain tax balances as 
current or deferred tax 
assets or liabilities. 

 
 
 
Notes to the Financial Statements 
.
17
 
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31 December 
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Statements 
The Company as a general rule has opted to obtain 
an ‘Annual Tax 
Certificate’, 
which is issued after a tax audit is performed by the 
same statutory 
auditor or audit firm 
that audits the 
annual financial statements. 
Further information 
in respect of the 
Annual Tax 
Certificate and the related tax 
legislation, is provided in note 8.
2.2.14 Employee benefits
(i) Short term benefits
Short term employee benefits are those 
expected to be settled wholly before 
twelve months after the end of the annual reporting 
period in which the employees render the related 
services and are expensed as these services are provided. 
(ii) Pension obligations
The Company provides 
a number of defined 
contribution pension 
plans where annual 
contributions are invested 
and allocated to 
specific asset categories. Eligible 
employees are entitled to the 
overall performance of the investment. The 
Company's contributions 
are recognized as employee benefit 
expense in the year in which they are paid.
(iii) Standard legal staff retirement indemnity obligations (SLSRI) and termination 
benefits
The 
Company 
operates 
unfunded 
defined 
benefit 
plans, 
under 
the 
regulatory 
framework. 
In 
accordance 
with 
the 
local 
labor 
legislation, 
the 
Company 
provides 
for 
staff 
retirement 
indemnity 
obligation 
for 
employees 
which 
are 
entitled 
to 
a 
lump 
sum 
payment based on the number of years of service, as of the date when employee service first leads to benefits under the plan until 
the date when 
further employee service 
will lead to 
no material amount 
of further benefits, 
and the level 
of remuneration 
at the 
date of 
retirement, if 
they remain 
in the 
employment of 
the Company 
until normal 
retirement age. 
Provision has 
been made 
for 
the actuarial value 
of the lump sum 
payable on retirement 
(SLSRI) using the projected 
unit credit method. 
Under this method the 
cost of providing 
retirement indemnities is charged 
to the income statement 
so as to spread the 
cost over the period 
of service of 
the employees, in accordance with the actuarial valuations 
which are performed every year.
The SLSRI 
obligation 
is calculated 
as the 
present 
value of 
the estimated 
future cash 
outflows using 
interest 
rates 
of high 
quality 
corporate bonds. The currency and term to maturity of the bonds used are consistent 
with the currency and estimated term of the 
retirement benefit 
obligations. Actuarial 
gains and 
losses that arise 
in calculating 
the Company’s 
SLSRI obligations 
are recognized 
directly 
in 
other 
comprehensive 
income 
in 
the 
period 
in 
which 
they 
occur 
and 
are 
not 
reclassified 
to 
the 
income 
statement 
in 
subsequent periods.
Interest on the staff retirement indemnity obligations and service cost, consisting of current service 
cost, past service cost and gains 
or losses 
on settlement 
are recognized 
in the 
income statement. 
In calculating 
the SLSRI 
obligation, 
the Company 
also considers 
potential separations before 
normal retirement based on the terms of previous 
voluntary exit schemes. 
Termination benefits are payable when employment is 
terminated by the 
Company before the normal 
retirement date, or whenever 
an employee 
accepts 
voluntary 
redundancy 
in exchange 
for 
these benefits 
(including those 
in the 
context 
of the 
Voluntary 
Exit 
Schemes implemented 
by the 
Company). The 
Company recognizes 
termination 
benefits at 
the earlier 
of the 
following dates: 
(a) 
when 
the 
Company 
can 
no 
longer 
withdraw 
the 
offer 
of 
those 
benefits; 
and 
(b) 
when 
the 
Company 
recognizes 
costs 
for 
a 
restructuring that involves 
the payment of termination 
benefits. In the case of an 
offer made to encourage 
voluntary redundancy, 
the termination benefits are 
measured based on 
the number of 
employees expected to accept 
the offer. Termination benefits falling 
due more than 12 months after the end of the reporting period are 
discounted to their present value. 
(iv) Performance-based cash payments
The Company's Management awards high performing employees with bonuses in cash, from time to time, on a discretionary 
basis. 
Cash 
payments 
requiring 
only 
Management 
approval 
are 
recognized 
as 
employee 
benefit 
expenses 
on 
an 
accrual 
basis. 
Cash 
payments requiring General 
Meeting approval as distribution of 
profits to staff 
are recognized as 
employee benefit expense in 
the 
accounting period that they are approved 
by the Company’s shareholders.
(v) Share-based payments
The Company’s Management awards 
employees with bonuses in the form of shares and share options on a discretionary basis and 
after taking 
into 
account the 
current 
legal framework. 
Non-performance 
related 
shares 
vest 
in the 
period granted. 
Share based 
payments 
that 
are 
contingent 
upon 
the 
achievement 
of 
a 
performance 
and 
service 
condition, 
vest 
only 
if 
both 
conditions 
are 
satisfied.

 
 
 
Notes to the Financial Statements 
.
18
 
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31 December 
2022 Financial 
Statements 
The fair 
value of 
the share 
options granted 
is recognized 
as an 
employee benefit 
expense over 
the vesting 
period, 
with an 
equal 
credit in equity 
i.e. no impact on 
the Company’s 
equity. The 
amount ultimately recognised 
as an expense 
is based on the 
number 
of awards that meet the related 
service and non-market performance conditions at the 
vesting date.
The fair value of the share 
options at grant date 
is determined by using an adjusted 
option pricing model which takes 
into account 
the exercise 
price, the 
exercise 
dates, 
the term 
of the 
option, the 
share 
price at 
grant 
date 
and expected 
price volatility 
of the 
underlying share, the 
expected dividend yield 
and the risk-free 
interest rate 
for the term 
of the options. 
The expected volatility 
is 
measured at the grant date of the options 
and is based on the historical volatility of the share price.
For share-based payment awards with non-vesting conditions, the fair 
value of the share-based payment at grant date also reflects 
such conditions and there is no true-up for differences 
between expected and actual outcomes.
When the options are exercised and new shares are issued, the proceeds received net 
of any directly attributable transaction costs 
are credited to share capital 
(par value) and share premium.
Share 
options 
granted 
by the 
Company 
to 
employees 
of 
group 
entities 
are 
treated 
as 
a contribution 
by 
the Company 
to 
these 
entities, thus increasing the investment cost 
in them.
2.2.15 Related party transactions
Related parties of the Company include:
(a) an entity that 
has control over 
the Company and 
entities controlled, jointly 
controlled or significantly 
influenced by this entity, 
as well as members of its key management 
personnel and their close family members;
(b) an entity that has significant influence over the 
Company and entities controlled by this entity,
(c) members of key management personnel of 
the Company, their close family members and 
entities controlled or jointly controlled 
by the abovementioned persons;
(d) associates and joint ventures of the Company 
(e) subsidiaries; and
(f) post-employment benefit plans established for the benefit 
of the Group’s employees.
Transactions 
of similar nature are disclosed 
on an aggregate basis. All 
banking transactions entered into 
with related parties are in 
the normal course of business and are conducted on an arm's length 
basis.
2.2.16 Provisions 
Provisions are recognized when the Company 
has a present legal or constructive obligation 
as a result of past events, it is probable 
that an 
outflow of resources 
embodying economic benefits 
will be required 
to settle 
the obligation, 
and reliable 
estimates of 
the 
amount of the obligation can be made.
The amount 
recognized 
as a 
provision 
is the 
best 
estimate 
of the 
expenditure 
required 
to settle 
the present 
obligation 
at each 
reporting date, taking into account 
the risks and uncertainties surrounding the amount of such expenditure.
Provisions are 
reviewed at 
each reporting 
date and 
adjusted to 
reflect the 
current best 
estimate. If, 
subsequently, 
it is 
no longer 
probable 
that 
an 
outflow 
of 
resources 
embodying 
economic 
benefits 
will 
be 
required 
to 
settle 
the 
obligation, 
the 
provision 
is 
reversed.
2.2.17 Share capital
Ordinary shares and preference 
shares are classified as equity. 
Incremental costs directly attributable 
to the issue of new shares or 
options are shown in equity as a deduction from the proceeds, net 
of tax.
Dividend distribution 
on shares 
is recognized 
as a 
deduction in 
the Company’s 
equity when 
approved by 
the General 
Meeting of 
shareholders 
and the 
required regulatory 
approvals, 
if any, 
are obtained. 
Interim dividends 
are recognized 
as a 
deduction in 
the 
Company's equity when approved by the Board of 
Directors.
Intercompany 
non-cash 
distributions 
that 
constitute 
transactions 
between 
entities 
under 
common 
control 
are 
recorded 
in 
the 
Company’s equity by reference 
to the book value of the assets distributed. 

 
 
 
Notes to the Financial Statements 
.
19
 
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31 December 
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Statements 
Where the Company purchases own shares (treasury shares), the consideration paid including any directly attributable incremental 
costs (net 
of income 
taxes), is 
deducted from 
shareholders’ equity 
until the 
shares are 
cancelled, reissued 
or disposed 
of. Where 
such shares are subsequently sold or reissued, any 
consideration received is included in shareholders’ 
equity.
2.2.18 Hybrid capital
Hybrid capital issued by the Company is classified as equity 
when there is no contractual obligation 
to deliver to the holder cash or 
another financial asset. Incremental costs directly attributable to the issue of new hybrid capital are shown in equity as a deduction 
from the proceeds, net of tax. 
Dividend distribution on hybrid capital is recognized 
as a deduction in the Company's equity on the date it is due.
Where hybrid capital, issued by the Company, is repurchased, the consideration paid including 
any directly attributable incremental 
costs 
(net 
of 
income 
taxes), 
is deducted 
from 
shareholders’ 
equity. 
Where 
such 
securities 
are 
subsequently 
called 
or 
sold, 
any 
consideration received is included in shareholders’ 
equity.
2.2.19 Non-current assets classified as held for sale and discontinued 
operations
Non-current assets 
are classified as 
held for sale 
if their carrying 
amount will be 
recovered through 
a sale transaction 
rather than 
through 
continuing use. 
For a 
non- 
current asset 
to be 
classified as 
held for 
sale, it 
is available 
for 
immediate sale 
in its 
present 
condition, subject to terms 
that are usual and 
customary for sales of such 
assets, and the sale is considered 
to be highly probable. 
In 
such cases, 
management 
is committed 
to 
the sale 
and actively 
markets 
the property 
for 
sale at 
a price 
that 
is reasonable 
in 
relation to the 
current fair value. 
The sale is also 
expected to qualify 
for recognition as 
a completed sale within 
one year from the 
date of classification. Before their classification as 
held for sale, assets are 
remeasured in accordance with the 
respective accounting 
standard. 
Assets held 
for sale 
are subsequently 
remeasured 
at the 
lower of 
their carrying 
amount and 
fair value 
less cost 
to sell. 
Any loss 
arising from 
the above 
measurement is 
recorded 
in profit 
or loss 
and can 
be reversed 
in the 
future. 
When the 
loss relates 
to 
a 
disposal group, it is allocated to the assets within that 
disposal group.
The 
Company 
presents 
discontinued 
operations 
in 
a 
separate 
line 
in 
the 
income 
statement 
if 
a 
component 
of 
the 
Company’s 
operations has been disposed of or is classified as held for sale and:
(a) Represents a separate 
major line of business or geographical area of operations;
(b) Is part of a single coordinated plan to dispose of a separate 
major line of business or geographical area of operations; 
Profit or loss from 
discontinued operations 
includes the profit or 
loss before tax 
from discontinued operations, 
the gain or loss on 
disposal before tax 
or measurement to 
fair value less costs 
to sell and discontinued 
operations tax 
expense. Upon classification 
of 
a 
component 
of 
the 
Company’s 
operations 
as 
a 
discontinued 
operation, 
the 
Company 
restates 
prior 
periods 
in 
the 
income 
statement.
2.2.20 Cash and cash equivalents
Cash and cash equivalents 
include cash in hand, 
unrestricted deposits with 
central banks and 
due from credit 
institutions that are 
all carried at amortised cost. 
3. 
Critical accounting estimates and judgments in applying accounting policies
In 
the 
process 
of 
applying 
the 
Company’s 
accounting 
policies, 
the 
Management 
makes 
various 
judgments, 
estimates 
and 
assumptions 
that 
may 
affect 
the 
reported 
amounts 
of 
assets 
and 
liabilities, 
revenues 
and 
expenses 
recognized 
in 
the 
financial 
statements 
within the 
next financial 
year and 
the accompanying 
disclosures. Estimates 
and judgments 
are continually 
evaluated 
and 
are 
based 
on 
current 
conditions, 
historical 
experience 
and 
other 
factors, 
including 
expectations 
of 
future 
events 
that 
are 
believed to be reasonable under the circumstances. 
Revisions to estimates are recognized 
prospectively. 
The most significant 
areas in which the 
Company makes 
judgments, estimates and 
assumptions in applying its 
accounting policies 
are set out below:

 
 
 
Notes to the Financial Statements 
.
20
 
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31 December 
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Statements 
3.1
Impairment losses on investment securities 
The expected 
credit losses 
(ECL) measurement 
of the Tier 
2 subordinated 
instruments requires 
management to 
apply judgement 
relating to the risk parameters used in the calculation 
of the ECL and in assessing whether a significant increase of credit risk (SICR) 
event has occurred since initial recognition. These estimates 
are based on quantitative and qualitative 
information reasonable and 
supportable forward looking information. A degree of uncertainty is involved 
in making estimations using assumptions that may be 
subjective and sensitive to the risk factors. 
Specifically, the assessment 
of SICR is performed on an individual basis based on the number of notches downgrade 
in the internal 
credit 
rating 
scale since 
the 
origination 
date 
while 
the PD 
used 
for 
the ECL 
measurement 
is received 
by 
an 
international 
rating 
agency using 
risk methodologies 
that 
maximize 
the use 
of observable 
variables 
and market 
data. 
Furthermore, 
the LGD 
used is 
based on historical data 
derived from rating 
agencies’ studies that present 
the recoveries on such 
instruments taking into 
account 
the seniority of the exposure.
 
The 
Company 
independently 
validates 
all 
ECL 
key 
inputs 
and 
underlying 
assumptions 
used 
in 
the 
ECL 
measurement 
through 
competent resources. 
3.2
Impairment losses on investment in subsidiaries 
The Company assesses 
for impairment its 
investment in subsidiaries at 
each reporting date 
as described in 
note 2.2.6. If 
an indication 
of impairment exists, the 
Company performs an impairment test 
by comparing the carrying 
value of the 
investment in the subsidiary 
with its 
estimated 
recoverable 
amount, determined 
as the 
higher of 
its fair 
value less 
cost to 
sell and 
its value 
in use, 
based on 
reasonable and supportable information. The calculation of the recoverable amount involves the exercise of judgement in selecting 
the appropriate parameters, 
such as the applicable discount and growth rates.
3.3 Income tax
The Company 
is subject 
to income 
taxes 
and estimates 
are required 
in determining 
the liability 
for 
income taxes. 
The Company 
recognizes liabilities 
for anticipated 
tax audit issues 
based on estimates 
of whether additional 
taxes will 
be due or 
for anticipated 
tax 
disputes. 
Where 
the 
final 
tax 
outcome 
of 
these 
matters 
is 
different 
from 
the 
amounts 
that 
were 
initially 
recorded, 
such 
differences will impact the income tax in the 
period in which such determination is made. 
In addition, the 
Company recognizes deferred tax assets to 
the extent that it 
is probable that 
sufficient taxable profit will be 
available 
against 
which unused 
tax 
losses and 
deductible temporary 
differences 
can be 
utilized. 
Recognition 
therefore 
involves 
judgment 
regarding the future financial performance of the Company. 
As at 31 December 2022, based on the Management’s assessment the 
Company is not expected to have sufficient 
future taxable profits, against 
which the unused tax losses can be utilized (note 8). 
3.4 Retirement benefit obligations
The present value 
of the retirement benefit 
obligations depends on 
a number of factors 
that are determined on 
an actuarial basis 
using a number of assumptions, such as 
the discount rate and future salary increases. Any changes in these assumptions impact 
the 
carrying amount of the pension obligations.
The Company determines the appropriate discount rate used 
to calculate the present value of 
the estimated retirement obligations, 
at the 
end of each 
year based 
on interest 
rates of 
high quality 
corporate bonds. 
The currency 
and term 
to maturity 
of the bonds 
used are consistent with the currency and estimated average term to maturity of the retirement benefit obligations. The salary rate 
increase assumption 
is based 
on future 
inflation estimates 
reflecting also 
the Company's 
reward 
structure and 
expected market 
conditions. 
Other assumptions 
for pension 
obligations, 
such as 
future inflation 
estimates, are 
based in 
part on 
current and 
expected market 
conditions.
For information in respect of the Company’s 
retirement benefit obligations refer 
to note 13.
3.5 Share-based payments
The Company 
grants 
shares and 
share options 
to its 
employees as 
well as 
the employees 
of the 
Group’s 
entities, as 
a common 
feature of employee remuneration. 

 
 
 
Notes to the Financial Statements 
.
21
 
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31 December 
2022 Financial 
Statements 
For shares granted to employees, the fair value is measured directly at the market 
price of the entity’s shares, adjusted to take into 
account 
the terms 
and conditions 
upon which 
the shares 
were granted. 
For share 
options granted 
to employees, 
in many 
cases 
market prices are not available because 
the options granted are subject to 
terms and conditions that 
do not apply to 
traded options. 
If this 
is the 
case, the 
Company estimates 
the fair 
value of 
the equity 
instruments granted 
using a 
valuation technique, 
which is 
consistent with generally accepted 
valuation methodologies.
The 
valuation 
method 
and the 
inputs 
used to 
measure 
the share 
options 
granted 
to 
employees 
of 
the 
Company 
and its 
Group 
entities are presented in note 16.
4. 
Financial risk management and fair value
The Company is exposed to financial risks such as credit risk, market risk (including currency and interest rate 
risk) liquidity risk and 
operational risks. 
4.1 
Financial risk factors and risk management
As part of its overall system of internal controls the Company has engaged in a Service Level Agreement (SLA) with Eurobank S.A. in 
order to receive supporting 
and advisory 
services in 
all applicable areas 
of risk management 
(credit, market, liquidity and 
operational 
risks) undertaken by the Company. 
The 
Company’s 
overall 
risk 
management 
strategy 
seeks 
to 
minimize 
any 
potential 
adverse 
effects 
on 
its 
financial 
performance, 
financial position and cash flows. 
The main financial risks to which the Company is exposed relate 
to: 
(a) Credit risk
The Company takes 
on exposure to 
credit risk which 
is the risk that 
a counterparty will 
be unable to 
fulfill its payment 
obligations 
in full when due. The Company is mainly exposed to subordinated instruments (note 9) issued by its subsidiary Eurobank S.A. and € 
57 
million 
deposits 
that 
are 
placed 
with 
the 
latter. 
Accordingly, 
the 
aggregate 
carrying 
amount 
of 
the 
above 
financial 
assets 
approximates the maximum credit 
risk exposure of the Company. 
(b) Market risk 
The Company 
takes 
on exposure 
to market 
risk, which 
is the 
risk of 
potential 
financial loss 
due to 
an adverse 
change in 
market 
variables, such as interest rates 
and foreign exchange rates. 
The Company’s interest rate risk, which mainly arises from the position in the 
aforementioned subordinated fixed rate instruments, 
is eliminated by 
the subordinated Tier 
II debt instruments 
issued by the Company, 
which have equivalent 
terms with those 
of the 
former. 
The Company’s financial assets and liabilities are 
in Euro, therefore, currency 
risk is eliminated. 
(c) Liquidity risk
The maturity 
of the Company’s 
main assets 
and liabilities, which 
relate to 
the aforementioned 
subordinated instruments, 
match, 
and the underlying cash flows are the same. Accordingly, 
the Company’s liquidity or cash flow risk is substantially 
eliminated.
4.2 
Fair value of financial assets and liabilities
The Company’s financial instruments carried at amortized cost are categorised into the three levels of fair value hierarchy 
based on 
whether the inputs to their fair values are market 
observable or unobservable, as follows: 
●
Level 1 
- Financial instruments 
are measured 
based on quoted 
prices (unadjusted) 
in active 
markets for 
identical financial 
instruments that the Company 
can access at the measurement 
date. A market 
is considered active when quoted 
prices are 
readily and 
regularly available 
from an 
exchange, dealer, 
broker, 
industry group, 
pricing service, or 
regulatory agency 
and 
represent 
actually and 
regularly 
occurring transactions. 
None of 
the Company’s 
financial instruments 
is categorised 
into 
Level 1 of the fair value hierarchy. 
●
Level 
2 
– 
Financial 
instruments 
are 
measured 
using 
valuation 
techniques 
with 
inputs 
other 
than 
level 
1 
quoted 
prices, 
observable either directly or indirectly, such as (i) 
quoted prices for similar financial instruments in 
active markets (ii) quoted 

 
 
 
 
Notes to the Financial Statements 
.
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31 December 
2022 Financial 
Statements 
prices for identical financial instruments in markets that are 
not active, (iii) inputs other than quoted prices that are directly 
or indirectly observable, mainly interest rates and yield curves observable at commonly quoted intervals, forward 
exchange 
rates, equity 
prices, credit spreads 
and implied volatilities 
obtained from 
internationally recognised 
market data 
providers 
and (iv) other unobservable 
inputs which are insignificant 
to the entire fair value 
measurement. Level 2 financial 
instruments 
include 
the 
subordinated 
instruments 
(note 
9) 
issued 
by 
its 
subsidiary 
Eurobank 
S.A. 
and 
the 
subordinated 
Tier 
II 
debt 
instruments (note 12) issued by the Company. 
●
Level 
3 
- 
Financial 
instruments 
are 
measured 
using 
valuation 
techniques 
with 
significant 
unobservable 
inputs. 
When 
developing 
unobservable 
inputs, 
best 
information 
available 
is used, 
including own 
data, 
while 
at 
the 
same 
time 
market 
participants’ 
assumptions 
are 
reflected 
(e.g. 
assumptions 
about 
risk). 
The 
Company’s 
financial 
instruments, 
which 
are 
categorised into Level 3 of the fair 
value hierarchy refer 
mainly to the sight deposits with Eurobank S.A. 
The fair value 
of the subordinated 
Tier II debt instruments 
issued by the Company 
(note 12) were 
determined by using 
quotes for 
identical 
financial 
instruments 
in 
non-active 
markets 
obtained 
from 
Bloomberg 
and 
amounted 
to 
€ 
1,188 
million 
(2021: 
€ 
974 
million). The fair value of the subordinated 
instruments issued by the Company’s subsidiary Eurobank 
S.A. (note 9) and held by the 
Company were determined 
based on the aforementioned 
instruments, which have equivalent 
terms, therefore, 
amounted also to 
€ 1,188 million (2021: € 974 million). 
Moreover, 
the carrying amount of 
the Company’s 
sight deposits with Eurobank 
S.A. represents reasonable 
approximation of their 
fair value. 
5. 
Net interest income
In the year ended 
31 December 2022, 
the interest expense that was recognised in 
the income statement relates to the 
subordinated 
Tier II instruments 
issued by the Company, 
while the interest 
income of a similar 
amount relates 
to the subordinated 
Tier II notes 
issued by Eurobank S.A. and held by the Company.
6. 
Other income/(expenses)
In the year 
ended 31 December 
2022, other income/(expenses), 
amounting to 
€ 3 million, 
consist of € 
1.7 million income 
from IT 
services and € 1.6 million income regarding loan portfolio’s 
related services provided to the Bank.
In the year ended 31 
December 2021, other income/(expenses), 
amounting to € 57 million, 
consist of € 54.4 million 
income 
resulting from distribution in kind -Project 
‘Mexico’, 
€ 1.7 million income from IT services and € 1.5 million income regarding 
loan portfolio’s related services provided to the Bank. Specifically, in the context of 
Project ‘Mexico’, in June 2021 the General 
Shareholders’ Meeting (GM) of Eurobank S.A (Bank) approved 
the distribution of the 95% of the mezzanine and junior notes 
of Mexico 
securitization 
to the 
Company through 
the decrease 
in kind 
of the 
Bank’s 
share capital. 
Following the 
receipt of 
the respective regulatory 
approvals, the settlement 
of the distribution in kind 
took place in September 2021 and 
resulted in 
the recognition of the distributed 
notes at fair 
value in the Company’s 
balance-sheet. In particular, 
the Company accounted 
for the distribution in kind as dividend, 
recognizing in profit and loss the fair value 
of the distributed notes of € 54 million. 
In 
September 2021, the BoD of the Company 
approved to proceed with the 
sale of 95% of the mezzanine and 
junior notes of Mexico 
securitization and the ongoing servicing of the 
portfolio by doValue Group. After the fulfilment of all conditions and having 
received 
all appropriate approvals, the aforementioned 
sale transaction was concluded in December 2021. 
Further 
information 
about the 
NPE 
securitisation 
transaction 
(Project 
“Mexico”) 
is provided 
in 
the 
note 
20 of 
the 
consolidated 
financial statements of the Company 
for the year ended 31 December 2022.

 
 
 
 
 
 
Notes to the Financial Statements 
.
23
 
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31 December 
2022 Financial 
Statements 
7. 
Operating expenses
In the year 
ended 31 December 2022, 
the operating 
expenses of € 10 
million (2021: € 
9 million) mainly 
consist of: a) 
€ 4.1 million 
staff 
cost (2021: 
€ 3.7 
million) and 
b) € 
5.2 million 
other administrative 
expenses 
(2021: € 
5.1 million). 
Administrative 
expenses 
include € 4.5 million (2021: € 4.4 million) insurance premiums relating to the Group’s 
financial lines insurance, including protection 
for professional liability.
8. 
Income tax 
According 
to Law 
4172/2013 currently 
in force, 
the Greek 
corporate 
tax rate 
for 
legal entities 
other than 
credit institutions 
(i.e. 
credit institutions that fall 
under the requirements of article 27A 
of Law 4172/2013 regarding eligible DTAs/deferred 
tax credits) is 
22%. 
In 
addition, 
the 
withholding 
tax 
rate 
for 
dividends 
distributed, 
other 
than 
intragroup 
dividends, 
is 
5%. 
In 
particular, 
the 
intragroup dividends under certain preconditions 
are relieved from both income and withholding tax.
Current 
income 
tax 
for 
the 
year 
ended 
31 
December 
2022 
amounted 
to 
€ 
5 
thousand, 
mainly 
referring 
to 
non-recoverable 
withholding 
tax 
for 
IT 
services provided 
to 
a Group’s 
entity 
(2021: € 
1 thousand). 
Based 
on the 
management’s 
assessment 
the 
Company is not 
expected to have sufficient 
future taxable profits against which 
the unused tax 
losses can be 
utilized and accordingly, 
in the year ended 31 December 2022, no deferred tax 
has been recognized in the income statement. 
Tax certificate 
and open tax years
For fiscal years starting from 
1 January 2016 
onwards, pursuant to the 
Tax Procedure Code, an ‘Annual Tax Certificate’ on an 
optional 
basis, is provided 
for the Greek 
entities, with annual 
financial statements 
audited compulsorily, 
which is issued after 
a tax audit 
is 
performed by the same 
statutory auditor or audit 
firm that audits 
the annual financial 
statements. The Company has opted 
to obtain 
such certificate.
Following the completion 
in 2022, of the 
tax audit of 
the Company by 
the tax authorities 
for the tax 
year 2016, its 
open tax 
years 
are 2017-2022. The 
tax certificates, 
which have been 
obtained by the 
Company are 
unqualified for 
the open tax 
years until 2021, 
while for the year ended 31 December 2022, the tax audit 
from external auditor is in progress.
In accordance with the Greek 
tax legislation and the respective 
Ministerial Decisions issued, additional 
taxes and penalties 
may be 
imposed by the Greek tax authorities following a tax audit 
within the applicable statute of limitations (i.e. five years as from the 
end 
of the 
fiscal year 
within 
which the 
relevant 
tax 
return 
should have 
been submitted) 
, 
irrespective 
of whether 
an unqualified 
tax 
certificate has been obtained from the tax 
paying company. 
In reference to its total uncertain tax positions, the Company assesses all relevant 
developments (e.g. legislative changes, case law, 
ad hoc tax/legal opinions, administrative 
practices) and raises adequate provisions.
Unused tax losses
As at 31 December 2022, the Company has not 
recognised deferred tax asset (DTA) 
on unused tax losses amounted to € 380 million 
(2021: € 378 
million). The 
analysis of 
unrecognized DTA 
on unused 
tax losses 
of the Company 
per year 
of maturity 
of related 
tax 
losses is presented in the table below:

 
 
 
Notes to the Financial Statements 
.
24
 
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31 December 
2022 Financial 
Statements 
9. 
Investment securities
 
In November 
2022, Eurobank 
S.A. (the 
Bank) issued 
subordinated Tier 
II debt 
instruments of 
equivalent terms 
with those 
of the 
subordinated Tier II debt 
instruments issued by 
the Company (note 12), 
which were fully subscribed 
by the latter. As at 31 
December 
2022, the carrying amount of the said subordinated debt instruments held by the Company and categorised 
at amortised cost, was 
€ 297 million.
As at 31 December 2022, the total carrying amount of the subordinated debt instruments 
held by the Company and categorised as 
at amortised cost, amounted 
to € 1,275 million (31 December 
2021: € 949 million), including 
accrued interest of 
€ 32.8 million (31 
December 2021: 
€ 0.2 million) 
, 
€ 5.2 
million unamortized 
issuance costs 
(31 December 2021: 
nil) and 
impairment allowance 
of € 
2.7 million 
(31 December 
2021: € 
1.5 million) 
(12-month ECL). 
In particular, 
in the 
year ended 
31 December 
2022, the 
Company 
recognised in the income statement 
€ 1.2 million loss, in relation to impairment allowance (2021: € 6.8 million gain). 
The fair value 
of the 
said debt 
instruments held 
by the 
Company, 
that have 
been issued 
by the 
Bank, was 
determined based 
on quotes 
for the 
related 
subordinated 
Tier II 
debt instruments 
issued by 
the Company 
(note 12) 
and amounted 
to € 
1,188 million 
(31 December 
2021: € 974 million). 
10. 
Shares in subsidiaries
The following is a listing of the Company's subsidiaries held 
directly at 31 December 2022:
11. 
Other assets
As at 31 December 2022, 
other assets amounting 
to € 5 million (31 December 
2021: € 5 million) primarily 
consist of (a) € 2 
million 
(31 December 2021: 
€ 1.9 million) 
prepaid expenses mainly for 
insurance premiums, (b) 
€ 1.7 million 
(31 December 2021: 
€ 1 million) 
receivables for 
IT services provided 
to the 
Group companies 
and third 
parties, (c) € 
0.4 million 
(31 December 2021: 
€ 0.3 million) 
receivables from Fairfax Group relating to financial consulting services, 
(d) € 0.4 million 
(31 December 2021: 
€ 0.2 million) 
receivable 
regarding 
loan portfolio’s 
related 
services provided 
to the 
Bank and 
(e) € 
0.3 million 
in relation 
to property 
and equipment 
and 
intangible assets (31 December 
2021: € 0.07 million). In addition, 
in the year ended 31 
December 2022, the Company’s 
receivable 
from withholding taxes amounting to 
€ 1.4 million, which was outstanding as of 31 December 2021, was settled 
in cash.
12. 
Debt securities in issue
In November 
2022, the 
Company announced 
that it 
had successfully 
completed the 
issuance of 
€300 million 
subordinated Tier 
II 
debt instruments. 
The said 
instruments, mature 
in December 
2032, are 
callable in 
December 2027 
offering a 
coupon of 
10% per 
annum and 
are listed 
on the 
Luxembourg 
Stock Exchange’s 
Euro MTF 
market. 
Their carrying 
amount was 
€ 297 
million, as 
at 31 
December 2022, including € 5.2 million unamortized issuance costs 
and € 2.1 million accrued interest. Their fair 
value, at the same 
date, which was determined by using quotes 
for identical financial instruments in non-active markets, 
amounted to € 302 million.
The proceeds 
from the 
above issue 
will support 
Eurobank 
Holdings’ Group 
strategy 
to ensure 
ongoing compliance 
with its 
total 
capital adequacy ratio requirements 
and will be used for the Bank’s 
general funding purposes.
In January 2018, Eurobank Ergasias 
S.A. issued subordinated Tier II 
debt instruments of face 
value of € 950 million, in repla 
cement 
of the preference shares, which had been issued 
in the context of the first stream 
of Hellenic Republic’s plan to support liquidity 
in 
the Greek 
economy under 
Law 3723/2008. 
The said 
instruments, 
mature in 
January 2028 
and pay 
fixed nominal 
interest 
rate 
of 
6.41%, that shall be payable semi-annually. 
Their carrying amount, as at 31 December 2022, was € 978 million (31 December 2021: 
€ 947 million), 
including € 2.2 
million unamortized issuance costs 
(31 December 2021: 
€ 2.6 million) 
and 30.6 million 
accrued interest 
(31 December 2021: 
0.2 million). 
Their fair 
value, at 
the same date, 
which was 
determined by 
using quotes 
for identical 
financial 
instruments in non-active markets, amounted 
to € 886 million (31 December 2021: € 974 million). 

 
 
 
Notes to the Financial Statements 
.
25
 
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31 December 
2022 Financial 
Statements 
13. 
Other liabilities
As at 
31 December 
2022, other 
liabilities amounting 
to € 
3 million 
(31 December 
2021: € 
2 million) 
primarily consist 
of (a) 
€ 0.8 
million (31 December 2021: 
€ 0.6 million) accrued 
expenses, 
(b) € 1 million 
(31 December 2021: € 
0.9 million) current 
payables to 
suppliers and (c) € 0.2 million (31 December 2021: € 0.2 million) Standard legal 
staff retirement indemnity obligations.
Standard legal staff retirement 
indemnity obligations
The Company provides for staff 
retirement indemnity obligation for 
its employees, who are entitled to a lump sum payment based 
on the number of years of service and the level of remuneration at the date of retirement, if they remain in the employment of the 
Company until 
normal retirement 
age, in accordance 
with the local 
labor legislation. 
The above 
retirement indemnity 
obligations 
typically expose the Company 
to actuarial risks such 
as interest rate 
risk and salary risk. Therefore, 
a decrease in the discount 
rate 
used to 
calculate the 
present value 
of the 
estimated 
future cash 
outflows or 
an increase 
in future 
salaries will 
increase the 
staff 
retirement indemnity obligations of 
the Company.
The movement of the liability for standard 
legal staff retirement 
indemnity obligations is as follows:
The significant actuarial assumptions (expressed as weighted 
averages) were as follows:
As at 
31 December 
2022, the 
assumption for 
the price 
inflation 
(weighted 
average) 
is 2.6% 
(2021: 2%) 
and has 
been taken 
into 
account in determining the above actuarial assumptions for 
future salaries increases
As at 31 December 
2022, the average duration of the 
standard legal staff retirement indemnity obligation was 9 years (31 
December 
2021: 9 years).
A quantitative 
sensitivity analysis 
based on reasonable 
changes to significant 
actuarial assumptions 
as at 31 
December 2022 is 
as 
follows:
An increase/(decrease) 
of the 
discount rate 
assumed, by 
50 bps/(50 
bps), would 
result in 
a (decrease)/ 
increase of 
the standard 
legal staff retirement 
obligations by (€ 0.01 million)/ € 0.01 million.
An increase/(decrease) of the future 
salary growth assumed, by 
0.5%/(0.5%), would result in 
an increase /(decrease) of 
the standard 
legal staff retirement 
obligations by € 0.01 million/ (€ 0.01 million).
The above sensitivity analysis is based 
on a change in an assumption while holding 
all other assumptions constant. 
In practice, this 
is unlikely to occur, 
and changes in some of the assumptions may be correlated.
The methods 
and assumptions 
used in 
preparing the 
above sensitivity 
analysis were 
consistent 
with those 
used to 
estimate the 
retirement benefit obligation 
and did not change compared to the previous year.

 
 
 
Notes to the Financial Statements 
.
26
 
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31 December 
2022 Financial 
Statements 
14. 
Share capital and share premium 
As at 
31 December 
2022, the 
par value 
of the 
Company's shares 
is € 
0.22 per 
share (2021: 
€ 0.22). 
All shares 
are fully 
paid. The 
movement of share capital, share premium 
and number of shares issued are as follows:
Share capital increase
Following the exercise of share options granted to key executives 
of the Group under the current share options’ plan (note 16), and 
by virtue of the decision of 
the Board of Directors 
of the Company on 30 August 
2022, the Company’s share 
capital increased by 
€ 
333,444.32 through the issue of 1,515,656 new 
common voting shares of a nominal 
value of € 0.22 per share and 
exercise price of 
€ 0.23 per share. The difference between the exercise price of the new shares and their nominal value, net of the expenses directly 
attributable to the equity transaction, amounted to € 
2,136 and was recorded in 
the account “Share premium”. Following the above 
increase, 
as 
at 
31 December 
2022, the 
share 
capital 
of the 
Company 
amounts 
to 
€ 816,349,051.76, 
divided 
into 
3,710,677,508 
common shares with a nominal value of € 0.22 each. The new shares were 
listed on the Athens Exchange on 14 September 
2022.
Treasury shares
According to paragraph 1 of 
Article 16c of Law 3864/2010, during the period of the participation of the HFSF in the share capital 
of 
the Company, 
the Company is not permitted to purchase treasury 
shares without the approval of the HFSF.
15. 
Reserves and retained earnings/(losses)
As of 31 December 2022 and 2021, ‘Special reserves’ of € 1,004 million relate to 
dividends from participations.
Offsetting of equity accounts
On 
21 
July 
2022, 
the 
Annual 
General 
Meeting 
(AGM) 
of 
the 
shareholders 
of 
Eurobank 
Holdings 
approved, 
among 
others, 
the 
offsetting of a) the total of the account 
“Corporate law Reserves” amounting to 
€ 6,919.3 million and b) part of the account “Share 
Premium” amounting to 
€6,894.4 million with accumulated losses 
of equivalent value 
amounting to €13,813.7 million, included 
in 
the account 
“Retained earnings/(losses)”. 
The above offsetting, 
which was approved 
by the competent 
Supervisory Authorities in 
October 2022, did not affect the Company’s 
own and regulatory capital. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Financial Statements 
.
27
 
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31 December 
2022 Financial 
Statements 
Share options 
granted
2022
Balance at 1 January 2022
12,374,561
Options 
awarded 
during 
the 
year
11,654,117
Options 
cancelled 
during 
the 
year
(244,700)
Options 
exercised 
during 
the 
year
(1,515,656)
Balance at 31 December 2022
22,268,322
Share options
Expiry date ⁽¹⁾
31 December 2022
2023
5,551,925
2024
7,131,580
2025
3,120,978
2026
2,595,139
2027
2,595,139
2028
1,273,561
Weighted 
average 
remainingcontractual
life
of
share
options
outstanding
at
the
end 
of the 
period
24 months
Dividends
Pursuant to 
the provisions 
of the Company 
Law 4548/2018, 
companies are 
required to 
pay dividends 
of at 
least 35% 
of after-tax 
profit, after necessary deductions for the formation of the 
statutory reserve and other credit balances in the 
income statement that 
do not arise from realized earnings. 
For the financial year 2022, 
Eurobank Holdings has no profits 
and therefore will not 
distribute minimum dividend. Furthermore, 
in 
2023 the Company 
has announced that 
the amount earmarked 
for dividend 
distribution will be 
used in an 
optimal way 
to bid for 
the 1.4% HFSF stake through 
a share buyback scheme (note 19). 
16. 
Share options
The Annual General 
Meeting of the 
shareholders of Eurobank 
Holdings held on 
28 July 2020 approved 
the establishment 
of a five 
year shares 
award plan, 
starting from 
2021, in the 
form of 
share options 
rights by 
issuing new shares 
with a corresponding 
share 
capital 
increase, 
in 
accordance 
with 
the 
provisions 
of 
article 
113 
of 
law 
4548/2018, 
awarded 
to 
executives 
and 
personnel 
of 
Eurobank Holdings and 
its affiliated companies 
according to article 32 
of law 4308/2014. The 
maximum number of rights 
that can 
be approved was set at 55,637,000 rights, each of which would correspond to one new share. The exercise price of each new share 
would be equal to € 0.23. 
The Annual General Meeting authorized the Board of 
Directors of Eurobank Holdings to define the eligible 
staff and determine the remaining terms 
and conditions of the plan. 
The final 
terms and 
the implementation 
of the 
share options 
plan, which 
is a 
forward-looking 
long-term incentive 
aiming at 
the 
retention of 
key executives, 
are defined 
and approved 
annually by the 
Board of 
Directors in 
accordance with 
the applicable 
legal 
and regulatory framework, as well as the policies of the 
Company and the Group.
The options are 
exercisable in 
portions, annually during 
a period from 
one to five 
years. Each 
portion may 
be exercised 
wholly or 
partly and converted into shares 
at the employees’ option, 
provided that they remain 
employed by the 
Group until the 
first available 
exercise date. The corporate 
actions that adjust the number and the price of shares also adjust accordingly 
the share options.
In addition, the share options also comply with the restrictions regarding 
remuneration of Law 3864/2010, as each time in force.
The movement of share options during the period is analysed as follows:
The share options outstanding at the end of the period have 
the following expiry dates:
(1)
 
Based on the earliest contractual exercise date.
In accordance with the Company’s accounting 
policy on employees’ share based payments, the grant 
date fair value of the options 
is recognized 
as 
an 
expense 
with 
a corresponding 
increase 
in equity 
over 
the vesti 
ng 
period. The 
share 
options 
granted 
by the 

 
 
 
Notes to the Financial Statements 
.
28
 
| 
Page 
31 December 
2022 Financial 
Statements 
Company to 
employees of 
Group entities, 
were treated 
as a contribution 
by the 
Company to 
the Bank, 
being their 
parent entity, 
thus increasing the investment cost 
of the Company in the latter.
 
The fair value 
at grant 
date is determined 
using an adjusted 
form of the 
Black-Scholes model 
for Bermudan 
equity options which 
takes into 
account the exercise 
price, the exercise 
dates, the term 
of the option, 
the share price 
at grant 
date and expected 
price 
volatility of the underlying share, the expected dividend 
yield and the risk-free interest 
rate for the term of the options. 
Furthermore, 
additional 
conditions 
on 
certain 
share 
options 
granted 
to 
key 
executives 
who 
are 
subject 
to 
any 
remuneration 
restrictions of Law 3864/2010 at the time of grant, 
are treated as non-vesting 
conditions. Accordingly, 
the fair value measurement 
at grant 
date of 
such share 
options takes 
into consideration 
the probability 
that the 
relevant 
restrictions will 
be lifted, 
based on 
Management judgement, and is not subsequently revised 
regardless of whether the condition is eventually 
satisfied. 
The weighted 
average 
fair value 
of the 
share options 
granted in 
December 2022 was 
€ 0.63 (2021: 
€ 0.42). The 
significant inputs 
into the model were 
a share price of € 
1.021 (2021: € 0.7823) at 
the grant date, 
exercise price of € 
0.23, annualized dividend 
yield 
of 3% 
(2021: 3%), 
expected average 
volatility of 
38% (2021: 
68%), expected 
option life 
of 1-5 
years, 
and a 
risk-free 
interest 
rate 
corresponding to the options’ maturities, based on the Euro swap yield curve. The expected volatility is measured at the grant date 
of the options and is based on the average historical 
volatility of the share price over the last one and a half year.
17. 
Cash and cash equivalents 
For the 
purpose of 
the cash 
flow statement, 
cash and 
cash equivalents 
with original 
maturities of 
three months 
or less, 
as at 
31 
December 2022, amount to € 57 million (31 December 2021: € 62 million):
For the 
year ended 
31 December 2022, 
changes in debt 
securities in issue 
arising from 
accrued interest 
and amortisation of 
debt 
issuance costs amount to 
€ 33 million (31 December 2021: 
€ nill). In addition, changes 
in income/(losses) on investment 
securities 
arising from amortization of discounts and accrued 
interest amount to € 33 million (31 December 2021: € nill). 
18. 
Post balance sheet events
Details of post balance sheet events are provided 
in the following notes:
Note 2.1 - Basis of preparation
Note 19 - Related parties
19. 
Related parties
Eurobank 
Ergasias 
Services and 
Holdings S.A. 
(the Company 
or Eurobank 
Holdings) is 
the parent 
company 
of Eurobank 
S.A. (the 
Bank). 
The Board of Directors 
(BoD) of Eurobank Holdings is the same 
as the BoD of the Bank and part of 
the key management 
personnel 
(KMP) 
of 
the 
Bank provides 
services to 
Eurobank 
Holdings 
according 
to 
the terms 
of 
the 
relevant 
agreement 
between 
the two 
entities. As at 31 December 2022, the percentage of the Company’s ordinary shares with voting rights held by the 
Hellenic Financial 
Stability 
Fund 
(HFSF) 
stands 
at 
1.40%. 
The 
HFSF 
is 
considered 
to 
have 
significant 
influence 
over 
the 
Company 
pursuant 
to 
the 
provisions 
of 
the 
Law 
3864/2010, 
as 
in 
force, 
including 
the 
amendments 
under 
law 
4941/2022,
and 
the 
Tripartite 
Relationship 
Framework Agreement (TRFA) between the Bank, the Company and the HFSF 
signed on 23 March 2020 
and amended on 3 
February 
2022. Further information in respect of the HFSF rights based on the aforementioned 
framework is provided in the section “Report 
of the Directors and Corporate Governance 
Statement” of the Annual Financial Report for the year ended 31 December 2022.
In 2023, 
Eurobank Holdings 
announced its 
intention to 
submit an 
offer for 
the buyback 
of its 
52.08m shares 
(corresponding to 
a 
participation of 
1.4%), presently 
owned by 
the HFSF, 
subject to 
the receipt 
of the 
required approvals 
from the 
regulator 
and the 
General Meeting of the Company’s 
Shareholders.
Fairfax 
Group, 
which 
holds 
32.99% 
of 
Eurobank 
Holdings 
voting 
rights 
as 
of 
31 
December 
2022 
(31 
December 
2021: 
33%), 
is 
considered to have significant 
influence over the Company. 
In January 
2022, an 
occupational insurance 
fund (“Institution 
for 
occupational retirement 
provision-occupational 
insurance fund 
Eurobank’s Group 
personnel” henceforth “the Fund”) was established 
as a not-for-profit legal entity under Law 4680/2020, for the 
benefit of the employees of the Company, 
the Bank and certain other Greek entities of the Group, which constitute the sponsoring 

 
 
 
Notes to the Financial Statements 
.
29
 
| 
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31 December 
2022 Financial 
Statements 
employers of the Fund. Accordingly, 
in line with IAS 24 Related Parties, the Fund is considered to 
be related party to the Company. 
For the year ended 31 December 2022, the Company has no related 
party transactions with the Fund. 
A number 
of transactions 
are entered 
into with 
related 
parties in 
the normal 
course 
of business 
and are 
conducted 
on an 
arm's 
length basis. The outstanding balances of the transactions with the Company’s 
subsidiaries are as follows:
(1) 
The expenses in relation 
to KMP services 
provided by the Company’s 
subsidiary Eurobank S.A. are 
included in Key 
management compensation disclosed 
below. 
As 
at 
31 
December 
2022, 
the 
Company 
has 
recognised 
receivables 
and 
operating 
income 
of 
amount 
€ 
0.35 
million 
related 
to 
financial consulting 
services with 
Fairfax 
group (31 
December 2021: € 
0.33 million). 
In addition, 
for the 
year ended 
31 December 
2022 the Company has recognized operating income of € 
0.12 million (2021: € 
0.09 million) related to the Group’s associate Eurolife 
FFH Insurance Group Holdings S.A., which is also a member of Fairfax 
Group.
Key management compensation 
In the year ended 31 December 
2022, the Company recognized 
Key management compensation 
amounting to € 0.2 
million that is 
referring mainly to KMP services provided by 
Eurobank S.A. in accordance with the relevant agreement 
(2021: €0.2 million). 
20. 
External Auditors
The Company 
has adopted 
a Policy 
on External 
Auditors’ Independence 
which provides 
amongst others, 
for the 
definition of 
the 
permitted and non-permitted services the Company’s 
auditors may provide further 
to the statutory audit. For any 
such services to 
be assigned to 
the Company’s 
auditors there 
are specific controlling 
mechanisms in order 
for the Company’s 
Audit Committee to 
ensure that a) the non-audit services assigned to 
“
KPMG Certified Auditors S.A.”, 
along with the KPMG network (KPMG), have been 
reviewed and approved as required 
and b) there is proper balance between audit and permitted 
non-audit work.
The total fees of the Company’s 
independent auditor KPMG for audit and other services provided are analyzed 
as follows:
(1)
 
Includes fees for statutory audit of the Company’s annual financial statements. 
It 
is 
noted 
that 
the 
non-audit 
assignment 
fees 
of 
“KPMG 
Certified 
Auditors 
S.A.” 
Greece, 
statutory 
auditor 
of 
the 
Company, 
amounted to € 0.01 million.

 
 
 
Notes to the Financial Statements 
.
30
 
| 
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31 December 
2022 Financial 
Statements 
21. 
Board of Directors
The Board 
of Directors 
(BoD) was 
elected by 
the Annual 
General Meeting 
(AGM) of 
the Shareholders 
held on 
23 July 
2021 for 
a 
three years term of office that will expire on 23 July 
2024, prolonged until the end of the period the AGM 
for the year 2024 will take 
place.
Following the aforementioned AGM 
decision, the BoD was constituted as a body at the BoD meeting of 23 July 2021, as follows: 
G. Zanias
Chairman, Non-Executive Member
G. Chryssikos
Vice Chairman, Non-Executive Member
F. Karavias
Chief Executive Officer 
S. Ioannou
Deputy Chief Executive Officer 
K. Vassiliou
Deputy Chief Executive Officer 
A. Athanasopoulos
Deputy Chief Executive Officer 
B.P. 
Martin
Non-Executive Member
A. Gregoriadi
Non-Executive Independent Member
I. Rouvitha Panou
Non-Executive Independent Member
R. Kakar
Non-Executive Independent Member
J. Mirza
Non-Executive Independent Member
C. Basile
Non-Executive Independent Member
E. Deli
Non-Executive Member (HFSF representative 
under Law 
3864/2010)
 
Athens, 6 April 2023