The Hellenic Competition Commission has concluded a public consultation related to its ongoing sector inquiry into the market for bank deposits in Greece.
The consultation took place on 26 February 2026 following the publication of the Commission’s interim report in December 2025. The sector inquiry itself was launched in July 2024 under Article 40 of the Greek Competition Act (Law 3959/2011), which allows the authority to examine market structures where competition concerns may arise. The investigation focuses on the functioning of the deposit market and aims to identify structural features that may be limiting effective competition and preventing consumers from benefiting fully from market dynamics.
Interested stakeholders were invited to submit written comments or participate in a public teleconference organised by the authority. The deadline for written submissions has been extended to 31 March 2026. According to the Commission, the feedback gathered during the consultation will play a key role in shaping the final report, which is expected to be published later in 2026.
In its interim analysis, the authority highlighted several developments in the Greek deposit market. Deposits have increased significantly in recent years, but the growth has been concentrated primarily in highly liquid accounts—such as current and savings accounts—that offer very low interest rates. At the same time, increases in policy rates introduced by the European Central Bank have only partially translated into higher deposit rates offered by Greek banks. The Commission found that the transmission of monetary policy changes to depositors has been “limited, delayed and uneven.”
The inquiry also points to structural characteristics of the Greek banking sector that may explain these outcomes. The domestic market is highly concentrated and dominated by four systemic institutions—National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank—which together account for the majority of deposits. According to the Commission, the oligopolistic structure of the sector, combined with strong liquidity positions and relatively low loan-to-deposit ratios, may reduce banks’ incentives to compete aggressively on deposit interest rates. The authority also notes that the spread between average lending and deposit rates increased significantly between 2021 and 2023 before gradually declining thereafter. greece
The interim report outlines several potential measures aimed at strengthening competition. These include facilitating the entry or expansion of smaller banks and digital banking providers, which could increase competitive pressure on established institutions. The Commission also raised the possibility of introducing state-backed savings accounts inspired by the French model, in which interest rates are partially determined by the state and deposits may help finance public investment.
Additional proposals focus on improving market transparency and depositor mobility. The authority suggests enhancing publicly available information tools—such as interest-rate comparison platforms and official publications by the Bank of Greece—to help consumers identify more attractive deposit products. Other measures under discussion include simplifying procedures for switching banks and exploring the longer-term possibility of bank account number portability at the European level.
The consultation brought together representatives from banking associations, consumer organisations, academic experts and financial regulators. Discussions focused on the structural characteristics of the Greek banking system, including limited consumer switching and strong customer loyalty to established banking brands.
Insights gathered during the consultation will feed into the Commission’s final assessment. The forthcoming report is expected to present policy recommendations aimed at strengthening competition in the Greek deposit market and improving outcomes for savers.