As stated in an announcement by the Hellenic Banking Union (EET), this day does not coincide with a holiday within the Greek Territory in accordance with Decision No. 15102 of the Minister of Labor and Social Security (Government Gazette B’ 1406/4.3.2024). Therefore, according to article 11 of Law 3336/2005, it is a special holiday for interbank transactions and the provisions of said article will apply.
On that date, Bank branches will remain open, as May 1 will be a working day for staff. However, they will provide a limited service to the trading public, since the non-operation of the TARGET System does not allow certain interbank transactions to take place.
The interbank transaction holiday applies to the Bank of Greece, the companies of the Athens Stock Exchange group, Interbank Systems S.A., as well as the following categories of businesses:
1. Credit institutions (Banks) operating in Greece, which include Greek credit institutions, the Deposit and Loan Fund and the branches of foreign credit institutions.
2. Businesses Providing Investment Services.
3. Leasing companies and claims agency companies.
4. Anonymous Fund Management Companies and anonymous portfolio investment companies.
On the day of a special holiday, all overdue obligations deriving from existing contracts between the above-mentioned entities and their customers, as well as other generally overdue, on the same days, obligations of their customers to any third party, are fulfilled on the next working day , i.e. Thursday, May 2, 2024, when the consequences of any non-fulfilment begin.
Transactions carried out at banks on the day of the special holiday will be recorded in their systems with the date of the next working day, i.e. Thursday, 2 May 2024.
In accordance with the provisions of paragraph 5 of article 11 of Law 3336/2005, the obligations arising from the servicing of the Public Debt, loans and securities of the Greek State will be fulfilled in accordance with their special conditions on the previous or the following working day, i.e. Tuesday, April 30 or Thursday, May 2.
Following a relevant directive of the Independent Public Revenue Authority, on May 1, 2024, bank checks presented with an issue date of May 2 will be accepted by the Public Financial Services (PFO) and the Customs Authorities of our country 2024.
Finally, organizations and businesses that work directly with banks to send debit records via standing orders and credit records (e.g. payroll) are advised to contact their partner bank for any further information or clarification.
In the meantime, due to the Easter holiday and the transfer of the May Day holiday, debt payments and remittances to banks that will be registered from Maundy Thursday 02 May, will be carried out on Wednesday 08 May, which is considered the next working day.
The payment of the Easter Gift will not be affected by these changes, as employers must pay it by Wednesday 01 May. Transfers will be executed as normal, but with a value date of Wednesday 08 May. For the execution of the payrolls, Wednesday May 8th should be entered in the payroll file as the execution date.
Delayed and future orders with an execution date of Tuesday 07 May will be executed on Wednesday 08 May. Also, the Athens Stock Exchange will remain closed on Friday 03 May, Monday 06 May and Tuesday 07 May.
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