This excerpt taken from the NBG 20-F filed Jul 15, 2005.
The overall investment objective of the Group is to optimize returns at an acceptable level of risk within the requirements of the local laws, where applicable. The plan assets of group insurance policies that are invested in Greece are restricted by local requirements that do not allow more than 30% of plan assets to be allocated to equity securities. For the remaining plan assets, there are no restrictions under local legislation regarding the type of assets that the plan may hold. The overall aim to maximize investment returns over the long-term within the necessary constraints of prudence and caution is achieved by allocating funds to the major asset classes allowing for a level of liquidity that matches short-term cash outflows from the plan.
Equity securities include common stock of the Bank in the amount of EUR 58 million (43 percent of the total plan assets) and EUR 60.8 million (38.9 percent of total plan assets) at December 31, 2003 and 2004 respectively. There were no Group debt or property included in the Plan Assets in 2003 and 2004 respectively.