This excerpt taken from the NBG 20-F filed Jul 15, 2009.
Regulation of the banking industry may change.
Regulations governing the banking and financial services industries are subject to change, particularly in the current market environment, where there have been unprecedented levels of government intervention and changes to the regulations governing financial institutions. As a result of
these and other ongoing and possible future changes in the financial services regulatory landscape (including requirements imposed by virtue of our participation in any government or regulator-led initiatives, such as the Hellenic Republic bank support plan), we may face greater regulation in Greece, Turkey and SEE. Compliance with such changes may increase our capital requirements and costs, heighten disclosure requirements, restrict certain types of transactions, affect our strategy and limit or require the modification of rates or fees that we charge on certain loan and other products, any of which could lower the return on its investments, assets and equity. We may also face increased compliance costs and limitations on our ability to pursue certain business opportunities.