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The single supervisory mechanism of the European Central Bank does not approve the appointment of George Michelis Managing Director of the National Bank of Greece. The information was confirmed by both bank and government sources in Athens.

Michelis and former Minister of Economy in the government of PASOK Louka Katseli had been proposed to head one of the largest Greek banks after the elections on 25 January. The delay of the appointments had provoked various comments until it had become clear that the single supervisory mechanism of the European Central Bank must approve the applications.

Last Friday they were in Frankfurt for an interview with President of the institution Daniele Nouy. After the interviews, the candidacy of Michelis was rejected. According to sources, the reason was his eight-year absence from the banking sector and his lack of sufficient experience in crisis management.

At the same time, the single supervisory mechanism of the European Central Bank approved the appointment of Louka Katseli president but only on condition that a new and experienced banker would be appointed managing director of the National Bank of Greece. Sources familiar with the process say that one of the main reasons for that condition is the political commitment of Katseli as leader of the Social Agreement party.

Sources close to the Deputy Prime Minister of Greece refused to comment on the decision of the European Central Bank, stating for the online edition in.gr: "The National Bank of Greece has management and obviously it is not unmanaged."