##### 



EXHIBIT 12.1



CERTIFICATION

I, Takis Arapoglou, certify that:



|   |                                                                                                                                                                                                                                                                                                                               
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1. | I have reviewed this annual report on
    Form 20-F of National Bank of Greece S.A. (National
    Bank of Greece);                                                                                                                                                                                                          
|  
|2. | Based on my knowledge, this report does not
    contain any untrue statement of a material fact or omit to state
    a material fact necessary to make the statements made, in light
    of the circumstances under which such statements were made, not
    misleading with respect to the period covered by this report;    
|  
|3. | Based on my knowledge, the financial statements,
    and other financial information included in this annual report,
    fairly present in all material respects the financial condition,
    results of operations and cash flows of National Bank of Greece
    as of, and for, the periods presented in this annual report;
|  
|4. | National Bank of Greeces other certifying
    officers and I are responsible for establishing and maintaining
    disclosure controls and procedures (as defined in Exchange Act
    Rules 13a-15(e) and 15d-15(e)) for National Bank of Greece
    and have:                                                                



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                       
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | designed such disclosure controls and procedures,
    or caused such disclosure controls and procedures to be designed
    under our supervision, to ensure that material information
    relating to National Bank of Greece, including its consolidated
    subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this annual
    report is being prepared;
|
| | b) | evaluated the effectiveness of National Bank of
    Greeces disclosure controls and procedures and presented
    in this report our conclusions about the effectiveness of the
    disclosure controls and procedures, as of the end of the period
    covered by this report based on such an evaluation; and                                                                                                       
|
| | c) | disclosed in this report any change in National
    Bank of Greeces internal control over financial reporting
    that occurred during the period covered by the annual report
    that has materially affected, or is reasonably likely to
    materially affect, National Bank of Greeces internal
    control over financial reporting; and                                                                      



|   |                                                                                                                                                                                                                                                                                                                                            
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|5. | National Bank of Greeces other certifying
    officers and I have disclosed, based on our most recent
    evaluation of internal control over financial reporting, to
    National Bank of Greeces auditors and the audit committee
    of National Bank of Greeces board of directors (or persons
    performing equivalent functions):



| |    |                                                                                                                                                                                                                                                                                                   
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | all significant deficiencies and material
    weaknesses in the design or operation of internal control over
    financial reporting which are reasonably likely to adversely
    affect National Bank of Greeces ability to record,
    process, summarize and report financial information; and
|
| | b) | any fraud, whether or not material, that involves
    management or other employees who have a significant role in
    National Bank of Greeces internal control over financial
    reporting.                                                                                                   

|                    |  |                                                                                                           
|------------------- |  | ----------------------------------------------------------------------------------------------------------
|Date: June 25, 2004 |  | /s/ TAKIS ARAPOGLOU
    ------------------------------------
    Takis Arapoglou
    Chairman and Governor

213



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##### 



CERTIFICATION

I, Ioannis Pechlivanidis, certify that:



|   |                                                                                                                                                                                                                                                                                                                               
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1. | I have reviewed this annual report on
    Form 20-F of National Bank of Greece S.A. (National
    Bank of Greece);                                                                                                                                                                                                          
|  
|2. | Based on my knowledge, this report does not
    contain any untrue statement of a material fact or omit to state
    a material fact necessary to make the statements made, in light
    of the circumstances under which such statements were made, not
    misleading with respect to the period covered by this report;    
|  
|3. | Based on my knowledge, the financial statements,
    and other financial information included in this annual report,
    fairly present in all material respects the financial condition,
    results of operations and cash flows of National Bank of Greece
    as of, and for, the periods presented in this annual report;
|  
|4. | National Bank of Greeces other certifying
    officers and I are responsible for establishing and maintaining
    disclosure controls and procedures (as defined in Exchange Act
    Rules 13a-15(e) and 15d-15(e)) for National Bank of Greece
    and have:                                                                



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                       
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | designed such disclosure controls and procedures,
    or caused such disclosure controls and procedures to be designed
    under our supervision, to ensure that material information
    relating to National Bank of Greece, including its consolidated
    subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this annual
    report is being prepared;
|
| | b) | evaluated the effectiveness of National Bank of
    Greeces disclosure controls and procedures and presented
    in this report our conclusions about the effectiveness of the
    disclosure controls and procedures, as of the end of the period
    covered by this report based on such an evaluation; and                                                                                                       
|
| | c) | disclosed in this report any change in National
    Bank of Greeces internal control over financial reporting
    that occurred during the period covered by the annual report
    that has materially affected, or is reasonably likely to
    materially affect, National Bank of Greeces internal
    control over financial reporting; and                                                                      



|   |                                                                                                                                                                                                                                                                                                                                            
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|5. | National Bank of Greeces other certifying
    officers and I have disclosed, based on our most recent
    evaluation of internal control over financial reporting, to
    National Bank of Greeces auditors and the audit committee
    of National Bank of Greeces board of directors (or persons
    performing equivalent functions):



| |    |                                                                                                                                                                                                                                                                                                   
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | all significant deficiencies and material
    weaknesses in the design or operation of internal control over
    financial reporting which are reasonably likely to adversely
    affect National Bank of Greeces ability to record,
    process, summarize and report financial information; and
|
| | b) | any fraud, whether or not material, that involves
    management or other employees who have a significant role in
    National Bank of Greeces internal control over financial
    reporting.                                                                                                   

|                    |  |                                                                                                                 
|------------------- |  | ----------------------------------------------------------------------------------------------------------------
|Date: June 25, 2004 |  | /s/ IOANNIS PECHLIVANIDIS
    ------------------------------------
    Ioannis Pechlivanidis
    Deputy Governor

214



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##### 



CERTIFICATION

I, Anthimos Thomopoulos, certify that:



|   |                                                                                                                                                                                                                                                                                                                               
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|1. | I have reviewed this annual report on
    Form 20-F of National Bank of Greece S.A. (National
    Bank of Greece);                                                                                                                                                                                                          
|  
|2. | Based on my knowledge, this report does not
    contain any untrue statement of a material fact or omit to state
    a material fact necessary to make the statements made, in light
    of the circumstances under which such statements were made, not
    misleading with respect to the period covered by this report;    
|  
|3. | Based on my knowledge, the financial statements,
    and other financial information included in this annual report,
    fairly present in all material respects the financial condition,
    results of operations and cash flows of National Bank of Greece
    as of, and for, the periods presented in this annual report;
|  
|4. | National Bank of Greeces other certifying
    officers and I are responsible for establishing and maintaining
    disclosure controls and procedures (as defined in Exchange Act
    Rules 13a-15(e) and 15d-15(e)) for National Bank of Greece
    and have:                                                                



| |    |                                                                                                                                                                                                                                                                                                                                                                                                                       
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | designed such disclosure controls and procedures,
    or caused such disclosure controls and procedures to be designed
    under our supervision, to ensure that material information
    relating to National Bank of Greece, including its consolidated
    subsidiaries, is made known to us by others within those
    entities, particularly during the period in which this annual
    report is being prepared;
|
| | b) | evaluated the effectiveness of National Bank of
    Greeces disclosure controls and procedures and presented
    in this report our conclusions about the effectiveness of the
    disclosure controls and procedures, as of the end of the period
    covered by this report based on such an evaluation; and                                                                                                       
|
| | c) | disclosed in this report any change in National
    Bank of Greeces internal control over financial reporting
    that occurred during the period covered by the annual report
    that has materially affected, or is reasonably likely to
    materially affect, National Bank of Greeces internal
    control over financial reporting; and                                                                      



|   |                                                                                                                                                                                                                                                                                                                                            
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|5. | National Bank of Greeces other certifying
    officers and I have disclosed, based on our most recent
    evaluation of internal control over financial reporting, to
    National Bank of Greeces auditors and the audit committee
    of National Bank of Greeces board of directors (or persons
    performing equivalent functions):



| |    |                                                                                                                                                                                                                                                                                                   
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a) | all significant deficiencies and material
    weaknesses in the design or operation of internal control over
    financial reporting which are reasonably likely to adversely
    affect National Bank of Greeces ability to record,
    process, summarize and report financial information; and
|
| | b) | any fraud, whether or not material, that involves
    management or other employees who have a significant role in
    National Bank of Greeces internal control over financial
    reporting.                                                                                                   

|                    |  |                                                                                                                                                       
|------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------
|Date: June 25, 2004 |  | /s/ ANTIMOS THOMOPOULOS
    ------------------------------------
    Anthimos Thomopoulos
    Chief Financial Officer and
    Chief Operations Officer

215