**EXHIBIT 12.1**

**CERTIFICATION**

I,Efstratios-Georgios (Takis) A. Arapoglou, certify that:

1.                 I have reviewedthis annual report on Form 20-F of National Bank of Greece S.A. (“NationalBank of Greece”);

2.                 Based on myknowledge, this report does not contain any untrue statement of a material factor omit to state a material fact necessary to make the statements made, inlight of the circumstances under which such statements were made, notmisleading with respect to the period covered by this report;

3.                 Based on myknowledge, the financial statements, and other financial information includedin this annual report, fairly present in all material respects the financialcondition, results of operations and cash flows of National Bank of Greece asof, and for, the periods presented in this annual report;

4.                 National Bank ofGreece’s other certifying officers and I are responsible for establishing andmaintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and15d-15(e)) and internal control over financial reporting (as defined inExchange Act Rules 13a-15(f) and 15d-15(f) forNational Bank of Greece and have:

a)               designed suchdisclosure controls and procedures, or caused such disclosure controls andprocedures to be designed under our supervision, to ensure that materialinformation relating to National Bank of Greece, including its consolidatedsubsidiaries, is made known to us by others within those entities, particularlyduring the period in which this annual report is being prepared;

b)              designed suchinternal control over financial reporting, or caused such internal control overfinancial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generallyaccepted accounting principles;

c)               evaluated theeffectiveness of National Bank of Greece’s disclosure controls and proceduresand presented in this report our conclusions about the effectiveness of thedisclosure controls and procedures, as of the end of the period covered by thisreport based on such an evaluation; and

d)              disclosed in thisreport any change in National Bank of Greece’s internal control over financialreporting that occurred during the period covered by the annual report that hasmaterially affected, or is reasonably likely to materially affect, NationalBank of Greece’s internal control over financial reporting.

5.                 National Bank ofGreece’s other certifying officers and I have disclosed, based on our mostrecent evaluation of internal control over financial reporting, to NationalBank of Greece’s auditors and the audit committee of National Bank of Greece’sboard of directors (or persons performing equivalent functions):

a)               all significantdeficiencies and material weaknesses in the design or operation of internalcontrol over financial reporting which are reasonably likely to adverselyaffect National Bank of Greece’s ability to record, process, summarize andreport financial information; and

b)              anyfraud, whether or not material, that involves management or other employees whohave a significant role in National Bank of Greece’s internal control overfinancial reporting.

| Date: July 2, 2007 | /s/ Efstratios-Georgios (Takis) A. Arapoglou |
|--------------------|----------------------------------------------|
|               | Efstratios-Georgios (Takis) A. Arapoglou     |
|               | *Chairman and Chief Executive Officer*       |

 

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**CERTIFICATION**

I, Ioannis G.Pechlivanidis, certify that:

1.                 I have reviewedthis annual report on Form 20-F of National Bank of Greece S.A. (“NationalBank of Greece”);

2.                 Based on myknowledge, this report does not contain any untrue statement of a material factor omit to state a material fact necessary to make the statements made, inlight of the circumstances under which such statements were made, notmisleading with respect to the period covered by this report;

3.                 Based on myknowledge, the financial statements, and other financial information includedin this annual report, fairly present in all material respects the financialcondition, results of operations and cash flows of National Bank of Greece asof, and for, the periods presented in this annual report;

4.                 National Bank ofGreece’s other certifying officers and I are responsible for establishing andmaintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and15d-15(e)) and internal control over financial reporting (as defined inExchange Act Rules 13a-15(f) and 15d-15(f) forNational Bank of Greece and have:

a)               designed suchdisclosure controls and procedures, or caused such disclosure controls andprocedures to be designed under our supervision, to ensure that materialinformation relating to National Bank of Greece, including its consolidatedsubsidiaries, is made known to us by others within those entities, particularlyduring the period in which this annual report is being prepared;

b)              designed suchinternal control over financial reporting, or caused such internal control overfinancial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generallyaccepted accounting principles;

c)               evaluated theeffectiveness of National Bank of Greece’s disclosure controls and proceduresand presented in this report our conclusions about the effectiveness of thedisclosure controls and procedures, as of the end of the period covered by thisreport based on such an evaluation; and

d)              disclosed in thisreport any change in National Bank of Greece’s internal control over financialreporting that occurred during the period covered by the annual report that hasmaterially affected, or is reasonably likely to materially affect, NationalBank of Greece’s internal control over financial reporting.

5.                 National Bank ofGreece’s other certifying officers and I have disclosed, based on our mostrecent evaluation of internal control over financial reporting, to NationalBank of Greece’s auditors and the audit committee of National Bank of Greece’sboard of directors (or persons performing equivalent functions):

a)               all significantdeficiencies and material weaknesses in the design or operation of internalcontrol over financial reporting which are reasonably likely to adverselyaffect National Bank of Greece’s ability to record, process, summarize andreport financial information; and

b)              any fraud, whetheror not material, that involves management or other employees who have asignificant role in National Bank of Greece’s internal control over financialreporting.

| Date: July 2, 2007 | /s/ Ioannis G. Pechlivanidis                        |
|--------------------|-----------------------------------------------------|
|               | Ioannis G. Pechlivanidis                            |
|               | *Vice Chairman—Deputy Chief Executive Officer* |

 

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**CERTIFICATION**

I, AnthimosThomopoulos, certify that:

1.                 I have reviewedthis annual report on Form 20-F of National Bank of Greece S.A. (“NationalBank of Greece”);

2.                 Based on myknowledge, this report does not contain any untrue statement of a material factor omit to state a material fact necessary to make the statements made, inlight of the circumstances under which such statements were made, notmisleading with respect to the period covered by this report;

3.                 Based on myknowledge, the financial statements, and other financial information includedin this annual report, fairly present in all material respects the financialcondition, results of operations and cash flows of National Bank of Greece asof, and for, the periods presented in this annual report;

4.                 National Bank ofGreece’s other certifying officers and I are responsible for establishing andmaintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and15d-15(e)) and internal control over financial reporting (as defined inExchange Act Rules 13a-15(f) and 15d-15(f) forNational Bank of Greece and have:

a)               designed suchdisclosure controls and procedures, or caused such disclosure controls andprocedures to be designed under our supervision, to ensure that materialinformation relating to National Bank of Greece, including its consolidatedsubsidiaries, is made known to us by others within those entities, particularlyduring the period in which this annual report is being prepared;

b)              designed suchinternal control over financial reporting, or caused such internal control overfinancial reporting to be designed under our supervision, to provide reasonableassurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generallyaccepted accounting principles;

c)               evaluated theeffectiveness of National Bank of Greece’s disclosure controls and proceduresand presented in this report our conclusions about the effectiveness of thedisclosure controls and procedures, as of the end of the period covered by thisreport based on such an evaluation; and

d)              disclosed in thisreport any change in National Bank of Greece’s internal control over financialreporting that occurred during the period covered by the annual report that hasmaterially affected, or is reasonably likely to materially affect, NationalBank of Greece’s internal control over financial reporting.

5.                 National Bank ofGreece’s other certifying officers and I have disclosed, based on our mostrecent evaluation of internal control over financial reporting, to NationalBank of Greece’s auditors and the audit committee of National Bank of Greece’sboard of directors (or persons performing equivalent functions):

a)               all significantdeficiencies and material weaknesses in the design or operation of internalcontrol over financial reporting which are reasonably likely to adverselyaffect National Bank of Greece’s ability to record, process, summarize andreport financial information; and

b)              anyfraud, whether or not material, that involves management or other employees whohave a significant role in National Bank of Greece’s internal control overfinancial reporting.

| Date: July 2, 2007 | /s/ Anthimos Thomopoulos                               |
|--------------------|--------------------------------------------------------|
|               | Anthimos Thomopoulos                                   |
|               | *Chief Financial Officer and Chief Operations Officer* |

 

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