**EXHIBIT 12.1**

**CERTIFICATION**

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

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

2.                 Based on my knowledge, this report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this report;

3.                 Based on my knowledge, the financial statements, and other financialinformation included in this annual report, fairly present in all materialrespects the financial condition, results of operations and cash flows ofNational Bank of Greece as of, and for, the periods presented in this annualreport;

4.                 National Bank of Greece’s other certifying officers and I areresponsible 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 suchdisclosure controls and procedures to be designed under our supervision, toensure that material information relating to National Bank of Greece, includingits consolidated subsidiaries, is made known to us by others within thoseentities, particularly during the period in which this annual report is beingprepared;

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

c)               disclosed in this report any change in National Bank of Greece’sinternal control over financial reporting that occurred during the periodcovered by the annual report that has materially affected, or is reasonablylikely to materially affect, National Bank of Greece’s internal control overfinancial reporting; and

5.                 National Bank of Greece’s other certifying officers and I havedisclosed, based on our most recent evaluation of internal control overfinancial reporting, to National Bank of Greece’s auditors and the auditcommittee of National Bank of Greece’s board of directors (or personsperforming equivalent functions):

a)               all significant deficiencies and material weaknesses in the designor operation of internal control over financial reporting which are reasonablylikely 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 orother employees who have a significant role in National Bank of Greece’sinternal control over financial reporting.

| Date: July 14, 2006 | /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 reviewed this annual report on Form 20-F ofNational Bank of Greece S.A. (“National Bank of Greece”);

2.                 Based on my knowledge, this report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this report;

3.                 Based on my knowledge, the financial statements, and other financialinformation included in this annual report, fairly present in all materialrespects the financial condition, results of operations and cash flows ofNational Bank of Greece as of, and for, the periods presented in this annualreport;

4.                 National Bank of Greece’s other certifying officers and I are responsiblefor establishing and maintaining disclosure controls and procedures (as definedin Exchange Act Rules 13a-15(e) and 15d-15(e)) forNational Bank of Greece and have:

a)               designed such disclosure controls and procedures, or caused suchdisclosure controls and procedures to be designed under our supervision, toensure that material information relating to National Bank of Greece, includingits consolidated subsidiaries, is made known to us by others within thoseentities, particularly during the period in which this annual report is beingprepared;

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

c)               disclosed in this report any change in National Bank of Greece’sinternal control over financial reporting that occurred during the periodcovered by the annual report that has materially affected, or is reasonablylikely to materially affect, National Bank of Greece’s internal control overfinancial reporting; and

5.                 National Bank of Greece’s other certifying officers and I havedisclosed, based on our most recent evaluation of internal control overfinancial reporting, to National Bank of Greece’s auditors and the auditcommittee of National Bank of Greece’s board of directors (or personsperforming equivalent functions):

a)               all significant deficiencies and material weaknesses in the designor operation of internal control over financial reporting which are reasonablylikely 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 orother employees who have a significant role in National Bank of Greece’sinternal control over financial reporting.

| Date: July 14, 2006 | /s/ Ioannis G. Pechlivanidis                                |
|--------------------------|-------------------------------------------------------------|
|                     | Ioannis G. Pechlivanidis 

*Deputy Chief Executive Officer* |

 

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**CERTIFICATION**

I, Anthimos Thomopoulos, certify that:

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

2.                 Based on my knowledge, this report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this report;

3.                 Based on my knowledge, the financial statements, and other financialinformation included in this annual report, fairly present in all materialrespects the financial condition, results of operations and cash flows ofNational Bank of Greece as of, and for, the periods presented in this annualreport;

4.                 National Bank of Greece’s other certifying officers and I areresponsible 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 suchdisclosure controls and procedures to be designed under our supervision, toensure that material information relating to National Bank of Greece, includingits consolidated subsidiaries, is made known to us by others within thoseentities, particularly during the period in which this annual report is beingprepared;

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

c)               disclosed in this report any change in National Bank of Greece’sinternal control over financial reporting that occurred during the periodcovered by the annual report that has materially affected, or is reasonablylikely to materially affect, National Bank of Greece’s internal control overfinancial reporting; and

5.                 National Bank of Greece’s other certifying officers and I havedisclosed, based on our most recent evaluation of internal control overfinancial reporting, to National Bank of Greece’s auditors and the auditcommittee of National Bank of Greece’s board of directors (or personsperforming equivalent functions):

a)               all significant deficiencies and material weaknesses in the designor operation of internal control over financial reporting which are reasonablylikely 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 orother employees who have a significant role in National Bank of Greece’sinternal control over financial reporting.

| Date: July 14, 2006 | /s/ Anthimos Thomopoulos                                                     |
|--------------------------|------------------------------------------------------------------------------|
|                     | Anthimos Thomopoulos Chief Financial  Officer and *Chief Operations Officer* |

 

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