Loan adjustments: Greek Fin. Min meets with servicers
Loan arrangements were yesterday at the center of the meeting of Finance Minister Christos Staikouras with servicers. According to information, the two sides noted the progress that has been made, while they discussed their forecasts for the rest of 2023. The meeting was attended by the heads of the companies as well as Mr. Spyros Pantelias from the Bank of Greece. The meeting appears to have been held in a good mood with the minister asking for the continuation of loan arrangements. Management company representatives have reportedly agreed to "pick up" the pace of regulation, while they have been asked to present their plans for the current year.
According to information, the Minister of Finance requested that even more moves be made towards the regulation of "red" loans both bilaterally and through the Extrajudicial Mechanism.
So the servicers will come back with specific proposals in the next few days. It is recalled that according to data from the Bank of Greece, servicers have taken over the management of 92.7 billion euros of non-performing loans.
The information about the Extrajudicial adjustment
At the same time, the data shows that the 20 companies - members of the Association of Loan and Credit Receivables Management Companies (EEDADP) have proceeded from 2020 until today to loan arrangements of all categories, totaling more than 17 billion euros, of which eight billion euros outside bank portfolios and more than 8.5 billion euros from the banks that have now been converted from non-performing to informed assets.
As for the Extrajudicial Mechanism, the most recent divs show that the arrangements "rose" to 2,705 - up from just 416 in July 2022 - amounting to 822 million euros, with the average debt standing at 291,000 euros...
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