Finance Ministry: looking at ways to tackle NPLs

09:52 - 13 March 2023

Economy

The Finance Ministry is considering possible actions to tackle non-performing loans and is examining a set of measures aimed at addressing the issue, Finance Minister Makis Keravnos said in a statement, as he urged banks and asset managers to refrain from foreclosing primary homes of vulnerable borrowers.

“In the context of a comprehensive and effective reform concerning the management of NPLs, the Finance Ministry is considering possible actions and is examining a set of proposals aiming at addressing the issue,” Keravnos said. He added that with a view to protect vulnerable borrowers, the Finance Ministry and the EU Directorate-General for Competition are in “constant consultation and are working towards the implementation of the mortgage-to-rent as soon as possible”.

Furthermore, Keravnos called on the banks and credit acquiring companies not to proceed with foreclosures of primary residences with a value of up to €350,000 that collateralise NPLs held by vulnerable borrowers, to allow for the “necessary time for the conclusion of the public dialogue” over the above measures and the implementation of the mortgage-to-rent scheme.

Finance Ministry: looking at ways to tackle NPLs

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