Code of Conduct of the Bank of Greece (of law 4224/2013)

Law 4224/2013 defines the issuance of the Code of Conduct and records the mission of the Government Council for Private Debt Management, which is:

• the formulation of policies on the organization of an integrated mechanism for the effective management of non-performing private loans that have not been carried out permanently;
• proposals for amendments to the existing legal framework on substance and procedure to enhance efficiency in resolving private debt issues, including speeding up late repayment procedures
• the development of awareness-raising actions for the immediate and effective information and support of citizens and stakeholders on decision-making and
• the creation of a network of debt management consulting services.

The Code of Conduct establishes practices aimed at strengthening the climate of trust, mutual commitment and the exchange of necessary information between the borrower and the institution, so that each party is able to consider the benefits or consequences of alternatives (settlement solutions) or final settlement (final settlement solutions) of overdue loans for which the contract has not been terminated with the ultimate purpose of selecting the most appropriate solution.

The Executive Committee Act of the Bank of Greece 42/2014 (hereinafter ECA), defines the special framework of liabilities for the management by credit institutions of overdue and their non-performing exposures. The ECA provides guidelines for the design and evaluation of sustainable types of regulation, according to which they must take into account the current and, based on conservative and reliable assumptions, estimated future repayment capacity of each borrower, either an individual or a legal entity.

According to the above, borrowers should follow what is described in the following sections, in order to find a sustainable solution. In any case, they must meet the time limits set to remain classified as cooperative borrowers. The evaluation of the relevant requests under the Code of Ethics also takes into account the Reasonable Living Expenses (hereinafter referred to as the RLE). You can also receive relevant information from the Brochure for Borrowers with Financial Difficulties. Finally, it is noted that the Consumer Ombudsman, within the framework of its responsibilities, can mediate between the Bank and the debtors, in order to regulate non-performing loans.