Moreover, the Bank of Greece, in cooperation with the Ministry of Finance, took certain initiatives aimed at removing tax obstacles to the active management of non-performing loans.
In particular, differences between the treatment of IFRS (International Financial Reporting Standards) and Greek GAAP (Generally Accepted Accounting Principles) were addressed through relevant legislation in order to allow for proper reporting of accounting losses resulting from loan write-offs and sales. With the latest amendment, deferred tax assets, converted into DTCs, can be offset against the income tax due for a period of 20 years.