Subsequently, legislation will be introduced enabling to turn the transferred deferred tax credit into an irrevocable claim of the SPV on the Greek State with a predetermined repayment schedule. To finance the transfer, the SPV will proceed with a securitisation issue, comprising three classes of notes (senior, mezzanine, and junior).
It is anticipated that private investors will absorb part of the upper class of securities (senior) and the vast majority of the intermediate part (mezzanine). The scheme will be voluntary and will be managed exclusively by private investors (servicing companies for loans and credits) and apparently there will be an asset class separation for each transaction and management operation (business, housing, consumer, etc.).