Furthermore, the Bank of Greece set up a comprehensive reporting mechanism and conducted troubled asset reviews and on-site examinations to closely monitor the implementation of the enhanced supervisory framework for non-performing exposures, thus ensuring that balance sheet repair is the top priority for the management of all Greek banks.
Concurrently, the Bank of Greece contributed to the effort of establishing a secondary NPL market via the licensing of NPL servicers and the monitoring of NPL sales and securitisations. We should bear in mind that reforms and initiatives bring about tangible results only if implemented appropriately.