For instance, the household insolvency law was amended to ensure that banks can take legal steps against strategic defaulters and that debtors make payments in line with their ability to pay. And the Code of Conduct of the Bank of Greece provides guidelines on the interaction between banks and debtors in arrears.
The authorities have also adopted legislation that liberalises NPL servicing for all loan categories, and provided a framework for the sales of loans. In addition, banks have set up comprehensive strategies, including detailed operational measures and actions, prioritised and scheduled, as well as numerical targets to significantly reduce their NPE stocks over the coming years.