The Code ensures that borrowers are provided with timely and comprehensive information and are protected against unfair treatment by creditors, and is geared towards promoting permanent and sustainable arrangements, whether forbearance or resolution and closure solutions.
The Bank of Greece has worked closely with the relevant ministries on the preparation of legislation enabling the effective tackling of NPEs, such as Law 4307/2014 (“corporate insolvency for SMEs”), amendments to Law 3869/2010 (“household insolvency”) and, more recently, amendments to Law 4354/2015 to permit the assignment of the management and the transfer of loan portfolios to specialised non-bank entities.