These initiatives, amongst others, include: (a) the recently voted amendment of Law 4354/2015, which paves the way for the development of a secondary market for non-performing loans; (b) the establishment of an enhanced framework for out-ofcourt workouts and the pre-bankruptcy procedures; (c) the elimination of a series of tax obstacles both for borrowers and lenders; (d) the recently revised Code of Conduct for Banks for the transparent, effective and, where appropriate, flexible treatment of cooperating borrowers facing difficulties in servicing their debt obligations; (e) amendments to legislation to ensure the cooperation of old shareholders in the restructuring of the underlying businesses; (f) the launch 3/7  BIS central bankers' speeches  of a comprehensive monitoring framework in relation to banks’ non-performing exposure resolution activities, and, finally, (g) a series of targets and key performance indicators that aim at reducing overall non-performing exposures by 40% by the end of 2019.
4/4  BIS - Central bankers' speeches