x

Economy

Bank of Greece Calls for More Efficient Management of NPLs

November 5, 2021

ATHENS – Bank of Greece governor Yannis Stournaras urged non-performing-loan management companies (servicers) to exploit an existing regulatory framework and to make a more efficient management of debt. In an interview with “Naftemporiki” financial newspaper, the central banker said that NPLs were out of banks’ balance sheets but this debt was not disappearing. “For this reason,” he said “it is important that NPL servicers manage the stock of NPLs more efficiently. This means exploiting an out-of-court mechanism for debt settlement and a recent new law on debt settlement and bankruptcy. It is important that servicers offer sustainable solutions to debtors or a more efficient management of collateral – when necessary – to facilitate the return of debtors to the production process.” He stressed that a successful management of NPLs by servicers is a prerequisite for the success of the Hercules programme.

Stournaras noted a significant increase in private-sector deposits, currently exceeding 180 billion euros and returning to March 2011 levels. The stock of NPLs has fallen to 29.4 billion euros from 107 billion in March 2016. The central banker reiterated his estimate that the country’s GDP will grow by 7.2% or more this year and by around 5% in 2022.

RELATED

ATHENS – The toll of wives and partners being murdered in Greece – more than one a month – rose after police said a 53-year-old man allegedly stabbed his wife to death and drove off a cliff in an apparent suicide attempt while trying to flee.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Brothers, Basketball Focus of Antetokounmpo Family’s “Rise”

Giannis Antetokounmpo didn't watch this year's NBA Finals.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.