BoG unveils new code of ethics for NPLs

3 August 2016
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A new code of ethics for Greek banks is expected to boost efforts at reducing the “Olympus-sized” mountain of non-performing loans (NPLs) in the country, especially of mortgages and property-linked loans.

NPLs have reached at least 108 billion euros in the country, an issue repeatedly cited by creditors as needing immediate measures, given the asphyxiating impact NPLs have on the domestic credit system.

Along these lines, the new code of ethics was composed and published in the Government Gazette by the Bank of Greece, fulfilling a memorandum-mandated prior action.

The newly presented code includes measures such as a simple extension of the loan’s maturity to even a “haircut” or even the transfer of the real estate property or company shares to the bank.

The code covers all types of loans, including those with state guarantees.

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