The Bank of Greece in cooperation with European Bank for Reconstruction and Development (EBRD) are examining ways to develop a secondary loan market and ways to restructure small- and medium-sized enterprises’ loans.
Th. Mitrakos, vice-governor of the Bank of Greece, addressing a seminar in Athens on Thursday, underlined that SMEs are the backbone of the Greek economy. A banks’ turn to long-term solutions, combined with a restructuring of viable enterprises with changes in the structure, business planning and – if necessary – their management, will contribute to the stabilisation of the economy and its transition to a new export-orientated productive model. Banks should also examine taking joint action towards large business non-performing loans, a necessary precondition to offer viable solutions in a reasonable time period. Hellenic Financial Stability Fund is already working on drafting a study on the issue.
Referring to initiatives undertaken by the Bank of Greece towards resolving the problem of NPLs, Mitrakos said that the bank issued an act envisaging the framework for the set up and operation of companies focusing on management or purchase of loans from credit institutions.
He said that the central bank, in cooperation with the European Central Bank and commercial banks, was working towards setting new business goals for the management of NPLs.
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