Banks ad­dress their strate­gic de­fault­ers

Kathimerini English - - Focus - EVGENIA TZORTZI

Some 400,000 bor­row­ers with ex­pired debts are about to be la­beled “non­co­op­er­a­tive” by banks, as they avoid any con­tact and com­mu­ni­ca­tion with their lenders.

These bor­row­ers amount for 30-40 per­cent (de­pend­ing on the bank) of those who have al­ready re­ceived the two let­ters, as dic­tated by the banks’ Ethics Code, and have not re­sponded. The fi­nal stage is a third let­ter through which the bank will in­form them they are deemed non­co­op­er­a­tive, after which warn­ings fol­low that may lead to con­fis­ca­tions or auc­tions.

The prospect of auc­tion is a re­al­ity for a sig­nif­i­cant por­tion of those bor­row­ers. Banks have al­ready started the process of send­ing out third let­ters and ex­pect to see how many of those clients end up in the cat­e­gory of strate­gic de­fault­ers. Es­ti­mates bring the share of strate­gic de­fault­ers to 20 per­cent of the afore­men­tioned bor­row­ers, and they are the group who will re­ceive the first warn­ings.

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