Banks could save bil­lions act­ing quick

Kathimerini English - - Focus -

Banks could ob­tain a ben­e­fit of 7 bil­lion eu­ros from the ac­cel­er­a­tion of ju­di­cial pro­ce­dures and of the liq­ui­da­tion of col­lat­eral re­gard­ing non­per­form­ing loans – which typ­i­cally are real es­tate prop­er­ties – ac­cord­ing to a Bank of Greece re­port on the Greek credit sys­tem is­sued yes­ter­day.

The re­port records the in­crease in banks’ non­per­form­ing ex­po­sures in the first quar­ter of the year, which it at­tributes to the re­duc­tion in the to­tal bal­ance of loans and the in­creased un­cer­tainty due to the ex­tended ne­go­ti­a­tions on the sec­ond bailout re­view.

BoG data showed that some 88 per­cent of col­lat­eral con­cerns real es­tate as­sets, half of which con­cern pri­vate homes and 34 per­cent com­mer­cial and in­dus­trial prop­er­ties. The re­port adds that the value of col­lat­eral di­min­ishes as long as liq­ui­da­tion time grows.

Mean­while the head of the Hel­lenic Fi­nan­cial Sta­bil­ity Fund, Gior­gos Miche­lis, ten­dered his res­ig­na­tion yes­ter­day, cit­ing per­sonal rea­sons. He will re­main at his post un­til a re­place­ment is ap­pointed by the fi­nance min­is­ter, the HFSF an­nounced yes­ter­day.

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