Bank of Greece: Hercules Guarantees at the Center of Meeting

A meeting at the Bank of Greece (ΤτΕ) examined the guarantees of the "Hercules" program for the reduction of non-performing loans (NPLs). The focus was on the risk of creating a €19 billion "hole" due to large discounts on properties being sold through auctions.

The meeting was attended by the CEOs of systemic banks and loan servicing companies, the leadership of the Bank of Greece, the Special Secretary for Private Debt, the general manager of the PDMA, and ministers Chatzidakis, Kyriakos Pierrakakis, and Giorgos Floridis.

Issues concerning private debt and possible changes to the institutional framework to accelerate loan liquidation procedures were also examined. The hearing of the pilot case for Katseli loans was also on the table.

A relevant announcement is expected on the issues discussed.