“Those who are cooperative borrowers and it is objectively impossible for them to pay off their loans should not be afraid of the auctioning of their primary residence,” the president of Hellenic Bank Association and National Bank governor Louka Katseli  answered to a clarifying question of Athens News Agency on the code of conduct of the Bank of Greece.

“The recent amendment to the Code of Conduct of the Bank of Greece establishes a series of processes that shape the necessary conditions for the cooperation between banks and borrowers. It concerns non-cooperative borrowers who do not respond to repeated notices sent by the banks to submit the necessary information on their financial situation.

“Specifically, until December 30, all borrowers, who delay their payments for more than 30 days, will receive a first notice to submit the necessary documents and information required based on the Code of Conduct. By this way, the implementation of the Code of Conduct is extended until the end of the year.

If borrowers submit the necessary documents to their bank, the planned process for adjusting their loans with objective procedures will begin.

Those who are cooperative borrowers and it is objectively impossible for them to pay off their loans should not be afraid of the auctioning of their primary residence. Those who should be worried are the borrowers who are deliberately bad payers, who do not want to submit their financial information even when they receive the second notice letter from their bank. “