A Bank of Greece interim monetary policy report for 2016 estimates that the number of non performing loans to be settled by Greek banks in 2016 will exceed 200,000. The report states that banks will opt to take this route, along with loan write offs, instead of liquidations and transfers. The report shows that long term loan settlements were up by 11%, amounting to 44% in the 9 months of 2016. Long terms settlements are considered loans that are taken out for a period over 2 years and are aimed at reducing interest and amortisation costs or loan burdens. These settlements could include a cut in interest rates , an extension of the loan repayment, a separation of of the debt in a potion the client is able to service and a part settled at a later date, a partial write-off of debt and the operational restructuring of a business. A final settlement between the debtor and the bank is considered one where any kind of alteration or a termination of the contractual agreement between the two parties takes place, aimed at a final settlement of the claim against the borrower (write-off, liquidation an auction, through or a court settlement).
Newsroom
Follow en.protothema.gr on Google News and be the first to know all the news
See all the latest News from Greece and the World, the moment they happen, at en.protothema.gr