Economy Minister Giorgos Stathakis said on Friday that the agreement reached with the Greece’s lenders this evening opens the way for the management of large non-performing loans by private companies.

Based on the bill expected to be tabled in Greek Parliament on Saturday, the government allows the establishment and operation of distress funds in Greece and the sale of all business loans, not only loans over 1mln euros owned by big companies which do not pay, as the Greek government claimed at the beginning of the negotiation.

The minister said the deal on NPLs will be implemented in two phases: During the first phase, which will last until February 15, 2016, mortgage loans for the main residence, loans of small and medium-sized businesses and consumer loans will be excluded from those managed by private companies. After this phase the exclusion will be discussed to reach a new framework.

Also, the negotiations with the Greece’s lenders on the 13 prior actions required to disburse Greece’s loan sub-tranche ended.