Wednesday October 1, 2014 Search
Weather | Athens
26o C
17o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Changes to Tiresias rules to give reliable borrowers more credit

By Yiannis Papadoyiannis

The government and Greek banks are considering changing the rules governing the operation of the Tiresias credit profile database by introducing a more flexible system in order to handle the rise in bad loans. Sources have also told Kathimerini that the Bank of Greece is poised to choose an international consultant to help the central bank on the issue of nonperforming loans.

BoG sources say that there are currently no plans for the creation of a single bank, or bad bank to gather all bad loans from Greek lenders. Each bank will handle its load of bad loans internally, through the special units that have already been set up exclusively for this process.

In the next few weeks the government and the central bank, in cooperation with the consultant that will be selected, will draft a series of legislative and supervisory initiatives for the handling of bad loans and the reflation of the banking market.

In this context authorities are examining the revision of Tiresias regulations toward a more flexible framework and eventually toward the return of bad borrowers such as enterprises, freelancers and households to the category of solvent borrowers. Bank officials say that with 35 percent of loans in a state of definite delay, meaning they have not been serviced for 90 days or more, over 50 percent of borrowers have at one point been flagged by the credit warning system of Tiresias.

As things stand, none of these borrowers can take out any loans, said a bank official. The objective is not only for bad loans to be dealt with but also for that part of the population that due to the crisis has been tagged insolvent to be able to return under certain conditions to the category of households and enterprises that deserve fresh credit, the same official explained.

Of course the change to Tiresias regulations does not mean borrowers will be granted a debt write-off. More flexible regulations will only pertain to those who have actively shown they can be reliable and consistent. Banks have stressed they will not be lenient with borrowers who have used the crisis as a pretext to forfeit on their obligations or to share their losses with the credit system and therefore with responsible borrowers.

ekathimerini.com , Monday Jul 14, 2014 (22:40)  
NBG Pangaea eyes listing on foreign bourse, huge portfolio
Out-of-control unpaid bills bring PPC to its knees
Banks feel optimistic ahead of stress test results
S&P upgrades OTEs credit rating and revises outlook
Would-be commissioner Avramopoulos sets out priorities on migration
Dimitris Avramopoulos, the EU commissioner-designate for migration and home affairs, on Tuesday sought to set out his priorities for a post regarded as more crucial than ever amid increasing...
Money ring sent4.5 mln abroad
Two Afghan employees at a currency exchange bureau in central Athens and a Greek alleged to own the establishment were detained on Tuesday in connection to the alleged illegal transfer of mo...
Inside News
SOCCER
All team sports suspended next weekend in memory of dead fan
The government announced on Monday the suspension of all team sports events in Greece scheduled for next weekend, October 4 and 5, in the memory of the Ethnikos Piraeus fan who died a few ho...
SOCCER
Karamanos punishes Michel for deeming him surplus
Atromitos forced Olympiakoss first loss this season in all competitions on Saturday to allow PAOK to go alone on top of the Super League table on Sunday. Odds-on title favorite Olympiakos l...
Inside Sports
COMMENTARY
Next-day jitters
It is usual for Greek governments, whether one-party or coalitions (which are normally loath to actually work together), to claim that their only real challenge is dealing with the countrys...
EDITORIAL
No sweet debt deals
The lions share of Greeces debt is held by European Union member states and the International Monetary Fund. A writedown of the European part of the debt would require the approval of the ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. NBG Pangaea eyes listing on foreign bourse, huge portfolio
2. Out-of-control unpaid bills bring PPC to its knees
3. Banks feel optimistic ahead of stress test results
4. S&P upgrades OTEs credit rating and revises outlook
5. Athens tourism fuels hotel occupancy
6. Would-be commissioner Avramopoulos sets out priorities on migration
more news
Today
This Week
1. Next-day jitters
2. Roma camp off Mesogeion Avenue set for demolition amid reactions
3. No sweet debt deals
4. Greek unemployment dips to 27 pct in June, but still highest in EU
5. Commissioner-designate Avramopoulos to face three-hour interview on EU's migration portfolio
6. Roma camp evacuation postponed; flow resumes on Mesogeion Avenue
Today
This Week
1. Greece may opt for unusual president to avoid snap polls, Venizelos says
2. Woman allegedly buried alive by accident in northern Greece
3. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
4. Should you bet with Kissinger on where the world is heading?
5. Cypriots divided by 1974 war seek Shariah hub
6. The shocking thought of euro-dollar parity
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.