Tuesday September 23, 2014 Search
Weather | Athens
33o C
20o 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)  
Troika visit as scheduled, ministry says
Greek yields hit one-month high as Samaras looks to exit bailout
Construction material costs for new residential buildings decrease
German bond gains push 10-Year yield below 1% on stimulus bets
Amphipolis builders ‘took measures against tomb raiders’
As works get under way at a huge burial mound at Ancient Amphipolis to structurally reinforce the site, the Culture Ministry’s general secretary Lina Mendoni indicated on Tuesday that those ...
Minor collared in Corinth over 10 tons of stolen lemons
An Albanian minor was being questioned by police in Corinth on Tuesday on suspicion of stealing more than 10 tons of lemons from orchards across the municipality of Sikionia worth an estimat...
Inside News
SOCCER
Santos appointed Portugal manager
Fernando Santos, who led Greece to the last 16 of the World Cup in Brazil, has been appointed Portugal's new head coach, the FPF announced on Tuesday. "Fernando Santos, 59, is the new nation...
SOCCER
PAOK joins Olympiakos on top after win at Agrinio
Olympiakos spent just two nights alone on top of the Super League, as on Monday evening PAOK joined the champions on 10 points through its 1-0 victory at Panetolikos. The Thessaloniki giant ...
Inside Sports
COMMENTARY
A painful curse
It was a curse and a painful one at that. It was a brutal act that brings shame on the person who committed it, on the party which he represents, on the Parliament, on Greece and on everythi...
EDITORIAL
Europe’s choice
Tuesday’s meeting between Greek Prime Minister Antonis Samaras and German Chancellor Angela Merkel in Berlin is of crucial importance. It’s hard to deny that Greece has come a long way. The ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Amphipolis builders ‘took measures against tomb raiders’
2. Minor collared in Corinth over 10 tons of stolen lemons
3. Woman killed in horrific road accident near Thessaloniki
4. Santos appointed Portugal manager
5. Greece sees early exit from EU/IMF bailout, PM says
6. Merkel says first signs of success are visible in Greece
more news
Today
This Week
1. Trolley bus, metro services to be disrupted Tuesday, Wednesday
2. Venizelos meets American Jewish officials in New York
3. German bond gains push 10-Year yield below 1% on stimulus bets
4. Supreme Court postpones decision on Finance Ministry cleaning staff
5. Construction material costs for new residential buildings decrease
6. Boutaris shortlisted for world mayor prize
Today
This Week
1. ‘Greece can meet its needs on its own’
2. Greece at bottom of social justice scale among EU28
3. Central Athens traffic restrictions back in force on Monday
4. Record sum of new debts to the state in August
5. Lost in the fog
6. Alexander the Great's tomb not at Amphipolis, says Culture Minister
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.