BUSINESS

Declaration by Tuesday of checks for protection

TAGS: Economy

Business owners seeking to extend the payment of their bills of exchange by 75 days will have to tell their bank by Tuesday which of their checks need to be protected, Development Minister Adonis Georgiadis told Skai TV on Saturday.

Following market concerns about across-the-board delays in payments by two-and-a-half months, which would have a particularly strong impact on exporters, Georgiadis set specific conditions for the measure to prevent the extensive abuse of the protection scheme by issuers who do not need it.

Georgiadis said that only businesses that are entitled to this protection as a result of being listed among the relevant Activity Code Numbers (KAD) can apply, in cooperation with the Hellenic Bank Association, and have until Tuesday night to declare online which check they want protected.

“As of Wednesday any checks that have not been declared as under protection will be paid normally,” Georgiadis warned.

“Anyone able to pay should continue to meet their obligations, so that the economy does not grind to a halt and continues to work,” he added.

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