ECONOMY

Servicers to see sector grow further

servicers-to-see-sector-grow-further

The secondary loan market is expected to grow in 2021 and rise far above the 100-billion-euro level, while the new securitizations already announced are set to top €20 billion, the Association of Loan and Credit Claims Management Companies (EEDADP) stated on Thursday, on the occasion of its second birthday.

Its figures showed that servicers manage loans of €100 billion for banks and private investors; these are mostly nonperforming loans from various portfolios with all categories of credit.

In its statement, the association noted that it had made a significant contribution to the development of the secondary market in Greece within a short period, and expects the sector to be strengthened further in 2021. Amid the pandemic, the servicers offered significant support to households and businesses hurt by the crisis.

The association added that the Bank of Greece plan for the creation of a bad bank, which has reached an advanced stage, will further expand the parameters of the loans under management.