06 Dec 2023 | in ARTICLES, Banking & Finance, by Tina Sofianou, Anastasia Mourmouti, Stavroula Simitzi and Katerina Dalamara
Law 5072/2023 on credit servicers and the re-introduction of market conform asset protection scheme for banks (“Hercules”)(in Greek)
On 04.12.2023 Law 5072/2023 (the “New NPL Law”) was published in the Government Gazette. The New NPL Law re-introduced program "Hercules", transposed Directive 2021/2167 on credit purchasers and credit servicers into Greek law and replaced the former NPL law, i.e. law 4354/2015. Among other changes to the NPLs market, under the newly introduced scheme the credit servicer and the credit purchasers have several additional obligations towards borrowers, as well as increased reporting obligations to the competent authorities compared to the previous regime. READ FULL ARTICLE
