Finance Ministry has agreed with official sector creditors to activate the Hercules II program, with the ministry’s legal services now preparing the relevant legislation that is expected to be tabled in parliament in March in order to come into effect May 1.
Forced home auctions and enforcement procedures against borrowers in default will remain suspended until at least March 15, after which a partial restart will begin for those that have not been proven to be affected by the pandemic crisis.
The synthetic securitization under the code name Hermes is set to be completed by the end of March. The target of Megalou is to reduce the bank’s NPLs to single digits in 2022 through total securitizations of at least 16 billion euros.
The call centers of loan management companies have been busy in the last few days informing borrowers that the loan moratoria, suspension of payments, has ended and that installments will resume on a monthly basis.
Davidson Kempner is determined to put together a strong bid for the acquisition of the Frontier project from National Bank (NBG), sending a strong message to the domestic NPL market that it is determined to play a leading role.
With these two acquisitions, including the 53 million euro loans acquired from Eurobank, HIG has received 143 million euros in claims, with Alpha Bank still being the company’s largest creditor with the debt of 170 million euros.