A bill from the Ministry of National Economy and Finance has been filed in Parliament, introducing a new framework for loan and credit administrators (servicers), strengthening protection for borrowers who meet their obligations and providing for a tax rate of 10% on crypto-assets (crypto).
Consideration of the bill by the parliamentary Committee on Economic Affairs begins on Thursday 29 October. The text also includes measures concerning capital markets, banks, agricultural diesel and electronic payments.
The bill’s full title is “Strengthening oversight of claims arising from loans and credit under management - Protection of borrowers who meet their obligations - Tax treatment and oversight of crypto-assets - Accounting reform of General Government - Strengthening collective investment and the capital market, as well as risk management and oversight of the financial system - Transposition of Directives (EU) 2024/1619, (EU) 2024/2994, (EU) 2024/927, (EU) 2023/2864, (EU) 2024/2811 and (EU) 2024/1640 - Provisions within the remit of the General Secretariat for the Financial Sector and Private Debt Management - Pension provision and other provisions”.
Changes for servicers and borrowers who meet their obligations
According to the explanatory report, a key aim of the bill is to address private debt sustainably by strengthening transparency and accountability among credit servicers and managers of claims arising from loans and credit.
It also provides for stronger supervisory and enforcement powers for the Bank of Greece, including the publication of sanctions.
Particular emphasis is placed on protecting borrowers who meet their obligations and ensuring they receive full and timely information about their debts.
The bill also provides for a stand-alone, standardised and time-bound bilateral debt restructuring process, aimed at facilitating the restructuring or final settlement of debts.
Relief for overdue debts
The provisions also include measures to help debtors service overdue debts owed to the tax administration and social security agencies, by widening the options for payment in instalments.
Source: AMNA