€35 billion in loans are being restructured
€35 billion in loans are being restructured

€35 billion in loans are being restructured

At the same time, according to information from Intrum Hellas, they have already been fully remedied and have returned loans amounting to €8 billion to the banks.
RE+D magazine

€35 billion in loans are being under restructure, while at the same time €8 billion in loans have already been fully remedied and returned to the banks.

The data were confirmed by Maria Vergi, General Manager, Commercial Restructuring Solutions of Intrum Hellas, from the stage of the Risk Management & Compliance Conference, adding at the same time that Intrum has serviced loans amounting to €3 billion.

Referring to the activity of the management companies, Mrs. Vergi emphasized that thousands of borrowers have returned to a normal banking relationship with prospects of full or even developmental cooperation with their Bank. It is indicative that 83% of the collections made by the servicers in the last three years come from consensual solutions, either a settlement or a final settlement following a consensual arrangement with the borrower, and only 17% from auctions.

Efforts continue unabated and for the first half of this year, the regulation target has risen at the industry level to more than €3 billion, increased by 30% compared to the corresponding period last year, Ms. Vergi pointed out.

With reference to the out-of-court mechanism, Mrs. Vergi emphasized that the platform has a very substantial presence in the settlement of debts of individuals and mainly small businesses, with constantly accelerating results.

According to the data of the Special Secretariat for Private Debt Management, by the end of May 2023, 5,435 debt arrangements have been carried out, which correspond to 1.83 billion euros of initial debts.

The number of new applications entered on the platform increased in the month of May 2023, following recent improvements to the extrajudicial mechanism, and reached 4,243, up by 900 from the average of the previous six months. The final submissions of applications were also increased by 50%, compared to the previous months.

It is also important to maintain the rate of approval of the arrangements by the financial institutions at a high level, which fluctuated at 72% in the last six months.