Restoration and Resilience Fund (RRF) timelines are a given and if RRF tasks can’t be tendered and awarded, then the nation will lose important monetary assets.
And one cause for this would be the failure to unravel the issue of issuing letters of assure, as said by the Vice President of the Board of Administrators. and CEO of Intrakat Group, Mr. Alexander Exarchou, talking in a panel of the convention “Infrastructure and Networks: The Greek Actuality. Modernization, Resilience and Sustainable Growth”, held in Athens, with the participation of the political management of the Ministry of Infrastructure and Transport and representatives of the technical sector.
As Mr. Exarchou identified, the difficulty of letters of assure is a “luxurious” downside in relation to the previous disaster, which left Greece with solely 4 systemic banks. Instantly, then, numerous tasks had been auctioned in a really brief time period, the businesses acquired a traditionally excessive backlog and had been compelled to concern numerous ensures that exceeded the capabilities of the systemic banks.
In distinction to the Greek actuality, in Romania the corresponding variety of banks is 30, famous the Managing Director of Intrakat and identified that the difficulty of ensures has arisen as a consequence of the disaster and the over-regulation of the banking system, which has made the issuance letter of assure equal to the granting of a mortgage.
I’m afraid that the time will come when will probably be unimaginable to concern a letter of assure
Mr Exarchou admitted that though Greek banks are making large efforts to unravel the issue, their inside laws and the regulatory framework of the Single Supervisory Mechanism (SSM) make it troublesome to concern even a letter of assure of €6m , extraordinarily troublesome. “I worry that the time will come when will probably be unimaginable to concern a letter of assure” he underlined and referred to as for laws to be made that can cope with these pathologies of the previous.
Abolition of the issuance of letters of assure for challenge advances
The Managing Director of Intrakat proposed to amend the present laws, establishing the automated termination of a letter of assure with the issuance of the certificates of ultimate acceptance of the challenge. He additionally instructed the abolition of the issuance of letters of assure for challenge advances and the adoption of the Romanian mannequin, which requires the dedication of the advance in a particular account that might be moved solely following the submission of knowledge that the contractor really proceeded with spending on the respective challenge .
Thus, in line with iefimerida, on this approach the challenge might be coated by the preliminary efficiency bond and as no further bond might be required, important assets might be freed up for the good thing regarding new tasks.
Moreover, the Intrakat chief famous that aside from secured funding, a challenge needs to be tendered topic to maturity of research and accomplished expropriations. And it is because, in any other case, the producer suffers a loss whereas ready for the difficulty of expropriations to be resolved – often for an unknown time period.
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