But what are the estimates for the increase in the number of applications? Is it due to the gradual in-depth awareness of stakeholders?
Theoni Alambasis, general secretary of the Financial Sector and Private Debt Management, points out that debtors see that a tool with multifaceted benefits and tangible results is working. And this is because through the extrajudicial mechanism, debtors receive a favorable regulatory framework on the one hand because a tariff is provided for all debts with a long repayment period to public and private creditors, which on average reaches 17 and 18 years respectively, and on the other hand because it is carried out debt “haircut” and any stalking measure is suspended.
What is the average debt write-off?
The average debt write-off amounts to 27% for debts to financial institutions and 15.5% to the State, Ms. Alambasis points out.
According to the general secretary, the recent information campaign of the Ministry of National Economy & Finance contributed significantly to this development, as the tools available to debtors through the kratametospitimas.gov.gr website became understandable and easily accessible. Since then we have seen steady increases in new applications and new submissions each month, 4,200 and 2,800 respectively. These applications entering the platform, combined with the approval from the funding agencies, which is increasing towards the target of 80% to which the funding agencies have committed, also give us the belief that this momentum will continue at an even greater pace in the coming months, he adds.
Nationwide service by appointment through the platform
Undoubtedly, the support we provide through the Myegdixlive service to citizens and councilors has also contributed to the increase in the number of applications. As Theoni Alambasis reports, their trust in this service is also reflected in the latest data available to us: since the launch of the platform in December 2022, more than 67,500 appointments have been made, while the average for 2024 so far is 4,200 appointments per month, while the majority of serviced appointments concerned the extrajudicial mechanism with a rate of 84%. Also noteworthy is the percentage that shows citizens’ satisfaction with the service provided, which reaches almost 95%.
Appointments are made either through the call center at 213.212.5730 or through the digital portal myEGDIX.live.gov.gr and can be made within one hour from the moment of the request. Rich informative material is also available on the website of the General Secretariat www.keyd.gov.gr.
52.2% increase in new applications
A significant increase was recorded in September in both new applications and debt settlements through the out-of-court debt settlement mechanism compared to the same month in 2023. More specifically, new requests by debtors in the out-of-court mechanism amounted to 5,522 and a total of 1,504 new arrangements were made for debts over of 383 million euros.
This is a 52.2% increase in new applications from 3,628 in September 2023 and a 75.7% increase in new debt arrangements compared to 856 in the same period last year.
A total of 23,713 successful arrangements for initial debts amounting to €7.9 billion have been recorded through the out-of-court mechanism by the end of September, significantly increased from the 8,804 successful arrangements for initial debts amounting to €3.26 billion by the end of September 2023.
47.3% of the arrangements to financial institutions received a haircut, based on debts, which exceeds 30% with the total amount of the write-off amounting to 2.43 billion euros. The approval of the applications by the financial institutions ranges at a high percentage of 71.1% on average.
At the same time, data is published on the bilateral arrangements made in the month of August, amounting to 150 million euros for 2,608 debtors and corresponding to the largest loan management companies. The small decrease in these indicators is due to the fact that during the month of August the flow of procedures for the involved parties is suspended.
The positive course of private debt in the banking sector is also reflected in the latest official data published by the Bank of Greece according to which the non-performing loans of Greek banks (on an individual basis) during the second quarter of 2024 decreased to 10.43 billion .euro from 11.10 billion in the first quarter. In addition, the same figures show a decline in the ratio of non-performing loans in Greek banks, closing the second quarter of 2024 at 6.9% from 7.5% in the first quarter. It is noted that non-performing loans in the entire financial sector (Banks and Servicers) have shown a noticeable decline in the last 5-years, since from 92.2 billion euros in 2019 to 69.9 billion euros in June 2024.
With the aim of making more efficient use of the available debt settlement tools, the General Secretariat of the Financial Sector and Private Debt Management provides a nationwide service by video call or telephone appointment through the platform (
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#Increased #applications #extrajudicial #mechanism
