[ad_1]
Government, European institutions and the banks intensify their consultations on the new legislative framework that will replace it Kaccel's Lawin order to show signs of progress in next Monday's Eurogroup.
The first report on enhanced post-mortem surveillance in our country, in which the European institutions stressed that none of the 16 commitments in the memorandum of the last quarter of the year had yet expired, will be discussed in the next Eurogroup. Both the European Commission and the Greek side will try to show that water has been flooded in the reform process since mid-November, when the report was drafted. That's why they are progressing on the issue of "red" loans and the Katseli law.
The current framework, which ends on 31 December 2018, has been strongly criticized by the European institutions, who believe they have weaknesses that end up providing an umbrella of protection to many strategic payers. The difficult period Greek banks are going through on the Athens Stock Exchange since the beginning of last month has made the representatives of lenders even more negative at the request of the government to extend the Katseli law for another year, revealed "THEMA" on October 7u.
Thus, the basic scenario presented at the table provides for a new protection system for the first auction house only for groups of truly vulnerable borrowers and a protection well below the objective value of the property. The majority of borrowers with a "red" mortgage will not be protected. A protection plan is also being studied by subsidizing housing loan maturities according to strict social and economic criteria.
The stake is 100,000 euros
The new threshold of protection of the first auction house will not exceed 100 000 euros for singles. It starts today at 180,000 euros and that of the married at 280,000 euros, depending on the number of children. At this height, banks would be the stakes. In addition, the banking circles who spoke to him Single supervisory mechanism for euro area banks (MSU) that the MSS also accepts the threshold of 100,000 euros, although in the previous days there was information that the Mechanism insisted on a further reduction of the threshold to 75,000 euros.
The monitoring mechanism considers that the real vulnerable groups should be protected, while those who are out of reach will be able to demand the payment of their debt to their bank and the strategic bad payers will be forced to pay.
As the Commission stated in the first summary report of Greece on the autopsy, 135,000 Katseli law applications were pending in September. It is estimated that many of these requests were submitted by strategic payers.
The expanded monitoring report underlined the intention of the Greek side "to make changes to the protection of the first housing of vulnerable households" and stressed that "the scope of protection of the first home bidding should be lower than the current framework and be combined in terms, including property value criteria, so that this protection is more targeted at the most vulnerable social groups. "
The president of the Greek Banking Association, Nikos Karamouzis, recently said: "The banks have embarked on an ambitious program in cooperation with the government to put in place a new first home protection framework that does not create no side effects, so that the lower layers, with the help of the state, can meet their obligations ".
The Cypriot model
One of the scenarios envisaged is to apply the Cypriot model, considered a success since 2019 in place of the Katseli law, but its transfer to Greece requires careful specialization.
The Cypriot "Estia" program provides for a substantial "discount" of the housing loan and a state subsidy of one third of the monthly installment for the weakest households. Its main parameters, if implemented in our country, are:
– The eligibility criteria of key borrowers will be the value of the property and the disposable income.
– The proposed agreement to the borrower will provide for a reasonable interest rate and a monthly payment amortized to repay the loan, which will be paid by two-thirds of the borrower and the remaining third will be subsidized by the state.
– A new imprint for the state will be added to the property, in addition to the prefix already in favor of the creditor bank. In the case of the sale of the property, the State will require the collection of a portion of the sale price, according to the amount allocated on the basis of the subsidy paid.
– The loan will be repaid to a depth of 25 years. The refund will refer to the amount corresponding to the current value of the property. The difference between the original value and the current value will be removed.
– The borrower must be consistent to not lose the agreement.
The current frame and the Achilles heel
The Katselis Act now authorizes the debtor to submit to the court an application and a debt settlement plan requesting that the housing be excluded from the divestiture, with or without a mortgage or mortgage, under the following conditions:
– The objective value of the principal residence does not exceed EUR 180 000 for an adult (amount added according to the marital status of the debtor) and the debtor's annual family income does not exceed the reasonable cost of living plus 70%.
– The objective value of the principal residence varies between 120,000 and 220,000 euros, depending on the marital status of the debtor, when the State intervenes and covers up to 95% of the monthly payments over a period of three years.
According to the Bank of Greece, 14.4% of non-performing exposures (or more than 12 billion euros) fall under the Katseli law enforcement. In the mortgage portfolio, this percentage doubles to 30%.
The European institutions criticize the fact that many borrowers resort to the protection provided by the Katselis law so as not to initiate consultation procedures with the banks for their loans, since there can be no procedure for submitting an application for a loan. ; membership. settlement of the loan by the banks in the absence of a court decision. Because of the burden of the courts, thousands of cases have almost been "frozen".
[ad_2]
Source link
