A new umbrella for the protection of vulnerable groups is sought as banks and servicers alike will find it difficult to continue to shoulder this specific burden. Therefore, banks and servicers are requesting changes in the framework of the protection of vulnerable groups from the Finance Ministry, as well as credit institutions and bad loan management companies, as the auctions will intensify in the future and the programs designed to subsidize the vulnerable groups were recorded as ineffective.
The Hellenic Bank Association and the Finance Ministry in a recent meeting asked for the acceleration of the establishment and operation of the real estate organization as the process has significantly delayed. Servicers have recently expressed the view that without the participation of the state, the organization cannot exist and function effectively.
Meanwhile, the four systemic banks conducted a total of 902 auctions in the first semester of 2023 while another 1,859 auctions have been planned for the second semester.
An effort is being made by banks not to hold auctions on properties of low value, e.g. of less than 100,000 euros.
Regarding the programs to support the vulnerable citizens, such as the Bridge III program, subsidizing half of the increase in the interest rate of first home loans, it is said that they do not have the expected results.
