On Aug. 1, GRE CB issued rules for credit servicers' supervision.
GRE CB issued Decision PEE 244/4 of Jul. 25, 2025 on credit servicers' supervision.
Follows GRE CB Feb. 2024 decided on credit servicer companies licensing, #200381.
Main Points
The decision determines the obligations of credit managers of Law 5072/2023 established in Greece and of credit managers established in another Member State of the EU operating in Greece in accordance with art 17 and 19 of Law 5072/2023.
It specifies the credit purchasers', credit institutions' disclosure obligations to GRE CB.
Provisions on corporate governance, on the legal obligation of credit servicers to form the non-executive committees of the Board of Directors and the Audit Committee.
On the risk management function, principles that shall apply to specific corporate governance arrangements, members of the Board of Directors' suitability assessment.
The amount of regulatory own funds of these companies may not fall below the minimum initial capital provided, as the case may be, throughout their operation.
A credit management agreement's copy must be notified to GRE CB in 10 days from signature, with the annexed template New Assignments of Management Contracts.
The contract for the outsourcing of credit management activities must be notified.
Provisions on the collateral management policy, conditions for requesting the provision of services by credit managers based in Greece to other EU Member States.
Details on periodic submission of data and reports; rules re relationships with debtors.
Effectiveness
The decision's provision enter into force upon their official publication in the gazette.
Credit managers established in Greece must appropriately adapt their internal governance arrangements, no later than Dec. 1, 2025.
Specifically regarding the establishment of the Audit Committee, when it is required to be established, credit managers established in Greece shall comply with the number of independent and non-executive members of the Audit Committee by Jun. 30, 2026.
