NPEs or red loan management companies will be involved in the process, with Qualco taking approximately 40% of the management, and the remaining 60% will be split among doValue, Intrum, and Capal.
The tender process for the collection of part of the $15 billion owed by legal or natural persons to insurance funds and that have ended up in EFKA's (Electronic National Social Security Entity) debt collection center is set to begin within the next 15 days.
A tender will be announced, as is customary in such cases, and the Ministry of Labor has concluded the following solution: Up until now, even with many flaws, the only companies that have created collection mechanisms are red loan management companies.
What is the amount of debt to KEAO?
The Social Insurance Debt Collection Centre (KEAO) is the body that has undertaken the collection of debts to the insurance funds, which reach 45 billion euros in total. Of this 45 billion euros, 15 billion euros are potentially collectible over a six-year period.
How will the $15 billion be collected?
NPEs or red loan management companies will be involved in the process, with Qualco taking approximately 40% of the management, and the remaining 60% will be split among the companies doValue, Intrum, and Capal.
What are the financial targets?
The Greek state is betting that it will collect 4.5 billion euros over a six-year period. The management companies estimate that they will have a net profit of 55 to 65 million euros annually, or 270 to 350 million euros for the entire period.
What will apply to debtors?
Obviously, debts to the Insurance Funds cannot be treated the same way as red loans. A loan agreement is one thing, and citizens' debts concerning their pension are another.
Therefore, there will be flexible programs; the goal is to have many installments so that society can pay its obligations without the negative precedent set by red loans. For example, provision will be made so that the arrangement is not lost, even if a debtor delays an installment.
Conclusion
In general, there is cautious optimism that the process starting for debts to KEAO will yield results. The Greek state expects 4.5 billion euros over six years, and the management companies anticipate profits of approximately 300 million euros over the six-year period.
www.bankingnews.gr
A tender will be announced, as is customary in such cases, and the Ministry of Labor has concluded the following solution: Up until now, even with many flaws, the only companies that have created collection mechanisms are red loan management companies.
What is the amount of debt to KEAO?
The Social Insurance Debt Collection Centre (KEAO) is the body that has undertaken the collection of debts to the insurance funds, which reach 45 billion euros in total. Of this 45 billion euros, 15 billion euros are potentially collectible over a six-year period.
How will the $15 billion be collected?
NPEs or red loan management companies will be involved in the process, with Qualco taking approximately 40% of the management, and the remaining 60% will be split among the companies doValue, Intrum, and Capal.
What are the financial targets?
The Greek state is betting that it will collect 4.5 billion euros over a six-year period. The management companies estimate that they will have a net profit of 55 to 65 million euros annually, or 270 to 350 million euros for the entire period.
What will apply to debtors?
Obviously, debts to the Insurance Funds cannot be treated the same way as red loans. A loan agreement is one thing, and citizens' debts concerning their pension are another.
Therefore, there will be flexible programs; the goal is to have many installments so that society can pay its obligations without the negative precedent set by red loans. For example, provision will be made so that the arrangement is not lost, even if a debtor delays an installment.
Conclusion
In general, there is cautious optimism that the process starting for debts to KEAO will yield results. The Greek state expects 4.5 billion euros over six years, and the management companies anticipate profits of approximately 300 million euros over the six-year period.
www.bankingnews.gr
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