Code of Conduct
Revision of the Code of Conduct
The present section sets out the "Revision of the Code of Conduct under Law 4224/2013", which was adopted by decision of the Bank of Greece Credit and Insurance Committee (195/1/29.07.2016, Government Gazette Β 2376), following consultations with public entities, supervised institutions and consumer organisations.
The revised Code of Conduct establishes general principles of conduct for both institutions subject to the Code and borrowers, with a view to finding forbearance or resolution and closure solutions for loans in arrears, taking into account the circumstances of each borrower.
The revised Code of Conduct, inter alia, further specifies its scope, makes a clear distinction between procedures applicable to natural persons and those applicable to micro enterprises and other enterprises, gives special attention to vulnerable social groups and includes specific provisions on cases of multiple creditors.
The provisions of the revised Code of Conduct apply to all supervised institutions that extend any type of credit in Greece pursuant to Article 3(1) points 1 and 22, Article 9(2) and Articles 34, 36, 38, 41 and 43 of Law 4261/2014, including branches of foreign credit institutions, financial institutions within the meaning of Article 3(1) point 22 of Law 4261/2014 and the companies referred to in Article 1 of Law 4354/2015, as currently in force.
As from the entry into force of the revised Code of Conduct, Credit and Insurance Committee Decision 116/1/25.08.2014 (Government Gazette B 2289), as currently in force, is repealed, without prejudice to Article 99 of Law 4389/2016. In this context, the time limit for borrowers to respond remains 15 working days, as specified in the definition of the “cooperating borrower”, until any adjustment to that limit by a new decision of the Government Council for Private Debt Management.
Previous relevant Decisions:
Credit and Insurance Committee Decision 116/1/25.8.2014 (Government Gazette Β 2289)
Circular 5.12.2014 of the Banking Supervision Department
Credit and Insurance Committee Decision 129/2/16.2.2015 "Amendment to the Code of Conduct under Law 4224/2013" (Government Gazette B 486)
Credit and Insurance Committee Decision 148/10/5.10.2015 "Amendment to the Code of Conduct under Law 4224/2013" (Government Gazette Β 2219)