Law 4438/28.11.2016 (in Greek only) transposed to Greek legislation Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 (Mortgage Credit Directive – MCD).
The provisions of the above Law include obligations in connection with:
- Information preliminary to the conclusion of the credit agreement
- Business ethics standards
- Minimum knowledge and competence requirements for staff
- Creditworthiness assessment
- Property valuation
- Foreign currency loans and variable rate loans
- Sound execution of credit agreements.
The provisions of Law 4438/2016 require, among other things, prior authorisation and supervision of housing credit intermediaries, as well as a passport notification by the competent authority of the home country.
The aforementioned passport notifications should be submitted in English, either by post to the Bank of Greece- Banking Supervision Department, 21 El. Venizelos Str., GR 102 50 Athens or electronically to dep.bankingsupervision@bankofgreece.gr .
The Law also provides that the Bank of Greece posts on its website and updates regularly a register of all housing credit intermediaries authorised by it and a register of all credit intermediaries of Directive 2014/17/EU from other Member States that have notified their intention to provide services in Greece under the “passport” regime.
Bank of Greece Executive Committee Act 137/16.4.2018 (in Greek only) sets out the authorisation procedure for housing credit intermediaries, supervisory rules and the rules governing the activity in Greece of credit intermediaries authorised outside Greece.