Credit Servicing Firms (CSFs)

The Bank of Greece publishes quarterly data on loans serviced by the domestic Credit Servicing Firms (CSFs) that have been transferred by domestic credit institutions to specialised foreign financial institutions. Included in these loans are loans that had been written off by the credit institutions and were thus not reported on their balance sheet.

It should be noted that according to the Greek Law 4354/2015 «Servicing of non-performing loans, wage settlements and other urgent provisions implementing the agreement on fiscal targets and structural reforms», (Government Gazette, vol. Α’ 176/16.12.2015) the servicing of claims on non-performing loans that have been sold and transferred from domestic credit institutions is entrusted exclusively to domestic CSFs.  

CSFs are licensed by the Bank of Greece and the framework of their establishment and operation is set by the Bank of Greece Executive Committee’s Act 118/19.05.2017.

The Bank of Greece collects statistical data from the CSFs in accordance with the Governor’s Act 2680/20.06.2017 on the «Submission of Balance Sheet Item statistics by the Credit Servicing Firms for statistical purposes», which stipulates that all domestic CSFs are obliged to submit quarterly balance sheet data together with data on the loan portfolio serviced by them.

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