Arrears Resolution Process (ARP) within the framework of the Code of Conduct under L.4224/2013
What is the Code of Conduct under L.4224/2013 and what is the subject of its provisions?
The Code of Conduct under L.4224/2013 is drawn up by the Bank of Greece (BoG) for the management of Individuals’ and Enterprises’ loans in arrears and non-performing loans. It establishes the general principles as well as the rules of conduct for Banks & borrowers and adopts the best practices, which aim at reinforcing a climate of mutual trust, commitment and timely exchange of necessary information between the borrower and the Bank, in order for each side to be able to weigh the benefits or the consequences of alternative arrangement or final settlement solutions of loans in arrears. Within the aforementioned framework, the Arrears Resolution Process (ARP) is introduced for implementation by the Banks, as well as the borrowers facing financial difficulties.