Today the decision on whether the auctions can pass into the hands of the funds

A hot potato with economic, political, banking and social dimensions is in the hands of the Areopagites who will participate in today’s Plenary session of the Supreme Civil Court.

Today it will be discussed in the full (large) Plenary Session of the Supreme Court if they have the possibility fund managers to auction properties of borrowers whose loans are Red due to the inability to pay their installments.

This case concerns a very large number of borrowers who, after the implementation of the hard memoranda, the financial crisis that followed and the effects on the economy caused by the COVID-19 regime, were unable to fulfill their loan obligations (loan installments). Thus, their bad loans were now sold to funds of either foreign or subsidiary companies of Greek Banks.

In this case, today, the Areopagites fund, which is based at dublin ireland, which became the special contractor of a Greek bank. In other words, Hellenic Bank sold bad loans to an Irish fund’

It should be noted that more than 20 billion euros of bad loans bought the previous two years by the Loan Management Companies (servicers) from Greek banks. In particular, the Areopagites are called to decide on the legalization of loan managers (funds) to proceed with confiscations and real estate auctionsetc.

And this, because with the previous old legislative framework (3156/2003) the servicers or funds could not take legal action since the overdue loans (red loans) had been granted to them.

On the contrary, with the later legislative regime (law 4354/2015) they cannot carry out procedural acts instead of the beneficiary of the claim (Bank).

That is, his law 2003 it did not allow funds to become parties and take legal action, while the 2015 law gave the green light to servicers to hold auctions, etc.

Thus, the 180-degree contrast between two laws that are 12 years apart in time and were passed under a different political regime, created two opposing practices with opposing financial interests.

On the one hand are the funds and the entire banking system and on the other are the borrowers whose bad loans were sold to the funds.

It should not be overlooked that loan management companies (funds) currently employ approximately 2,300 people and their number is expected to more than double in the coming years. Which shows that they employ a respectable number of workers and contribute to the reduction of unemployment, which serves whichever government is in power.

All this past time when opposing court decisions have been issued, various pressures have been exerted which culminated in the past year, as a result of the A2 Political Department of the Supreme Court with its decision No. 1873/2022 (president and vice-president of the A.P . Theodoros Kanellopoulos), to unanimously refer the whole matter to the full (large) Plenary Session of the Supreme Court, as a matter of general interest, but also for the unity of jurisprudence.

It should not be overlooked that there was previously another decision of the same Department of the Supreme Court (A2) no. 822/2022 (chaired by the vice-president of the Supreme Court, George Apostolakis), which did not allow management companies to appear in court and they are asserting their right to proceed with payment orders, which are the prelude to a non-performing loan auction.

The Plenary’s decision is expected to be issued within the next two months.

News today:

Thunderstorms, snow, gale force winds – Where the bad weather will hit overnight

IBM is cutting 3,900 jobs

Karolina Jacqueline Kaliva left Survivor, Mario’s reaction – Watch video

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *