March 16, 2020 / 12:48 PM / 19 days ago

Bank of Greece says $26.3 bln bad loans serviced by specialist firms in Q4

    ATHENS, March 16 (Reuters) - Credit servicing firms (CSFs)
licensed by Greece's central bank were servicing a total of 23.5
billion euros ($26.3 billion) of non-performing loans at the end
of December, it said on Monday.
    Greek banks have been working to reduce about 75.4 billion
euros in bad loans at the end of June, the legacy of a financial
crisis that shrank the country's economy by a quarter.
    Shedding these is crucial for their ability to lend and
shore up profitability.
    The Bank of Greece has licensed a total of 18 credit
servicers to operate in the country, including Cepal, Eurobank
FPS, Pillarstone and Cerved Credit Management.
    Non-performing corporate credit made up 27% of the total
being serviced, the central bank said.
    The data showed that out of a total of 13.86 billion euros
of non-performing loans to individual borrowers, 81% had to do
with consumer loans, while soured mortgages made up 19%.
    The Bank of Greece provided the following data:
                                    June 2019   December 2019
Private sector (euro bln)             17.45         23.53
Corporations                           5.03          6.4
Sole proprietors, farmers              0.38          3.27
Individuals, non-profit institutions  10.37         13.86
source: Bank of Greece

($1 = 0.8945 euros)

 (Reporting by George Georgiopoulos; Editing by Alexander Smith)
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