ECB calls on Greece to redraft securitisation plans
Government should consider setting up new regulator for NPL-backed assets, says European Central Bank
The European Central Bank has warned the Greek government that it should improve a draft law aimed at reducing the country’s non-performing loans (NPLs) by issuing state-backed securitised instruments.
Greece has one of the highest NPL rates in the European Union, and the country’s government has agreed to take specific measures to reduce them by 2021. Under the draft law, it would create a guarantee scheme for the senior tranches of securities issued by banks, based on their NPLs.
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