25/06/2004 13:42
At the meeting between the Commercial Banks’ Association and the Interior Minister, Andreas Christou held on Wednesday, the two parties agreed on an action plan for the faster sale of mortgaged properties and the amendment of the existing law.
Commercial Banks’ Association General Manager, Giorgos Hadjianastasiou told StockWatch that within the framework of the action plan, the Association will prepare a draft for the radical revision of the existing legislation and together with the Land Registry it will establish a joint Committee for its amendment.
According to StockWatch sources, the Minister told the Banks’ Association that the amendment of the current legislation should not entail any drop in the State Fund revenues from the cash collection of the Land Registry.
Measures
Mr. Hadjianastasiou also told StockWatch that the Minister has already instructed the Land Registry to hasten the enforcement of measures, some of which are pending for two years now. These measures include the employment of private valuators by the Land Registry, the specification of certain central places per municipality for the conduct of auctions and the amendment of the legislation for the increase in the number of agents auctioneers.
The Interior Ministry will review the use of proxy document and will have a new meeting with the Commercial Banks’ Association General Manager in three months to discuss the enforcement of the Action Plan measures.
Satisfaction…
Mr. Hadjianastasiou expressed his satisfaction on the outcome of the meeting with the Interior Minister. “The Minister expressed his personal interest and we appreciate that. We are satisfied by his approach”, the General Manager said.
The sale of mortgaged properties affects negatively not only liquidity but also the bank results for many years now, downgrading their strength, Mr. Hadjianastasiou added.
The Central Bank regulations provide that loans with a delay of more than six months should not be included in the non-performing loans, while the profit and loss account should not include the interests that the banks receive from the delays, since they increase considerably the provisions for bad debts.
“All these affect negatively the dividend policy of the banks”, Mr. Hadjianastasiou concluded.
Commercial Banks’ Association General Manager, Giorgos Hadjianastasiou told StockWatch that within the framework of the action plan, the Association will prepare a draft for the radical revision of the existing legislation and together with the Land Registry it will establish a joint Committee for its amendment.
According to StockWatch sources, the Minister told the Banks’ Association that the amendment of the current legislation should not entail any drop in the State Fund revenues from the cash collection of the Land Registry.
Measures
Mr. Hadjianastasiou also told StockWatch that the Minister has already instructed the Land Registry to hasten the enforcement of measures, some of which are pending for two years now. These measures include the employment of private valuators by the Land Registry, the specification of certain central places per municipality for the conduct of auctions and the amendment of the legislation for the increase in the number of agents auctioneers.
The Interior Ministry will review the use of proxy document and will have a new meeting with the Commercial Banks’ Association General Manager in three months to discuss the enforcement of the Action Plan measures.
Satisfaction…
Mr. Hadjianastasiou expressed his satisfaction on the outcome of the meeting with the Interior Minister. “The Minister expressed his personal interest and we appreciate that. We are satisfied by his approach”, the General Manager said.
The sale of mortgaged properties affects negatively not only liquidity but also the bank results for many years now, downgrading their strength, Mr. Hadjianastasiou added.
The Central Bank regulations provide that loans with a delay of more than six months should not be included in the non-performing loans, while the profit and loss account should not include the interests that the banks receive from the delays, since they increase considerably the provisions for bad debts.
“All these affect negatively the dividend policy of the banks”, Mr. Hadjianastasiou concluded.
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