In force the procedure for notifying the reason is set non-consent of financial institutions in the proposed arrangements for the out-of-court debt settlement mechanism, according to an announcement by the Ministry of Finance, a move which, as noted, is part of the recent legislation of a series of improvements for the extra-judicial debt settlement mechanism (n. 5024/2023), sets.

The list of rejection reasons was sent to Special Secretariat for Private Debt Management by the financial institutions.

The reasons for not consenting to the regulation proposal will be publicly posted, on the electronic platformin a related field.

If the reason for rejection is on the list, it will be selected accordingly, otherwise, the exact description of the reason for rejection will be filled in by the competent financial body.

In this way, transparency and accountability are achieved at all stages of the operation of the out-of-court debt settlement mechanism, as well as the obligation on the part of the financial institutions to fully and publicly document the reasons for rejecting the debt settlement proposals produced by the algorithm.