Amendment exempting the members of the Board of Directors of TAIPED and the Council of Experts from civil liability against third parties for acts or omissions, except for gross negligence and fraud, submitted by the government to the bill on “red” loans and servicers that is voted today by the Plenary of the Parliament.

However, they are not released from any liability towards the Fund. In order for the exemption from civil liability to apply, their actions must be taken in accordance with the current legislation and be considered in accordance with the purposes of the Fund.

At the same time, the amendment of the Ministry of National Economy and Finance provides that:

  • An opinion of a credit institution for the provision of investment services (EPY) is also obtained for the mentioned transactions of TAIPED, regarding their fairness and reasonableness.
  • The managers of receivables from loan and credit contracts are authorized to exercise, as entitled parties, legal remedies, to take legal actions, to collect the receivables under management, as well as to appear to participate in the mentioned procedures.
  • The legalizing documents for exercise by the credit managers of the rights granted are determined.
  • It is possible for financial institutions, on their counter proposal to debtors whose property is in the auction process (excluding vulnerable debtors for whom a vulnerable debtor certificate has been issued), to include, as a condition of settlement, an advance payment of a specified percentage, resulting from the out-of-court mechanism of Law 4738/2020, debt.
  • It is permitted to submit, within a set deadline, a new application for inclusion in a procedure of out-of-court settlement of debts to the State and the Social Security Agencies, which were confirmed during a set period of time, under the mentioned conditions.