By E. Sakellari
Distress funds and servicers now manage roughly 20 billion euros worth of "bad debt" previously accumulated by Greece's four systemic banks, according to a presentation in Athens on Friday by an association representing servers.
In fact, the figure will grow rapidly over the next three years, as Greece's thrice bailed-out banks proceed with the sale and securitisation of more NPL portfolios, reaching up to 33 billion euros.
Greek banks and NPLs servicers together hold some 100 billion euros worth of NPLs, with the very ambitious target being a reduction to 30 billion euros in three years.
So far, 17 such firms have been licensed for operation in Greece, with another five expected to debut in the coming period. The newly emerged sector, in fact, employs approximately 2,000 people.
With a population of only 11 million, Greece now ranks fourth in Europe for its NPL servicing sector.