BoG Gov.: 'Hercules' plan to reduce banks' NPL burdens in right direction, but not enough

Friday, 22 November 2019 14:15
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Bank of Greece (BoG) Gov. Yannis Stournaras this week reiterated that the highly touted "Heracles" plan, which aims to reduce the massive value of "bad debt" held by Greece's systemic banks and is based on an asset protection scheme (APS), is a significant step towards dealing with NPLs, while it still only covers 40 percent of the latter.

"In the immediately coming phase, other schemes must be considered, as processed by the Bank of Greece's services, in tandem with the problem of NPLs and the issue of a deferred tax credit (DTC)," he said.

Stournaras spoke at a conference organized by the Hellenic Single Public Procurement Authority (HSPPA), which focused on developments, challenges and prospects of the Greek economy.

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