Directive on Arrears Management

The Directive on Arrears Management 2015

The purpose of this Directive is the application by all ACIs of efficient and effective strategies, policies, structures, procedures and mechanisms for the management of arrears and the attainment of fair and sustainable restructurings of credit facilities of borrowers with financial difficulties,

Mediation Procedure for the restructuring of credit facilities

Mediation Procedure on the basis of the provisions of the establishment and operation of a single entity for the out-of-court resolution of disputes of a financial nature laws of 2010(L. 84(I)/2010), as amended by L. 125(I)/2014.

Borrower's Rights and Obligations

Within the framework of its policy to support Cypriot enterprises, Hellenic Bank Public Company Ltd (“Hellenic Bank”) established in its favour a credit by the European Investment Bank (“EIB”) initially in the amount of €35,000,00 (thirty five million euros) and subsequently a further €15.000.000

Guarantor's & Security Provider's Rights and Obligations

Additionally, funds from this scheme may be used to support financing needs arising from the operational activities of the Beneficiaries. Within this context, working capital loans of at least two years may be provided to the beneficiary.

Disputes Resolution Procedure

On the basis of the provisions of the Directive on Arrears Management  2015, issued by the Central Bank of Cyprus (hereinafter “the Directive”) by virtue of section 41 of the Business of Credit Institutions Law of 1997 to 2015, Hellenic Bank Public Co Ltd (hereinafter “the Bank”) hereby informs you of the following:

1. The objective of the said Directive

2. The Bank, by virtue of the provisions of the Directive, has instituted and operates an independent internal disputes resolution procedure, resulting from the submission of objections, appeals, demands and complaints in relation to the Bank’s decision or omission or refusal by the Bank to take decision regarding the borrower’s credit facilities’ restructuring procedure