In November 2024, the number of successful settlements under the out-of-court debt settlement mechanism reached a historic high. The number of successful debt arrangements in November this year rose by around 73% to 1,991, corresponding to original debts worth around €600 million, up from 1,152 arrangements of original debts worth €394 million in the same period in 2023.

New applications as well as final submissions of applications continued at a steady high level, reaching 5,219 and 3,395 applications, respectively. This is an increase of 22.22% for new applications and 48.32% for final submissions compared to November 2023. To date, the total number of successful settlements stands at 27,538 and the total value of settled debts at €9.1 billion.

Among the regions, Attica and Central Macedonia have the highest concentration with 47.07% of total debts.

The majority of applications (38%) are in the debt range of €50-200,000, while debts above €1 million add up to €22.45 billion and constitute 57% of the out-of-court debts.

The out-of-court mechanism has strengthened the protection of vulnerable borrowers, resulting in 2,167 vulnerable households benefiting from debt adjustments in line with the statutory obligation. This is an increase of more than 19% compared to October 2024. At the same time, 130 debtors managed to suspend scheduled auctions by making use of the advance payment measure.

Additionally, the Loan and Credit Claims Management Companies share information about the status of red loans still with banks and the two-way agreements they made in October. The four biggest companies made agreements worth a total of €287 million for over 7,620 debtors. The majority of these settlements mainly concern mortgage loans. The Association of Loan and Credit Management Companies has communicated data to the General Secretariat for Financial Sector and Private Debt Management, indicating that settlement tools have brought around €10.5 billion of loans to maturity.

The relevant bodies have recently completed the technical implementation, enabling responsible persons of companies dissolved or liquidated under Law 5072/2023 to apply for a winding-up order, thereby avoiding enforcement measures and preserving their assets.