Menu
Business

Online real estate auctions in the works

May 4, 2018 at 12:45pm
Edited by

The government wishes to promote online real estate auctions and is examining the prospect of introducing a provision into legislation in order to pave the way for them. In this way, auctions of real estate belonging to holders of non-performing loans may be made possible with one click of the mouse.

These changes are predicted by the Stability Program for 2018 to 2021 which was sent to the EU commission by the Ministry of Finance. There, the strategies for deminishing problem loans are described. The challenge is for ‘red loans’ to drop by 40% in 2018. Confronting the issue of red loans is a prerogative for the ministry of Finance and measures are taken in order to reach that goal.

The strategy described in the program is based on three main issues: one of them is the legal framework on the administration of NPLs. The framework was considered slightly vague in parts and was discussed by the IMF and the European committee: changes in it will are currently implemented by the government. The second main issue is non-performing mortgage loans regarding primary residence. The government is considering introducing an a social system of support for those in danger of losing their home. The third issue has to do with the Cooperative Central Bank. The ministry intends to publish state bonds worth €2,35 billions to support it.