Code of Conduct of Law 4224/2013 – Informative brochure for borrowers with financial difficulties


ProCredit Bank implements the Code of Conduct under Law 4224/2013, as amended by virtue of decision 195/1/29.07.2016 of the Credit and Insurance Committee of the Bank of Greece (BoG), in order to facilitate the successful management of its borrowers’ obligations in arrears, the loan agreement of which has not been terminated.Within the framework of the Code of Conduct, ProCredit Bank has established the Arrears Resolution Procedure (ARP), which describes the stages that need to be followed by the Bank and the borrowers, in order to be evaluated whether the two parties can reach a mutually acceptable solution, based on the facts of each case.


Τhe ARP is addressed only to borrowers:
• Natural persons (private individuals/freelancers/personal companies)
• Legal entities (micro-enterprises whose annual turnover in the last three [3] fiscal years did not exceed in average the amount of 1,000,000.00 EUR).
The above apply to all liable persons under a loan agreement (debtors/co-debtors/guarantors).

EXEMPTIONS
The ARP is not applicable to:
a) Claims from contracts which were terminated before 01.01.2015.
b) Claims against a borrower who has submitted an application for inclusion in Law 3869/2010, for which a court hearing has been scheduled.
c) Claims against a borrower against whom third-party creditors have initiated legal actions for securing debt or has already been placed under a special liquidation procedure in accordance with the applicable law.

*Any borrower who falls under the scope of cases (a) and (b) above is entitled to apply on their own initiative, in order to be benefited by the provisions of the Code of Conduct. In this case, they shall be directly introduced to Stage 3 of the Procedure, as described below. 


The five (5) implementation stages of the ARP
Stage 1: Borrower – Bank contact
A) Optional communicationProCredit Bank maintains a regular communication with you regarding your loan obligations, for the purpose of being able to timely detect potential difficulties and inform you at an early stage. In the event that you fail to pay in part or in full one instalment when due according to the agreed repayment schedule, the Bank’s specialized Business Client Adviser (BCA) shall contact you in order to provide advice, focusing on examining the circumstances that have arisen and could lead to arrears, in order for you to have the chance to consider in a timely manner joining the ARP with a view to examining any alternative solutions.
B) Mandatory communication pursuant to the Code of ConductIf your loan obligation is in arrears by more than sixty (60) calendar days, the Bank shall notify you in writing within the next thirty (30) calendar days, by registered post, electronically or delivery in person with regards to your inclusion in the ARP, unless the overdue instalment is fully paid in the meantime. Apart from detailed information about your debts towards the Bank, the notification will be accompanied by the Informative brochure for borrowers with financial difficulties, as well as the Standard Financial Information Statements. C)Dedicated Contact Points-All ProCredit Bank Branches-Our official website: www.procreditbank.gr - Call center: 2316008840 or 801 100 71 71


Stage 2: Collection of financial and other information from the borrowerPursuant to the ARP, you are obligated to provide all the necessary information and documents requested by the Bank regarding your current financial situation, depending on the category to which you belong, namely:
• If you are a natural person (private individual/freelancer/personal company), you must fill-in the Standardised Financial Statement (SFS) for individuals and submit it, together with all the other requested documents, to the Bank’s Branch with which you cooperate,
• If you are a legal entity (micro-enterprise), you must fill-in the Standardised Financial Information Statement for enterprises and submit it, together with all the other requested documents, to the Bank’s Branch with which you cooperate.
The aforementioned statements are available in all the Bank’s Branches and at its website www.procreditbank.gr.


Stage 3: Assessment of financial dataBased on all the information and data you have provided, as well as information lawfully obtained from other sources (such as TIRESIAS SA), ProCredit Bank will evaluate your overall financial situation, for the purpose of finding the most suitable and viable solution for the repayment of your obligations.

In case you are a natural person, the Bank will also take into consideration the minimum level of “Reasonable Living Expenses”, pursuant to the Code of Conduct, as defined in the 1st group of living expenses which are stipulated in the website of the Hellenic Bank Association (www.hba.gr), and from the data of the Family Budgets Survey that is carried out annually by the Hellenic Statistical Authority (www.efpolis.gr/el/).


Stage 4: Proposal of suitable solutionsFollowing the assessment, the Bank shall provide to you, as a “cooperating borrower”, a proposal of one or more alternative forbearance solutions, or if none of such solutions is agreed upon, one or more resolution and closure solutions, without this being considered as a new service to you (Article 12 of Law 4281/2014).
Within a deadline of fifteen (15) working days after receiving the proposal, you shall either:(a) provide your consent in writing to the proposed solution or one of the proposed solutions; or(b) make a counter-proposal in writing, requesting, if you wish so, the mediation of a third party of your choice; or(c) declare in writing that you reject any proposal, in which case you are classified as “non-cooperating”;

In the event you submit a counter-proposal, the Bank shall be required to assess the counter-proposal and, within two (2) months from its receipt, shall either:(a) consent to the counter-proposal; or(b) respond in writing that it has rejected the counter-proposal and that the Bank’s initial proposal remains valid, with the basic relevant justification; or(c) submit a new proposal, which shall be the final one.


Stage 5: Appeals Review Procedure (ApRP)After you have been informed by the Bank in writing that you are classified as a “non-cooperating borrower”, you have the right to file an appeal in writing against the procedure which led to your characterization, within thirty (30) calendar days upon receipt of the relevant notification, at the Bank’s Branch where you submitted your financial data, as described above.For this purpose, you have the right of direct and easy access to the Standardized Appeal Form, available in all the Bank’s Branches and at its website www.procreditbank.gr.The decision of the Bank’s Appeals Committee shall be issued and communicated to you in writing within three (3) months following the submission of the appeal or of any additional documents which were requested by the Bank. You have the right to appeal under the ApRP only once.

Meaning of “cooperating borrower”
Pursuant to the Code of Conduct and art. 73 of Law 4389/2016, as in force, you are characterized as "cooperating borrower" towards the Bank when you:
 Provide complete and up-to-date contact information to the bank (landline, mobile phone and fax numbers, email address, home and work address);
 Arrange for the appointment of a relative or friend as a contact person for any case that you are not available;
 Are available in contact with the Bank and respond truthfully and clearly to calls and letters within fifteen (15) working days;
 Communicate to the Bank with sincerity information about your current financial situation or about the change in your financial situation within fifteen (15) working days from the day of the change in your financial situation or within fifteen (15) working days from the day on which such information is requested by the Bank;
 Shall, in person or through representative, provide full and truthful disclosure of information to the Bank, which shall have a significant impact on your future financial situation, within fifteen (15) working days from the day on which you will be informed about them, and
 Consent to an investigation of alternative restructuring proposals with the Bank, as provided in the Code of Conduct of Law 4224/2013.


Consequences of being characterized as a “non-cooperating borrower”
In case you are characterized as a “non-cooperating borrower”, which could lead to the auctioning of your primary residence, the Bank will notify you in writing within fifteen (15) calendar days, as well as with regards to the risk of facing certain legal and financial consequences, as follows:
• the fact that you have been classified as “non-cooperating borrower” and the specific reason(s) for such classification; 
• details of the Bank’s timetable, under which it intends to proceed in the future (e.g. liquidation process);
• the risk that the Bank may liquidate any collateral provided by guarantors;
• whether you and, where applicable, any guarantors will continue to be liable for any amount of debt outstanding after any liquidation of collateral, as well as the interest rate to be applied to such debt and the accrual method; 
• the fact that your declassification as “cooperating borrower” may result in your exclusion from favourable treatment under specific beneficial provisions of the applicable legislation (Law 3869/2010 and Law 4354/2015, as in force);


Authorized Advisory Assistance Providers
• Consumer Ombudsman (144 Alexandras av. 11471 Athens, Telephones: 210-6460862/210-6460814/210-6460612/210-6460734/210-6460458, fax: 210 6460414, e-mail: grammateia@synigoroskatanaloti.gr, website: www.synigoroskatanaloti.gr
• Mediator of Βanking Investment Services (1 Massalias str., 10680 Athens, tel.: 10 4 40, 210-3376700, Fax: 210-3238821, E-mail: info@hobis.gr)
• Accredited mediators of article 7 Law 3898/2010
• Any other body registered in the registry of art. 18, of Ministerial Decision 70330 Oik./09.07.15


Entities for data transmission regarding the Borrower’s obligations in arrears
The Bank is obliged to transmit information and data regarding debt obligations in arrears to the interbanking database maintained by TIRESIAS SA, for the purpose of protecting commercial trust and the safeguarding of financial transactions


Disclosure regarding additional data request right and the protection of personal data
The Bank reserves the right to validate the accuracy and completeness of the financial data, information and any other documents provided by you, and to request additional data regarding your financial situation from other sources, such as the database of TIRESIAS SA, in compliance with the provisions of the applicable EU and Greek personal data protection legislation, as in force.


Borrowers objection

Standard Financial Statement for Individuals

Standard Information Submission Form for Enterprises