Code of Conduct

doValue Greece is harmonised with the Code of Conduct under Law 4224/2013.

As amended and in force. This Code of Conduct was introduced by decision of the Bank of Greece.

Aim of the Code of Conduct

The Code of Conduct (GG Β' 2411/07-06-2021) was introduced in accordance with article 2(1) of Law 4224/2013, as amended and in force. Today, the Code of Conduct is in force as revised in May 2021.

In accordance with joint ministerial decision 145947/2023 (GG 5909/Β/10-10-2023) of the Greek Ministers of Economy and Finance, Digital Governance, and Bank of Greece Governor (hereinafter the “joint ministerial decision”), issued under article 39 of Law 4818/2021, on 16 October 2023 the new digital platform for bilateral debt settlement was launched pursuant to the revised Code of Conduct for banks under Law 4224/2013.

According to the new procedure introduced under article 9 of Law 4818/2021 and the respective joint ministerial decision, Step 2 (Collection of financial and other information from the borrower) and Step 4 (Proposal of an appropriate solution) of the Arrears Resolution Procedure pursuant to the Code of Conduct are now carried out exclusively through the digital platform developed by General Secretariat of Information Systems for Public Administration in partnership with the Special Secretariat for Private Debt Management (hereinafter the “Code of Conduct digital platform” or “Platform”). The Code of Conduct digital platform supports the Code of Conduct mechanism, registering the steps of the Arrears Resolution Procedure and their timing.

Exclusively through the above Platform borrowers (individuals and companies – micro enterprises) can settle bilaterally their loans directly with the respective financial institution and credit servicing companies, including doValue Greece, acting on behalf of the beneficiaries, and submit their applications for Step 2 of the Arrears Resolution Procedure. The platform sends the applications to the respective credit servicing companies or financial and credit institutions. Following the assessment of the applications submitted as described above, credit servicing companies and financial and credit institutions then submit one or more alternative forbearance or resolution and closure solutions in the context of Step 4 of the Arrears Resolution Procedure, which is also carried out exclusively through the Platform.

Access to the Platform is granted through the Public Administration Single Digital Portal (gov.gr-ΕΨΠ). Logging in to the Platform requires authentication of the individual-user with the Taxisnet username and password. (taxisnet). The Platform can be accessed through gov.gr (section Assets and Taxation, subsection Debt Management) using the following link: https://www.gov.gr/ipiresies/periousia-kai-phorologia/diakheirise-opheilon/kodikas-deontologias

Note that a separate application needs to be submitted per portfolio of each beneficiary managed by doValue Greece.

Trust, engagement and information

The aim of the Code of Conduct is to foster mutual trust, engagement and information exchange between borrowers and doValue Greece.

It concerns working out the most appropriate solution for non-performing loans.

Principles of conduct and best practices

The Code of Conduct lays down general principles of conduct and communication, and introduces best practices, procedures and time frames, aiming to find the most appropriate solution for debt arrears.

Find out more about the Arrears Resolution Procedure applied by doValue Greece pursuant to the Code of Conduct: principal debtors, co-debtors and guarantors.

Who the Code of Conduct applies to

The Code of Conduct applies to all principal debtors, co-debtors and guarantors.

Individuals

The Code of Conduct applies to individuals, self-employed professionals and sole proprietorship companies with loan agreements such as:

Mortgage loans
Personal loans
Credit cards
Business loans

Companies

Micro enterprises with an annual turnover of up to €1,000,000 on average during the last 3 fiscal years.

Note that the Code of Conduct under Law 4224/2013 concerns loans in arrears for which the loan agreement has not been terminated.

Exclusions

Certain types of claims and specific debtor cases are excluded from the Code of Conduct.

Excluded claims

The following are excluded from the Code of Conduct:

Claims arising from agreements that had already been terminated before 01/01/2015.
Claims on a borrower not exceeding any of the following (a) and (b) limits:

(a) the amount of one thousand (1,000) euros, in case of claims vis-à-vis individuals, calculated as the sum of the debts owed by the borrower to the institution.

(b) the amount of five thousand (5,000) euros, in the event of borrowers which are legal entities – micro enterprises, calculated as the sum of the debts owed by the borrower to the institution.

Claims against legal entities which are not micro enterprises.

Furthermore, the Company is not obliged to initiate or may suspend the Arrears Resolution Procedure:

When the borrower has submitted an application for out-of-court debt settlement in accordance with Article 8(1) of Law 4738/2020 or the Company has forwarded to the debtor an invitation for out-of-court debt restructuring in accordance with Article 8(2) of Law 4738/2020, and only up until the conclusion of the procedure as ineffectual for whatever reasons.
When a debt restructuring agreement has already been signed, which is not subject to the consent of the State or a Social Insurance Fund, and the Company or the entity entitled to collect the claim is not a seizing creditor, or results pursuant to Article 5(2) of Law 4738/2020 are produced for the Company or the entity entitled to collect the claim.
When the borrower or the Company or another creditor has submitted an application for ratification of the borrower’s resolution agreement and, provided it is ratified or entered into in accordance with Article 41 of Law 4738/2020 or Article 103(5) of Law 3588/2007, as specified in Article 265(1a) of Law 4738/2020, and it is binding for the institution.
When the borrower or the Company or another creditor has submitted an application to declare the borrower bankrupt, and up until the conclusion of the procedure.
When the borrower has submitted an application for inclusion in the procedure of Law 3588/2007 or Law 3869/2010 or Law 4605/2019 or Law 4469/2017, which is pending or the issuing of a court order or the procedure itself is pending, or when the debtor has been included in the procedure under Article 68 of Law 4307/2014, which is pending.
When case (e) under Article 7(3) of Law 4738/2020 applies.
When the borrower/legal entity has been placed under liquidation.
Claims on a borrower who is subject to judicial enforcement proceedings instituted by third-party creditors.

Note that the Company must include the borrower in Step 3 (Assessment of financial data) of the Arrears Resolution Procedure, provided that they submit the relevant application to the Code of Conduct digital platform with the information required to assess their repayment ability, unless one of the above cases (1-8) applies.