Regulatory Update - BoG Act Nr 244/25-7-2025

Regulatory Update - BoG Act Nr 244/25-7-2025

This newsletter examines the Bank of Greece Executive Committee Act Nr 244/25-7-2025, which introduces important regulatory changes for credit servicing companies, credit purchasers, and financial institutions operating in Greece. The Act strengthens governance and transparency requirements, mandates detailed loan portfolio reporting, and enhances oversight of loan purchasers, particularly foreign entities. It also sets clear rules for Audit and Risk Committees depending on the scale and activities of servicers, while granting the Bank of Greece discretion to impose additional governance structures. Compliance deadlines are phased, with most governance arrangements required by 1 December 2025 and full committee composition requirements by 30 June 2026.

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