Management Companies: The e-service platform enters into operation on 1 April

No extension will be given to management companies for the implementation of the digital information and communication platform with them , which must operate on each company from the coming Monday 1 April. The management companies reportedly had a meeting yesterday with the Secretary-General for Finance and Private Debt Management, Mr. Godini Alabamas, on the progress of work on the digital platform and official announcements are expected in view of its operation. The digital platform that will operate like the e-banking of banks, through personal access codes provided by the credit manager (loans, etc.) after the borrower’s identification process, should include – at least – information on the amounts owed by the borrower, with a detailed record of the amounts for capital, interest, commissions, any other charges, as well as the applicable interest rate, (b) the periodicity of the installments, their amount, the payment date of each installment, the current balance, and the debt service account. At the same time, the deadline for managing companies to submit updated dossiers to the TE for their re-licensing expires today. Information indicates that 5 – 6 companies do not wish to renew the license, while none of the management companies intends to apply for the ‘large license’ with which it will be able to extend its activity to refinancing loans under resolution. It is recalled that the stricter operating conditions for the services provided by the TE include enhanced corporate governance rules, a three-year business plan, appropriate internal control mechanisms which, inter alia, ensure respect for borrowers’ rights, etc. With regard to the protection of borrowers, management companies are required to treat borrowers in a fair and diligent manner, taking into account their financial situation and particular characteristics that may document the particular financial difficulties and/or specific health problems facing borrowers who are natural persons, in accordance with the provisions of the Code of Conduct. It is noted that TTE will grant the new licences on 29 June.