Appointment of a Special Liquidator for all the credit and financial institutions under special liquidation
The Bank of Greece, in implementation of a relevant provision of Law 4336/2015 and by virtue of Credit and Insurance Committee Decision No. 182/1/4.4.2016, has appointed PQH Single Special Liquidation S.A. as Special Liquidator for all the credit and financial institutions under special liquidation, with a view to ensuring a more efficient management of their property and higher performance against the operational targets, and acting in the public interest.
PQH Single Special Liquidation S.A., jointly owned by PwC Business Solutions S.A., Qualco S.A. and Hoist Kredit Aktiebolag, replaces the existing liquidators and takes up the management of all the institutions under special liquidation.
The Special Liquidator will henceforth manage the total assets under special liquidation, amounting to about €9 billion, consisting almost in their entirety in non-performing loans. This ensures the operational unification of the institutions under special liquidation, while at the same time each of these institutions remains a legally independent liquidation entity and the legal status of its creditors is not affected.
The Bank of Greece, through the Supervised Institutions Department, will continue to exercise its supervisory tasks with a view to ensuring the efficient management and realisation of the assets under special liquidation, in the context of the respective business plans approved by the Bank of Greece, as well as in compliance with the law and its decisions (Credit and Insurance Committee decisions Nos. 180/3/22.2.2016 and 77/1/30.5.2013).
source: Bank of Greece
PS Get ready for the big Liquidation and lots of tears
