PQH Single Special Liquidator has recovered more than 600 million euros from 2016 until today, achieving the annual objectives set in its business plan that bears the seal of the Bank of Greece, while the recoverability rate is at 1.4% and is in line with performances achieved by systemic banks.
The above recovery rate was achieved despite the difficulties created by the fact that PQH's bad loan portfolio is in liquidation, for an average of more than seven years, while it was already in arrears before the banks went into liquidation.
It is recalled that the creation of a single liquidator, who would take over the management of the bad debt from banks that went into liquidation, was an obligation of Greece's third bailout agreement in 2015.
Sixteen banks have been placed under the management umbrella of PQH: Agricultural Bank, Post Office Savings Bank, Proton Bank, Probank, FBB - First Business Bank, Panhellenic Bank, Achaean Cooperative Bank, Lamia Cooperative Bank, Lesvos-Limnos Cooperative Bank, Dodecanese Cooperative Bank, Cooperative Bank of Evia, Cooperative Bank of Western Macedonia, Cooperative Bank of Peloponnese, T-Bank (formerly Aspis Bank) and ATELEASING
The total assets of the above institutions amounted to 10.5 billion euros when they came under the control of PQH and consisted of problem loans of all categories (retail, business, leasing).
Of the 600 million euros recovered by PQH, around 226 million euros was the result of settlements and loan restructurings, while about 54 million euros was recovered from the liquidation of real estate.
A total of 470 million euros have been distributed in the last 5 years, of which approximately 300 million euros went to the Hellenic Fiaincials Stability Funs (HFSF) and the Hellenic Deposit and Investment Guarantee Fund (TEKE), while within 2020 PQH will proceed with the distribution of an additional 85 million euros.
Sales of portfolios
In December 2019, PQH proceeded with the sale of a non-performing loan portfolio, Aeolos to Intrum, at a price corresponding to 7% of the outstanding capital (1 billion euros), which is the second-best unsecured portfolio price in Greece.
The highest price for the sale of similar portfolios (9%) was achieved by National Bank's Mirror project, while the third highest price (6%) by Eurobank's Zenith project.
As noted by banking sources, this price was achieved despite the age of the portfolio, the heterogeneity of its composition as well as the limited guarantees offered to the buyer.