Following the decision of the Notary Association of Athens-Piraeus-Aegean & Dodecanese to abstain from auction procedures until the 31st of December 2017, all members of the nine notary associations in the country are abstaining from the process, whether performed with physical or electronic means. As a result, it is no longer possible to conduct any judicial auction as long as this decision is in force, since the legal framework provides that notaries have the exclusive legal competence to perform auctions.
The banking system as a whole has taken all appropriate measures to ensure that auctions target strategic defaulters and has proceeded with all required legal actions. The four systemic banks have undertaken specific commitments towards the European supervisory authorities to reduce the stock of non-performing exposures within a rigorous and stringent timeframe. Tackling the problem of non-performing loans is crucial to strengthening the banks' balance sheets and fostering their ability to finance the Greek economy, supporting growth and job creation. The effective and unimpeded enforcement of claims is also an act of responsibility owed to good borrowers.
Under any circumstances, the smooth operation of credit rests on the ability of households and businesses to provide collateral. The de facto deprivation of the ability to enforce this collateral undermines the fundamental principles of credit and economic activity, and of course it is a violation of the Constitution.