The Government approves procedures for the return of state guarantees and the management of non-performing loans
The Council of Ministers has approved the decision to determine the detailed procedure for the return of guarantees, loans and sub-loans, as well as the procedures for taking ownership, administration and sale of assets left as collateral by borrowers.
The decision aims to determine the principles, rules and procedures for the management and recovery of state guarantees provided for loans and sub-loans, as well as for the repayment of outstanding state loans, granted by second-tier banks with fully state capital before the privatization process.
According to the decision, the Guarantee and Defaulted Loan Management Agency will be the institution responsible for initiating procedures for the recovery of liabilities, after receiving notification from the Ministry of Finance about the payment of the state guarantee in favor of the lending institution.
The Agency will notify borrowers of outstanding obligations and will monitor their financial situation. In case of non-payment of obligations, procedures will be taken to block bank accounts, seize amounts and pursue enforcement procedures until the obligation is fully paid.
The decision also sets out the procedures for managing sovereign guarantees, including periodic reporting by second-tier banks and verification of payment requests by the Agency, before payment is authorized by the Ministry of Finance.
In the event that borrowers do not repay their obligations, the assets left as collateral or other assets of the debtors may be transferred to the ownership of the Agency through enforcement procedures. These assets will be administered by the Agency and then sold through public auction, in accordance with the legislation in force for the sale of state property.
The proceeds from the sale of these assets will be paid into the state budget.
The decision also repeals decision no. 681, dated June 11, 2009, of the Council of Ministers on the treatment of loans transferred from second-tier banks with entirely state capital to the Credit Treatment Agency.
The Ministry of Finance and the Agency for the Management of Guarantees and Outstanding Loans are responsible for the implementation of this decision, and it enters into force upon publication in the Official Gazette.
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