Code of Conduct under L.4224/2013

What is Code of Conduct under L.4224/2013?

The Code of Conduct under L.4224/2013 as amended and currently in force, in accordance with Decision 195/1/29.07.2016 of the Credit and Insurance Committee of the Bank of Greece (BoG) is drawn up for the management of Individuals’ and Enterprises’ loans in arrears and non-performing loans. It establishes the general principles of ethics to be followed by financial institutions and borrowers and sets out best practices, aimed at strengthening the climate of trust, mutual commitment and the exchange of necessary information between borrower and financial institution, in order to ensure the best possible solution taking into account the specifics of each borrower.

Arrears Resolution Process (ARP)

It is the detailed procedure stipulated by the Code of Conduct, for implementation by the financial institutions, as well as the borrowers facing financial difficulties, in order that the risks and repayment ability of each borrower can be evaluated properly.

To Whom is the Arrears Resolution Process (ARP) addressed to?

To all those involved in the loan agreement (debtors/guarantors) Individuals / Professionals and Micro enterprises.

The term “Micro enterprise” denotes an enterprise (legal person) with an annual turnover of up to one million euro (€1,000,000) on average during the last three fiscal years.


The following shall be excluded from the scope of this Code:

(1) claims arising from agreements that have already been terminated before 1.1.2015

(2) claims on a borrower which has applied for inclusion in the scope of Law 3869/2010 and a trial date has been set

(3) claims on a borrower which is subject to judicial enforcement proceedings instituted by third-party creditors or a borrower which has already been placed under liquidation, in accordance with the legislation in force

Pepper Greece has the obligation to assign in Stage 3 of the Arrears Resolution Process, as described below, any borrower appearing and submitting on his own initiative the information required under the Code to assess her/his repayment capacity, irrespective of whether the relevant claims fall within the scope of exclusions under points (1) and (2) above.

Which are the implementation steps of the Arrears Resolution Process (ARP)?

Step 1: Communication with the borrower

Step 2: Collection of financial and other information from the borrower

Step 3: Assessment of financial data

Step 4: Proposal of an appropriate solution

Step 5: Appeals Review Process

Which are the Dedicated Contact Points of Pepper Greece?

By mail: P.O. Box 61365
By Email:
By Tel: 210 61 42 339

More detailed information about the ARP is given in the “Information Booklet for Borrowers in Financial Difficulties”