Insider Economy ‘Estia’ scheme in the hands of 12 ministry officers  

‘Estia’ scheme in the hands of 12 ministry officers  

The fledgling ‘Estia’ scheme is in the hands of 12 Ministry of Labour officers who will carry out all the implementation work, according to insiders.

Under the scheme, the state will cover one third of the eligible borrowers’ repayment plan, while the banks will reduce the eligible loans’ outstanding amount to the value of the primary residence.

Eligible applications submitted by borrowers to banks will be sent to the Ministry which is the project manager. The Ministry has already hired two permanent employees, and an additional five on a contract basis for two years.

In addition, the Ministry has purchased services for six months from the private sector and also announced four vacant positions, the cost of which is estimated at €88,800.

The delegated team will evaluate, scrutinise and computerise all applications before proceeding with the required payment. The Ministry will confirm a borrower’s assets from the departments of Social Security and Minimum Guaranteed Income, as well as from the Land Registry and other financial institutions.

Eligible loans are those collateralised with primary residence with a market value of €350,000 that were on September 30 2017 classified as non-performing. Furthermore, income and household wealth criteria apply.

The government has estimated a budget of €32 million per year for a maximum of 25 years. The eligible loans amount to a total of up to €3.4 billion with the total public expenditure amounting to up to €815 million for the duration of the scheme.

A borrower’s data in the ‘Estia’ scheme, applications for which can be submitted between September 2 and November 15, 2019, will be checked frequently. The first payments will be made in December.


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