The success of the Hercules Asset Protection Scheme (HAPS) has helped Greece’s four largest banks decrease their aggregated impaired loan ratio from 39% at the end of 2019 to around 25% at end-March 2021, according to a recent report by Fitch Ratings.
HAPS was set up at the end of 2019 to help Greece’s banks offload up to €30bn of bad loans.
