Writing off debts to social insurance funds to more than 45 billion euros in the third quarter of 2022 as a result of the increase in interest rates of the European Central Bank, with its leaders Insurance Debt Collection Center (KEAO) estimate that the end of the year will also be accompanied by significant growth – again at the expense of the ECB.

At the same time, of course, the latest KEAO report for the quarter July – September 2022 shows a big increase in the revenue sector, which, having reached 1.2 billion euros in the 9th month, leads EFKA leaders to believe that by the end of the year we will be driven to record collections.

In detail, according to the report, the total debt to EFKA from non-payment of insurance premiums at the end of September amounted to 45.46 billion euros (against 43.43 billion euros in June), an increase of more than 2 billion euros in just three months.

During this period, of course, as stated in the report, the ECB raised interest rates by 125 basis points, namely from 8% to 9.25%. It should be noted that since 2013, debts to KEAO have been pegged to the interest rate of the EU Central Bank.

In fact, the report clarifies that there was no increase in principal debts (on the contrary, they decreased by 25.5 million euros), but only additions. Of course, an increase in interest rates burdens not only unregulated debts, but also regulated ones, leading to an increase in the amount of their repayment.

Despite all this, of course, as follows from the report for the third quarter, 421.44 million euros were collected. In total, 1.22 billion euros had been raised by the end of September, an amount that had already exceeded the corresponding revenues of 2021 (992.84 million euros).