The administration of the loan, which had been granted to Greece for the treatment of the refugee problem, was assigned to the Committee for Refugee Settlement (ΕAP), an autonomous organisation established on the basis of the Geneva protocol on September 28, 1923. The administration of EAP was undertaken by two Greeks, who were appointed by the Greek government, and two foreigners (one of them mandatorily American) appointed by the League of Nations. Henry Morgenthau was designated as first president of the Committee (he had been a member of the Council of the Relief institution in Middle East and former U.S. ambassador in Constantinople). The other members were: the representative of the Bank of England John Campbell, Stephanos Deltas and Periklis Argyropoulos.

The Greek state allotted to the EAP 5,000,000,000 square metres of land, which was worth 13,000,000 pounds approximately. This land would be allocated to the rehabilitation task. These tracts of land came from the following sources: 1) public land, 2) expropriations and seizures of private land on the strength of the agrarian reform and 3) property belonging to Muslims who went to Turkey.