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29th March 2024
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Banks oppose interest rate regulation

A bill aimed at clamping down on banks that profiteer by arbitrarily increasing their margins has been rejected by the banks who argue that it will impede the execution of foreclosure procedures.

Banks to target big borrowers first

Banks in Cyprus will not foreclose on homes belonging to vulnerable groups, the bank association said on Monday, as it sought to allay concerns ahead of a vote on a foreclosures bill at the end of this week.

Lawsuits filed against banks

SYMEA, a trade union established earlier this year intends to block the repossession of mortgaged properties by taking local banking institutions to court according to its president Andreas Alambritis.

Property valuations could cause storm of appeals

The Cyprus Association of Valuers has warned that significant discrepancies between property valuations carried out by the Land Registry, commercial banks and private appraisers could result in legal tangles.

Property valuations rigged

MPs have accused the Banks and the Land Registry of rigging property valuations for their own benefit, while expert appraisers have pointed out that property valuers and the banks use different methodologies.

Six thousand foreclosure requests filed at land registry

Six thousand foreclosure requests filed by banks at land registry offices across Cyprus remain pending and are not expected to proceed soon due to the land registry offices heavy workload.

Developers want more time to pay banks

A spokesman for the island's property developers believes that a fire sale of real estate during a recession would not be good for the country and developers are asking for more time to settle their debts.

Banks and borrowers urged to cooperate

Central Bank of Cyprus has issued a Code of Conduct to indicate how banks should handle borrowers who are facing financial difficulties, in a bid to make loans more sustainable and avoid mass repossessions.

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