All reports tagged with: "european commission"
Following the second post-programme surveillance mission to Cyprus, the European Commission and the European Central Bank reports that NPLs remain “very high” and that “reform momentum has weakened noticeably.”
Cyprus has made limited progress with implementing the 2016 country-specific recommendations said the European Commission in its country report on Cyprus issued earlier today.
There is still considerable work to be done on what the EC refers to as “the currently dysfunctional Title Deeds issuance and transfer system” in its post-programme surveillance report on Cyprus.
The European Commission has issued Cyprus with a number of recommendations to speed the issuance of Title Deeds, reduce NPLs, eliminate impediments in the insolvency and foreclosure frameworks, etc.
Up to 50,000 housing units in Cyprus have remained unsold for a considerable time based on the difference between the number of building permits authorised and contracts of sale deposited at Land Registry offices.
Efforts to restructure non-performing loans have not yet shown tangible results although financial institutions have stepped up their debt restructuring efforts according to a European Commission report.
A formal legal complaint against the Cyprus Bar Association at the European Competition Commission is planned by an organisation that is challenging the price-fixing of lawyers’ fees in Cyprus for out-of-court cases.
Citizens of both EU and non-EU countries who are resident in Cyprus may choose which EU country’s courts will have jurisdiction to deal with the inheritance and which law the courts will apply.
The unacceptable delays in issuing property Title Deeds by the Cypriot authorities is in the spotlight once again with MEP Vicky Ford requesting an update on progress from the European Commission.
Cyprus is in trouble with the European Commission and has been warned to cancel the building permits for the two golf courses in the Limni area or face the possible consequences.