All reports tagged with: "repossessions"
New regulations allowing the banks to rent and maintain repossessed properties on their books and allow them to complete unfinished properties are being discussed by the house finance committee.
The fate of the title deeds law which the President refused to sign will be decided by the plenum on Friday, although it seems likely that MPs will kick the can further down the road again.
In a move that many consider will destroy the island’s property market, President Anastasiades has rejected the ‘home buyers’ protection bill’ passed by Parliament on 19th March.
Following decisions concerning the foreclosures law rumours have been circulating that banks in Cyprus will soon start mass repossessions and selling properties to recover money they are owed.
The future of the foreclosures bill, which has to be passed before Cyprus receives the next tranche of the island’s bailout, hangs in the balance as ministers continue discussions with political parties.
Some details of the agreement reached between the Cyprus government and the Troika of international lenders to ease the procedures for property repossessions have been leaked to the media.
The Troika has indicated that if Cyprus fails to introduce legislation to ease the procedures for property repossessions, it could jeopardise the release of the next tranche of the bailout.
Non-performing loans might represent the single impediment to the recovery of not just the Cyprus banking sector but the island’s economy according to the CEO of the Bank of Cyprus.
The Registrar of Companies has been reported as saying that one in four construction firms in Cyprus are going bankrupt due to the pressure caused by the island’s financial crisis.
The Cyprus government has instructed the Cyprus Land Development Corporation (CLDC) to study the mortgage-to-rent scheme employed in Ireland to help those having trouble maintaining their mortgage repayments.