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23rd April 2024
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Moody’s warns foreclosure law bad for banks

Moody’s rating agency has warned that changes to the foreclosure law will lengthen the time it takes for banks to foreclose on properties making it more difficult to reduce their NPLs.
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Foreclosure changes may have consequences

The Finance Minister has warned that Cyprus may face consequences over changes to the foreclosure legislation passed by parliament on Friday and has urged President Nicos Anastasiades to veto the bills.
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MPs freeze foreclosures despite warnings (update)

Despite MPs being warned that changing the foreclosures legislation would have negative repercussions on the banks and the economy, MPs have voted to change and suspend the legislation.
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Warnings of further rent rises in Limassol

Further rent rises in Limassol are expected as thousands of construction workers needed to complete numerous projects will require accommodation in or near the city pushing rents up even higher.
News

MPs warn banks over Swiss franc loans

MPs in Cyprus have warned the banks that they might pass punitive legislation if they fail to offer households with Swiss franc loans better terms; many borrowers claim they were misled to the real risk involved.
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EC report highlights non-performing loans

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.
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Moody’s warns of CHF moral hazard

Ratings agency Moody's warned on Monday that the forced conversion of Swiss franc mortgages would cost the banks at least €250 million, create a 'moral hazard' and make the restructuring of NPLs more challenging.
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Do not disrupt bailout programme

The Cyprus Finance Minister has warned MPs to avoid disrupting the bailout programme again urging them not to make any "moves that will only create a problem for us without any practical gains."

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