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EC urges Title Deeds, NPL & other reforms

Title Deeds reform THE EUROPEAN Commission has once again urged Cyprus to take measures to ensure reliable and swift systems for the issuance of Title Deeds, speed the reduction of non-performing loans together with a number of other measures by next year.

The measures are contained in a report issued by the European Commission on Wednesday setting out its economic policy guidance for Member States over the next 12 -18 months.

Cyprus, together with Croatia and Italy, are experiencing excessive economic imbalances and the measures set out for each country are designed to enable them to achieve sustainable, inclusive and long-term growth.

The specific recommendations for Cyprus are as follows:

Adopt key legislative reforms to improve efficiency in the public sector, in particular as regards the functioning of the public administration and the governance of state-owned entities and local governments.

Step up efforts to improve the efficiency of the judicial system by revising civil procedures, increasing the specialisation of courts and setting up a fully operational e-justice system. Take measures to fully operationalise the insolvency and foreclosure frameworks and ensure reliable and swift systems for the issuance of title deeds and the transfer of immovable property rights.

Accelerate the reduction of non-performing loans by implementing a comprehensive strategy, including legislative amendments allowing for the effective enforcement of claims and facilitating the sale of loans. Integrate and strengthen the supervision of insurance companies and pension funds.

Prioritise the implementation of key elements of the action plan for growth, in particular fast-tracking strategic investments, and take additional measures to improve access to finance for small and medium-sized enterprises. Improve the performance of state-owned enterprises including by resuming the implementation of privatisation projects.

Complete reforms aimed at increasing the capacity and effectiveness of the public employment services and reinforce outreach and activation support for young people who are not in employment education or training. Complete the reform of the education and training system, including teacher evaluation and actions to increase the capacity of vocational education and training. Take measures to ensure that the National Health System becomes fully functional in 2020, as planned.

Further reading

European Commission recommendations on the 2018 National Reform Programme of Cyprus