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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.

Leptos Group loans restructured

The Bank of Cyprus has announced it has restructured the loans of one its largest debtors, the Leptos Group, in an agreement that involves the extension of loan maturities and a reorganisation of the Group.

Leasing alternative to mortgages

Cypriot MPs have concluded discussions that will enable those wishing to acquire a property to do so under a leasing agreement rather than purchasing it with the aid of a mortgage.

Estate agents upbeat about property prospects

Estate agents who took part in a recent survey are upbeat about the prospects for the Cyprus residential property market and expect the best year since 2008 although their opinions vary on the speed of the recovery in prices.

Title Deed applications exceed 8,000

More than 8,000 trapped buyers of property in Cyprus have applied for their Title Deeds under the provisions of the ‘hidden mortgage’/’trapped buyers’ law that was introduced last September according to the Cypriot Interior Ministry.

Rooting out corruption in Paphos

Paphos mayor Phedonas Phedonos is investigating another case of possible corruption and although it appears that Paphos led the way, corruption had thrived in other towns for many years as well.

Bill to curb bank usury

A vote on a bill to abolish unfair bank charges, such as a fee to monitor loan transaction history, insurance, added interest rates and other hidden charges, will take place at a plenary session of the Cypriot parliament next week.

Cyprus exits economic adjustment programme

Eurogroup finance ministers have approved the Cyprus government’s decision to exit its Economic Adjustment Programme and commended the Cypriot authorities for the overall successful implementation of the programme.

BoC sets up bad real estate asset unit

The Bank of Cyprus has established a Real Estate Management Unit that aims to acquire real estate in a voluntary asset-to-debt swap of non performing delinquent borrowers that would otherwise follow the foreclosure process.

Green plan for Limni golf course

A new plan for a multimillion Euro golf course project at Limni is underway following the request by the European Commission for additional studies based on environmental concerns.

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