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All reports tagged with: "repossessions"

EDEK wants to freeze all repossessions

Political party ‘Movement of Social Democracy’ (EDEK) is planning to table proposals to freeze all repossessions by the banks as an extra safeguard for vulnerable homeowners who won’t be covered ‘Estia’.

New repossessed property regulations

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.

Title deeds saga likely to be kicked down the road

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.

President abandons home buyers

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.

Mass repossessions unlikely

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.

Foreclosures bill in the balance

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.

Repossession agreement leaked

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.

Troika push repossessions bill

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 key to economic recovery

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.

One in four construction firms bankrupt

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.

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