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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

Foreclosures Notes from Troika open front with parties

Недвижимость Кипра для визы

Nicosia: Formula protecting borrowers through three bills, the implementation of two projects to protect vulnerable groups and residential promotion in the House of insolvency framework, approved by the Cabinet yesterday. The adoption of three draft laws, relating to the issue of divestment, the protection of primary residence, the abolition of the banks of the unilateral increase in interest rates and unfair terms by banks including the known panotokia to limit them. Both the insolvency framework and the two draft supplementary protection of the first housing for vulnerable groups referred to the House with the recommendation be adopted as decisions of Parliament which, once signed by the President of the Republic, published in the Gazette as provided of the Constitution. government goal is to alleviate the ongoing reactions of opposition parties for the passage of the bill for the disposal of the issue have been closed until the end of August, but the content of the bills to be compatible with the memorandum. The political balance for the passage of the bill moving in tight rope while the last two day Finance Minister Haris Georgiadis struggles negotiations with the heads of the troika. These changes are short-range order for the bill to be voted on divestments. process of negotiation with the troika is in progress and the message sent by the creditors is that we can not deviate from the agreed. The technocratic group Troika emphasizes the Cypriot side that the bill for the disposals must be effective and efficient parallel laws and do not affect the original philosophy. Measures decided yesterday the Cabinet concerning, inter alia, the abolition of privileges banks on unfair terms in financial services, the amendment of the interest rate liberalization law so that it applies to all existing agreements and credit facilities, the abolition of the right of banks to unilaterally increase the interest margin at the expense of borrowers, and to inform the debtors and guarantors for changes to the base rate and the time of payment of interest. Introduced transparency, so that credit institutions are required to inform borrowers and guarantors for any change in the base rate, the time for payment of interest, generally for any change to the base rate for the loan installments when changing . Also presented transparently on their website the method of calculation of the base rate and the base rate of each category, and the conditions and parameters that contribute to the change in base rates. Clearly indicate the borrowing contract and inform each borrower and guarantor in the negotiation of the contract for default rate which in any case will not exceed 2%, the calculation and the conditions set-billing. Additional Central Bank as the supervisory authority may impose an administrative fine in any credit institution intervenes or does not comply with the provisions of the Law. Troika dismissed the enactment of the Code of Ethics of the Central. Result is regulating the issue by amending Article 43.1 of the Law on Credit Institutions Work to include in this article welfare criminalizing failure to comply with instructions issued under Section 41 There is also the inclusion in the law of the right of borrowers to withdraw either the Governor of the Central Bank or the Attorney General, the violation of the provisions of the Code of Conduct set out in the Law on banking business or any of the instructions of the Governor of the Central Bank in relation to restructuring loans. If and when determined by the Attorney General or the existence of a breach that did not apply the provisions of the Code of Conduct, then the divestiture process is suspended until the completion of the criminal proceedings in court. Provided further that the above decisions not impair any other rights of borrowers in court. President Meeting with party leaders Opposition parties are awaiting the written proposals expected to be taken today by the President of the Republic, who will convene a special meeting with them tomorrow morning. The aim of the President is to be a new stock of the situation, put the political world of the responsibilities mnimoniaki contract and what will happen if the bill not been for divestitures. The Government wants the other Thursday, August 28 bills to find before the House for a vote. Government spokesman Nikos Christodoulides said that "arguments with a common attitude of all this effort is the Government, the Parliament, the people of Cyprus. We believe that until now there is this collective, everyone wants a positive outcome and we hope that we will come to that. " Asked to indicate whether the Troika has agreed, Mr. Christodoulides said "are continually negotiating with the troika," noting that "the fact is that we do not negotiate by ourselves." writes: Theano Theiopoulou - See more at: http://www.philenews.com/el-gr/oikonomia-kypros/146/214600/ekpoiiseis-ypodeixeis-apo-troika-anoichto-metopo-me-kommata#sthash.zTDTllvC.dpuf