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Possible foreclosures law changes worry banks

Banks have expressed concerns over possible changes to the foreclosures law as they fear appeals could be stuck in the island's slow courts for many years negatively impacting their business.
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Renewed call to reform Title Deeds system

The EC and the ECB have renewed their call on Cyprus to "swiftly address the long-overdue reform of the title deeds issuance and transfer system" at the completion of their 6th PPS mission.
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Trapped buyers still at banks’ mercy

Despite promises made by deputies last November that they intended to resolve the 'trapped buyers' mess by Christmas, it seems that little (if any) progress has been made towards its resolution.
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Property news in brief

Over the past week a number of news reports concerning property in Cyprus have appeared in the local media about non-performing loans (NPLs), recent property deals and the bank of Cyprus.
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Call for efficient title deeds system

The European Commission and the European Central Bank has called on the Cypriot authorities to establish an efficient title deeds issuance and transfer system in a press release following the Troika's mission to Cyprus.
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Troika back in Cyprus

Representatives from the troika of Cyprus' international lenders, the IMF, EC and the ECB, have been in Cyprus since Monday conducting a fourth post-programme review, which they are expected to complete next Friday.
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BOC intends to sell restructured loans

The Bank of Cyprus intends to sell about €20 million worth of restructured non-performing loans of developers and construction companies to a small Cypriot bank according to reports.
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Small drop in non-performing loans

Although non-performing loans had fallen by €180 million at the end of January compared to the previous month, as a percentage of total loans the figure remained the same at 47.2 per cent.
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Swiss Franc loans: 80 per cent non-performing

Although Swiss Franc loans declined €274 million in the first half of the year, 80 per cent of the remaining €1,778 million are non-performing according to the head of the Cyprus Central Bank's Supervision Division.
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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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Debt relief and foreclosures

While the Cyprus Insolvency Service has received four applications since the scheme came into force, it seems likely that the Bank of Cyprus will be the first lender to foreclose on property offered as loan collateral.
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NAMA Mia here we go again (maybe)

Having rejected the idea a couple of years ago, it seems the Cyprus government is now considering a NAMA style 'Bad Bank' in efforts to help resolve the non-performing loans issue.
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Foreclosures hurdle must be overcome

The foreclosures hurdle must be overcome before the Cyprus adjustment programme can be brought back on track, said Eurogroup president Jeroen Dijsselbloem following a Eurogroup meeting on Monday.
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Collateral gap at €15 billion

Figures presented to parliament today by the Governor of the Central Bank of Cyprus reveal that there is a shortfall of almost €15 billion in the value of collateral offered to secure loans.
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Cyprus programme review delayed

The European Commission has said that it cannot continue with the next review of the Cyprus adjustment programme following a decision by parliament to delay the Foreclosures Law.
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Banks need tools to pressurise delinquent borrowers

The banks need the means to pressurize obstinate and viable borrowers into servicing their loans; average borrowers and homebuyers should not be their primary targets, says Cyprus Finance Minister.
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Non-performing loans continue to mount

Latest information released by the Cyprus Central Bank shows that non-performing loans continue to mount with property developers having amassed billions of debts that they are unable to repay.
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Bank of Cyprus reviews restructuring plans

In an exclusive interview with Reuters, Bank of Cyprus CEO John Hourican said that the bank is reviewing its restructuring plans that could result in a "bad bank" for its troubled assets.
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Concerns raised over home repossessions

As the debt crisis continues and property developers fold, some 6,000 cases are pending with the land registry relating to non-performing loans and properties held as collateral and subject to repossession.
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Central Bank issues stark warning on foreclosures

The Central Bank of Cyprus has issued a stark warning to banks to change their attitudes towards borrowers in efforts to prevent the seizure and subsequent sale of primary residences.
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