Pressure is mounting on the Cyprus banks to reduce non-performing loans (NPLs) and proposals put forward by the Finance Ministry could also fix areas in the law affecting the issue of title deeds from indebted developers.
The Finance Ministry's 'Stability Programme 2018 – 2021' outlines a three-pronged strategy to address the high levels of non-performing loans (NPLs) in the banking sector that pose a risk to the economy.
The International Monetary Fund (IMF) has called on the Cypriot authorities to amend the foreclosures and insolvency laws to tackle the very high level of non-performing loans (NPLs).
Cyprus needs to put more efforts into reducing the non-performing loans (NPLs) of the Cyprus banks, which "remain at extremely high levels" said the Chair of the ECB's Supervisory Board.
The Cyprus Central bank expects it will take up to 10 years for non-performing loans (NPLs) to drop to manageable levels at the current rate of economic growth, Chrystalla Georghadji told reporters on Friday.
The European Central Bank made the case on Tuesday for having state-backed 'bad banks' buy part of the 1 trillion euros of non-performing loans (NPLs) that are curbing lending and economic growth in parts of the euro zone.
Although the price of residential properties in Cyprus continued to fall over the fourth quarter of 2014, the decrease was less than in previous quarters according to the island's Central Bank.
If you're buying an off-plan property in Cyprus for which Planning and Building permits have not been issued, the easiest way to reduce the risks and protect your interests is to put your stage other payments in escrow until such time as the property developer presents the required permits to your escrow agent.
