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.
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.
Representatives of the troika of international lenders plus the European Stability Mechanism (ESM), the IMF, EC and the ECB , will be in Cyprus later this month for the third post-programme surveillance.
Following the troika's recent mission to the island, the ECB and EC have urged Cyprus to accelerate the reform programme in a number of key areas including setting up a sustainable and efficient title deeds transfer system.
Subject to four prior actions, the eighth review of the Cyprus economic adjustment programme has been successfully completed by the troika of the island's international lenders (IMF, EC, ECB).
The eighth evaluation of the Cyprus economic adjustment programme by the island's troika of international lenders (IMF, EC, and ECB), which ends on 31 March 2016, will get underway today.
Cyprus will not receive the next tranche of the bailout loan from the troika until it enacts legislation to protect those home buyers who have paid for their properties but have not received Title Deeds.
The troika of Cyprus' international lenders started its seventh review of the island's economic adjustment programme yesterday with the repossession of mortgaged properties high on its agenda.
The troika of Cyprus international lenders will not release the seventh tranche of the bailout loan until Cyprus property buyers who have paid in full have their title deeds transferred within 6 months.
The latest review of Cyprus' bailout programme has been successfully concluded, the EC, ECB and the IMF said in a press release yesterday, paving the way for Cyprus to take part in the ECB's quantitative easing programme.
A joint statement released by the troika of Cyprus' international lenders (EC, ECB and IMF) at the conclusion of their latest mission to Cyprus welcomed the continued progress being made.
The troika of Cyprus' international lenders comprising the EC, the ECB and the IMF should conclude their sixth review of the island's Economic Adjustment Programme today; a revised MoU is anticipated.
The ECB has yet to decide whether the foreclosures legislation passed by MPs earlier this month is sufficient to enable a review of the Cyprus Economic Adjustment Programme to be concluded.
During their recent visit to Cyprus, the delegation from the island's troika of international lenders bumped into the elephant in the room; the unacceptable delay in issuing Title Deeds.
It is hoped that the troika of international lenders will approve the provisions in the fifth bill of the insolvency package so that it may go to the cabinet in early March for ratification and then to parliament.
The Cyprus government plans to submit the last of the five bills comprising the insolvency framework to parliament within the next few days according to a source in the Finance Ministry.
The Troika of Cyprus' international lenders has announced that it was not possible to reach an agreement on the review of the Cyprus programme due to the suspension of the foreclosure framework.
