THE House last night passed a number of laws whose enactment was a condition for the release of the fifth bailout tranche for Cyprus, including two bills empowering the taxman to seize debtors’ bank accounts and assets.
Authorities will now be able to seize tax debtors’ bank accounts, confiscate...
ASSOCIATIONS representing distressed borrowers have threatened to freeze all loan payments by the end of June in protest over the banks’ practice of taking defaulting borrowers to court before exhausting loan restructuring options.
According to the head of the Borrowers’ Association, Kostas...
THE BANKS needs to have the necessary tools to pressure non-cooperative and viable borrowers to service their loans, Minister of Finance Harris Georgiades said on Thursday, noting however that the average borrower and house owner who faces financial problems should not be the primary target.
Cyprus...
THE PARLIAMENTARY Committee on financial and budgetary affairs has set priorities for the implementation of all actions necessary for the payment of the fifth bailout tranche.
According to a document sent by the Finance Ministry, by the 5th of June Parliament must approve the establishment and...
BANK of Cyprus CEO John Hourican said on Wednesday, that non-performing loans are stabilising.
Hourican, who was addressing a conference in Nicosia on the future of asset management in Cyprus and Greece, assured that the Bank is more aggressive in pursuing the ‘high end’ borrowers and...
