articles | 18 May 2020

Banks suspend foreclosures until August 31

Foreclosures have been suspended until August 31, the Association of Cyprus Banks said on Friday.

The association had initially suspended any foreclosure procedures on March 18  for three months (until June 18) citing the difficult situation the country was going through as a result of the coronavirus outbreak.

In an announcement on Friday, the association announced that it had decided to extend this suspension.

It said that the decision was taken in the light of conditions in the economy and the impact of the coronavirus pandemic on the market and follows a number of other support measures banks have taken.

“Banks reiterate their willingness and determination to support the pandemic-stricken economy with every means available within the framework of the legal, regulatory and supervisory framework in which they operate,” the association said.

Source: In-Cyprus

Cooperation Partners
  • Logo for Cyprus Chamber of Commerce and Industry
  • Logo for Cyprus Investment Funds Association
  • Logo for CFA Cyprus
  • Logo for Cyprus In Your Heart
  • Logo for Association of Cyprus Banks
  • Logo for Cyprus International Businesses Association
  • Logo for Ministry of Energy, Commerce, Industry and Tourism
  • Logo for Invest Cyprus
  • Logo for Cyprus Shipping Chamber