articles | 23 March 2020

Coronavirus: Foreclosures suspended until June 30

The state asset management company Kedipes said Friday it was suspending foreclosure procedures until June 30, in line with a government request.

In a statement, Kedipes said it was cancelling all auctions scheduled until June 30 and was suspending the process to start others until the same date.

It said it was also suspending the process to repossess properties sold in auction. Kedipes was also suspending the termination of credit facilities and was extending the deadline for the implementation of restructures or repayment until June 30 without extra charges.

Kedipes, set up to manage the remaining asserts of the shuttered co-op bank, said it also intended to fully adopt central bank guidelines and customers experiencing difficulties in meeting their obligations because of the coronavirus should contact 22744800.

The company also announced it was paying €90 million to the state as repayment of the state aid it had received.

Source: Cyprus Mail

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