Jyrki Katainen was responding in writing to a relative question by Cypriot MEP Takis Hadjigeorgiou.
Katainen said, “The Commission is aware of the hardship that the crisis has brought. It is reflected in the high rates of non-performing loans, which are also putting a burden on banks’ capital buffers”.
“The commitments taken from the Cypriot authorities in the latest Memorandum of Understanding, related to improving the insolvency framework, the foreclosure laws and the law on the Financial Ombudsman, attempt to strike the right balance”, he concluded.
Source: Financial Mirror