articles | 19 May 2015

Draft law on loans sales and securitisation

A Cyprus Central Bank (CBC) draft law on loan sales provides that loans could only be sold on registered companies in the Republic of Cyprus, in addition to subsidiaries of credit institutions in other EU member-states.

CBC may also intervene in the rate of disposals of immovable properties to safeguard the financial stability in the Republic, and to check in detail the natural and legal persons ‘hidden’ behind the credit acquiring companies.

At the same time, the Central Bank prepared a second draft law on loan securitisation.

Source: CNA

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