The Troika had suspended release of the next €436 million tranche after additions to laws on foreclosures approved by parliament were deemed unsatisfactory.

But the Supreme Court on Friday ruled that the four laws -- which sought to protect low-income groups and prevent mass repossessions --were unconstitutional, clearing the way for the government to implement the initial laws.

Georgiades said he would have the opportunity to brief the Eurogroup on the Supreme Court decision, noting that pending issues have been settled and thus the bailout programme and funding can continue. Asked about the next steps after the stress tests, Georgiades said the stress tests were an important milestone, which reaffirmed the stabilisation of the banking system, adding that the banks must continue efforts.

Since the €10 billion bailout was agreed in March 2013, Cyprus has been praised by the troika of lenders - the European Commission, European Central Bank and International Monetary Fund - for its diligent completion of loan requirements.  

The new law ensures that foreclosures cannot be indefinitely delayed, reducing the process from years to months, establishing procedures for valuing properties and auctioning them.

Source: InCyprus