The contacts are taking place at the Central Bank (CBC), the Finance Ministry and the Directorate General for European programmes, Coordination and Development.

They are part of the review of the programme’s implementation since the last technical mission in November, CBC spokeswoman Aliki Stylianou said, adding that the mission will also hold contacts with credit institutions.

The mission is not a fully-fledged review because Cyprus is in breach of the programme terms after parliament suspended implementation of the foreclosures law until January 30.

A fully-fledged review can only take place once the law on foreclosures comes into force.

Stylianou said the mission will hold contacts until February 5. It is expected to complete discussions on the last of five bills that make up the insolvency framework, seen as the safety net for crisis-hit vulnerable groups.

Parliament insists that the insolvency framework should be implemented at the same time with foreclosures.

Source: Cyprus Mail