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Next Previous Again for special court MED HOME • INSIDER • CYPRUS • Again for special court MED
& nbsp & nbspΘεανώ & nbsp; Θειοπούλου & nbsp; & nbsp;
The establishment of a special court for non-performing loans is again in the spotlight, as there is the government's will to reinstate the relevant bill, which, however, will not contain provisions that will facilitate defaulters, preventing the smooth processing of loan restructuring, and which will intensify the congestion of cases before the courts.
SEE ALSO: & nbsp;
“Green light” for the National Recovery Plan New management will oversee the Recovery Plan The Commission's suggestions in Cyprus on the economy
At the meeting held yesterday at the Ministry of Finance, following a meeting under the President of the Republic Nikos Anastasiadis on the subject of accuracy, the Minister of Finance Konstantinos Petridis presented to party leaders and representatives the comprehensive and holistic framework for managing non-performing loans, which provides tools, both to further reduce and solve the problem of non-performing loans, and the protection net of the first home of vulnerable households.
The 19-page document presented by the Minister refers to the overall plan promoted by the government since 2015 for the protection of the first home of vulnerable households, which concerns 4 pillars: Home Plan (completed on June 15, 2020), Home plan (acceptance of applications by June 30, 2022), a plan of the Central Bureau of Equal Burden (the acceptance of applications was completed on September 30, 2021) and a plan of installment (Mortgage to Rent), which will cover specific categories of the population, including the unsustainable Scheme, with a total cost of € 400 million (the project is underway). The budget cost of government plans to manage/deal with non-performing loans to protect the first home is estimated at around € 0.5 billion
According to the data presented, & nbsp; Cyprus maintains the highest LNG rates in Europe (11% of loans), after Greece (European average & nbsp; 3%) and 47% of LNGs in Cyprus show arrears of more than 5 years (corresponding European percentage: 17%). From the end of 2014 until February 2022 there was, according to the document of the Ministry: Reduction of LNGs in the banking sector from 56% to 11% (of which approximately 53% concerns households), a decrease in absolute numbers of € 26 billion (from € 29 billion to € 3 billion), € 7 billion during the years 2014 – & nbsp; 2017, through the repayment and restructuring of MEX, € 19 billion during the years 2018-2022 through of portfolio sales to acquisition companies (€ 18 billion contractual amount).
Reasons why the bill was withdrawn
The document notes that in April 2021 it was decided to withdraw the bill that provided for the establishment of a court for the non-served, after taking into account a number of amendments by political parties, in the absence of the relevant ministries and the Central Bank, outside the philosophy of government law. , which endangered financial stability. Regarding the challenges in the Central Bank's proposal for the new appeal procedure in the context of divestitures, the document states that all disputes between borrowers – & nbsp; and inefficiency. There is an increased moral hazard – & nbsp; the borrowers' repayment culture is adversely affected, the existing divestiture framework is destabilized, given the inability of the courts to adjudicate such cases (debt confirmation). It leads to an increase in the provisions and losses of the loans of the former SKT that have been transferred to Hellenic Bank and fall under the Asset Protection Scheme, with a consequent significant increase in the compensation claims of the Hellenic Bank by KEDIPES. It's negatively affected by the debt recovery of the MSF, whose entire portfolio falls within the perimeter.
