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Borrowers under protection

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Efforts to find a solution for those borrowers who were left out of the Estia plan are paid between the Ministry of Finance and the banks and mainly concern cases of loans that were unsuccessfully restructured and lost the opportunity to participate in the plan.

Yesterday's meeting between the Minister of Finance Konstantinos Petridis, senior executives of Bank of Cyprus, Elliniki, Astrobank, Ancoria Bank, the Association of Banks and representatives of the Central Bank, showed that there is a will from the parties involved to find the golden section, but appropriate pre-treatment should follow. & nbsp;

The Minister stressed to the banks the need to identify the apparent loan restructurings, which did not allow borrowers to take part in the Estia project, to run faster the examination of the objections submitted for non-acceptance of their application in the Plan and not to proceed. sale procedures for financially unsustainable borrowers, until special government programs are implemented for them, through KEDIPES. Essentially, attempts are being made to cover the second group (unsustainable) through the transformation of KEDIPES into an asset management organization (bad bank) and to implement special programs for them, such as mortgage to rend. & Nbsp;

The Minister of Finance in the statements he made, after the meeting, said that the banks also agreed that “for the people who have applied to Estia and who have been judged as unsustainable (financially), the sale procedures will not proceed or auction.

One of the questions is, how many borrowers fall into the second opportunity that the Home plan can offer. The minister has asked the banks to find these cases, to give the data to the ministry and, as he noted, “with a new decision of the Council of Ministers to cover these fellow citizens”.

Banks will now have to re-examine the applications of borrowers that were sent to the Ministry of Labor and rejected because they did not fully meet the perimeter that had been set. According to the Minister of Finance, the applications concerning the unsustainable of Estia amount to about 800, several of which are in KEDIPES, while, in relation to the number of apparent restructurings that have taken place, these are between 50 and 100 “without “We are absolute in number,” he said. He further added that there are around 1,000 objections. & Nbsp;

The next step is the establishment of a working group between the Ministry of Finance and technocrats of the Association of Banks, in order to make the process easier and more applicable from the exchange of views and proposals. Mr. Petridis said that the Ministry of Finance will be in contact with the banks “for the exchange of the appropriate information” and “a faster procedure will be agreed” on the issue of examining the objections.


In relation to KEDIPES and its transformation into an asset management body, Mr. Petridis said that the consultation with the European Commission continues and “I think that it will approved “. He clarified that & nbsp; that consultations are being held in order to determine the methodology regarding the repurchase of loans, so that there is no issue of competition or state intervention.

& nbsp; – Bank charges were not discussed at yesterday's meeting and the minister limited himself to state that the banks reiterated their position that the law is enforced, based on the European Directive, and that, compared to other countries, the charges are low.

Source: www.philenews.com

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