The Cyprus Banks Association has announced the extension of the moratorium on the sale of a main residence with a current value of up to €350 thousand until the end of the year, after a meeting he had on Wednesday morning with the President of the Republic, Nikos Christodoulidis, at the Presidential Office, with the participation of the Minister of Finance, Makis Keravnos.
As Andreas Kostouris, the press representative of the Association of Banks, stated after the meeting, the member banks of the Association are proceeding with the extension of the suspension of sales that was in effect from July 5, 2023, until December 31, 2023. This decision, as he said, has with the aim of giving the necessary time, both to the Government and to the Parliament, but also to the banks themselves that are part of the public consultation, for a definitive settlement of the sale framework.
At the same time, he noted that, as they also reported to the Government, this is the last time the banks proceed with such a move, considering that there should be a final settlement of the sale issue.
“We have a common orientation with the state and especially the Government for social sensitivity, for respect for vulnerable groups of borrowers. At the same time with zero tolerance for strategic non-payers and with a faithful orientation towards immediate, substantial and effective implementation of a framework that governs the procedures of divestments”, he said.
Questioned about the risks entailed by this decision, but also to what extent the “Rent vs. Installment” plan will be affected, Mr. Kostouris said that the Association is in constant and meaningful communication with the Ministry, so that it is implemented in the best possible way.
He emphasized that there is always a danger from suspensions, it is something against the principles of the Association, something that has been highlighted in the last four years, as he said, when the Parliament proceeds with suspensions of sales.
“However, we consider that from our side it is also an essential gesture of goodwill to complete the dialogue on the issue of divestments”, he said.
Finally, he welcomed the initiative of the President of the Republic, who, as he said, has been looking very carefully at the issue together with the Minister of Finance, in recent weeks. The meeting with both the President and the Minister of Finance was arranged within a few hours after the expiration of the previous extension, as he said.
He added that the orientation with the Government for financial stability and for economic development but also for social welfare. This, as he said, is the message they keep from today's meeting. He said they agree on these and want to work for stability in the legal framework to achieve the rest.