Today: December 11 2018
russian English greek latvian French German Chinese (Simplified) Arabic hebrew

All that you will be interested in knowing about Cyprus on our website Cyplive.com
the most informative resource about Cyprus in runet
The Ministry of Finance of Cyprus is preparing a program for supporting borrowers

The Ministry of Finance of Cyprus is preparing a program for supporting borrowers

13.02.2018
Tags: Cyprus, Economy, Debts

The Ministry of Finance of Cyprus is developing a large-scale program to support borrowers who have lost the ability to service a bank loan secured by their main place of residence. In the near future, the draft scheme called "Estia" (Greek "own house") will be submitted for consideration by the Cabinet.

The goal of the program is to partially solve the problem of non-performing loans with an emphasis on cases where the mortgage is the principal place of residence of the borrower. The government will place state bonds in banks providing such loans. The program will be financed from state funds. The size and scale of the Estia scheme, as well as the cost of state lending by banks, are not yet known, and therefore it is impossible to calculate the exact amounts of required funds. However, according to the business portal StockWatch, the Ministry of Finance can allocate for these purposes over 1 billion euros.

The total amount of unserved household debt in banks in Cyprus, including loans for the purchase of the main place of residence, is 11,3 billion euros. It is expected that all Cypriot banks will participate in the program of the ministry.

GTranslate Your license is inactive or expired, please subscribe again!