Georgiades says pressure intense to reform NPL laws

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Georgiades says pressure intense to reform NPL...
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By Stelios Orphanides

The finance minister said that Cyprus is under ‘intense pressure’ created by an increasingly strict banking supervisory framework to once more modernise its insolvency and foreclosure legislation, with banks facing potential fresh losses.

The insolvency and foreclosure framework currently in place, enacted three years ago after dramatic negotiations in parliament as it was required under Cyprus’s bailout terms, has proved to have “gaps, weaknesses that trigger excessive pressure by the European Central Bank (ECB)...


This article was automatically added to our system 28-6-2018

Georgiades says pressure intense to reform NPL laws


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Article Tags: georgiades, pressure, intense, reform,