New regulations for repossessed properties

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New regulations for repossessed properties
 © CyprusMail 2017
The House finance committee began on Monday discussing a bill allowing banks to rent as well as perform maintenance on repossessed properties on their books to make them more marketable.

The bill, submitted by the finance ministry, would also allow authorised credit institutions (ACIs) to complete unfinished properties.

The provisions are required in order to harmonise with EU directives.

Under the Business of Credit Institutions Laws, banks are required to dispose of repossessed property within three years.

In addition, international accounting standards mandate that a bank...

New regulations for repossessed properties

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