ECB tells Cyprus lawmakers to get it right

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ECB tells Cyprus lawmakers to get it right
 © KNEWS 2021
Elizabeth McCaul, Member of the Supervisory Board of the ECB, advised caution over possible amendments to the Cyprus foreclosure law stressing that “such policies can also backfire and destabilise the banking sector if designed in a haphazard manner.”

In an interview with CNA, McCaul also pointed out that last year’s amendments to the framework, enabling recourse to the Financial Ombudsman for breach of the Code of Conduct and extending various timelines of the various steps of the procedure, “risk a negative impact on banks and may cause further delays.”

The ECB official acknowledged the...


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Article automatically added to our system on Wednesday, June 16, 2021

ECB tells Cyprus lawmakers to get it right


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