News Local Banks suspend foreclosures until August 31

Banks suspend foreclosures until August 31

Foreclosures have been suspended until August 31, the Association of Cyprus Banks said on Friday.

The association had initially suspended any foreclosure procedures on March 18  for three months (until June 18) citing the difficult situation the country was going through as a result of the coronavirus outbreak.

In an announcement on Friday, the association announced that it had decided to extend this suspension.

It said that the decision was taken in the light of conditions in the economy and the impact of the coronavirus pandemic on the market and follows a number of other support measures banks have taken.

“Banks reiterate their willingness and determination to support the pandemic-stricken economy with every means available within the framework of the legal, regulatory and supervisory framework in which they operate,” the association said.

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