News Local BoC cancels foreclosure after mediation of financial commissioner

BoC cancels foreclosure after mediation of financial commissioner

Bank of Cyprus cancelled the foreclosure of a house belonging to a elderly woman who lives alone in Paphos at the intervention of the financial commissioner Pavlos Ioannou.

Ioannou said that his intervention followed a request from the president of the Association of Primary Homes.

The commissioner released a copy of the letter he had sent to the bank asking that it cancel the auction on humanitarian grounds.

He said the woman was old and widowed. The reserve price for the house was  €18,000 —  a sum which would not have a substantial impact on the bank’s interests.

Ioannou thanked the bank for its positive response to a humanitarian request and its cooperation more generally with his office.

 

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