Kedipes, the state’s asset management company is suspending foreclosures for three months, Finance Minister Constantinos Petrides said on Twitter Wednesday.
The news was quickly followed by an announcement by the Cyprus Banks Association that its members are also suspending any foreclosure procedures for three months (until June 18). The association said that recognising the difficult situation the country was going through, it would support businesses and households and the economy more generally.
The move should give some breathing space as the state, business and the public scramble to deal with the fallout from the coronavirus epidemic.
Kedipes was established following the collapse of the Co-operative Bank of Cyprus,
Αποφασίστηκε η αναστολή της διαδικασίας εκποιήσεων από την ΚΕΔΙΠΕΣ για περίοδο τριών μηνών
— ConstantinosPetrides (@Petrides_C) March 18, 2020