Insider Business No date for submission of ‘Estia’ applications set yet

No date for submission of ‘Estia’ applications set yet

The date for submission of applications for participation in the ‘Estia’ home scheme has yet to be decided. And everything seems to depend on the memorandum of cooperation to be signed between banks and the State, according to informed sources.

‘Estia’ aimed at addressing the high volume of non-performing loans in the Cypriot banking sector.

The text of the memorandum was submitted to the Legal Service for review three and a half months ago. The memorandum aims to set the process to be followed and commitments to be undertaken by banks.

An informed source has said that the delay is not due to any legal issues but rather to procedural ones. As soon as the Legal Service gives the green light, the memorandum will be sent back to the Finance Ministry which is to send it to all banks for review and approval.

The island’s financial institutions will have a month to review the memorandum’s provisions. At the same time, the setting up of an electronic platform through which all relevant applications will be submitted by loan takers is in process.

Two months after the signing of the memorandum between the government and the banks the platform will be ready for operation, according to ministry insiders.

Due to the Orthodox Easter holiday, it looks like developments on the platform will be announced between May and June.

However, the delay does not seem to worry the government with Finance Minister Secretary Harris Georgiades already making clear that the first payments by the state are to take place by end of 2019. Loan takers who will take part in ‘Estia’ will be subsidised at the end of the year by the government.

They will be getting one-third of their instalment and the remaining two-thirds will have to be paid by them. And if they fail to pay three consecutive instalments then they will be automatically excluded from the Scheme.

Meanwhile, the Ministry of Labour has released a list of requirements for the recruitment of five temporary employees for ‘Estia’. They will be tasked with scrutinising all financial and other relevant information of applicants.

Those interested to join ‘Estia’ will have to submit a lot of documents and whatever data is related to loan restructuring and valuations of real estate used as collateral for a non-performing loan to be included in the Scheme.

By Eleftheria Paizanou

 

Read more:

 

https://in-cyprus.com/estia-scheme-launch-postponed-again/

Top Stories

164 new cases, one death announced on Thursday

The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 178,...

Where to get antigen rapid tests on Friday

The Health Ministry announced the following antigen rapid test sites for Friday, 22 January 2021: LIMASSOL Parking place Sklavenitis supermarket, Germasogia 08:30-16:30 Parking place Lidl supermarket, Limassol...

Alcohol consumption among Cypriot students high

Alcohol consumption among students has been reduced, the Cyprus National Addictions Authority ascertained on the basis of a European research, conducted every four years....

Earthquake measuring 5 felt all over Cyprus

An earthquake measuring 5 on the Richter scale occurred around 16:30 and was felt all over Cyprus. Due to the earthquake, the Parliament session that...

UK hits 5m vaccine doses as health minister defends scheduling change

British health minister Matt Hancock on Thursday (January 21) lamented another record daily number of COVID-19 deaths, but hailed the achievements of the UK's...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...