Cyprus quarterly review by Troika.

Troika of Cyprus' international lenders are presently carrying out an important quarterly review of the island's economic adjustment program giving emphasis to banking issues and public sector reforms.

According to the reports the sale of mortgages to third parties, such as hedge funds, and the issue of Title Deeds were among the actions Cyprus had to take before the next tranche of financial assistance was released.

Cyprus News Agency reported that to receive next tranche Cyprus must enact legislation allowing the sale or transfer of loans to third parties and approve a bill, designed to allow people who have paid for their house in full to get the title deed, which they currently cannot because of developers' failure to pay their obligations to banks.

Enactment of the Title Deeds bill, in the meantime, has been delayed due to the summer holidays; it is planned to be discussed on 3^rd September by the House plenum.

Source: Cyprus Property News

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