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Cyprus parliament finally agrees on a key bill on the sale of loans.

Posted on: 11/13/2015 6:17:34 AM under General News

Сyprus Parliament has finally approved an essential bill enabling the sale of loans, which had been set as prior action for the conclusion of the eighth review of Cyprus` financial assistance package.

Cyprus` lenders, the European Commission, the European Central Bank and the IMF known as the Troika, consider this bill as a required element for the conclusion of a toolkit of measures to assist the reduction the non-performing loans. The total sum of NPL currently reaches €28 billion or 48% of the total loans in the Cypriot banking system.

The bill, which should have been agreed on earlier in September, is considered to be among the prior actions set by the Troika for the disbursement of the ninth and last tranche of the Cypriot programme, expected to take place in early 2016.

Source: Famagusta Gazette

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