Cyprus: Experts say NLPs will be reduced with the introduction of foreclosure law

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The foreclosures law regarding mortgaged immovable properties, approved recently by the parliament in Cyprus, will attract new clients into negotiation discussions, experts have predicted, according to the Cyprus News Agency.
The statement was made during a discussion with Cyprus’s leading banking agents, including chief executive officer from Hellenic Bank, the restructurings and recoveries manager from the Bank of Cyprus, Euan Hamilton and the executive Director of the Cooperative Central Bank.

It was debated that while the new law’s key objective would be to entice new clients into negotiation talks, and that if this proved unsuccessful, then the banks would have to speed up foreclosures, moreover, foreclosure laws would have to be applied taking into consideration each lender’s social responsibility.