Details of 3 main EU creditors bills have been released

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The details of two bills which are included on the list of requirements of three main European creditors in order to end the report on the implementation of reforms, have been leaked to the Cypriot press.
According to the CNA report, the stated documents are now being considered by a group of specialists assigned by the Central bank of Cyprus, which consists of representatives of commercial banks, Associations of banks of Cyprus, Association of borrowers, and also professional associations of accountants (ICPAC) and lawyers (CBA).

According to the text of bills, the purchase of bank credit portfolios will be allowed only for the companies registered in Cyprus or EU affiliated structures. Additionally, the Central Bank will reserve the right to control the brought transactions, including, sections of credit portfolios and mortgage property sales, as well as to control the information of beneficiaries regarding such transactions.

Moreover, the group of specialists continue to consider the legal delays connected with sale of separate credit agreements to the third parties, including the conflicts surrounding the text of the credit agreement, on a pledge and standard of the current legislation. Nevertheless, the final text of the bill is expected to be brought to parliament within the terms established by ‘three’ of the creditors by the end of June.