Suspension of foreclosures due to COVID-19

The members of the Association of Cyprus Banks (“ACB”) announced on the 18th of March 2020 that all foreclosure procedures will be suspended for a period of three months, up to the 18th June 2020.

This decision comes after the very serious effects that the COVID-19 virus has had to the Cyprus economy and society. The ACB stated that the banks, being aware of the difficult situation that the country finds itself, will do whatever they can to support the economy, businesses, households and society in general.

ACB further noted that “the banking sector through its actions reaffirms its willingness to assist with the recovery efforts and provide effective assistance to the Cypriot economy, in full consultation and cooperation with the relevant authorities.”

The announcement can be found here.

The Cypriot Asset Management Company (“KEDIPES”), which handles the non-performing loans for the now defunct Cooperative Bank of Cyprus, has similarly announced the suspension of any foreclosure procedures up to the 30th June 2020.

The full details of the measures announced by KEDIPES can be found here.

Further to the above, the ACB and KEDIPES have both reaffirmed their commitment to work closely with the Central Bank of Cyprus in order to examine and/or implement any new measures it proposes for the support of the Cyprus economy and of the Cypriot debtors in these very challenging times.

The relevant announcement by the ACB can be found here.

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