BoC to warn non-compliant borrowers of foreclosures

By Stelios Orphanides

Bank of Cyprus will begin notifying non-performing borrowers as early as tomorrow that it may initiate foreclosure procedures if they fail to come to a debt restructuring agreement with the lender.

“As of tomorrow we expect that the so called ‘type-theta’ letters will be sent to bank customers,” a Bank of Cyprus source said on condition of anonymity. “Sending the letters is an obligation of the banks under the new (foreclosures) law. Both the content as well as details, such as the size of the font are described in the law”.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.