Top bankers say foreclosure law will help reduce NPLs

By Stelios Orphanides

The law on foreclosures of mortgaged immovable properties, passed recently by the parliament, will help bring clients to the negotiating table, top bankers said, according to the Cyprus News Agency.

The comment was made at a round-table discussion involving some of Cyprus’s top bankers, including Hellenic Bank’s chief executive officer Bert Pijls, the head of restructurings and recoveries at Bank of Cyprus, Euan Hamilton and the general manager of the Cooperative Central Bank Marios Clerides.

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.