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Financial Ombudsman urges borrowers to restructure their NPLs as soon as possible to avoid foreclosures
CNA - CYPRUS/Nicosia 06/12/2017 10:52

Financial Ombudsman of the Republic of Cyprus Pavlos Ioannou urged all borrowers that have non - performing loans (NPLs) to restructure them as soon as possible in order not to face “radical solutions” as foreclosures and repossessions.

Speaking in a seminar organized by the Association for the Protection of borrowers in Limassol, Ioannou suggested that the recent call of the Central Bank Governor Chrystalla Yiorkadji to the banks to procced with “radical solution” for NPLs concerns nothing else than foreclosures and repossessions.

He also said that Yiorkadji `s statement in the Parliament on a downward trend in the pace of restructuring is an indication that the NPLs portfolio can not only be dealt through restructuring.


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