11/05/2015 07:09
The regulations of the foreclosures legislation and the bill on the sale of loans to third parties are among the issues that troika is going to discuss in the coming days, as the sixth evaluation of the program is coming to its completion.
The aim of Troika technocrats and those of the finance ministry is to bridge the remaining differences and update the adjustment program.
The teams of technocrats representing the IMF, the ECB and the Commission left last Friday after ten days of evaluating the program, without a final agreement since there are still some pending issues relating, among others, to regulations of the insolvency framework and foreclosures.
In addition, as a Central Bank source told StockWatch, international creditors asked for a period of two weeks to examine of the final text of the bill for the securitization and sale of loans from banks to third parties.
The ECB's technocrats’ comments are expected within two weeks.
It is the only pending issue that remains under the sixth review of the program in relation to the financial sector, said the same source of the Central Bank, stressing that the Troika teams recorded the great progress that has been achieved in this chapter.
The same source stressed that troika seems to adopt the safeguards that have been included in the final bill in relation to the parties’ concerns for any involvement of companies of Turkish interests in the purchase of loans.
The Central Bank is awaiting a positive evaluation of the program so that Cyprus is able to participate in the ECB's quantitative easing program.
Both the Cypriot authorities and troika estimate that the sixth evaluation of the economic program will be positive, subject to the approval by the parliament of foreclosure regulations.
A source of the international creditors participating in the negotiations with the Cypriot authorities told StockWatch that the pending issue of approving the regulations on insolvency does not stop the assessment. The regulations will be discussed today at the finance committee of the parliament.
The same source said that the final text to be voted by the parliament will be evaluated accordingly as part of the evaluation, because the adoption of a modern insolvency framework and legislation on foreclosures are important tools to restore growth and create jobs in Cyprus.
The aim of Troika technocrats and those of the finance ministry is to bridge the remaining differences and update the adjustment program.
The teams of technocrats representing the IMF, the ECB and the Commission left last Friday after ten days of evaluating the program, without a final agreement since there are still some pending issues relating, among others, to regulations of the insolvency framework and foreclosures.
In addition, as a Central Bank source told StockWatch, international creditors asked for a period of two weeks to examine of the final text of the bill for the securitization and sale of loans from banks to third parties.
The ECB's technocrats’ comments are expected within two weeks.
It is the only pending issue that remains under the sixth review of the program in relation to the financial sector, said the same source of the Central Bank, stressing that the Troika teams recorded the great progress that has been achieved in this chapter.
The same source stressed that troika seems to adopt the safeguards that have been included in the final bill in relation to the parties’ concerns for any involvement of companies of Turkish interests in the purchase of loans.
The Central Bank is awaiting a positive evaluation of the program so that Cyprus is able to participate in the ECB's quantitative easing program.
Both the Cypriot authorities and troika estimate that the sixth evaluation of the economic program will be positive, subject to the approval by the parliament of foreclosure regulations.
A source of the international creditors participating in the negotiations with the Cypriot authorities told StockWatch that the pending issue of approving the regulations on insolvency does not stop the assessment. The regulations will be discussed today at the finance committee of the parliament.
The same source said that the final text to be voted by the parliament will be evaluated accordingly as part of the evaluation, because the adoption of a modern insolvency framework and legislation on foreclosures are important tools to restore growth and create jobs in Cyprus.
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