{"id":11699,"date":"2024-05-13T22:00:26","date_gmt":"2024-05-13T19:00:26","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=11699"},"modified":"2024-05-13T22:00:26","modified_gmt":"2024-05-13T19:00:26","slug":"mps-struggle-to-implement-eu-directive-on-loans","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=11699","title":{"rendered":"MPs struggle to implement EU directive on loans"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/05\/mps-struggle-to-implement-eu-directive-on-loans.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Legislators on Monday discussed a batch of government bills which, combined, will amend current legislation on loan transfers so as to harmonise with an EU directive.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-572049103\">\n<div id=\"cypru-399418993\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-5416433376168-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>The issue concerns EU Directive 2021\/2167 of the European Parliament and of the Council of November 24, 2021 on credit servicers and credit purchasers. Member states should have transposed the directive into their domestic law by December 29, 2023. Having failed to do so by that cutoff date, Nicosia has received a letter of warning from Brussels.<br \/>\nThe directive regulates the sale, purchase and servicing of non-performing loans (NPLs) originated by EU banks. It aims to reduce the build-up of NPLs within EU banks, and does so by creating a framework to help foster a secondary market in NPLs, while ensuring this will not adversely affect borrowers.<br \/>\nAs regards credit purchasers \u2013 non-bank purchasers of NPLs \u2013 before sale they must disclose information about the creditor\u2019s rights under the NPL and any supporting collateral, to enable the purchaser to assess the likelihood of recovery. They must also appoint a credit servicer \u2013 a legal entity that manages and enforces rights and obligations under an NPL on behalf of a credit purchaser and carries out \u201ccredit servicing activities\u201d, such as collecting payments.<br \/>\nCredit servicers must be authorised as such by an EU national supervisory authority, unless they are an EU bank or certain other type of entity authorised or supervised in the EU. Only EU-incorporated entities are eligible for authorisation.<br \/>\nIn parliament, MPs heard that at the moment the banking system in Cyprus holds \u20ac2 billion in NPLs, with the lion\u2019s share \u2013 \u20ac22 billion \u2013 held by credit-acquiring companies or CACs.<br \/>\nFinancial ombudswoman Valentina Georgiadou said her office generally agrees with the proposed amendments, as overall they seem to enhance transparency obligations for credit purchasers and servicers.<br \/>\nBut at the same time, she was \u201ctroubled\u201d by the fact that the scope of the term \u2018credit purchasers\u2019 may cover individuals, not just corporations.<br \/>\n\u201cCyprus is a small country, so we should be very careful with how these sales are conducted,\u201d the official cautioned.<br \/>\nFor her part, Avgi Chrysostomou-Lapathioti of the finance ministry explained that the new legal framework will prohibit the licensing of credit purchasers. By contrast, the current system permits the licensing of both credit purchasers and servicers. The latter receive authorisation from the Central Bank.<br \/>\nThe official said that existing credit servicers will not need to obtain a new license.<br \/>\nShe also stated that the new framework will bar the sale of performing loans to a credit purchaser from a third country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fact: Legislators in Cyprus discussed government bills to harmonize current legislation on loan transfers with an EU directive on credit servicers and credit purchasers.<\/p>\n","protected":false},"author":3,"featured_media":11700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[1902,3004,611,9580,2510,4601,33,2577,5099,8099,5559,3,379,6582,1213,569,3102,8903,8314,250,3330,415,5679,2685,5319,900,9883,4074,3443,3331,406,70,71,4999,4593,3696,1799,2528,6971,7309,5115,1812,6106,1571,5129],"class_list":["post-11699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-bank","tag-banking-system","tag-banks","tag-bills","tag-brussels","tag-central-bank","tag-companies","tag-concerns","tag-corporations","tag-credit","tag-creditor","tag-cyprus","tag-eu","tag-eu-directive","tag-european-parliament","tag-finance","tag-finance-ministry","tag-follow","tag-framework","tag-google","tag-google-news","tag-government","tag-law","tag-legislation","tag-letter","tag-loan","tag-loan-transfers","tag-loans","tag-member-states","tag-news","tag-nicosia","tag-non-performing-loans","tag-npl","tag-npls","tag-office","tag-ombudswoman","tag-parliament","tag-performing-loans","tag-permits","tag-purchase","tag-recovery","tag-rights","tag-sales","tag-transparency","tag-warning"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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