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http://www.cyprus-mail.com/troika/protecting-home-owners-bank-seizure/20121013?source=Patrick.net

In its economic adjustment programme for Cyprus, under the heading ‘Regulation and supervision for banks and cooperative credit institutions,’ the troika advised that “strong efforts should be made to maximise bank recovery rates for non-performing loans, while minimising the incentives for strategic defaults by borrowers.” It proposed that “the administrative hurdles and legislative framework currently constraining the seizure and sale of loan collateral will be amended such that the property pledged as collateral can be seized and offered for sale within a maximum time-span of 1.5 years.” In addition, “the procedures guiding the repossession of cash and other financial assets,...