Talks focused on the protection of viable borrowers and businesses from repossessions without the consent of the lenders.

The extent of protection especially for borrowersis not yet clear, as the Central Bank has not granted figures on the impact to the financial institutions from the implementation of repayment schemes.

The technocrats from the European Commission, the European Central Bank and the International Monetary Fund have spent the past week meeting with government officials to focus on framework legislation regulating insolvency, which is currently being drafted by the government.

Talks between the Troika and Ministry of Finance included bills on examiner-ship, liquidation, administration, and discharge of debts, Consultant of Insolvency and bankruptcy.

The Technocrats of Troika will also have contacts at the Central Bank, where they will discuss the latest developments in financial matters, including the Non-Performing Loans, capital controls and the central credit registry.

Since the bailout last year, Cyprus has so far Cyprus has received five tranches amounting to €5,77 billion from the EU and the IMF. The sixth tranche amounts to €436 million (€350 million from the ESM and €86 million from the IMF).

Source: Famagusta Gazette