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Hourican: We’re Not Becoming a Repossessions Company

Hourican: We’re Not Becoming a Repossessions Company

Amidst the flurry of opinion surrounding the foreclosures legislation, John Hourican, CEO of Bank of Cyprus is assuaging fears that the financial institution intends on irresponsibly repossessing homes.

 

In an interview with ‘Kathimerini on Sunday’, Hourican made clear that repossessing mortgaged homes is not the bank’s priority, nor will money reaped from home auctions ever be a source of profit for the bank.

 

"What we aim to do is provide loans to those who can bring in regular payments. We're not becoming a repossessions company," he stressed.

 

Instead, Hourican clarified that the foreclosures legislation affords the bank the opportunity to target debtors taking advantage of legal loopholes in the system, and who are refusing to pay.

 

Reiterating his commitment to preventing mass sell-offs, the bank’s CEO underlined that protecting vulnerable groups is – and will remain – a key concern.

 

Turning to the future of the bank, Hourican expressed confidence in its viability, crediting the upcoming approval of a capital increase as being crucial to both bolstering liquidity and trust, thus stabilising the financial institution.

 

With the repossessions debate raging and the House of Representatives due to vote on the relevant legislation by late August, the Institute of International Finance said adoption and effective implementation of the bill was crucial to the resumption of bank loans and to restoring production and increasing employment.

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