WEDNESDAY, 18 OCT 2017

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
GloriaJeans_266x90px
IMH LTD

Georgiades Presents 2018 State Budget to the Parliament

Kasoulides Accuses Turkey of Serving Only its National Interests in the Middle East

IMH LTD
MTN_07/07-10/04_468x60px

REAL ESTATE

brought to you by Deloitte

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.

MORE ON REAL ESTATE

KPMG Property Lending Barometer 2017: Prospects for Bank Financing in Real Estate

KPMG’s Real Estate Advisory Practice released the Property Lending Barometer 2017, ...

492 Building Permits Recorded in July 2017

The number of building permits authorized by the municipal authorities and the district ...

Limassol Del Mar: Foundation Stone Unveiled

On October 6, the foundation stone of Limassol Del Mar, a landmark development in ...

FROM AROUND GOLDNEWS

   

Aristo Developers Issues Over 500 New Title Deeds in 2016

Considering the importance of the issuance and transfer of titles deeds, Aristo Developers has informed its customers and the general public ...
   

Huawei Could Overtake Apple in 2018

Apple Inc.’s efforts in the Chinese market may be bested by local competitor Huawei, which is poised to surpass it in terms of market share this year, ...
   

Cyprus-USA Business Delegation to Take Place in New York

The Cyprus Chamber of Commerce & Industry and the Ministry of Energy, Commerce, Industry & Tourism are organizing a Business Delegation and Forum in ...
   

Anastasiades to Demetriades: ‘’I Am the Biggest Political W….’’

The former Central Bank Governor, Panicos Demetriades, cites controversial and detailed conversations that he had with President Anastasiades in his book ...
   

Kasoulides Accuses Turkey of Serving Only its National Interests in the Middle East

Foreign Minister Ioannis Kasoulides accused Ankara of serving only its own national interests in the Middle East, while addressing the EU Foreign Affairs ...
   

KPMG Property Lending Barometer 2017: Prospects for Bank Financing in Real Estate

KPMG’s Real Estate Advisory Practice released the Property Lending Barometer 2017, which is the 8th edition of KPMG’s annually performed survey of ...
   

10th Anniversary Celebration of Kamares Emergency Medical Centre (IASIS)

The Leptos Group of Companies and the IASIS Hospital will be hosting an event dedicated to the 10th anniversary of the IASIS Emergency Medical Centre, at ...
   

RCB Recognised as ‘The Safest Bank in Cyprus for 2017’

RCB Bank is among the safest banks in the world, which were presented awards this weekend at a special ceremony held during the Annual Meetings of the IMF and ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Gold_Issue_300x250px

IMH LTD