Code of Conduct on handing of borrowers in financial difficulties

The provisions of the Code are based on the Directive on Arrears Management issued by the Central Bank of Cyprus. The leaflet sets out the framework which credit institutions should apply when dealing with borrowers whose loans are in arrears.

“The Code of Conduct provides the Authorised Credit Institutions

the common base for dealing with eligible borrowers

 and intends to support efforts to achieve a fair,

viable, consensual and voluntary restructuring, where possible”