Cyprus To Submit Request For Mortgage-To-Rent Scheme Aiming To Address NPLs Worth €3 Billion

Cypriot authorities plan to submit in June an official request to the European Commission for the implementation of a mortgage-to-rent scheme, aiming to address non-performing loans held by banks and credit acquiring companies which are collateralised by primary residences and mainly SME business premises with an estimated contractual value of €3 billion.