Cyprus: Panayiotis Neocleous Participates In Central Bank Of Cyprus Conference On Arrears Management And Loan Restructuring
Last Updated: 11 February 2014

Partner Panayiotis Neocleous was amongst the speakers at a two-day conference on arrears management and loan restructuring organised by the Central Bank of Cyprus ("CBC") on 28 and 29 January 2014 in Nicosia.

The seminar was organised for senior-level bank managers, policy-makers and law experts and aimed to facilitate a discussion and exchange of best practice in relation to the administration of outstanding loan installments and loan restructuring, attracting experts from Ireland, Iceland, Sweden and the United Kingdom. Representatives of the "troika" of providers of financial support to Cyprus also attended the conference.

Speakers at the conference included senior economists, bankers and regulators from Cyprus, Iceland, the Republic of Ireland, and the United Kingdom. The Governor of the CBC, Panicos Demetriades, delivered the opening speech, drawing attention to the CBC's Directive on Arrears Management of 2013.

The Conference examined efficient and effective policies, structures, procedures and mechanisms for the management of arrears and the attainment of fair and sustainable restructurings of credit facilities of borrowers experiencing financial difficulties. The emphasis was placed on the restructuring of loans rather than resorting to drastic recovery measures against borrowers. Speakers drew comparisons with Ireland and Iceland, sharing best practices and methods of restructuring implementation. They further highlighted the need for a robust framework to deliver appropriate solutions to people in mortgage arrears as well as ensure sustainability of policy from the lenders' perspective in order to achieve fair treatment of borrowers.

Operational readiness and portfolio segmentation were presented as two important mechanisms to facilitate arrears management. The conference also considered the role of the legal system, both as a last resort and as a means of encouraging recalcitrant debtors to participate in the restructuring process.

Panayiotis Neocleous took part in a discussion related to the negotiation between borrowers and creditors and the attainment of the appropriate balance in such negotiations. The conference was concluded with great success, stimulating professional and practical debate and setting the scene for arrears management and loan restructuring as a means of achieving economic recovery in Cyprus.

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