Cyprus Mail

Finance ministry requests extension in Estia plan

The parliamentary finance committee has asked the Ministry of Finance for a new extension of 15 days in the Estia plan, beyond the June 30 deadline, in order to give time to those who had submitted an application with incomplete information to complete it and proceed with the application evaluation process.

At its first meeting, with a physical presence at the Hospitality Conference Centre, the committee examined the data so far on the state plan that provides for a third of the installment of those who on September 30, 2017 had a non-performing loan securing the main residence, with data given to confirm the much lower interest rate compared to the initial estimates.

Estia is a special government scheme drawn up by the Ministry of Finance and approved by the European Commission’s Directorate-General for Competition.

The scheme boosts borrowers’ ability to repay their loans, as the government subsidises part of the repayment instalments by one-third of the restructured loan.

To be eligible for the scheme, borrowers must meet certain wealth, income and other criteria. In order to benefit from the scheme, borrowers must come to an arrangement with the bank regarding the restructuring of their loans.

“We have requested an extension of the period for completing the applications,” committee chairman Angelos Votsis said in a statement after the meeting, adding that due to the coronation crisis and restrictive measures, it was not possible to complete the data. “So we believe there will be a postponement on this date,” he added.

According to a spokesman for the Ministry of Finance, of the 5,639 applications completed, only 673 had been forwarded by the banks to the Ministry of Labor for consideration.

In fact, only 152 of them are in the approval stage, while 182 applications have been rejected, 271 have been returned to the banks for completion, while 68 have been recorded as unsustainable.

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