The Association for the Protection of Borrowers (Syprodat) this week called for the creation of a Dispute Resolution Committee, in order to decongest the courts, describing this as “the only solution” to this ongoing problem.
In its announcement, the association stated that “it is time to find a legislative way to obligatorily submit all civil disputes between any parties to a Dispute Resolution Committee, as a necessary condition for the registration of any judicial process”.
The association noted that in other European countries where this applies, the committee serves as a public body created by law, financed by public funds, while recourse to it by the borrower is free of any charges.
The advantages of this alternative dispute resolution method, the association explained, are “broadly speaking very significant since this process is quite fast and its costs, if any, will be very low”.
What is more, the association stated that such committees have been established for years in most European countries and function as tools for out-of-court dispute resolution.
The association also noted that the judicial process is time-consuming and expensive, and usually creates tension and conflict between the parties involved.
“For the borrowers and the banks, the mandatory submission to this procedure, as a necessary condition for the registration of any judicial procedure, resolves the main difference between the two parties, which is the determination of the legally owed balance”, Syprodat said.
The remaining part of the dispute, meaning the method of repayment, is easy to find, the association explained, “since there are so many methods of repayment”.
“If at the end of the day, it is impossible to reach a conclusion then the parties will be free to proceed with all the procedures they wish”, Syprodat concluded.
The Retail Trade Turnover Value Index in Cyprus underwent an 11.3 per cent increase in 2022, compared to 2021, according to a report released this week by the Cyprus Statistical Service (Cystat).
In addition, the report noted that Retail Trade Turnover Volume Index recorded a more minor increase, having risen by 2.2 per cent year-on-year during the same period.
Moreover, according to the data, the Retail Trade Turnover Value Index increased by 10.9 per cent, compared to the corresponding month of the previous year.
Furthermore, during the same month, the Retail Trade Turnover Volume Index, increased by 4 per cent compared to the corresponding month of the previous year.
Meanwhile, according to Eurostat figures, the volume of retail trade rose by 0.8 per cent in the euro area and by 0.9 per cent in the EU during November 2022.
During that time, the seasonally adjusted volume of retail trade increased by 0.8 per cent in the euro area and by 0.9 per cent in the EU, compared with October 2022, according to the EU’s statistical service’s most recently revised estimates.
The Cyprus Stock Exchange (CSE) ended Thursday, February 2 with losses.
The general Cyprus Stock Market Index was at 97.81 points at 16:36 during the day, reflecting a decrease of 0.43 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 59.06 points, representing a drop of 0.47 per cent.
The total value of transactions came up to €116,726.
In terms of the sub-indexes, the main, alternative, and investment firm indexes all fell, decreasing by 0.56 per cent, 0.38 per cent and 2.96 per cent respectively. The hotel index remained stable.
The biggest investment interest was attracted by the Bank of Cyprus (+0.49 per cent), Demetra (-3.23 per cent), Hellenic Bank (no change), Louis PLC (no change), Blue Island (-6.91 per cent), Pandora (-1.88 per cent), and Vassiliko Cement Works PLC (-1.43 per cent).