The Cyprus Banks Association and its member banks this week announced measures aimed at providing immediate relief to households and businesses affected by the devastating wildfire in Limassol.

In a statement, the association expressed its “deep sorrow for the loss of human life, the destruction of the natural environment and the properties that were lost in the major fire”.

The association explained that the measures include the right to suspend the repayment of loan instalments for a period of up to six months for loans held by households and businesses directly affected by the disaster and falling within the scope of the government’s support measures.

It called on eligible beneficiaries to declare their interest by contacting the banking institution with which they cooperate.

The association is also proceeding with the provision of loans on preferential terms to cover the immediate urgent needs of those affected by the fire.

In addition, it will offer loans on preferential terms to individuals and provide special facilities to businesses to restore the damage they suffered.

The association also announced the suspension of foreclosures for six months for individuals and businesses directly affected by the fire and who are covered by the government’s support measures.

“To take advantage of the above measures, households and businesses affected by the fires and falling within the government’s support measures are asked to contact their bank,” the association said.

This development comes after an announcement by the Cyprus Borrowers Association (Syprodat) earlier this week, which called on the government to suspend the repayment of loan obligations for fire-affected citizens.

Syprodat also urged the government to halt all foreclosure proceedings involving homes belonging to those affected by the recent fires.

In a press release, the president of the association, Costas Melas, explained that “fire-affected citizens are being asked to cope not only with the need for immediate survival and restoration, but also with the existing financial obligations that burden the majority of them, such as loan instalments and other credit commitments” he said.

“It is clear that under the current circumstances the continuation of loan repayments is practically impossible, while the loss of income, the need for housing, insecurity and anxiety about the future create an unbearable psychological and financial burden” he added.

“As a result” the statement continued “Syprodat is recommending and urging the government to immediately suspend the repayment of loan obligations of the fire-affected for a reasonable period of time and to halt all foreclosure or compulsory execution procedures concerning homes or properties belonging to those affected”.

“The implementation of these two measures is imperative in order to ensure not only the short-term relief of those affected but also the long-term social cohesion and moral restoration” said Melas, stressing that these times demand acts of solidarity and responsibility.

Finally, Melas called on credit institutions to “show social sensitivity, actively contribute with flexible arrangements and support citizens in need” he said.