Cyprus facing EU fines over transfer of loans
Cyprus faces EU fines for failing to implement EU Directive 2021/2167 on transferring nonperforming loans to creditacquiring companies by the December 29, 2023 deadline, risking legal action and penalties. The directive aims to standardize practices across the EU, addressing the €2 billion in NPLs still lingering on Cypriot bank books and the €22 billion managed by CACs, underscoring the urgent need for compliance to fortify the financial system and restore confidence in the economy.