Keravnos wants freeze on main residence auctions

Cyprus' Finance Ministry is considering possible actions to tackle nonperforming loans and is examining a set of measures aiming to address the issue, Finance Minister Makis Keravnos said in a statement on Friday, calling on banks and servicers to refrain from foreclosures on primary residences held by vulnerable borrowers.

Keravnos' comments came after the rejection of a bill for a three-month suspension of foreclosures in Parliament on Thursday.

"In the context of a comprehensive and effective reform concerning the management of NPLs, the Finance Ministry is considering possible actions and is examining a set of proposals aimed at addressing the issue," Keravnos said.

He also noted that with a view to protecting vulnerable borrowers, both the ministry and the EU Directorate-General for Competition are in "constant consultation and are working toward the...