Credit Granting and Review Processes (Amending) Directive of 2026

E.E. Part III(I) C.D.P. 244/2026 No. 6026, 29.5.2026 Number 244

THE LAWS ON OPERATIONS OF CREDIT INSTITUTIONS OF 1997 TO 2026 ________________ Directive under Article 41 66(I) of 1997 74(I) of 1999 94(I) of 2000 119(I) of 2003 4(I) of 2004 151(I) of 2004 231(I) of 2004 235(I) of 2004 20(I) of 2005 80(I) of 2008 100(I) of 2009 123(I) of 2009 27(I) of 2011 104(I) of 2011 107(I) of 2012 14(I) of 2013 87(I) of 2013 102(I) of 2013 141(I) of 2013 5(I) of 2015 26(I) of 2015 35(I) of 2015 71(I) of 2015 93(I) of 2015 109(I) of 2015 152(I) of 2015 168(I) of 2015 21(I) of 2016 5(I) of 2017 38(I) of 2017 169(I) of 2017 28(I) of 2018 89(I) of 2018 153(I) of 2018 80(I) of 2019 149(I) of 2019 21(I) of 2020 73(I) of 2020 28(I) of 2021 94(I) of 2021 95(I) of 2021 162(I) of 2021 163(I) of 2021 61(I) of 2022 62(I) of 2022 162(I) of 2022 17(I) of 2023 59(I) of 2024 158(I) of 2024 14(I) of 2025 84(I) of 2026.

The Central Bank of Cyprus, exercising the powers conferred upon it under Article 41 of the Laws on Operations of Credit Institutions of 1997 to 2026, issues this Directive.

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Concise title.
E.E. Part III(I): 18.3.2016 (C.D.P. 74/2016) E.E. Part III(I): 16.9.2016 (C.D.P. 259/2016) E.E. Part III(I): 3.2.2017, (C.D.P. 41/2017) E.E. Part III(I): 9.8.2019 (C.D.P. 274/2019) E.E. Part III(I): 19.3.2020 (C.D.P. 106/2020) E.E. Part III(I): 11.2.2022 (C.D.P. 61/2022) E.E. Part III(I): 25.11.2022 (C.D.P. 452/2022) E.E. Part III(I): 28.4.2023 (C.D.P. 128/2023).

1. This Directive shall be cited as the Credit Granting and Review of Existing Credit Facilities (Amending) Directive of 2026 and shall be read together with the Credit Granting and Review of Existing Credit Facilities Directives of 2016 to 2023 (hereinafter referred to as the "Basic Directives"). The Basic Directives together with this Directive shall be referred to collectively as the Credit Granting and Review of Existing Credit Facilities Directives of 2016 to 2026.

Amendment of paragraph 14 of the Basic Directives. 181(I) of 2002 59(I) of 2006 122(I) of 2007 52(I) of 2008 26(I) of 2010 120(I) of 2011 142(I) of 2014 197(I) of 2014 4(I) of 2015 27(I) of 2015 32(I) of 2015 42(I) of 2015 46(I) of 2015 53(I) of 2015 75(I) of 2015 76(I) of 2015 133(I) of 2015 139(I) of 2015 198(I) of 2015 87(I) of 2018 118(I) of 2019 138(I) of 2019 61(I) of 2020 195(I) of 2020 212(I) of 2020 98(I) of 2021 185(I) of 2021 82(I) of 2022 147(I) of 2022 173(I) of 2022

2. Paragraph 14 of the Basic Directives is amended as follows:
   (a) by replacing sub-paragraph (3)(c) with the following new sub-paragraph (c):
   "upon repayment of the secured credit facility, the relevant security is released immediately, except where it is a security by way of mortgage on immovable property for which the time limit provided in the Laws on Transfer and Mortgage of Immovable Property of 1965 to 2025, as amended or replaced from time to time (the "Laws on Transfer and Mortgage of Immovable Property"), applies, and where applicable, the title is returned to the borrower or the holder of the security.";

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204(I) of 2022
10(I) of 2023
65(I) of 2023
66(I) of 2023
76(I) of 2023
155(I) of 2023
4(I) of 2024
161(I) of 2024
110(I) of 2025
76(I) of 2026
101(I) of 2026.
(b) by adding after sub-paragraph (3)(c) the following proviso:
"The provisions of sub-paragraph (3) of this paragraph do not apply when the mortgagor has consented in writing to the non-removal of the mortgage on immovable property. In the event of subsequent written revocation of the consent, the mortgagee ensures the removal of the mortgage within the time limit provided in the Laws on Transfer and Mortgage of Immovable Property, which begins from the date of the written revocation."; (c) by replacing in sub-paragraph (4)(c) the word "declare" (first line) with the word "declares".

Amendment of Annex VII of the Basic Directives.
3. Annex VII of the Basic Directives is amended by replacing paragraph (h) with the following new paragraph (h):
"Any expenses for valuations conducted during the review process of credit facilities are borne by the credit institution, unless otherwise specified in the loan contract."

Commencement.
4. This Directive enters into force on the date of its publication in the Official Gazette of the Republic.

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