Credit Granting and Review Processes (Amending) (No.2) Directive of 2026

2442
Cyprus Official Journal Part III(I)
Legal Act No. 358/2026
No. 6052, 9.10.2026
Number 358
THE LAW 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 by Article 41 of the Law on Operations of Credit Institutions of 1997 to 2026, issues this Directive.

Short Title.
Cyprus Official Journal Part III (I):
18.3.2016
(L.A. 74/2016)

1. This Directive shall be cited as the Credit Granting and Review Processes (Amending) (No.2) Directive of 2026 and shall be read together with the Credit Granting and Review Processes Directives of 2016 to 2026 (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 Processes Directives of 2016 to 2026 (No.2).

Amendment of sub-paragraph (1) of paragraph 4 of the Basic Directives. Cyprus Official Journal Part III (I):
16.9.2016
(L.A. 259/2016)
Cyprus Official Journal Part III (I):
3.2.2017,
(L.A. 41/2017)
Cyprus Official Journal Part III (I):
9.8.2019
(L.A. 274/2019)
Cyprus Official Journal Part III (I):
19.3.2020
(L.A. 106/2020)
Cyprus Official Journal Part III (I):
11.2.2022
(L.A. 61/2022)
Cyprus Official Journal Part III (I):
25.11.2022
(L.A. 452/2022)
Cyprus Official Journal Part III (I):
28.4.2023
(L.A. 128/2023)
Cyprus Official Journal Part III (I):
29.5.2026
(L.A. 244/2026).
2. Sub-paragraph (1) of paragraph 4 of the Basic Directives is amended by adding the following new term and its definition in the appropriate alphabetical order:
"Competent Provincial Land Registry Office" has the meaning assigned to this term in the Transfer and Mortgage of Immovable Property Laws of 1965 to (No. 2) of 2026;

Amendment of Annex II of the Basic Directives.
3. Annex II of the Basic Directives is amended as follows:
(a) by adding to point (a) of item (iii) of sub-paragraph (c) of paragraph (B), immediately after the phrase "approved loan" (second line), the phrase "subject to the provisions of point (c) of this item (iii)"; (b) by adding a new point (c) of item (iii) of sub-paragraph (c) of paragraph (B), as follows:
"(c) In cases of financing for the purchase of immovable property where there is an updated title of ownership at the time of transfer, which does not state a prohibition for voluntary transfer or/and mortgage, in a unit of a co-owned building, the submission of the title of ownership is accepted without the need to submit the building permit and the town planning permit regarding the co-owned building. It is understood that, in this case, and when the credit institution takes security over the aforementioned immovable property, the credit institution obtains a valuation of the immovable property as provided for in this Directive and the valuation report takes into account the special plan which is kept at the Competent Provincial Land Registry Office and depicts the current status of the immovable property in relation to it. It is further understood that, where the financing concerns the purchase of a co-owned building, the demolition and the erection of a new building, the credit institution ensures that before any disbursement concerning the erection works of the new building, the relevant building permit and town planning permit for the new building are submitted."

Entry into Force.
4. This Directive enters into force from the date of its publication in the Official Gazette of the Republic.