Directive of 2026 on Setting and Payment of Fees relating to the Supervisory duties of the Central Bank regarding the Credit Servicers

E.E.Par.III(I) K.D.P. 142/2026
No. 6009, 20.3.2026
Number 142

THE LAWS ON THE SALE OF CREDIT FACILITIES AND FOR RELATED MATTERS OF 2015 TO 2024 _______________ Directive under Articles 16 and 17 169(I) of 2015 86(I) of 2018 129(I) of 2022 121(I) of 2024.

The Central Bank of Cyprus, exercising the powers conferred upon it by Articles 16 and 17 of the Laws on the Sale of Credit Facilities and for Related Matters of 2015 to 2024, issues this Directive.

PART I – TITLE, INTERPRETATION, SCOPE AND PURPOSE

Short Title.

1. This Directive shall be cited as the Directive on the Setting and Payment of Fees relating to the Supervision of the Central Bank regarding Credit Servicers of 2026.

Interpretation. 2.- (1) For the purposes of this Directive, unless the context otherwise requires—

“Supervisory Fees” means the supervisory fees determined and collected by the Central Bank relating to the performance of its duties under the Law and for which it issues instructions for their setting and payment under Articles 16 and 17 of the Law.

“Charge Year” means the calendar year for which the supervisory fees relating to the exercise of the Central Bank’s powers and authorities under the Law are recovered.

“Law” means the Laws on the Sale of Credit Facilities and for Related Matters of 2015 to 2024, as amended or replaced from time to time.

(2) Terms included in this Directive and not interpreted otherwise have the meaning attributed to them by the Law.

Scope.
3. This Directive applies to credit servicers.

Purpose.
4. The purpose of this Directive is to determine the fees relating to the performance of the Central Bank’s supervisory duties regarding credit servicers and the manner of their payment to the Central Bank.

PART II – SUPERVISORY FEES ON A CREDIT SERVICER

Imposition of supervisory fees.
5. Supervisory fees are imposed by the Central Bank at any time during the calendar year following the relevant Charge Year.

Costing of performance of duties.
6. The total amount of supervisory fees provided for in paragraph 5 is determined on the basis of the total direct and indirect costs of performing the Central Bank’s duties, which are calculated using a methodology approved by the Central Bank from time to time.

Method of calculating supervisory fees.
7.- (1) Supervisory fees consist of:
(a) a fixed charge amount of three thousand euros (€3,000) for each Charge Year, and (b) a variable charge amount for each Charge Year, which shall be apportioned based on the proportion of the average quarterly level of the credit facility portfolio entrusted to the specific credit servicer.

(2) A credit servicer who manages simultaneously a credit facility portfolio under the Law on Credit Managers and Credit Buyers and for Related Matters of 2024 during the same Charge Year pays only the variable charge amount provided for in point (b) of sub-paragraph (1) of this paragraph and does not pay the fixed charge amount provided for in point (a) of sub-paragraph (1) of the same sub-paragraph.

(3) Supervisory fees are determined and imposed in proportion to the time during which the credit servicer operated during the relevant Charge Year.

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Procedure and manner of payment of supervisory fees.
8.- (1) The Central Bank notifies, by any means it deems necessary, the supervisory fees as calculated under paragraph 7, to the credit servicers, who are obliged to pay them to the Central Bank within thirty (30) days from the date of notification.

(2) The payment of supervisory fees is made in a manner determined by the Central Bank and at expenses borne by the credit servicers.

PART III – MISCELLANEOUS PROVISIONS

Repeal of K.D.P. 391/2023.
9. The Directive on the Setting and Payment of Fees relating to the Performance of the Duties of the Central Bank regarding Credit Purchase Companies and Credit Servicers of 2023 is repealed.

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

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