The Arrears Management (Amending) Directive of 2026

The Laws on the Operations of Credit Institutions of 1997 to 2026

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Directive under Article 41

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

Official Gazette Part III (I):
No. 6018, 28.4.2026

Number 204

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.

Short Title.

Official Gazette Part III (I): 3.4.2015, (S.I. 107/2015) Official Gazette Part III (I): 31.7.2020

1. This Directive shall be cited as the Arrears Management (Amending) Directive of 2026 and shall be read together with the Arrears Management Directives of 2015 to 2022 (hereinafter referred to as the "Principal Directive"). The Principal Directive together with this Directive shall be referred to together as the Arrears Management Directives of 2015 to 2026.

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(S.I. 339/2020)
Official Gazette Part III (I): 25.11.2022 (S.I. 451/2022).

Amendment of paragraph 9 of Part IV of Annex 1 of the Principal Directive.

41(I) of 2017
149(I) of 2017
30(I) of 2019
77(I) of 2021
49(I) of 2023
119(I) of 2024.

Addition of new paragraph 17A to Part VI of Annex 1 of the Principal Directive with the following subheading: "Outsourcing".

Official Gazette Part III (I): 15.10.2021 (S.I. 426/2021) Official Gazette Part III (I): 7.7.2023 (S.I. 213/2023) Official Gazette Part III (I): 29.12.2023 (S.I. 428/2023) Official Gazette Part III (I): 29.11.2024 (S.I. 395/2024) Official Gazette Part III (I): 7.4.2025 (S.I. 03/2025).

Commencement.

2. Sub-paragraph (2) of paragraph 9 of Part IV of Annex 1 of the Principal Directive is amended by renumbering the existing text thereof as point (i) and adding immediately after the end thereof the following new point "(ii)":

"Furthermore, the Credit Institution must document the reasons why the possibility or possibilities of restructuring measures offered to the borrower, in accordance with Article 28 of the Consumer Credit for Residential Property Law, are appropriate based on the specific circumstances of the borrower and must create and maintain adequate records of its contacts and communications with the borrower facing repayment difficulties, for at least six (6) years after the completion of the restructuring process with the borrower."

3. Part VI of Annex 1 of the Principal Directive is amended by adding immediately after paragraph 17 the following new paragraph 17A:

"In cases where the activity of the Credit Institution is outsourced in whole or in part to third parties, the Credit Institutions shall ensure that they comply with the requirements set out in the Internal Governance of Credit Institutions Directive of 2021, as amended subsequently, regarding the outsourcing of activities, including the final responsibility of the Credit Institutions in the outsourcing of activities."

3. This Directive shall come into force on the date of its publication in the Official Gazette of the Republic.

Printed at the Government Printing Office of the Republic of Cyprus, 1445 Nicosia, Cyprus Tel.: 22405824, Fax: 22303175 - www.mof.gov.cy/gpo Copies of the Official Gazette are sold at €2.00 each

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