Restructuring solutions

Appeals process through Appeals Committee for restructuring:


Pursuant to the provisions of the Central Bank of Cyprus’ (“CBC”) Directive on Arrears Management of 2015 to 2022, as amended or replaced from time to time (the “Directive”), the Bank has adopted an independent appeal process mechanism for the impartial handling of appeals submitted by eligible borrowers who fall within the scope of the Directive’s provisions in relation to the restructuring of their credit facilities.


To this respect, the Bank has established an Appeals Committee, which examines appeals from borrowers who have completed the process of restructuring in accordance with the Directive’s provisions and wish to submit an appeal as to the outcome of the related process.


Any appeal should be submitted in writing by completing the Appeal Restructuring Form.


  • .PDF 3-07-2025
     
    Appeals process through Appeals Committee for restructuring

The Appeal Restructuring Form should be completed in full, signed by the borrower, and sent with all supporting documents to:

  • By post-office in a sealed envelope to the address:
    88, Dighenis Akritas & 36 Kypranoros Street,
    1061 Nicosia,
    Cyprus
    Attention: The Secretary of the Appeals Committee

    OR

    By e-mail to the email address: [email protected]

The Bank will provide to the borrower:

  • An official acknowledgement of the appeal, which will be provided no later than 21 days from the date of receipt of the complaint; and
  • An official decision regarding the appeal, which will be provided no later than two months from the date of receipt of the appeal.

The Appeals Committee has the right to invite the borrower who filed the appeal for a meeting and request additional information related to the appeal. In addition, the Appeals Committee is obliged to arrange a meeting with the borrower upon his/her request prior to issuing its final decision.



Borrowers’ and Guarantors’ Rights and Responsibilities:


The relevant document with Ref 0219-001 can be viewed here:


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    Borrowers’ and Guarantors’ Rights and Responsibilities


Mediation Procedure – Financial Ombudsman:


Pursuant to the provisions of Part VIA of the Establishment and Operation of a Single Body for the Out of Court Resolution of Financial Disputes Law of 2010 (84(I)/2010) (Financial Ombudsman Law), as amended or replaced from time to time, and the provisions of alternative dispute resolution agencies which are responsible for dispute resolution pursuant to The Alternative Dispute Resolution Law of 2017 (85(I)/2017), as amended or replaced from time to time.


You may have access to the applicable national and European legal framework relating to the Institution of the Financial Ombudsman by visiting the following link: www.financialombudsman.gov.cy


Contact details for the Commissioner of Financial Disputes Resolution:
Address: 13, Lord Byron Avenue,
1096 Nicosia.
Postal Address: P.O. Box 25735, 1311 Nicosia.
Telephone: 22848900 (central number)
Fax: 22660584, 22660118
Mediation: [email protected]
Enquiries: [email protected]



CBC Directive on Arrears Management of 2015 to 2022, as amended or replaced from time to time:


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    CONSOL-ARREARS-MANAGEMENT-DIRE


Code of Conduct on the handling of borrowers in financial difficulties:


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    conduct_on_the_handling_of_borrowers_in_financial_difficulties

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04 July 2025

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