Appeals process with regards to restructuring
The Central Bank of Cyprus issued on 9 September 2013 the Directive on Arrears Management of 2013. This Directive, as well as its Appendices, which can be downloaded at the webpage of the Central Bank of Cyprus, regulate the arrears management framework and establish a code of conduct between Authorised Credit Institutions (ACIs) and borrowers. The main purpose of the Directive is to bring achievable, successful and sustainable long-term credit restructuring solutions.
Based on this Directive, the Bank has adopted an Appeal Process mechanism and has established an Appeals Committee, for the impartial handling of the appeals received by borrowers in relation with restructuring of credit facilities.
Borrowers who wish to submit an appeal must do that in writing by filling out the Submission of Appeal on Restructuring Form (001-01-1888), available here. The form is also available in all bank branches.
The form should be completed in full, signed by the borrower, and sent with all supporting documents either:
According to the Directive, the Bank will provide the borrowers with an official acknowledgement of the appeal, which may not be later than fifteen (15) business days from the date of receipt of the complaint, and an official decision of the Appeals Committee, which may not be more than three (3) months from the date of receipt of the appeal.
If, in the period between the submission of the appeal and the receipt of the decision of the Committee, the borrowers wish to be informed on the progress of their appeal, they may contact the 1Bank Call Center / Telebank, which shall respond within twenty four (24) hours.
For the Submission of Appeal on Restructuring form, press here.