Paphos People

The government will soon roll out its ‘Mortgage to Rent’ scheme after getting the green light from the European Commission, a senior official briefed MPs on Monday.

Giorgos Panteli, permanent secretary at the finance ministry, said they have in hand the formal response of the European Commission’s Directorate-General for Competition.

Panteli told lawmakers that the European Commission, having reviewed the Mortgage to Rent (MtR) scheme, is aligned with the government’s own position that the scheme has a “social character” and does not appear to provide any financial advantage to participating banks or credit acquiring companies.

Later this month the EC will issue a decision stating that MtR is compatible with the rules governing state aid, okaying the transformation of asset management entity Kedipes into an agency implementing MtR.

Kedipes is the successor entity to the state-run cooperative bank, shuttered in 2018.

FULL STORY:- https://cyprus-mail.com/2023/07/03/mortgage-to-rent-scheme-nearing-completion/

_________________
Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”