Applicable Laws, Regulatory Framework and Corporate Governance
At Themis, we adhere to high standards during every procedure. We protect your privacy values and always try to achieve a high degree of data protection. The principal regulatory framework that Themis complies with is that of the Central Bank of Cyprus which is as follows:
Information for Borrowers / Debtors
- Restructuring of Credit Facilities
- Code of Conduct on the Handling of Borrowers in Financial Difficulties (“Code”)
- Appeals process with regards to restructurings via the Appeals Committee
- Mediation Procedure via the Financial Ombudsman
- Contact details for the Commissioner of Financial Disputes Resolution
- Alternative Dispute Resolution
- Table of Commissions and Charges
- Useful Resources
1. Restructuring of Credit Facilities
On the 3rd of April 2015, the Central Bank of Cyprus issued the revised Directive on Arrears Management of 2015 (the “Directive”). This Directive, as well as its appendices, which can be downloaded from the website of the Central Bank of Cyprus, regulate the arrears management framework and establish a code of conduct between the credit acquiring companies (CyCACs) and the borrowers.
The main purpose of the Directive is to achieve a fair and maintainable rearrangement of credit facilities of borrowers (individuals and businesses) experiencing financial difficulties and who cannot meet their contractual obligations. Under this Directive, credit acquiring companies are required to examine and evaluate each case individually and propose solutions, matching the specific needs and economic circumstances of each borrower.
2. Code of Conduct on the Handling of Borrowers in Financial Difficulties (“Code”)
The Code is part of the Directive on Arrears Management (Appendix 2 of the Directive).
Themis PM shall apply the provisions of the “Code” to the following persons:
- Natural persons granted credit facilities by the CyCACs with total balances of credit facilities (including the credit facilities of their connected persons) of up to one million euros (€1,000,000). The said scope of application includes guarantors of the borrower and third parties who provided securities to Themis for the borrower.
- Micro and small enterprises granted credit facilities owned by Themis with total balances of credit facilities (including credit facilities of their connected persons) of up to one million euros (€1,000,000). Micro and small enterprises are defined as follows (European Commission Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises (2003/361/EC)):
| Enterprise Category | Number of Employees | Annual Turnover or Balance Sheet Total |
| Micro | <10 | < or = € 2 million |
| Small | <50 | < or = € 10 million |
The following persons do not fall within the scope of application of the Code:
- Persons for whom an application for bankruptcy was filed by another creditor
- Persons for whom a receiver or administrator was appointed by another creditor
- Persons for whom a dissolution decree was issued.
Borrowers in financial difficulties who seek a restructuring of their loans and who are within the scope of application of the Code must be aware that, in compliance with the Code, the CyCACs are required to:
- Communicate with the borrower during the presence of arrears.
- Request financial information from the borrower. Borrowers who are natural persons are required to submit the “Personal Financial Statement” (PFS), duly completed and signed and a signed declaration to the relevant CyCAC on the completeness and accuracy of the data in the PFS. The PFS is available on Themis Portfolio Management Limited website. When the PFS is completed correctly and quickly, the assessment for restructuring purposes will be completed the soonest possible.
- Assess financial information.
- Propose restructuring solutions.
- Communicate the restructuring proposal.
- Inform the borrower about the mediation procedure governed by the provisions of Part VIA of the laws on the Establishment and Operation of the Financial Ombudsman of 2010 and 2020, as subsequently amended or replaced, and about the alternative dispute resolution agencies which are responsible for dispute resolution pursuant to the National Consumer Alternative Dispute Resolution Law (85 (I) / 2017), as subsequently amended or replaced.
- Inform the borrower of his or her right to submit an appeal to the appeals committee as well as the appeals process.
To inform the public regarding this subject, the Central Bank provides the following information in summary form that analyses:
- Basic provisions of the Code that the borrowers should be aware of.
- Important steps to be followed by a borrower who is experiencing financial difficulties.
3. Appeals Process with Regards to Restructurings via the Appeals Committee
Based on this Directive, Themis has adopted an appeal process mechanism and has established an Appeals Committee that is independent from the credit granting, monitoring, and restructuring functions. Our intention is to ensure an impartial and without conflicts of interest handling of the appeals received from borrowers who fall within the scope of the Code concerning the restructuring of credit facilities.
Borrowers who wish to submit an appeal must do so in writing by filling out the Submission of Appeal on Restructuring Form.
By post:
60 Armenias Street,
2060 Strovolos
Nicosia, Cyprus
By e-mail:
The borrower may communicate with his relationship managers until the Appeals Committee decides on the appeal.
According to the Directive, Themis Portfolio Management Limited will provide the borrowers with an official acknowledgement of the appeal within twenty-one (21) days from the date of receipt of the complaint and will furnish the official decision of the appeals committee within a maximum of two (2) months from the appeal’s date of receipt.
If in the period between the submission of the appeal and the receipt of the committee’s decision, the borrowers wish to be informed on the progress of their appeal, they may contact Themis, which will respond within twenty-four (24) hours.
The appeals committee shall have the right to invite the borrower who filed the appeal for a meeting as well as the obligation to have a meeting with the borrower should he or she request such a meeting.
4. Mediation Procedure via the Financial Ombudsman
If the borrower wants to do so, he or she shall be entitled to submit a written request to the Financial Ombudsman (Commissioner) for the appointment of a mediator concerning the restructuring of the credit facilities provided that the total contractual obligation of the borrower is not more than three hundred and fifty thousand euros (€ 350.000) and is secured by a mortgage or collateral assignment over a property used as primary residence (resident owner for at least six months per year).
The application for the appointment of a mediator may be submitted:
- within 14 days from the day the borrower submits the "Personal Financial Statement" (PFS) to Themis, or
- within 30 working days from the date on which Themis submits the "Letter of offer" / "Letter of negative decision” for the restructuring of credit facilities to the borrower.
The duration of the mediation process shall not exceed one (1) month; the cost for the use of the mediator’s services does not exceed five hundred euro (€500) and 80% of the cost is allocated to the Themis Portfolio Management and 20% to the borrower.
The duration of the mediation process shall not exceed one (1) month; the cost for the use of the mediator’s services does not exceed five hundred euro (€500) and 80% of the cost is allocated to the Themis and 20% to the borrower.
Additional information can be found below:
Relevant Legislation
5. Contact details for the Commissioner of Financial Disputes Resolution:
Address: 15, Kipranoros, 1061 Nicosia
Postal Address: P.O. Box 25735, 1311 Nicosia
Telephone: 22848900 (central number)
Fax: 22660584, 22660118
Mediations: mediations@financialombudsman.gov.cy
Enquiries: enquiries@financialombudsman.gov.cy
6. Alternative Dispute Resolution:
In the event you are not satisfied with the response of Themis to your complaint, and provided that you are a consumer (i.e. a natural person who is acting for purposes which are outside his trade, business, craft or profession as regards the subject of the complaint), you may refer your complaint to an approved alternative dispute resolution entity (“ADR Entity”), according to the provisions of the Law on Alternative Consumer Dispute Resolution of 2017 (N85(I)/2017) as amended or replaced from time to time. Information regarding the ADR Entities, is available on the official website of the Consumer Protection Service of the Ministry of Commerce and Industry consumer.gov.cy.
In addition to the Financial Ombudsman and for the time being, such entities are the following:
Cyprus Consumer Centre for Alternative Dispute Resolution:
Tel.: 357 22 519741
Fax: 357 22 318214
Email: secretariat@adrcyprus.com
Address: Kyriakou Matsi 16, Eagle House, 8th Floor, Agioi Omologites 1082 Nicosia,
Cyprus
ICLAIM Centre:
Tel.: 357 24 694096
Email: info@iclaimcentre.org
Website: iclaimcentre.org
Address: University Ave 12-14, Pyla 7080 Larnaca, Cyprus
Furthermore, following the submission of your complaint with an ADR entity, we will inform you as to whether we have the intention to be legally bound by the decision of the ADR Entity.
7. Table of Commissions and Charges
Except where otherwise stipulated, the charges set out in the table of commissions and charges are inclusive of VAT and are those that applied in January 2021.
| Legal Entities | ||
| Copy of account statement | €5 | For each periodic statement (irrespective of the number of pages). |
| Documentation Fees (for restructuring or new funding) | €50 | Fixed charge for small companies with exposure up to €50.000. |
| €150 | Fixed charge for small companies with exposure up to €500.000. | |
| €350 | Fixed charge for corporate companies with exposure over €500.000. | |
| Release of mortgage | €75 | Fixed charge. |
| Arrangement Fees for new lending | 0.5% - 1% | On the new funding. |
| Interest and balance certificate per borrower (Auditors) | €100 | Annual charge. |
| €60 | Additional charge for other additional information. | |
| Interest and balance certificate | €5 | Annual minimum charge per account. |
| Recommendation Letter |
€35 | |
| Loan arrears |
2% | Charge of additional interest on arrears which shall remain in effect for as long as arrears are outstanding, charged upon closure of the account. |
| €5 | Each month, for the first sixty days that the loan is in arrears. | |
| €20 | Each month, after the first sixty days that the loan is in arrears. | |
| Individuals | ||
| Copy of account statement | €5 | For each periodic statement (irrespective of the number of pages). |
| Documentation Fees (for restructuring or new funding) | €50 | Fixed charge for individuals with exposure up to €50.000. |
| €75 | Fixed charge for individuals with exposure up to €300.000. | |
| €150 | Fixed charge for individuals with exposure over €300.000. | |
| Release of mortgage | €50 | Fixed charge. |
| Arrangement Fees for new lending | 0.5% - 1% | On the new funding. |
| Interest and balance certificate per borrower (Auditors) | €20 | Annual charge. |
| €30 | Additional charge for other additional information. | |
| Interest and balance certificate | €5 | Annual minimum charge per account. |
| Recommendation Letter |
€35 | |
| Loan arrears |
2% | Charge of additional interest on arrears which shall remain in effect for as long as arrears are outstanding, charged upon closure of the account. |
| €5 | Each month, for the first sixty days that the loan is in arrears. | |
| €20 | Each month, after the first sixty days that the loan is in arrears. | |
NOTE: The charges outlined within this table of commissions and charges are subject to change. In particular, Themis may amend any of the charges due to or in anticipation of (a) any new laws, regulations or any changes in or in interpretation of existing laws and regulations; (b) any changes to banking and/or credit acquiring companies’ practices, industry recommendations, including but not limited to the adoption of any voluntary code of practice and any subsequent charges thereto, and any decisions or guidelines given by relevant regulatory, trade or professional bodies; (c) increases in the cost to us of agreeing to offer a service or of making a service available including the cost we pay to others; (d) increased charges made by other credit acquiring companies or financial institutions in the Republic of Cyprus for similar services; (e) increased costs associated with changes in relevant market conditions or relevant technology; (f) any reorganization of our business as a result of it being acquired by, or us acquiring, another organization; (g) any events beyond our reasonable control.