This is a very important area given its significance for restoring demand for property and reducing the cost of credit. Securitisation could be used to offload the risk to specialised investors, if the legal framework is established to facilitate the transfer and work-out of bank assets.
BIS central bankers’ speeches  3  In addition, fiscal policy should continue on the path of consolidation, which is needed to ensure fiscal sustainability, consolidate access to international capital markets and further restore confidence in the Cypriot economy.