Insider Economy Foreclosures bills saga continues

Foreclosures bills saga continues

The saga over the island’s new foreclosures bills continues with no final decisions taken yesterday when the House Finance Committee held an extraordinary meeting on the thorny issue.

The ongoing debate by opposition MPs is whether to accept President Nicos Anastasiades’ veto, which would put the matter to bed, or reject it and leave it to the Supreme Court to have the final say.

The answer to the question will most probably be given tomorrow at the plenum’s extraordinary session with absentee votes expected to play a key role in the overall outcome.

On Monday, parliament decided to postpone voting on the vetoing by the President of the amended bills that basically slow down the island’s foreclosures process. The bills were tabled some two weeks ago.

Opposition parties are saying that they want to introduce additional safeguards for homeowners with mortgages they are unable to service. As well as to restore the negotiating balance between lenders and borrowers.

A compromise solution seems to be in the proposal tabled by centre Diko affording the Financial Ombudsman the power to decide whether a bank had complied with the Central Bank of Cyprus’ code of ethics on loan restructuring.

This is one of the issues raised by opposition MPs who claimed borrowers were at the banks’ mercy.

However, CBC Governor Constantinos Herodotou told MPs yesterday that this was considered a temporary solution, and that they would try and find a permanent way to resolve the matter.

He also said that a mechanism can be found that will work but also be in line with the island’s obligations towards the European Central Bank and the Single Supervisory Mechanism (SSM).

The CBC suggested enabling the ombudsman to halt a foreclosure during the period between the time he decided the code of ethics had been violated until the CBC issued its own decision.

But opposition parties objected because the CBC’s proposal limited the scope of the bill to loans that have a primary residence as collateral.

By Demetra Landou

 

Read more:

https://in-cyprus.com/ecb-warns-significant-negative-impact-if-new-law-on-foreclosures-is-implemented/

Top Stories

Five arrested for possession of 1.2 kilos of cannabis

Police said they have found 1.2 kilos of cannabis and arrested five youths after a car chase in the Nicosia district. They said that acting...

Trump drops idea of New York lockdown as U.S. death count crosses 2,000

President Donald Trump said on Saturday that he would issue a travel warning for the hard-hit New York area to limit the spread of...

Labour Ministry: Special leave requests for parents

The Labour Minister's decision on the special allowance for parents looking after their children because schools have closed has been published in the special...

UK universities minister tells students ‘stay where you are’

Michelle Donelan, the UK's minister of state for universities, has told students at English Universities who are still in halls of residence or private...

U.S. coronavirus cases surge past 115,000; Trump mulls New York quarantine

The number of known coronavirus U.S. cases soared well past 115,000, with more than 1,900 dead, as President Donald Trump said on Saturday he...

Taste

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....

Classic Pastitsio

Prepare the mince sauce: heat the butter in a pan and sauté the mince with the onion and garlic until nicely browned, mixing well....

Grilled vegetable and goat cheese rolls

Brush the vegetables with olive oil and season. Heat a pan/griddle and cook them carefully until golden on both sides, making sure their shape...