Insider Business House plans for day-after Co-op deal vote

House plans for day-after Co-op deal vote

The parliament is planning ahead for the day after the parliament votes for state guarantees for the Co-operative Bank of Cyprus, which will seal the deal between Co-op and Hellenic Bank. DISY is preparing two urgent bills to be presented on Sunday. The governing party’s plan is to make sure that the transition for the Co-op is as smooth as possible.

The first bill concerns the licence of the Agency that will be set to manage Co-op’s remaining assets. The second bill will modify the law on cooperative-credit institutions, changing the existing arrangements for inter-bank transactions so that Co-op can accept a deposit from another bank. This proposal was deemed necessary because of the possible need for liquidity that Co-op may have, in the event that the outflows of recent days’ continue.

Today, the House Finance Committee will continue its article by article examination of the package of bills on NPLs with parties expected to propose dozens of amendments: AKEL, EDEK and Green Party may jointly propose modifications.

Among the amendments proposed is the debtor’s right to go to court during the process of the sale of mortgaged immovable property, if this property was mortgaged under a loan of up to €350,000 or if it constituted a principal residence or main business premises.

AKEL is seeking to suspend the sales of mortgaged principal residences and premises housing small businesses. EDEK is proposing amendments to the value of mortgaged property which can be sold and the Green Party is proposing changes in the definition of ‘strategic bad payers’. ELAM wants to ban online auctions.

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