Insider Economy President to refer foreclosures bill back to parliament by week’s end

President to refer foreclosures bill back to parliament by week’s end

Cyprus President Nicos Anastasiades is expected before the end of the week to refer back to parliament the foreclosures bill which was voted in by the plenum last Friday.

The President made his intentions clear yesterday before the council of political party leaders, according to informed sources.

One source also told Phileleftheros that Central Bank of Cyprus Governor, Constantinos Herodotou, has advised the President that the referral of the bill which basically slows down the island’s foreclosure procedures is a must.

Because, the Governor had stressed, amendments to the legal framework on foreclosures are very likely to pave the way for international rating firms to react negatively. This means that they will  strike a blow to the credibility of the Cypriot economy and of its banking sector.

In addition, the Governor has assured the President that he would be at the disposal of the House so as to strengthen the Central Bank’s directive on the restructuring of loans, the same source also said.

Another informed source told Phileleftheros that the President will refer the bill drafted by opposition parties Diko, the Greens, Solidarity Movement and Citizens’ Alliance because he believes the country’s financial system and economy, in general, would be jeopardised.

At the same time, centre Diko leader Nicolas Papadopoulos reportedly  admitted yesterday that the specific proposal was not complete and that  the House had received a commitment from Financial Commissioner Pavlos Ioannou and the Central Bank that they would contribute towards the improvement of some provisions.

In fact, Papadopoulos had suggested before the bill went to the plenum for a vote that this could be re-examined in September after the return of the MPs from summer holidays.

On the other hand, head of the Green party George Perdikis made clear  that their proposal did not aim towards blocking the foreclosures process but rather to exert pressure on banks to implement the Central Bank’s directive on restructuring. The positions of other parties supporting the amended foreclosures bill were more or less on the same wavelength.

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