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Cyprus

Foreclosures ‘safety net’ to be approved this week

Anastasiades speaks to reporters on Monday

The government will this week unveil a ‘series’ of proposals designed to protect vulnerable groups, to complement its foreclosures legislation, President Nicos Anastasiades said on Monday.

“They are coherent specific measures aimed at satisfying the broader sense of safeguarding the rights of not only vulnerable groups, but also those who justifiably need protection,” Anastasiades told reporters on Monday after a meeting held at the presidential retreat in Troodos.

The proposals are expected to be approved by the cabinet on Wednesday.

Attending the meeting were the ministers of the interior and of finance, the undersecretary to the President and the leader of the DISY part.

Anastasiades said the extra measures decided upon would address parties’ concerns that the foreclosures bill may lead to mass seizures of collateralised properties, particularly people’s primary residences.

The measures would be immediately forwarded to parliament, he added.

The House needs to pass the core foreclosures bill as is this month, as per the demands of Cyprus’ international creditors.

The additional measures would include, but not be limited to, proposals under the insolvency framework currently being shaped, Anastasiades said responding to a question.

These include schemes supporting homeowners who have fallen on hard times and are genuinely having difficulty with servicing their mortgage.

The state has the necessary funds to finance these schemes, the president said.

Asked whether the government has a plan B in mind in case the additional measures fail to sway the parties, Anastasiades said he had confidence in the parties “acting responsibly” as they have done for most of the bailout-related legislation thus far.

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