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Cyprus

Five separate bills freezing foreclosures to be discussed at House finance committee

Five bills tabled by various political parties with the central focus of freezing foreclosures will be discussed on Monday at the House Finance Committee.

The draft laws were submitted by socialist Edek, the Ecologists’ Movement, communist Akel and far-right Elam.

Edek is asking for all such sales to be postponed until the end of the year due to the looming recession expected because of the ongoing pandemic.

The Greens submitted two bills, one on the freezing of foreclosures due to non-payment of mortgages and the second, suspending any processes already in the works to cover the period March to June 2020.

Akel’s bill involves postponement until emergency measures and policies are decided and put in place.
Elam calls for suspension until the end of the year.

The meeting will be attended by the permanent secretary of the finance ministry, the financial ombudsman, officials from the central bank, the association of commercial banks, employers’ organisations and unions.

Also on the agenda is the possibility of extending the measure put in place by financial institutions for non-defaulters to suspend their loan repayments beyond December 31.

This proposal was tabled by MPs Panikos Leonidou of Diko, independent Anna Theologou and the Greens’ Giorgos Perdikis.

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