One change after another in the bills that will strengthen the legal framework to address the problem of red loans and improve their management. These are two bills that will have to be approved at the end of the year, as they are part of the prerequisites for the disbursement of the second installment of € 85 million from the Recovery Fund.
It is recalled that a few days ago, after a suggestion of the Commissioner for Personal Data Protection, Irini Loizidou Nikolaidou, the two bills were revised while the third bill, which provided that in case of notification to the mortgage debtor for the second relevant notification by the Director of the Cadastral Department, was withdrawn.
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As stated, the principle of accountability requires that transparency apply not only at the point of collection of personal data, but also throughout the processing life cycle. Despite the revision of the two bills, other amendments are expected to be made to them after suggestions submitted by the Financial Commissioner Pavlos Ioannou. During yesterday's session of the Parliamentary Committee on Finance, Mr. Ioannou agreed with the withdrawal of the third bill but also with some individual changes.
As he said, the passing of the bills is necessary, although their effectiveness will not be the maximum possible. He also pointed out that regardless of the findings, it will be useful to pass the bills given the very large stock of non-performing loans that are in the credit companies and KEDIPES. At the same time, Mr. Ioannou noted that it should be ensured that the new tools that will be in the hands of credit card companies and their managers, should not be abused which will be to the detriment of borrowers.
He argued that such abuse would lead to a further reduction in the size of the middle bourgeoisie. In fact, he noted that the law should clarify that borrowers will have the right to apply to the Financial Commissioner to file a complaint or to appoint a mediator in order to restructure credit facilities.
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