The members of the Parliamentary Committee on Finance are in charge of the new revised texts concerning the bills which strengthen the legal framework for dealing with non-performing loans.
This is the third time that the specific bills have been revised, which must be approved by the end of the year as they are prerequisites for the disbursement of the next installment of € 85 million from the Recovery Fund.
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As it became clear during the discussions in the Parliamentary Committee, the dialogue that took place between the Ministry of Finance, the Financial Commissioner, the Commissioner for Personal Data Protection and other involved bodies was not completed, as a result of which they went to the Parliament and consulted. This particularly annoyed the members of the parliamentary Finance Committee who called on the parties involved to sit down again at the table. After the new revision of the bills, they will be discussed again on Friday in order to be led to the Plenary Session of the Parliament as soon as possible.
According to information from “F”, after consultation of the Legal Service with the Pancyprian Bar Association and with the consent of the Ministry of Finance, the texts of the bills were included in two new amendments. In particular, the definition of administrator included a reservation under which the administrator, for the execution of a court or arbitral award, to be issued in connection with the credit facility agreement, would receive legal services from a lawyer practicing the profession or from a law firm in accordance with with the provisions of the Law on Lawyers. At the same time, the bill explicitly added a reference to the borrower's right to address the Financial Commissioner in accordance with its provisions on the Establishment and Operation of the Unified Out-of-Court Financial Dispute Resolution Body, for the purpose of filing complaints and . The last change was made following suggestions by the Financial Commissioner Pavlos Ioannou. It is worth noting that a few weeks ago, two of the three bills were revised after a series of proposals submitted to Parliament by the Commissioner for Personal Data Protection, Irini Loizidou Nikolaidou. At the same time, the third bill was withdrawn, which provided that in case of notification to the mortgagee regarding the transfer of a mortgage, the relevant notification will not be sent for the second time by the Director of the Land Registry.