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Monday, May 20, 2024

The issue of sales again in the Parliament on Monday in the presence of the Minister of Finance

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The subject of divestments will be raised again on Monday in the parliamentary Finance committee, as well as in a joint session of the committee together with the Legal Committee, in the presence of the Minister of Finance Makis Keravnos, who is expected to present the wider government package of seven measures for a comprehensive response of the sale issue.

The session will take place after the decision of the Plenary of the Parliament last Thursday to postpone the vote and return to the Finance Committee the controversial AKEL law proposal, which is co-signed by ELAM, EDEK, DIPA, the Environmentalists and MPs of DIKO, which gives the mortgage debtor and other interested parties the right to apply to a competent court for the suspension of property sale procedures, in specific cases, such as disputing the amount owed and invoking the existence of abusive clauses in loan or mortgage contracts. The proposal of the President of EDEK Marinos Sizopoulos, which deals with the sale of a property at the estimated value on the date of the conclusion of the loan agreement, also returns to the committee. At the same time, both the Cyprus Banks Association and Credit Acquisition and Management Companies announced a voluntary suspension of auctions of mortgaged main residences worth up to €350,000 until the end of October.

At 11:30 a joint session of the two committees will take place, according to which will be presented the bill that provides for the creation of special jurisdiction in the District Courts for adjudicating borrower and creditor disputes.

The bill provides for the issuance of instructions by the Supreme Court, so that the President of the District Court may appoint a number of judges for the purposes of adjudicating cases concerning disputes arising between the borrower, the guarantor and the collateral provider with the creditor in relation to a credit facility which is secured with a main residence, the estimated value of which does not exceed €350,000.

Subsequently, the Finance committee will continue (after 13:00 based on the committee's agenda) the session, where, in the presence of the Ministry of Finance, it will re-examine the postponed law proposals.

It will also consider the proposed law, which was tabled last Thursday, which transfers the provisions of the mechanism proposed by the CBC, which provide for the safeguarding of the rights of an eligible mortgage borrower of a principal residence with an assessed value of up to €350,000, to be registered on his behalf appeal to the District Court to set aside the auction within 21 days from the date of receipt of the notice, if one of the grounds provided for in the proposed law exists. It should be noted that in the proposal as originally submitted, the maximum value was €250,000.

The proposal is signed by Christiana Erotokritou and Chrysis Pantelidis on behalf of the DIKO parliamentary group, Marinos Sizopoulos on behalf of EDEK Socialist Party and Alekos Tryfonidis on behalf of the Democratic Faction-Cooperation of Democratic Forces.

Furthermore, at tomorrow's session of the Finance Committee, which is expected to be long, the supplementary state budget of €361 million

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Source: www.kathimerini.com.cy

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