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Next Previous To Plenary the bills for protection of guarantors of MES HOME • INSIDER • CYPRUS • To plenary the bills for protection of guarantors of MES
The passage of the bills for the strengthening of the legal framework for the management of non-performing loans (NPLs) is in progress, since there was an agreement between the opposition parties and the Government regarding the protection of guarantors.
The pending issue for eight months now, it was discussed today in closed session of the Finance Committee of the Parliament. The approval of the bills was a prerequisite for the disbursement of the first tranche of the Recovery and Resilience Fund.
READ ALSO: & nbsp; Laws Opening Recovery Fund
Opposition parties oppose granting loan companies access to guarantor and land registry data Artemis system, while ELAM, DIPA-Cooperation and the Ecologists 'Movement-Citizens' Cooperation submitted a relevant bill.
ELAM MP Sotiris Ioannou expressed the position that the European Commission's response gives the Government room to remove the guarantors from the specific bill and to accept the amendment submitted by the parties. ELAM, he stated, will not accept any solution or proposal that does not protect the guarantors against the predatory and authoritarian dispositions of the banking institutions.
In his statements, DIPA-Cooperation MP Alekos Tryfonidis referred to the party's amendment to protect guarantors from possible abuses and misconduct by credit facility management companies and said that “it seems that our persistence has helped.” The government will consult with the European Commission and submit an improved text, he said. .
Our intervention, he said, is aimed at encouraging short and equitable restructurings, and in no case will we protect strategic defaulters.
He added that the behavior of loan management companies is sometimes destructive towards borrowers. . At the time they quadruple a loan, he said, they buy it at 1/6 of its original price and then reduce the price of the property to 1/3 of its original value.
The MP of the Ecologists' Movement – Citizens' Cooperation Stavros Papadouris stated that it seems that the Ministry, after eight months of discussion, fully accepts the amendment of the Ecologists' Movement, DIPA and ELAM to exclude guarantors from access & nbsp; in their data from management companies.
As he said, the management companies do not have the ownership status of a loan and are not allowed to have & nbsp; any access to the matters of guarantors, related parties or collateral providers. He added that they will expect YPOIK to go back to the European Commission with the agreed changes, and to see if this will solve the issue and the payment of the first installment of the Recovery and Sustainability Plan will be made.
He also said that The reason for the amendment was not to delay the Ministry, but because one in two citizens in Cyprus today is a guarantor and will be affected by this legislation. He added that there are arbitrations from the former Co-operation that have been court decisions and bear interest at 9% and 12% and bad banking practices, courts that move with very slow procedures. He also mentioned that the agreement so far between KEDIPES and Altamira speaks of a 4% commission on & nbsp; case of sale of a mortgage property and only 0.5% for restructuring of the loan.
They were informed today, as he said and welcomed the fact, that there will be a revision of this agreement between KEDIPES and Altamira. The new agreement, he said, will provide more incentives for restructuring rather than the sale of mortgages.