Fi­nance Min­is­ter ex­pects fore­clo­sures vote on April 2

Financial Mirror (Cyprus) - - FRONT PAGE -

Fi­nance Min­is­ter Har­ris Ge­or­giades said he ex­pects the much-de­layed pack­age of bills reg­u­lat­ing fore­clo­sures and in­sol­ven­cies will be de­bated and hope­fully passed by par­lia­ment next Thurs­day, April 2.

The House of Rep­re­sen­ta­tives had suspended, once again, a law on fore­clo­sures of mort­gaged prop­erty, a cru­cial re­quire­ment of the is­land’s 10 bln bailout, to al­low time for the de­bate and ap­proval of the five bills com­pris­ing the in­sol­vency frame­work, be­lieved to pro­vide a safety net to vul­ner­a­ble bor­row­ers.

That was the fourth sus­pen­sion of the law, due to which the eco­nomic ad­just­ment pro­gramme with the Troika of in­ter­na­tional lenders has been frozen since last Septem­ber and pay­ments to the state cof­fers de­layed.

Com­ment­ing on al­le­ga­tions by MPs that the de­lay in pass­ing the in­sol­vency frame­work is due to the con­tin­u­ous re­vi­sion on the rel­e­vant bills by the gov­ern­ment, Gero­giades said he didn’t wish to get into that de­bate, but that the re­vi­sions in the texts were due to changes re­quested by the MPs, that have been mostly met.

“We need a re­li­able legal and reg­u­la­tory frame­work that will fa­cil­i­tate the smooth func­tion­ing of the fi­nan­cial sys­tem and money cir­cu­la­tion in the bank­ing sys­tem,” he said. He added that the bank­ing sys­tem should be able to at­tract new de­posits based on trust, to lend to busi­nesses and re­li­able house­holds and that there should also be re­pay­ment of loans and ex­pressed hope that the nec­es­sary rel­e­vant legal ar­range­ments will be made very soon.

He noted at the same time that the re­cap­i­tal­i­sa­tion and re­struc­tur­ing of the banks dur­ing the last two years al­lows them to begin pro­vid­ing fi­nanc­ing to the pro­duc­tive sec­tors of the econ­omy.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.