MPs push in­sol­ven­cies vote to af­ter Easter

Financial Mirror (Cyprus) - - FRONT PAGE -

The vote on the in­sol­ven­cies bill, the fi­nal part of the frame­work to con­clude the fore­clo­sures leg­is­la­tion, has now been pushed to af­ter the Easter break as the House Fi­nance and In­te­rior Com­mit­tees said they did not have time to prop­erly re­view the bills in or­der to put them to a vote at the ple­nary on Thurs­day. An ex­tra­or­di­nary ses­sion will be held on April 16. The lat­est de­lay, af­ter op­po­si­tion par­ties first raised ob­sta­cles last Septem­ber and con­tin­ued to post­pone the im­ple­men­ta­tion of the par­al­lel fore­clo­sures bills, is now due to “grey points” over the con­sti­tu­tion­al­ity of the bills, as well the dif­fer­ent in­ter­pre­ta­tions of guar­an­tors that par­ties want to ab­solve of any re­spon­si­bil­ity of the mort­gage holder is de­clared in­sol­vent.

The House Fi­nance and In­te­rior Com­mit­tees will meet on Easter Mon­day (April 13) to dis­cuss the par­ties’ var­i­ous amend­ments, with par­lia­ment ex­pected to vote on the fore­clo­sures pack­age be­fore the Eu­rogroup meet­ing on April 23.

With the rul­ing DISY’s 20 votes and for­mer coali­tion part­ners DIKO’s eight, not enough to pass the bills, sin­gle­seat EVROKO leader Demetris Syl­louris wants the fore­clo­sures to de­ter­mine that if the prop­erty is less than 80% of the ini­tial value then guar­an­tors should be ex­empted. If the value is more than 80%, then the guar­an­tor should un­der­take to re­pay the bal­ance with­out be­com­ing in­sol­vent.

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