articles | 25 August 2014

Cabinet approves bill on credit institutions

The Council of Ministers has approved a bill on forclosures of mortgaged properties entitled 'The activities of Credit Institutions (Amendment) Law of 2014'.

Party leaders convened in Nicosia, with President Anastasiades briefing them on government decisions to protect borrowers and primary residences.

In a written statement, following the Cabinet meeting on Friday evening, Government Spokesman Nicos Christodoulides said the Cabinet discussed at length the issues raised at the meeting between the President of the Republic Nicos Anastasiades and the leaders and or representatives of the parliamentary parties, held at the presidential Palace.

He also announced that consultation with the Troika continues with the aim of completing the relevant bills and submitting them to the House of Representatives this Monday.

In statements prior to the Cabinet meeting, Christodoulides said that representatives of political parties had expressed a number of opinions, which the President shares and would be incorporated in a number of draft bills.

In his statements, Christodoulides expressed optimism about reaching a successful conclusion that will reinforce the country’s course towards economic recovery.

Replying to a question, he said that the Cabinet would finalize draft bills while taking into consideration the concerns outlined by the parties earlier in the day. Parties will be informed afterward in order to take their own decisions, Christodoulides added.

The foreclosures bill needs to be approved by the House of Representatives before the next Eurogroup meeting, in September, for the country to receive the next tranche of international assistance.

Source: Famagusta Gazette

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