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Parliament rejected bill on new foreclosures moratorium

10/03/2023 10:57

The majority of the House of Representatives voted on Thursday against renewing a suspension of property foreclosures for another three months, a legislative proposal co-signed by left wing AKEL, the Cyprus Greens and independent MP Costis Efstathiou, which which was tabled before the plenary. 

According to the bill which was rejected with 22 votes against and 18 votes in favour, foreclosures would be suspended until June 10, 2023 for a main residence worth up to €300,000, business premises with a turnover of up to €750,000 a year and agricultural land up to €100,000.

The bill was rejected by centre-right DISY and the majority of MPs of parties that participate in the government of the newly elected President of Cyprus Nikos Christodoulides, DIKO, EDEK and DIPA.

Nicolas Papadopoulos, who is president of centrist DIKO, the biggest party that supports the new government, called on MPs to give the new government time to come up with proposals for a comprehensive solution to the issue of non - performing loans, asking for a period of fifteen days for them to do so. He also said that he  the new Minister of Finance had the intention to bring a complete proposal before the body in the next few days. MP of DIPA Alecos Tryfonides was also in favour of that proposal.

But other MPs, especially from parties that proposed the three-months suspension said that they couldn't wait, since after the end of the previous halt in foreclosures at the end of January, the banks and especially credit -acquiring companies are after borrowers who can't pay their loans.

The Plenary also rejected an alternative proposal put forward from Papadopoulos, for a one month suspension of the foreclosures.