PARLIAMENTARY parties are continuing their discussions on the controversial foreclosures bill in efforts to reach a consensus while disagreements between the parties and the troika of international lenders remain.
Yesterday’s session the House finance and interior committees, which lasted several hours, failed to reach an agreement – and further discussions are being held today.
Of the ten proposed amendments to the bill that the government has put to the Troika it’s reported that the Troika has agreed to six if certain provisions are met, and rejected the other four.
According to reports, the Troika rejected proposals to protect small business property and professional residences from repossession and also rejected a proposal to write-off any debt remaining once a property has been auctioned off. The Troika said that these issues will form part of the discussions relating to the insolvency framework to be put in place by 1st January 2015.
On a more positive note, the Troika is reported to have approved amendments to the bill enabling those facing repossession the right legal recourse, a condition that bank shareholders may not involve themselves in the auction of foreclosed properties.
For those who were duped into buying property built on mortgaged land there is some more good news:
According to a written statement by Cypriot government spokesman Nikos Christodoulidis late today (4 September), the Government has included seven amendments into the foreclosures bill. One of these amendments ensures the protection of property buyers who have deposited their sale contract at the Land Registry, but who have not secured the property’s Title Deed.
Author: Nigel Howarth, news.cyprus-property-buyers.com