Cyprus' leading on-line resource for home buyers & real estate investors -

19th March 2024
Cyprus Property News logo
HomeNewsOpposition delays NPL & Co-op bills

Opposition delays NPL & Co-op bills

Cyprus opposition parties delay NPLs & Co-op billsOPPOSITION parties have given notice in the Cyprus parliament that they intend to make life difficult for the government in its efforts to conclude an agreement for the takeover of the Cyprus Cooperative Bank by the Hellenic Bank and pass legislation easing restrictions on the handling of non-performing loans (NPLs).

A plenary session of parliament today decided against declaring the legislation urgent, which means that it will have to go through the normal process resulting in a long delay.

A majority of opposition MPs decided to have the bills discussed by the parliamentary finance committee, which will decide whether to have them debated in a week’s time and to go ahead with a political debate concerning the handling of the Cooperative Bank by the government.

The bills relate to government guarantees, the insolvency framework, the sales of loans, foreclosures and the transfer of properties..

Both the government and the Central Bank have warned that failure to approve the legislation in time may lead to the destabilisation of another bank, which has not been named.

House speaker Demetris Syllouris said that the government will submit a bill on Monday for the protection of primary residence owners and added that they all expressed their will to vote on the bills. “No-one will vote blindly” he said.

RELATED ARTICLES

3 COMMENTS

  1. We just hope the appropriate EU minister is watching ‘very’ closely and ready to apply the screws.

  2. “Both the government and the Central Bank have warned that failure to approve the legislation in time may lead to the destabilisation of another bank, which has not been named.”

    however……….

    “House speaker Demetris Syllouris said that the government will submit a bill on Monday for the protection of primary residence owners and added that they all expressed their will to vote on the bills. “No-one will vote blindly” he said.”

    Oh – Yeah??

  3. Yet further procrastination – more ‘ducking & diving – the whole thing looks like a right Fiasco!

Comments are closed.

Top Stories

Sign up to receive our free newsletter

We handle your data responsibly, find more about our privacy policy

Cyprus property transfer fees

Elsewhere in Cyprus Property News

EUR - Euro Member Countries
GBP
1.1684
RUB
0.0101
CNY
0.1285
CHF
1.0436

Property capital gains tax (CGT) calculator