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Foreclosures have been suspended until October, while a special court will be created to deal with non-performing loans (NPLs), the cabinet decided on Wednesday.
The government will be formally informing parliament over the series of proposals adopted by the cabinet to tackle foreclosures, Finance Minister Makis Keravnos said after the meeting.
The proposals will be submitted during Thursday’s plenary session to be put to the vote. They detail a clause allowing borrowers the right to go to court to secure an order suspending foreclosures.
“The government’s intention is to submit a comprehensive package tackling NPLs and foreclosures,” Keravnos told reporters after the cabinet meeting.
Parliament was expected to be briefed on the matter by the end of the day.
Keravnos said constructive meetings had taken place on Tuesday with the Cyprus Banks Association as well as the association of credit acquisition companies.
“I expect an announcement to be published that all foreclosures are suspended until the end of October.”
Contents of this article including associated images are belongs Cyprus Mail
Views & opinions expressed are those of the author and/or Cyprus Mail
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