Issues and proposals related to the protection and support of borrowers so that they can to cope with the unfavourable context that has been formed due to both the accuracy and the increase in interest rates, delegations of AKEL led by the party's Secretary General Stefanos Stefanou and the Association for the Protection of Borrowers (SYPRODAT) discussed today.
In statements after the meeting, which took place at AKEL's offices, Stefanos Stefanou said specifically that they discussed issues concerning "the need to protect borrowers and all the issues that arise in an admittedly difficult period, such as accuracy which is draining the family budget, where interest rates have increased but also in a period when for a long time the legislative and regulatory framework has been shaped to the detriment of borrowers and concerns the problems of loans, the protection of borrowers, arbitrary and abusive clauses of banks, an unfavourable framework for borrowers that has been formed under the responsibility of the DISY government. He stressed in particular that they discussed issues relating to the need to improve the framework with specific proposals and some other issues that are topical such as, for example, the extension of the extension of the period of suspension of divestments because of the very difficult situation in which the current Cypriot society and economy is, because of poverty, because of the war in Ukraine, because of the fact that Cyprus is one of the states that have one of the highest rates of private debt and very high rates of non-solvency. An access that was unfortunately ended by the government's 2018 amendment to the legislation. Also discussed were issues related to making it easier for borrowers to repay their loans and deal with the increased costs they face due to rising interest rates and issues related to boosting borrowers' incomes so that they can service their loans.
The Secretary General of AKEL described the meeting with the SYPRODAT delegation as "very constructive" and noted the "great if not complete convergence of views" on the issues discussed. "Our cooperation with SYPRODAT goes back several years and I am sure it will continue for the benefit of both the economy and our society," he said, agreeing, he said, to continue the dialogue and contacts they have had so far.
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