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The differences between the Government and Parliament are maintained, mainly on the issue of guarantors, regarding the bill that gives credit acquisition companies and non-performing loan administrators (NPAs) the right to search borrower and guarantor data from the ARTEMIS database and the Land Registry, while the administrators will be supervised by the Central Bank.
The Ministry of Finance has submitted a new memorandum with amendments to the government bill and in particular to Article 4b concerning the explicit consent of collateral providers and connected borrowers in order for credit acquisition companies to have access to the Artemis database, while guarantors are not given access in case of a final court decision.
The Ministry of Finance notes that any general prohibition of access beyond unconstitutional would be incompatible with the provisions of EU Regulation 2016/679.
A provision was also added to Article 14 of the bill, under which credit acquisition companies and administrators, in their relations with borrowers, or guarantors or collateral providers, must act in good faith, not provide misleading, unclear or false information and communicate "in a manner that does not constitute harassment, coercion or undue influence".
We believe that the addition of this provision will positively contribute to the convergence of stakeholder positions so that the bills can move forward for passage, the Ministry of Finance said.
However, members of the committee have strong reservations specifically on the issue of guarantors, for whom at the previous meeting, the Financial Commissioner had noted that once there is a Court discharge, they cease to be considered guarantors in a loan agreement.
It is recalled that the amendment of MPs Stavros Papadouris, Sotiris Ioannou and Alekos Tryfonidis remains on the table.
It is noted that this bill is included in the conditions for the disbursement of the first tranche of European funds from the National Recovery and Resilience Plan.
Source: KYPE
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