FORECLOSURES: House Plenary debates 2 bills referred back by the President

The House Plenary convenes on Tuesday to debate the two bills on foreclosures referred back to the Parliament by the President of the Republic.

The two bills concern the law on the business of the credit institutions that grants borrowers the right to report to the Central Bank of Cyprus in case a commercial bank is in breach of the directives on loan restructuring and the Central Bank of Cyprus laws that allows the supervising authority to intervene in case of massive foreclosures.

The Plenary to begin on 10:30 local time, takes place following intense consultations among the parliamentary parties on Monday concerning the fate of the two bills.

The implementation of the new bill on foreclosures is a precondition for the disbursement of Cyprus` financial assistance package sixth tranche. In approving the bill, the Cypriot parliament approved eight additional bills which have been considered by Cyprus` international lenders as breaching the requirements of the the MoU. The Cypriot President has already referred four bills to the Supreme Court and referred the remaining two to the parliament.