AKEL’s Draft Bill suspends foreclosures until the end of March 2021
Statement by AKEL C.C. Spokesperson Stefanos Stefanou on extending the suspension period of foreclosures
AKEL C.C. Press Office, 5th November 2020, Nicosia
AKEL, in view of the refusal of the banks to extend the extension period for the suspension of foreclosures, has submitted a Draft Bill to extend the suspension of foreclosures in a targeted manner. AKEL’s Draft Bill suspends foreclosures until the end of March 2021 for the primary family home of up to 350 thousand euros market value and for small business premises.
The Government, banks and big employers continue to take a negative stand as to the extension of the suspension period, citing various reasons which, as proved at today’s meeting of the Parliamentary Committee on Economic Affairs, are unfounded.
AKEL’s proposal seems to be more widely accepted by political parties, but also by institutions, such as the Finance Commissioner.
The proposal for suspension does not cure the big problem of non-performing loans and foreclosures, but it can alleviate it in the conditions of the coronavirus pandemic we are going through. It is imperative that the suspension of foreclosures continues.
We urge on the government, the banks and the big employers to abandon their negative position and accept the extension of the suspension period of foreclosures, as AKEL proposes.
