Central Bank figures dispel government’s myths on foreclosures

 

Statement by Haris Polycarpou Head of the Economic Studies Bureau of the C.C. of AKEL

AKEL C.C. Press Office, 4th February 2020

Protecting society isn’t a priority for the N. Anastasiades-DISY Government. When it comes to borrowers’ interests, it makes meaningless pledges devoid of content and lets time go aimlessly by. When it comes to promoting the interests of banks, it employs fast-track procedures.

Recent figures released by the Cyprus Central Bank on foreclosures dispel the government’s myths about the supposed protection of primary family homes and small business premises. These figures show that there is no obstacle whatsoever for banks, given that in 2019 they the banks proceeded to foreclosures of primary family homes worth less than € 350 thousand.

For the government there’s absolutely no reason to worry.

At the same time as it was giving reassurances that the ESTIA debt relief scheme would be an alternative option for thousands of households, the results are disappointing. Despite the fact that the government ruling forces had pledged to submit alternative options for non-viable households, they are still thinking about it. While they engaged in communication games about the formulation of a policy on housing, they have recently discovered that changes are needed, as ESTIA does not respond to society’s needs

And of course before that they made sure to refer the draft bills for the protection of borrowers tabled by AKEL and the other opposition parties to the Supreme Court.

This is their policy, completely socially insensitive.

The government ruling forces do everything for the banks, but aren’t interested in protecting borrowers and society.