Supporting the House Finance Corporation offers direct support to society itself

 

10 May 2024, AKEL C.C. Press Office, Nicosia

A delegation of AKEL, headed by its Parliamentary Representative Giorgos Loukaides and Head of Economic Policy Charis Polycarpou, visited the House Finance Corporation (HFC).

During the meeting, the acute problems facing the Organization were discussed, which have a direct impact on the operation and survival of the Organization itself.

More specifically, on behalf of the Corporation, both management and employees highlighted the Corporation’s understaffing and the numerous problems that are being created, while the urgent need to recruit staff to assist in the immediate processing of applications for both new loans and the transfer of existing loans from commercial banks was emphasized.

Furthermore, it was pointed out that currently there is an increased demand for new loans due to the big difference in interest rates compared to commercial banks, but due to the lack of staff they are unable to cope with this, resulting in problems which undermine the Corporation itself and its operation.

However, it was pointed out that although some officials were recruited, a corresponding number of clerks were removed at the same time. Employees who have worked for the Agency for decades stressed that for the first time in its history the Corporation is in this unfavorable situation due to understaffing in connection with a very high workload.

AKEL Parliamentary Representative Giorgos Loukaides confirmed that AKEL’s longstanding position is the protection of the Corporation’s character, especially at a time when commercial banks have increased mortgage rates, with the result that the middle and low-income strata, combined with inflation and stagnating wages, are unable to afford it.

G.Loukaides also stressed that AKEL was and would be on the Corporation’s side so that it would assist in securing housing and a counterweight to the unaccountability of the commercial banks. The pressure that AKEL is exerting towards this end on the issue of the Corporation’s staffing will be stepped up in order to address the long delays in the examination of pending applications.

Finally, G.Loukaides underlined the necessity to maintain and support the Corporation in order to preserve its social character, since, as he stated, the criminal indifference demonstrated by the government has resulted in the Corporation not serving adequately and effectively the purpose for which it was created.