THE House unanimously voted an amendment yesterday to the legislation governing the Financial ombudsman's office, expanding its mediating powers and fulfilling
The Financial ombudsman will be able to mediate between borrowers and banks on issues related to loans collateralised by the borrower's primary residence, where the borrower is unable to repay and a loan restructuring is required.
The ombudsman's mandate is to satisfy the conditions laid out in the
An amendment tabled by Greens' deputy
Unanimity notwithstanding, most deputies expressed serious reservations about the ombudsman's ability to effectively tackle the issue of non-performing loans through successful mediation.
According to DISY's
"It is doubtful whether such an institution will be successful in its mandate during a time of economic crisis," AKEL's Yiannos Lamaris opined.
"I am not convinced that the institution has been sufficiently armed with the right tools to operate effectively," said Perdikis.
Perhaps most critical was independent deputy
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