FINANCE ministry officials remained in lengthy talks with the troika of international lenders on Monday over some of the controversial provisions that would allow banks to foreclose insolvent borrowers' properties.
State broadcaster CyBC reported late last night that the Cypriot side had settled on a draft foreclosures bill, including a clause allowing the borrower to appeal the foreclosure process in court. From the report it was assumed that the troika – opposed to this provision – had yielded on the point.
However, negotiations are ongoing at a technocratic level with the focus being on striking the appropriate balance between the rights of borrowers and lenders.
A meeting between the finance minister and the troika –
"The issue has reached its high point," Hasikos said entering the meeting, implying imminent decisions.
"The government will act humanely, but on the other hand we have to respect the lender's right to receive what he is owed," he added. "We will try to get over this in the most painless way possible."
As the bill has acquired 'prior action' status – meaning it needs to have been passed before the next tranche of international aid to
Initial scheduling had
The MoU's fourth update called for a bill allowing the foreclosure of property used as collateral while exempting primary residences until the new legal framework on insolvency is passed by year-end.
The new foreclosure framework seeks to combat such distortions by removing the land registry from the proceedings, and allowing banks to carry out court-ordered foreclosures themselves.
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