‘Foreclosures bill to protect the vulnerable and safeguard the economy’

President Nikos Christodoulides said it was not goal to “convince anyone” over the foreclosures and non-performing loan bills, after a meeting with MPs at the presidential palace on Monday night.

The goal is to protect both those who need to be protected, but also the trustworthiness of the Cypriot economy, he told reporters.

Asked if he had convinced them over the matter, he said “the meeting was not for me to convince anyone or for them to convince me.”

At the moment, there is an ongoing discussion and he put forth his proposals, as well as their aim, Christodoulides said.

“This is the framework where this discussion took place in,” he added.

Earlier in the day, Finance Minister Makis Keravnos presented to MPs the government’s package of proposals addressing the issue of non-performing loans (NPLs) in the banking system as well as the slew of bills tabled by the parties amending the legislative framework governing repossessions.

Its own bill providing for the creation of special-jurisdiction courts – fast-tracking disputes over foreclosure proceedings – will go to the plenum for a vote this coming Thursday.

This concerns mortgaged primary residences with a value up to €350,000.