Nicosia, Cyprus. The House plenum on Thursday accepted four referrals made by President Nikos Christodoulides and rejected one, concerning laws on property foreclosures and debtors’ rights. The vote covered five laws passed by parliament on April 6 and later vetoed by the president.
Presidential objections and plenary vote
The plenary voted on five items after the president referred the laws back to the legislature with recommendations for changes. The president cited objections including non-compliance with the constitution, legal ambiguity, and possible adverse impacts on the economy and the banking sector.
Opposition criticism and concerns about legal dispute
In remarks on the House floor, opposition MPs dismissed the objections as performative, saying the government was siding with banks to the detriment of distressed borrowers at risk of losing their primary residence. Lawmakers nevertheless accepted most of the referrals, citing concerns over a long drawn-out dispute in the courts if the referrals were rejected.
Criticism of the attorney-general’s office
Earlier in the day, MPs criticised the attorney-general’s office, which had codified the president’s objections. They accused the office of effectively “ruling the country”.
Four referrals accepted, one rejected
The plenum accepted referrals on amendments to bankruptcy laws; credit contracts for consumers relating to residential immovable property; laws relating to the liberalisation of the interest rate; and the Courts of Justice Law. MPs rejected the referral on the Immovable Property (Transfer and Mortgage) Law, insisting on the version previously amended by parliament.
What impact do you think the plenum’s decisions will have on borrowers facing foreclosure?
