Cyprus parliament holds emergency session on foreclosures and NPLs

The Cypriot House of Representatives held an extraordinary session on Holy Monday to deliberate on 21 legislative items concerning non-performing loans (NPLs) and property foreclosures. The agenda included two government bills and 19 proposals from various parties, representing the final legislative session before the dissolution of parliament ahead of the 24 May elections. Tensions emerged during the proceedings regarding the order of debate for specific party proposals, with disputes involving MPs Aristos Damianou, Marinos Sizopoulos, and Speaker Annita Demetriou. The proposed reforms aim to strengthen the role of the Financial Ombudsman, allowing borrowers to contest debt assessments and adding debt restructuring options. Debate also covered property acquisition by foreign nationals, disability inclusion, and the regulation of personal mobility devices. Additionally, the assembly addressed two bills returned by the executive branch regarding consumer protection and payment account fees. Protests were organized outside the parliament building by groups calling for the protection of borrowers' rights. Disagreements persist over the binding nature of the Financial Ombudsman's decisions for disputes under 20,000 euros.