26 Law Proposals on Loans and Foreclosures in Parliamentary Committee

The Parliamentary Committee on Financial Affairs is processing 26 law proposals aimed at resolving issues related to non-performing loans and foreclosures of primary residences. Simultaneously, the Ministry of Finance is preparing a new bill to strengthen the role of the Financial Ombudsman and the Insolvency Department.

The law proposals submitted by MPs include:

• Suspension of foreclosures until the end of 2026.
• Cessation of debt amount increase when the loan doubles due to interest.
• Write-off of the entire debt and discharge of guarantors in cases of property foreclosure.
• Binding nature of the Financial Ombudsman's decisions for Banks and loan acquisition companies.
• Determination of the auction amount by the courts before the foreclosure.

A protest was held outside the Parliament by members of the organizations "Active Citizens" and "Voice of the People" during the discussion in the Financial Affairs Committee.

Source: RIK Radio, Panagiotis Kaparis