House to convene on Sunday over coop other bills Update 1

first_imgParliament will convene in a special session on Sunday to discuss and vote on a series of bills including state guarantees that will make the co-op-Hellenic Bank deal possible, new provisions to tackle non-performing loans and homeowner protection for those hit by the crisis who cannot meet their obligations.Parliament had been scheduled to meet on Friday, but a party leader meeting on Thursday morning decided to move the session to Sunday at 4pm to give MPs time to discuss the bills in the House finance committee.Ruling Disy chief and committee chairman Averof Neophytou said the issue would be done and dusted by Monday morning, potentially ending a week of uncertainty that prompted Co-op bank depositors to withdraw millions in cash.The run on the Co-op was prompted by ill-timed comments made before the House watchdog committee last Thursday by a central bank senior official who left no doubt as to the Co-op bank’s fate if the deal with Hellenic bank didn’t go through.Under the circumstances, and taking into account the information available, this is the best that could be achieved,” Yiangos Demetriou, the CBC’s head of supervision told the House watchdog committee. “Let me be clear, if the deal is not completed and if all that needs to be done is not done, the alternative solution would be disastrous.”Neophytou, who has taken a leading role in the effort to put the issue to bed and restore a fragile confidence to the banking sector, said MPs would continue discussion of the bills on Friday morning and if necessary on Saturday and Sunday before the plenum.The plan is for the MPs to discuss all the bills as one package – six government bills and three party proposals.The Disy chief said he was certain that the state guarantees to Hellenic will go through despite the difference of opinion, as will the new framework on bad debts, which will also afford more protection, and a more effective framework ‘to go after strategic defaulters’.As long as the people who must be protected are protected, the provisions relating to foreclosures will go through, will be effective, and will secure stability in the financial sector.“With consensus, we can on one hand protect those who need it and on the other convey the correct messages that must be conveyed to the overwhelming majority of citizens who pay taxes, who pay instalments, and not create the impression that they are stupid while the others are the smart ones,” Neophytou said.Included in the bills are two proposals Neophytou himself tabled with the agreement of the government and the central bank designed to regulate the transition period at the co-operative bank so that everything goes smoothly.One allows the Co-op to continue to operate so that it can complete all pending issues after the central bank withdraws its licence, as is dictated by law. The second one provides for liquidity to be afforded to the Co-op by Hellenic if such a problem arises during the transition.  You May LikeInfo-life.xyz10 Best Concept Cars For The FutureInfo-life.xyzUndoBundooChoosing a changing pad and tableBundooUndoarea399.comHow to Upgrade Your Original PS4 Hard Drive HDDarea399.comUndo Limassol police investigating attempted murderUndoState Legal Service condemns attack on attorney-generalUndoCompanies must use buying power to root out slavery, says UK officialUndoby Taboolaby Taboolalast_img

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