President thanks parliamentary caucus for Sunday votes

President Nicos Anastasiades praised the ruling party and opposition MPs for approving state guarantees for Hellenic Bank as well as passing new foreclosure and bankruptcy laws, adding he would not respond to criticism.

Anastasiades expressed his thanks to ruling Disy leader Averof Neophytou and the broader parliamentary caucus who passed laws approving state guarantees for Hellenic Bank. This will make it possible for the Cypriot commercial bank to take on potentially high-risk loans in a takeover of Cyprus Cooperative Bank (CCB). 

The president also thanked centrist opposition Diko leader Nicholas Papadopoulos and Diko MPs who voted together for their “positive contribution in putting together legislation to address the problems stemming from the Non-Performing Loans (NPL) and the protection of vulnerable groups.”

Papadopoulos, whose party gave the crucial votes to the government-sponsored bills, said previously that votes were needed to avoid catastrophic consequences to the Cyprus economy.

Anastasiades also thanked socialist EDEK and nationalist ELAM parties for approving the state guarantees for the Hellenic Bank.

On Sunday night, the House voted in an emergency session 32 against 20 to approve state guarantees amounting to €2.6 billion granted by the government to Hellenic Bank for the absorption of the healthy portfolio of the CCB.

It also approved five bills and draft regulations aimed at enhancing the legal framework that ought to facilitate the reduction of NPLs, one of the major burdens of Cyprus’ banking sector.

The bills were approved by a majority vote, with DISY and DIKO stamping their seal of approval onto all government bills.

The President also expressed his respect to all those who disagreed and for their outspoken criticism, adding he did not want to respond because he did not want to interfere with a formal inquiry launched Monday that looks into possible wrongdoing in the handling of CCB.