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Anastasiades Praises Parties for Approving State Guarantees to HB and Draft NPLs Regulations

Anastasiades Praises Parties for Approving State Guarantees to HB and Draft NPLs Regulations

President of the Republic Nicos Anastasiades expressed satisfaction on Monday 9 July for the responsible stance showed by the ruling Democratic Rally party and opposition parties in approving on Sunday the state guarantees for the Hellenic Bank and bills and draft regulations aimed at enhancing the legal framework to facilitate the reduction of non - performing loans (NPLs).

In a written statement President Anastasiades “sincerely praised the president of the Democratic Party and the members of his parliamentary group for their positive contribution in formulating the legislation to face the problems arising out of the Non-Performing Loans and the protection of vulnerable groups.”

The President also thanked Socialist EDEK party and ELAM for approving the state guarantees for the Hellenic Bank.

On Sunday 8 July, the plenary of the House of Representatives, voted for a decision which approves state guarantees amounting to €2.6 billion granted by the Minister of Finance to the Hellenic Bank for the absorption of the Cyprus Co-operative Bank (CCB). The decision was voted with 32 votes in favour and 20 against.

It also approved five bills and draft regulations aimed at enhancing the legal framework to facilitate the reduction of non - performing loans (NPLs), one of the major burdens of Cyprus’ banking sector.

The bills were approved by a majority vote. The ruling Democratic Rally party (DISY) and the opposition Democratic Party (DIKO) gave their seal of approval to the bills.

The President also expressed his respect to all those who disagreed and for the criticism expressed, adding that he will avoid replying to criticism, in order not to affect in any way the commission of inquiry which was appointed by the Attorney-General to carry out a probe into the collapse of the Cyprus Cooperative Bank.

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