Philenews

Foreclosures in Parliament on March 9th – Dozens of Law Proposals Before the Finance Committee

Published February 16, 2026, 12:21
Foreclosures in Parliament on March 9th – Dozens of Law Proposals Before the Finance Committee

The discussion on foreclosures is beginning in Parliament, with the Finance Committee scheduling a discussion for March 9th. The Minister of Finance, Makis Keravnos, and the Governor of the Central Bank, Christodoulos Patsalides, or their representatives, will attend the session. Dozens of legislative proposals will be submitted to the Committee, with AKEL submitting a proposal to restore citizens' right to access justice in order to prevent foreclosures on homes. The proposal aims to protect borrowers from illegal charges and abusive bank clauses. AKEL MP Aristos Damianou emphasized that thousands of citizens have lost their homes after the change in the legal framework in 2018. The Ecologists reported that although NPLs in banks have decreased, loans to credit acquisition companies have increased due to capitalization. There is an exceptional delay in the adjudication of foreclosure cases in the courts. Criticism was leveled at the non-operation of the special jurisdiction that had been voted in 2023. Parliament is called upon to consider legislative solutions to protect citizens from foreclosures.