Why AKEL voted against the Bill on the suspension of repayment installments

Statement by AKEL C.C. Spokesperson Stefanos Stefanou

Not only does it not oblige banks to contribute towards overcoming the crisis, but the banks will in fact benefit from it

AKEL C.C. Press Office, 29^th March 2020, Nicosia

With regards the Bill on the suspension of repayment installments:

1. Not only does it not oblige banks to contribute towards overcoming the crisis, but the banks will in fact benefit from it.
2. It obliges borrowers to pay more for their loan.
3. It leaves the borrowers exposed to the arbitrariness of the banks, since after the termination of the suspension they have to negotiate with the bank for their loan.
4. It provides for the sending of a request for suspension to the banks, instead of this being done automatically.

AKEL tried to reach an honorable compromise. It submitted specific proposals, but unfortunately they found no response.

That’s why AKEL voted against the bill.