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Last updated: 10:55 - 1 May.'18
Bill Suspending Foreclosures Shelved
Civil Georgia, Tbilisi / 6 Aug.'13 / 16:01

The Georgian Dream parliamentary majority has further delayed to proceed with adoption of a controversial bill on temporary suspension of mortgage foreclosures and opted instead to elaborate a package of bills, which, according to parliament speaker, is expected to be tabled in September and which will try to provide more comprehensive solution to the problem.

“Parliament and the government continue intensive work over this issue. As it was expected, this issue turned out to be much more complex and complicated than just a problem of concrete group of people [who face foreclosures]. So active work is underway in the Justice Ministry and other government agencies in which parliament members are also involved and as it seems a package of bills will be elaborated by September to address this kind of issues in order to minimize emergence of such grave situations in the future,” parliament speaker, Davit Usupashvili, said on August 6.

“While tackling one problem, we should not create new ones for our citizens, we should protect right of private property and show caution about predictability and sustainability of our banking system. So as it seems we will get back to [discussion] of these issues in September,” he added.

Parliament passed on July 25 with its first reading the bill, sponsored by 49 GD lawmakers, envisaging suspending till February 1, 2014 foreclosure of private homes of individuals with defaulted mortgage loans. But its further approval was delayed after PM Ivanishvili criticized the bill on July 26.

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