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Moratorium on Home Repossessions

Published: July 30, 2013 | 11:39 am
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The legislation regarding a moratorium on home repossessions until 1 February 2014 has been adopted at the first hearing of the Parliament, but was not passed on to the second hearing following consultations with the banks, and the criticism from the Prime Minister. The initiative to suspend repossessions of mortgaged properties has had a more positive response from outside the banking sector. The Executive Director of the development company Arsi Tornike Abuladze has stated that many people are currently facing the danger of losing their homes, necessitating the establishment of a certain mechanism by the State to find a solution to the problem.
According to the President of the Independent Expert Club Soso Tsiskarishvili, the six month long moratorium is not disastrous for the banks, whose reserves allow for the moratorium to be passed as a social activity, aiming to help the population.

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