Mr Hourican, Chief Executive of Bank of Cyprus declared that a high level of Mortgage Loan Defaulters is ‘deliberate’ and that this is a ‘stain on the country’s image’. I find this highly offensive especially coming from the head of the bank that miss-sold tens of thousands of Swiss Franc Mortgage Loans.
The Bank of Cyprus, along with other banks, has recently been found guilty by the independent Consumer protection service and fined €170,000 for applying ‘unfair commercial practices and using vague terms to unilaterally amend interest rates and other charges’.
These and other actions have misled thousands of borrowers into taking out such inappropriate Swiss Franc loans which has led to them into paying back more than double what they would have paid with normal euro loans.
These mortgagees are suffering daily; they are having nightmares about the weight of this debt which in spite of trying to keep up with payments, often find it impossible.
All this stress is inevitably affecting their health. Some of these people are employees of the bank but they would not dare complain for fear of losing their jobs. They were also encouraged to take on such loans and assured it was a good thing.
Mr Hourican represents the greedy /selfish bankers who don’t give a damn about these poor suffering people.
He knows that this is the truth, many courts have found banks guilty of miss-selling such loans. What has he done about it? Nothing! Nothing whatsoever! In spite of such callousness he is criticising these poor mortgagees. Shame on you Mr Hourican. The only stain on the country’s image is the greedy, evil bankers who tolerate such pain and suffering just to make even more profits!
A. Georgiou, Paphos