Cyprus Mail
Cyprus

Supreme Court rejects ‘haircut’ appeals

The Supreme Court ruled on Friday it had no jurisdiction over appeals lodged by people who lost their money in the so-called haircut on bank deposits.

The court said the appeals should be examined in the framework of private lawsuits filed at district courts.

More than 3000 appeals have been filed against the ‘haircut’ or bail-in by depositors of former Laiki Bank and Bank of Cyprus (BoC).

The applicants and their lawyers are calling the haircut theft of property.

They were appealing two decrees (R.A.D. 103/2013 and 104/2013), issued on March 29 by the Central Bank in its capacity as the Resolution Authority for credit institutions.

The applications were filed by depositors who decided to take legal action since their assets have been frozen as a result of the Eurogroup’s  decision to restructure Cyprus’ two main banks, through the resolution of Laiki and the recapitalisation of BoC, which resulted in a massive write-off of Cypriot and foreign bank deposits.
Uninsured deposits in both banks have been frozen to resolve Laiki’s debts and recapitalise the BoC.

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