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Publishing money transfer list will hurt Cyprus, banks say

Bank of Cyprus HQ

Publishing the names of individuals and companies who transferred money abroad in the run up to a deposit seizure violates their constitutional right to privacy and would also hurt the island’s credibility as a financial centre, banks said on Thursday, a day after parliament decided to o publish some 11,000 names as part of their probe into the collapse of the economy.

The bank association said the confidential information had been provided to the House Ethics Committee as part of its investigation into the causes of the collapse of the economy.

“Possible publication violates the right to privacy of individuals and companies,” the association said in a statement.

The banks said such an action would vilify individuals who carried out money transfers as part of their usual business activities.

The association stressed that it would once more hurt the credibility of the banking system and Cyprus as a business centre.

“Especially now, that our country is in a continuous and intense effort to stabilise the economy as well as attract new investment, it is important to avoid any actions that weaken these efforts,” the association said.

The island’s banking sector is still trying to find its feet following a Eurogroup decision last year to close one bank and seize part of client’s deposits to recapitalise another.

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