Open letter to Mr John Hourican, CEO Bank of Cyprus.
‘Mr. Hourican, in the article in the Cyprus Mail on Thursday August 27, you stated that the NPL problem is caused partly by borrowers who borrow money and who are then reluctant to pay it back and are not cooperating with the banks. You also said that you are not afraid of calling things as you see them.
One major cause of NPLs that you conveniently choose to ignore is that caused by your bank and other banks have miss-sold normal mortgages to borrowers based in Swiss Francs.
These borrowers through no fault of their own are now faced with loans which have been inflated by up to 300% and who are obviously in arrears .Your bank has so far not faced up to your responsibilities in full in this respect. Your staff admit that these loans should never have been offered to normal borrowers but you are preventing the bank in offering full compensation for these losses.
When is your bank going to stop this never ending nightmare that you have created for tens of thousands of such borrowers? Since you appear to be a man of principles and morals, when are you going to stand up and accept your responsibilities and at the same time substantially reduce the number of NPLs?
Andy Georgiou, Paphos