Cyprus Mail

Banks should pay

I agree with President Anastasiades who wants to put pressure on the Banks to do much more to ease the level of NPLs. The banks are responsible for:

  1. Not checking the income of applicants before giving them loans.
  2. Scamming  ordinary borrowers into taking out high risk Swiss Franc loans which gave them more profits but have burdened the borrowers with around 40% extra payments every month(as well as their overall loan)- particularly in the recent years of ongoing financial squeeze.
  3. Making catastrophic decisions in buying billions of €s more Greek Government bonds when other Banks were getting rid of them, and then taking a 70% haircut on them.
  4. Giving themselves massive loans at little or no interest.
  5. Scandalously giving out loans to developers to build properties and then loans to mortgagees of those SAME properties etc. etc. etc.

The banks were/are allowed to carry out these near criminal practices  under the watchful eye of the Central Bank of Cyprus, which bears equal responsibility.The banks are guilty of these malpractices and yes they should pay  compensation accordingly.

Andy Georgiou, Paphos

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