Cyprus Mail
Business Cyprus

Legacy co-op sets up teams to address set-off impact

The Cypriot Asset Management Company, the subsidiary of the legacy Co-op, said Tuesday it is working on immediately addressing problems caused by the decision to set off deposits against loans last month before its operations were taken over by Hellenic Bank.

Kedipes, as the company is called, based on its Greek acronym, has set up a team tasked with staffing a telephone centre which will receive complaints by affected cooperative bank customers and a “specialised team” who will look into each separate case, the company said in a statement.

Financial Ombudsman Pavlos Ioannou has been asked to forward related complaints which Kedipes pledged to process immediately, it said, adding that it is also in “close cooperation” with Hellenic Bank — which acquired the healthy operations of the Co-op at the end of August — with respect to the transfer of 4,559 affected accounts.

“Kedipes is doing everything possible to assist affected fellow citizens,” it added.

Last Thursday, Ioannou said that the co-op may have broken the law by offsetting customer deposits with loans in thousands of cases which did not involve any relevant clause in the contract.


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