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Cyprus

Bank calls off pensioner’s eviction after financial watchdog intervenes

Financial ombudsman Pavlos Ioannou

The eviction by the Bank of Cyprus of an elderly Paphos resident was called off on Wednesday after the intervention of financial ombudsman Pavlos Ioannou.

In an announcement, Ioannou said that his intervention came in the form a letter sent to the bank, which he asked them to refrain from moving forward with its planned eviction for “humanitarian reasons.”

He said the resident of the home in question was an elderly lady, while the reserve price of the home was set at €18,000 which Ioannou told Bank of Cyprus “would not substantially affect the interests of your bank.”

In view of the bank’s instant willingness to call off the eviction, Ioannou said that “we believe that this cooperation [between the Bank of Cyprus and the office of the financial ombudsman] will benefit consumers and the public interest.”

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