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Bank of Cyprus in hot water over unfair contracts

Bank of Cyprus

The state legal services have filed a court case against the Bank of Cyprus over unfair terms in contracts, attorney-general Costas Clerides said on Wednesday.

He also said that two more cases, pending for some time now due to some problems in competent state services, would be filed in court within the coming days.

The announcement came after criticism by MPs on Tuesday over inaction as regards cases relating to unfair contract terms drawn up by banks.

Following complaints filed by consumers, dossiers were compiled by the commerce ministry’s Consumer Protection Service and forwarded to the AG’s office five years ago. Members of the House commerce committee said it was important for such cases to be taken to court, because a single decision could set a precedent regarding the interest banks charge on loans in arrears.

Clerides told the Cyprus News Agency on Wednesday that a case has already been filed against the Bank of Cyprus and two more would follow within the coming days.

On criticism by the committee that his office again failed to show up at a scheduled discussion of the issue on Tuesday, Clerides said that he has repeatedly asked legislators to give timely notice to his service for when its presence is necessary and not last moment as is usually the case.

“Notices are sent with very tight deadlines, which make it impossible for the legal service staff to attend due to the obligations they have before the courts which cannot be postponed,” he said.

He added however that when necessary, his service always makes sure to be present and assist in parliament’s work.

 

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