The union representing the best-paid employees in Cyprus, Etyk, has a policy of always demanding more. This policy has obviously served bank workers very well over the years, with even those on the lowest salaries being generously rewarded.

Etyk was run by a man who had no qualms about regularly threatening strike action as cowardly bank bosses always gave in to his demands. As a result, Cyprus has very well-paid bank clerks. So terrified were the bank chairmen of Etyk boss Loizos Hadjicostis they even agreed to give him a say in promotions and appointments.

Although the formidable Hadjicostis stepped down as Etyk chief years ago he is still running the show as the honorary president of the union. A circular distributed by Etyk to its members about the deadlocked negotiations for the renewal of the collective agreements was written in the traditional aggressive style of Hadjicostis.

The circular, issued last week, explained that the union, in an unprecedented move, was demanding a share of the profits of the banks. “The banks, while boasting about the fact that in three years their total profits have exceeded three billion euro, are refusing to give to their staff a small percentage as reward for their contribution,” the union said.

There was some socialist rationale behind the demand. The banks had made “super profits” while executives received huge pay rises as well as “unreal bonuses.” And as if this were not bad enough, “we became witnesses to the granting of large high dividends to shareholders while the prices of banks have rocketed,” said Etyk, before concluding that “it is self-evident and logical that a small percentage of the profits 15-20 per cent is channelled to employees.”

No economic, legal or political argument was presented to back this incredible claim, but Etyk is accustomed to having the most unreasonable demands satisfied, so why not seek to turn the banks into socialist organisations that distribute profits among its workers? In a market economy, profits are shared among the owners (shareholders) of the company in the form of dividends as a return on their investment. Bank employees are paid a generous monthly salary plus a range of benefits for their work and have no legitimate claim on a bank’s profits.

Thanks to the high interest rates of the last few years, banks have made super profits, but have no obligation to give a cent of these to their employees. For more than 10 years, bank shareholders were paid no dividends, not to mention those whose shares became totally worthless (Laiki Bank) or almost worthless (Bank of Cyprus) in 2013; bank depositors also suffered. No bank employee lost their job as a result of the banking crisis of 2013, in contrast to thousands of other private sector workers. They were well protected by the state and their union.

That their union is now demanding a share of the bank profits for well-protected employees who took no business risk and enjoyed full job security is outrageous. This is one demand, the banks must never satisfy, because once the precedent is set, Etyk will consider a share of the profits a workers’ right.