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19 June, 2024
 
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Court upholds 2013 resolution measures for Laiki Bank

Court safeguards Cypriot economy in Laiki Bank case

Newsroom

The court rejected another lawsuit related to the 2013 deposit problem. The Limassol District Court explained that choosing the resolution option for Laiki Bank was the best way to prevent severe problems for the Cypriot economy and society. Here's more about the announcement:

The decision to use the resolution option for Laiki Bank, according to the relevant laws, was the best choice to prevent serious issues for the Cypriot economy and society. It ensured that the depositors weren't in a worse situation compared to if the state had taken different measures in 2013. This decision was made by the Limassol District Court on September 8, 2023, and it rejected a claim against the former Laiki Bank, the Central Bank, and the Republic of Cyprus regarding the constitutionality of the 2013 resolution measures.

As a result, the court dismissed all the claims made by the plaintiff and awarded costs in favor of the defendants. The case was handled by the Attorney General of the Republic, Mrs. Zakelina Erotokritou, and the lawyer Mr. Angelos Panagis.

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Cyprus  |  banks  |  money  |  economy

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