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12° Nicosia,
27 May, 2022
 
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SYPRODAT: Demands response from Central Bank, Government and Parliament regarding increased charges

The Association advises borrowers not to accept the increases

Source: CNA

The Bank of Cyprus Borrower Association (SYPRODAT) is calling for an immediate response from the Central Bank of Cyprus, the Government and Parliament in relation to the increase of charges from the largest Cypriot banks.

In a statement, the Association notes that the charges are unacceptable and provocative as they are borne by all borrowers, the majority of whom have suffered a reduction in income or live on government grants due to the pandemic.

"the action from these banks is even more provocative as they themselves admit that the increase of the charges is done to cover the loss of bank income due to the low interest rates that prevail"

The Association advises borrowers to respond to these letters from banks that they do not accept these increases and that they reserve their rights. In this way, the issue with borrowers remains open, he points out.

SYPRODAT states that "the action from these banks is even more provocative" as they themselves admit that the increase of the charges is done to cover the loss of bank income due to the low interest rates that prevail.

The Association, according to the announcement, has now gathered all the necessary information and is preparing to file a complaint with the Commission for the Protection of Competition as soon as possible.

SPYRODAT also states that the relevant law prohibits restrictive cartels. In particular, the partnership of companies for the purpose of setting the purchase or sale price directly or indirectly is prohibited. "This is exactly what is happening in Cyprus right now," the statement concluded.

TAGS
Cyprus  |  business  |  monopoly

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