Bank charges and commissions charged by Cypriot banks.

Many international clients feel a disappointment when, after opening a bank account with a Cypriot bank, discover that bank charges and commissions are too expensive for their budget. Consequently, we urge clients to check the bank commissions charges before committing to a specific bank. From our review , Bank of Cyprus is the most expensive […]

No violation of the right to property. Decision by the Court of Justice on Cyprus haircut case.

The Court of Justice delivered on the 20th of September 2016 its judgment in the case filed by a number of Cypriot depositors who sufferred a haircut in March 2013 due to the known events with banks in Cyprus. The case was brought against the European Commission and the European Central Bank (ECB). The substance of the […]

FBME Cyprus. How to “unlock” your money at the FBME.

The Central Bank of Cyprus has on the 9th of April 2016 activated the Deposit Guarantee and Resolution of Credit and Other Institutions Scheme (DGS) in the case of the Federal Bank of the Middle East (FBME). The DGS is activated under the provisions of the Deposit Guarantee Schemes Law,  Law 5(I)/2016 (“the Law”) and […]

Loans in foreign currency and borrower’s rights, Part 2

On the 14th of April 2014 I wrote an article about loans in foreign currency and the rights of borrowers. The link to that article is here. The article dealt with the Opinion delivered by Advocate General Wahl, in Case C-26/13, Árpád Kásler and Hajnalka Káslerné Rábai v OTP Jelzálogbank Zrt, before the Court of […]

The rights of borrowers

In an interview to journalist Christodoulos Christodoulou (CYBC 2, Biz-Εμείς, 09/05/2014), Christophoros Christophi explains the rights of consumers that made loans from commercial banks in view of the haircut and the economic crisis and the inability of thousands of borrowers to repay their loans. Specifically he makes reference to the rights of borrowers to ask restructuring […]

Loans in foreign currency and borrower’s rights.

Many Cypriots in the past  decade have made loans in foreign currency especially in Swiss francs. At the time, borrowing money in Swiss francs was cheaper than making a loan in euro. In the years that followed the currency exchange between the Swiss franc and the Euro changed leading to an increase in installments and […]