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Next Lawsuit against KD rejected for the 2013 haircut HOME • INSIDER • CYPRUS • Lawsuit against KD for the 2013 haircut rejected
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No liability can be attributed to the Republic of Cyprus for the impairment of deposits suffered by customers of Cyprus Popular Bank Co Ltd. (Laiki Bank) from the measures and decisions taken under the Law on the Consolidation of Credit and Other Institutions of 2013, there is no connection between the fiscal debt of the Republic and the collapse of the banking system.
This is stated in a multi-page decision of the Larnaca District Court dated 19 April 2022, which rejected an action brought, inter alia, against the Republic of Cyprus, on the grounds that the measures and decisions taken at the material time violated its constitutional and property rights. .
According to a statement from the Legal Service, “in the judgment of the Court – which previously examined, inter alia, the obligations of the Republic of Cyprus as well as the facts and how they led to the decision-making at European level – the decisions taken to address The financial situation of the country that affects the banking system and vice versa, eventually led to a reduction in deposits, but at the same time ensured the financial stability of the Cypriot banking system as a whole, direct access to insured deposits and non-transfer of bank consolidation costs to tax .
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In addition, the Court described as general and vague the position put forward by the plaintiff that the Republic was late in submitting a timely request for financial support to the European Support Mechanism, noting that in its judgment “it has not been , that there is a causal link between the damage suffered by the Plaintiff and the failure of the Republic of Cyprus to contact the European Support Mechanism in a timely manner “. The Court's report also states that the Republic of Cyprus has made many efforts to rescue both Laiki Bank and Bank of Cyprus.
With regard to the issue of breach of the plaintiff's property rights due to the reorganization, the Court recognized that the banking contract constituted the plaintiff's property right and there was a restriction on the contractor's right. However, as the Court points out, this restriction is not contrary to the Constitution or the European Convention on Human Rights, as it served both the public interest, since the irregular bankruptcy of banking institutions was avoided, and received secured the payment of the insured deposits.
Consequently, the Court rejected the lawsuit against the Republic of Cyprus and against the Central Bank, while ruling that the plaintiff's claim against Laiki Bank has been proven. As indicated in the decision: “It is the conclusion of the Court that the Law on the Consolidation of Credit and Other Institutions of 2013 and today the Law on the Consolidation of Credit Institutions and Investment Companies of 2016 and the KDP. concerning Laiki Bank have not acted in order for Laiki Bank to be released from its contractual obligations towards its depositors, including the Plaintiff. Therefore, Laiki Bank owes the Plaintiff the rest of his deposit. The fact that she is not able to repay him because her assets, property titles and rights were transferred to the Bank of Cyprus does not invalidate the right. “
The claim of the plaintiff amounted to 975,916, 97 Euros plus interest and expenses. The case was handled on behalf of the Attorney General of the Republic by Ms. Elli Florentzou, Lawyer of the Republic A '”.
