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Next Previous Lawsuit by Bank of Cyprus depositors rejected for haircut HOME • INSIDER • CYPRUS • Lawsuit by Bank of Cyprus depositors rejected for haircut
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<p> <b> The necessity of reorganization measures is confirmed, namely the specific ones taken under the Law on Reorganization of Credit and Other Institutions of 2013, states, among other things, a decision of the Limassol District Court, dated June 3, 2022, which rejects Bank of Cyprus depositors' lawsuit for impairment of their deposits in 2013 and their conversion into shares. </b> </p>
<p>The depositors had turned against the Republic of Cyprus, the Central Bank of Cyprus and the Bank of Cyprus, claiming damages, claiming loss of money as a result of the consolidation measures taken in 2013, while they also demanded that the transfer of the liabilities to Laiki Bank greatly burdened the finances of the Bank of Cyprus and maximized the deposit impairment rate. </p>
<p>In its multi-page decision, the Court, after analyzing the allegations of the plaintiffs, rejected them in & nbsp; all & nbsp;, judging them as arbitrary and unsubstantiated, noting that no scientifically substantiated evidence was brought before the Court to support them. On the contrary, the Court accepted the testimony of the defendants that the assets of Laiki Bank transferred to Bank of Cyprus were greater than the transferred liabilities of Laiki, with the result that there is no question of further burden on the depositors. </p>
<p>The Court also accepted the position of the Attorney General of the Republic regarding & nbsp; that the Republic of Cyprus is wrongly and/or wrongly sued for incomplete and/or insufficient supervisory control in the banks, since it is not legally in charge and/or responsible for such a thing. In the same context, the allegations of the plaintiffs for any errors of the Republic of Cyprus & nbsp; in relation to the management of its finances, which resulted in the acceptance of the terms of the Memorandum, remained unsubstantiated, with the Court & nbsp; accepts the position of the Republic that the problems of the Cypriot economy existed, but they were manageable on their own and were not of such a nature as to require the taking of the specific measures. </p>
<p> Typically, the Court states in its decision: </p>
<p>“With the above agreement [s.s. Memorandum], the Central Bank, exercising its powers as a Consolidation Authority and, after taking into account the opinion of the Ministry of Finance, issued a series of decrees for the adoption and implementation of the agreed program. By taking the consolidation measures, the maintenance and continuation of the supply of the basic and critical banking operations was achieved, as a result of which the financial stability of the Cypriot banking system as a whole was ensured. In addition, depositors were fully protected, ensuring their immediate access to insured deposits, without passing on the cost of bank consolidation to taxpayers. Also, the possibility of thousands of employees of Bank of Cyprus and Laiki Bank being unemployed was avoided. The above measures were absolutely necessary and inevitable, before taking them all possible options were thoroughly examined, and the depositors of the two affected banks are not in a worse position than they would be if the above measures were not taken. »</p>
<p>Regarding the allegations of the plaintiffs about the violation of the Constitutional right to property, the District Court of Limassol ruled that they are unfounded since, according to a previous decision of the Plenary Session of the Supreme Court (Myrto Christodoulou and others – Democracy, 553/13 k .a.), from the moment money is deposited in the bank, they cease to be an asset of the depositor but of the bank. “[…] It appears, in the clearest way, that once the money is delivered by the depositor to the Bank, it ceases to be an asset of the depositor, on the contrary, it is now an asset of the Bank. The above immediately makes it clear that the Plaintiff's deposits are not her own asset, but an asset of Defendant 3 [s.s. Bank of Cyprus]. Consequently, it cannot be protected by Article 23 of the Constitution. “</p>
<p>The plaintiffs' allegations of discrimination against them because the reorganization measures were not applied to specific categories of depositors, such as charities and the general government, remained unsubstantiated, with the Court accepting – as it notes – the position of the General Prosecutor that “[…] the result that would have the application of the measures in the specific categories of depositors, which would have been the impairment of the deposits of the Bank of Cyprus and consequently of the Plaintiff in a larger percentage […].” </p>
<p>Finally, the Court was satisfied that before the implementation of the reorganization measures in the Banks, the competent authorities examined and took into account the whole range of facts and data that existed at the material time and on the basis of them it was considered that the application of the rescue measure by The Court, therefore, held that no reprehensible act or omission on the part of the Republic of Cyprus had been proved, accepted the position that the contested resolution measures were absolutely necessary and inevitable concluded that & nbsp; depositors of the two affected banks are not in a worse position than they would have been if the specific measures had not been taken at the material time. expenses for the benefit of the defendants. & nbsp; </p>
<p> The case was handled by the Attorney General of the Republic, Mrs. Theano Mavromoustaki, Senior Lawyer of the Republic. </p>
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Source: www.philenews.com
