17.8 C
Thursday, December 7, 2023

The risk does not end with the RCB

Must read

's ; & kappa; & omicron; & delta; & epsilon; & nu; & tau; & epsilon; & lambda; & epsilon; & iota; ώ & nu; & epsilon; & iota; & mu; & epsilon; & tau; & eta; & nu; RCB “/>

The withdrawal of the banking license from the RCB, as a continuation of the closure of the ethers to the Russian planes and the support of the EU sanctions against Russia, shows the political direction that the country is following or whether these are unpleasant but inevitable choices, which if we wanted to do otherwise, we could not?

Let us not be fooled, we do what we have to do and the war is not going to change us overnight. However, as long as the Russian President is in office, at some point the time will come when we will either be exposed irreparably or we will have to make our own decisions. It is good to think from now on the scenarios we have in front of us and what are our realistic choices.

Banks do not play with risk. At a time when the results were tried, the results were catastrophic. “Casino” with customer deposits is not re-established. After 2013, the banking sector rediscovered its animal instinct for self-protection and, with the strict guidance of the European Central Bank, “lowered” the switch to the RCB, without a second thought.

It is the same philosophy that has excluded all companies “shell” from the banking system from 2018, even those that have a legal reason to exist. However, not all financial sectors are equally conservative, nor do they all have European institutions to oversee them. Do any of us really believe that we would close the doors to Russian tourists if we could do otherwise or do we really believe that we can impose sanctions on customers in the financial sector, other than banks?

We know very well that the “desperants” of the financial sector do not “read” the announcements of the Ministry of Finance, which explains what sanctions we have adopted. To them, everything is gray areas. But what they do know is that the higher the risk, the higher the odds and the temptation to move in dark zones. This is where the country itself did it with the “golden” passports, who will now tell individuals not to cross the lines? The fact that people are dying in Ukraine and that the country should not be in the crosshairs does not seem to concern them. They know full well that few really have the will to control them and even fewer have the means to do so. But even industry professionals who are aware of the facts and history or who are fed up with money and want no more risk can actually pick up the phone and tell their customers after twenty or thirty years of working together, “Thank you very much. that you made me a millionaire, but now you find another accountant or a lawyer “? And if the professional can not do it, who has the responsibility to do it for him? We will probably wait for the next committee of inquiry to explain who is to blame.

That's what we need to start thinking about now how to handle it. How can we not talk about a “remote” case, the risk that the “desperandos” of the system will intentionally or unintentionally take to have serious consequences in the country. How if we can end up there, how do we set a framework that puts in second thoughts or compensates the State from those caught abroad to violate sanctions and expose the country. If we are talking about a simple reprimand from their professional association or temporary deprivation of a license, I think that the risk of violating the embargo does not concern the “desperandos” but the place. If we understand this, now that it is more obvious than ever in the war, maybe there is hope that Cyprus will finally turn its back on the predators and, together with Ukraine, become a “normal” state.

Source: politis.com.cy

- Advertisement -AliExpress WW

More articles

- Advertisement -AliExpress WW

Latest article