“Haircut” depositors on banks’ Boards

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“Haircut” depositors on banks’ Boards
 © In-Cyprus 2020
Depositors who lost money in the “haircut” will now be a part of the Board of Directors at the bank they helped save.

The law was proposed by DIKO President Nikolas Papadopoulos, and was passed by the House of Representatives with 33 votes for it, and 21 against it.

The provision will be valid for five years from the day of the haircut, regardless if the bank has exited the consolidation regime.

DISY President Averof Neophytou said that his party will vote against the law because it will be deemed unconstitutional.

The President of DIKO, Nikolas Papadopoulos said that the largest investor in the Bank of Cyprus are the haircut depositors who paid €8 billion and wondered why they should not be part of the Board of Directors and be informed of decisions made by those who paid only €one billion and controls the bank.

Papadopoulos also said that another law will be proposed about the haircut depositors of Laiki Bank, so that they will gain control of the assets of the managing company.

AKEL MP Stavros Evagorou wondered why should those who suffered the injustice not be in a position to be informed.


This article was automatically added to our system 15-4-2016

“Haircut” depositors on banks’ Boards

The contents of this article including any associated images are © In-Cyprus 2020
Views & opinions expressed in this article are those of the author and/or In-Cyprus .

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Article Tags: haircut, depositors, banks, boards,