Depositors won their appeals at the EU Court of Justice

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Depositors won their appeals at the EU Court of...
 © CyprusMail 2020
By Alper Riza QC

ON SEPTEMBER 20, 2016 the Court of Justice of the EU ruled that in negotiating the conditions under which Cyprus received financial assistance in 2013 the European Commission had a duty to ensure that the conditions were compliant with EU law.

Furthermore, the Court of Justice also decided that the condition that Cyprus was required to bail-in its two main banks was an interference with the property rights of depositors.

However, the court also decided that such interference was proportionate and therefore not unlawful. In...


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This article was automatically added to our system 22-9-2016

Depositors won their appeals at the EU Court of Justice


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Article Tags: depositors, their, appeals, court, justice,