The General Secretary of K.E. of AKEL Stefanos Stefanou has sent a letter to the Minister of Finance regarding the recent decisions of the two commercial banks to increase their services.
Stefanou points out, among other things, in his letter that "the recent decisions of two commercial banks to increase their services are a challenge to the detriment of Cypriot society", while explaining that it is imperative to "immediately invite the banking industry to a consultation in order to immediately withdraw the unilateral decisions and evaluate future moves in order to avoid similar decisions in the future."
The letter reads:
"The recent decisions of two commercial banks to increase their services are a challenge to Cypriot society because they constitute unilateral actions taken at a time of great economic uncertainty due to the pandemic.
This is a continuation of a series of increases in charges and fees imposed by the banks, extending beyond the costs of maintaining and managing accounts to costs relating to the management of loans and other basic services. These have the effect of increasing the negative financial impact.
We are particularly saddened that the phenomenon of continuous increases has intensified following the decisions taken to break up the Co-operative. These increases demonstrate that the concentration of the banking sector into fewer and larger banks has placed a significant burden on households and businesses.
In view of the above, we consider it imperative that the banking sector be immediately invited to a consultation with the aim of immediately withdrawing the unilateral decisions and evaluating future moves in order to avoid similar decisions in the future."
Contents of this article including associated images are belongs Cyprus Times
Views & opinions expressed are those of the author and/or Cyprus Times
Source
