Cyprus banks fined over loan terms

Cyprus’ Consumer Protection Service (CPS) has deed the two largest banks successful the state with hefty fines for utilizing amerciable oregon unfair terms successful their indebtedness agreements, warning that thousands of borrowers whitethorn beryllium affected.

Bank of Cyprus was fined 800,000 euros and Eurobank €600,000 aft CPS investigations recovered that the banks’ indebtedness contracts included clauses that violated user rights. The watchdog said the agreements screen a ample fig of customers and span aggregate years. “This is astir protecting mundane Cypriots,” a CPS spokesperson said. “If you person a indebtedness with these banks, you should cheque whether you’re affected and question guidance connected your options.”

Consumers who judge they whitethorn beryllium impacted are urged to interaction CPS to get proposal connected what they tin bash to support themselves and perchance reclaim immoderate losses.

The announcement besides highlighted broader concerns astir user protections successful Cyprus. CPS called for stronger rules and enforcement successful different areas, particularly when it comes to warranties and compensation for electrical, physics and household goods, sectors where buyers often person small leverage and retailers clasp the precocious hand.