Challenging the Bank Resolution Measures Before the Supreme Court of Cyprus

A depositor at Bank of Cyprus and Cyprus Popular Bank whose deposits were haircut last March 2013, has the option to challenge the decision by filing a recourse at the Supreme Court of Cyprus.

The recourse will be against the bank, the government and the governor of the Central Bank of Cyprus on the basis of violation of fundamental rights under the constitution of Cyprus and possible violation of the Treaties of the European Union and the  European Convention of Human Rights.

The recourse is filed at the Supreme Court of Cyprus. The purpose of the recourse is to challenge the legality and constitutionality of the law and the decrees issued thereafter approving and/or enforcing the haircut of deposits and/or freezing the accounts.

The deadline for filing the recourse is the 8th of June 2013. Depositors that do not meet this deadline cannot challenge the decision afterwards and it is highly likely that they will not have a right to claim damages and/or restitution afterwards.

As indicated above the recourse is filed at the Supreme Court of Cyprus. At the same or later on a depositor may also need to file a law suit at the District Court to claim damages against the bank and/or the government. The reason is that the Supreme Court in its revisional jurisdiction, can only examine the legality and/or constitutionality of a law, a regulation or decree and cannot award damages.

The information required to file the recourse is outlined below:

FOR NATURAL PERSONS

  1. ID
  2. Copy of the last statement of all your bank accounts with Cyprus Popular Bank or Bank of Cyprus whether deposit accounts, overdraft, loan or otherwise.
  3. Any correspondence with the bank.
  4. Any other relevant documents.

 

FOR LEGAL PERSONS

  1. ID
  2. Copy of the last statement of all your bank accounts with Cyprus Popular Bank or Bank of Cyprus whether deposit accounts, overdraft, loan or otherwise.
  3. Any correspondence with the bank.
  4. Any other relevant documents.

Members of our law firm are available for more information upon request. Call us at +357 22 45 62 50 , or e-mail us at chris@lawyer.com.cy.

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