NICOSIA - Around 100 holders of non-transferable bank bonds yesterday braved the rain to congregate outside the Finance Ministry and Central Bank before deciding on a last-minute march to the Bank of Cyprus headquarters demanding a meeting with top officials. After scuffles with security staff, a small representation of the protestors was received.
A large number people who invested in the bonds have lost large amounts and they claim that they were not properly warned of the dangers when they took them out.
Their earlier meeting with Finance Ministry Permanent Secretary Christos Patsalides ended with him giving assurances that a bill to transfer the non-transferable bonds into shares was not being submitted to the House because the change would be unconstitutional.
They were also told that a committee made up of two EU officials and two Cypriot experts, possibly judges, was to be formed to examine the bank bold holders’ complaints. A similar system is being used in Spain.
A bank bond holders’ representation will also be meeting with Central Bank representatives on Monday.
The Bank of Cyprus later expressed its regrets at the troubles that took place outside its HQ.
(Photo by Stefanos Kouratzis)