On the 23.04.2013 the Supreme Court of Cyprus began reviewing the first administrative recourses filed against the decree issued on the 29.03.2013.
The decree implemented the Eurogroup’s decision to wind down Laiki Bank and impose massive losses (“haircuts”) on all deposits in excess of €100.000 at both Laiki and the Bank of Cyprus. The recourses were submitted by local and foreign depositors who face losing the totality of their uninsured deposits at Laiki Bank and up to 60 percent of their funds above €100,000 at the Bank of Cyprus.
The legal representatives of the depositors appealed against the provisions of the decree number 104/2013 of the Central Bank with regards to Laiki, on the grounds that the decision violates the fundamental right to property and that it is contrary to the constitution of Cyprus and the European Declaration of Human Rights.
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Theodorou Law is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer.