News

The Cypriot people anxiously monitor the difficult times ahead following the recently struck deal with Brussels. UNI Europa stands in solidarity with the colleagues of Laiki Bank and Bank of Cyprus. UNI Europa shares the concerns expressed by ETYK, the UNI Europa affiliate in Cyprus. UNI Europa fully supports ETYK’s demands: bank employees should not be made responsible and should not have to pay for the criminal mistakes committed by previous banks’ Administrative Boards and institutional supervisors.



Resorting to the easy option of redundancy is unacceptable. ETYK should be fully involved and consulted during the implementation of the decision, something which was hampered during the negotiations as trade unions were not even invited to discuss the reached decisions. ETYK urges all authorities to move ahead with the commitment expressed to secure the Pension Funds (Provident Funds) of the colleagues.



ETYK calls for “determination, unity and rallying around ETYK to face the difficult times ahead for the Cypriot workers.” ETYK opposes “the open blackmailing by the Eurogroup and cannot say at this stage what the full effect of the agreement will be as the landscape remains very unclear and will continue being non-transparent until the end of April.”



The Bank of Cyprus will witness a haircut of 30% in all its deposits over € 100.000. Unfortunately, Laiki Bank will not continue its activities. This is due to the 9 Billion Emergency Liquidity Assistance that will be borne by the Bank of Cyprus. Laiki Bank activities will be split in Good and Bad activities. ETYK summons bank employees to return to their workplaces as previous experience with separation of bank’s activities did not result in colleagues being fired.



UNI Europa joins ETYK’s call for solidarity for banking employees. We are still awaiting the opening of bank outlets and urge depositors to show patience amidst these difficult and unclear times.