Cyprus Bailout | Be Wary of North Cyprus Banking Rules

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Cyprus Bailout | Be Wary of North Cyprus Banking Rules

“So the prospect of banks in northern Cyprus gaining business, while the financial system in the Republic of Cyprus is in disarray, is a tempting one. Ersin Tatar says the Republic of Cyprus should have been more realistic about its banking system.

At the office of Ersin Tatar, the finance minister of the breakaway Turkish Cypriot state, they talk up a banking system that has certainly had its problems in the past but looks like a safer bet at the moment.

“Anyone who wants to open a bank account can come here, as long as they abide by international rules and regulations,” Mr Tatar says.

He is particularly keen to attract some of the tens of thousands of British citizens who have money in banks in the Republic of Cyprus.

“We don’t want any dirty money,” he asserts, “but we have a good banking system supported by Turkey, and we have a good life.”

Like almost every Turkish Cypriot you meet, he insists that he has many Greek Cypriot friends. But he cannot resist a dig at the authorities on the other side of the divide.

“They should be more realistic,” he says. “Overconfidence and being unfair to others eventually comes back to knock on your door.”

So how safe is your home from the banks in north Cyprus? Ask K5, Olive Grove, Boyut victims to name but a few.

Then read about the involvement of our Minister in the Polly Peck debacle.

http://northcyprusfreepress.com/law/asil-nadir-polly-peck-assistant-treasure-was-allegedly-ersin-tatar-trnc-finance-minister/

Then read about the former Directorship of a bank and remember this same Minister met with and claimed he was ‘supporting’ the victims of the bank, but never once mentioned he had ever had a connection with the same bank.

http://northcyprusfreepress.com/law/trnc-minister-of-finance-offered-kulaksiz-5-help-while-director-of-akfinans-bank/

Oh what a web we weave…………………………..

Be aware if you do move from the south to the north, nothing is a given.

“Anyone who wants to open a bank account can come here, as long as they abide by international rules and regulations,” Mr Tatar says.

One last question using the above quote from Mr Tatar. Do international rules and regulations allow a bank to take as security the property the borrower has sold to someone else?

Even Mortgage Law 11/78 section 21 brings this into question.

Power to the people

Citizen Smith
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