Akfinans Bank has broken no TRNC laws so why prevent lawful criticism?

Banking Law of the Turkish Republic of Northern Cyprus Law No: 39/2001 is available in English on line http://kktcmerkezbankasi.org/ENGLISH/regulations/3901-bl.html all 39 pages of it. Quite heavy reading and unless you are a Banker, guaranteed to get you off to sleep in no time flat.

Of course ordinary folk like us, who do not own or run a Bank, would not be overly interested in the rules and regulations of the Banking Industry. It is reassuring that such rules exist. The Banking Industry in the KKTC did go through a ‘sticky’ patch in the early 2000’s but seem to have come out the other side fit and healthy. Very reassuring for all who invest in them.

I do not believe I ever read the slightest suggestion on NCFP that the Banks were anything other than well run and efficient on your side of the island. There have been suggestions that some of the mortgages given to less than honest builders and landowners could have been more diligently processed. That some banks may have taken advantage of loopholes in the law has also been suggested. That some people, not party to the mortgage taken using their homes as security, have lost their homes is a matter of public knowledge. That an auction took place instigated albeit lawfully under TRNC law is also a matter of fact. An interest rate of 80% appears on a court document and that cannot be disputed.

HOWEVER, that anyone should be denied the right to question these practises is unacceptable!

The Banking law seeks to protect the Banks from unwarranted criticism, note the word unwarranted. No one has ever questioned the liquidity of the bank, no one has ever suggested that this bank should be boycotted, no one has ever suggested that the bank is anything other than a successful bank. What has been suggested is that perhaps it could have shown a more feeling, caring and human face. Now it seeks to punish one of its victims for a second time, does this seem a reasonable thing to do?

No one has ever done anything to raise public opinion against the Bank, no one needs to. By its very actions, the bank are doing a very good job of this themselves.


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