North Cyprus Property Victims | Capping the Bank Interest Rates

Will they or won’t they? Who knows? I am talking about the much heralded news that the current Government intend to introduce a new law effectively ‘capping’ the interest rates so that the Banks do not receive an osbcene return on the money they loaned to businesses; this of course includes the building sector. Not only does the new law propose capping all new loans but also to cap old loans, thus making the law retrospective.

Now it seems that this proposed new law has been getting a lot of coverage on local TV and that Mr Tatar, the Finance Minister, has been taking a lot of ‘stick’ from the President of the Nicosia Turkish Municipality Cemal Bulutogullari.

What we all know is that Building Companies are the biggest culprits, that they disregarded the rights of their purchasers and used the property already sold to those purchasers as security against such loans. Their integrity as people has to be called into question and their ability to run successful business men has to be doubted. Why would anyone enter into a loan without knowing the interest rate and without calculating their ability to make the monthly repayments?

I would say to the Government, if you are going to introduce this new law, for goodness sake ‘get on with it’. We want action not words, words come cheaply and solve nothing.

Following on the confrontation at the Airport, you can now read of yet another confrontation. Let us hope this proposal does not go the way of the 5 wisemen.

I have added the link to an article, which I am sorry to say is not a very good translation but it gives you an idea of the contraversy surrounding the new proposed law.

As a footnote to this, and rather amusing, those being so outspoken about this proposed new law and some of the worst offenders when it comes to mortgaging property and land they had already sold. Their hypocrisy knows no shame. You Couldn’t Make It Up.

Never give in, never give up.

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