North Cyprus Universal Bank | High Interest Rates Available

As you all know I am not one to shy away from a good argument, especially when it is in Turkish and I do not have clue what it is about and whose side I should be on. Well this latest argument between Universal Bank and Bulut Akacan, I wouldn’t waste my time taking sides, frankly I couldn’t give a rat’s bum for either of them.

My limited understanding is that Universal’s excuse for the Auction on Sunday, printed in Kibris Gatezesi allegedly contained some, shall we say distortions or as we techniclally minded would say, some porky pies, So today there is a reply from Bulut Akacan allegedly of Santa Fe in the same newspaper, putting his side and threatening legal action. Now I really must be careful not to have an opinion about which of these are in the right, sometimes my lack of Turkish does keep me out of trouble.

In the spirit of balanced reporting I have a copy of the reply with this article.

AFRIKA newspaper are keeping up the pressure and today the front page shows a copy of the details of a Bank account held at the Universal Bank in which the lucky account holder is enjoying an alleged interest rate of 21% on a sterling account, but it is reported that this rate of interest only shows as 12% on the Bank’s computer. Apparently this lucky account holder has been enjoying this rate for a little while. Who was the recipient of this generous rate of interest, well I’ll give you a clue. It wasn’t the cleaner so you will have to work your way up from there.

On the same front page was a success story. A borrower who had the audacity to die had his 150,000 TL debt allegedly hiked up to 650,000 TL. The debt taken out in 2009 was beyond the resources of his widow. The widow called on the Finance Minister Ersin Tatar to intervene. Mr Tatar did just that, got the debt brought down to a more realistic figure and the widow sold some land and was able to clear the debt. I feel we should give credit where credit is due and applaud Mr. Tatar for doing the right thing. Again the bank was named as Universal Bank.

Surely the other Turkish language newspapers should be reporting on these stories, sadly they are not, why not?

Mr Tatar in recent days has come out strongly on the side of all property victims and his new Bill which proposes regulating bank lending is a positive step in the right direction but is allegedly facing fierce opposition from the Banks and their supporters. I understand Mr Tatar is looking for support from the public, well Mr Tatar, you have my support in any action that curbs the greed of the Banks.

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