Co-op reimburses €112 million

Cyprus’ cooperative bank will have reimbursed a total of €112m to customers by Christmas that were wrongly overcharged, its communications director Yiannos Stavrinides said on Friday.

Speaking to Cybc’s lunchtime news programme Apo Mera se Mera, he said so far €70m had been reimbursed to 9,000 accounts and “as we speak, €42m is being credited to 5,300 accounts.”

This puts an end to a long and difficult ordeal to the co-op bank, Stavrinides said, as the process has cost millions and required a lot of hours of work but it had now come to an end.

The efforts to reimburse the total amount to 14,000 accounts that had been wrongly overcharged would come to an end on the last working day before Christmas (Friday), he added.

“Today, the money is being returned and this will all be over.”

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.