The case for an independent but accountable central bank

We read with interest the article above written by Phedon Nicolaides (Cyprus Mail, July 29).

We have been shocked by the way the Bank of Cyprus has made a unilateral decision to completely ignore the terms of our mortgage and instead of reducing our mortgage rate, in line with the three-month Euribor rate in force last week, they increased their margin without even having the courtesy to inform us about this and our mortgage interest rate has increased substantially.

Given that their IBUs, (International Banking Units), have been awarded ISO 9000 quality standard for Customer Service, we have requested a copy of their complaints procedure so we can lodge a formal complaint about the total lack of Customer Service we are receiving by being treated in this way.

Let’s see if the BoC perform better than the Central Bank on this score!

As of yet, we are getting the ‘Ignore them and they will go away’ service which we have come to know, but we will keep pressing on with our cause. Do any readers know if there are any useful avenues open to us to progress this situation?
 
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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.