Crucial Decision On 2013 Banking Crisis On Hold

The attorney-general has appealed a Supreme Court decision on disclosing bank transactions abroad at a time they were banned during the lead up to the 2013 haircut on deposits

The Supreme Court of Cyprus recently issued some landmark decisions on an issue of public interest. The decisions concerned applications seeking to annul a disclosure order previously issued by the District Court of Nicosia.

Under the disclosure order a number of banking institutions were ordered to disclose information and details of physical and legal persons which were deemed to have conducted transactions within the so called "closed period" during the financial crisis in 2013.

This refers to the March 16, 2013 decision by the former governor of the Central Bank of Cyprus to temporarily suspend the payment and transaction systems of banks based on the Eurogroup decision a day earlier on March 15 which later culminated in the bail-in of bank deposits.