ALPHA Bank London at 66 Cannon Street was the venue of a protest held to raise awareness of the plight of people who contend that they were mis-sold mortgages denominated in Swiss Francs by the Alpha Bank in Cyprus.
It was typical winter’s day in London and the dozen or so protestors who had braved the cold and wet weather handed out leaflets detailing their plight to a constant stream of commuters and passers-by in the busy heart of the city.
The protest was part of a ground-swell of campaigning against Cyprus-based banks and many of the protestors stayed in London overnight for a meeting with MPs at Westminster the following day – see ‘All-party MP group to help property buyers‘.
Swiss franc loans were sold to tens of thousands of Britons and locals by Cypriot banks and their agents in 2007 and 2008, during the peak of the island’s property boom.
Banks in Cyprus have started issuing writs and termination notices on those who have defaulted on their mortgage repayments. Several hundred buyers are now being represented by legal groups who are taking action against banks and developers in Cyprus and UK-based financial advisers.