- Cyprus Property News Magazine - https://www.news.cyprus-property-buyers.com -

Open letter to John Hourican

hourican developers debt What say you John Hourican, CEO Bank of Cyprus?

Welcome to Cyprus John. I am sure you have now settled in and have at least come across some of “the artful ways”.

I have decided to write to you via the good offices of the Cyprus Mail rather than BoC website form as I am sure via the latter you would never even see it.

I have to congratulate you for at least sending “stern” letters and having “uncomfortable” meetings with debtors to your bank. A new experience for many of them I suspect. There is one question remaining unanswered, although possibly never asked. Ultimately does the Bank of Cyprus intend to call in the security they hold over “our” houses to repay or contribute to the repayment of developer debt owed to your bank?

A simple yes or no will suffice.

Many thousands of insane people, who bought a mortgaged property, look forward to hearing from you!

Thanks and best wishes for 2014.

Andrew McClay,

Editor’s note

In a recent interview with the Independent Mr Hourican has given himself three to five years to rescue the Bank of Cyprus and said:

“I will be honest with the descriptions of the problems we uncover. I will be honest with everyone about how we are doing. Any other approach is misleading.”