NICOSIA, Cyprus – The outgoing chief executive of bailed-out Cyprus’ largest bank says is disappointed by lawmakers’ “shenanigans” in delaying key laws aimed at helping banks collect on a huge number of bad loans.
Bank of Cyprus CEO John Patrick Hourican says it’s been “embarrassing” for him to explain abroad the actions of lawmakers delaying and diluting a key foreclosure law that was passed last year.
He said in an interview with The Associated Press on Wednesday that the law is neither strong enough nor its implementation swift enough, hampering the bank’s ability to boost lending and getting the economy growing faster.
The Bank of Cyprus was at the centre of a March 2013 multibillion euro rescue deal that forced a seizure of uninsured deposits in the country’s two largest lenders.
