GREG CLARK MP MEETS NORTH LONDON MP GROUP TO DISCUSS BANKING CRISIS IN CYPRUS

 

Following representations made on behalf of their constituents, Barnet MPs, Theresa Villiers and Mike Freer, met Greg Clark MP, Treasury Minister, to discuss concerns around the banking crisis in Cyprus and the impact it is having on UK citizens who bank with Laiki’s branches in the UK.

Enfield MPs, Nick de Bois and David Burrows, were also present along with Peter Droussiotis, Michael Ellinas, Andreas Papaevripides and Bambos Charalambous from the National Federation of Cypriots.

A key focus of the meeting was to discuss the problems experienced by businesses which had loans or overdrafts with Laiki. The Minister also agreed to brief the MPs regularly, to look at what assistance UK Banks could be encouraged to provide to personal and SME customers of the failed Laiki Bank, and to liaise with colleagues at the Department of Business Innovation and Skills to see what support for investment in Cyprus by British companies and vice versa could be offered.

Theresa Villiers said: “I am extremely grateful to Greg Clark for taking the time to discuss the problems some of my constituents are experiencing because they bank with Laiki in the UK. The problem would have been far worse without the intervention of the UK Government, which ensured that individual depositors with Laiki in the UK would be moved to Bank of Cyprus and get the benefit of the UK rules on depositor protection.”

“However, businesses that have loans from Laiki UK are still facing great difficulties since some have had their accounts frozen. I explained these concerns to the Minister and he promised to consider all the representations made at the meeting very carefully. This conversation is one of a number I have had with key decision-makers, including the Chancellor of the Exchequer, on the impact of the Cyprus banking crisis on my constituents.”

Mike Freer continued: “There are opportunities for British and British-Cypriot businesses to invest in Cyprus for their mutual benefit. We will be exploring with UKTI what can be done to support Anglo-Cypriot economic growth.”

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