A British MP representing a large number of Greek Cypriot constituents in north London has condemned the freezing of the staff’s personal accounts in Laiki Bank in the UK as inhumane.

David Burrowes MP visited Laiki UK branch in Palmers Green, where he heard members of staff describing their feeling of insecurity over their jobs.

Following a UK authorities’ decision after the Cyprus banking sector restructuring, deposits held with Laiki in the UK are to be transferred to Bank of Cyprus UK, regardless of the amount. The deposits will be protected in the new bank as it is a fully UK incorporated subsidiary.

The future of the Laiki workers however is yet to be determined. “It is unacceptable that Laiki UK staff is in the dark about their future employment,” said Burrowes. “Beyond being paid until the end of the month they have not been informed about their future. They have been working extremely hard in very difficult circumstances but have been abandoned by their employers.”

There are about 140 “forgotten victims”, as David Burrowes referred to them, working for Laiki UK. The British MP called upon all relevant authorities to urgently provide them clarity and transparency through direct communication. He particularly asked for the publication of the Service Level Agreement between Laiki Bank and the Bank of Cyprus and the transfer agreement referred to in the decree dated 1st April.

At the same time, dozens of small and medium sized enterprises of Cypriot interests in the UK are facing a liquidity squeeze following the decision to break up Laiki Bank. The UK agreement to save the Laiki deposits by transferring them to bank of Cyprus UK does not cover deposits in overdraft, even if the exceeding amount in £1