The Banking union aims to serve primarily big banking capital

 

Statement of Georgos Loucaides, AKEL C.C. Spokesperson

AKEL C.C. Press Office, 12th February 2016, Nicosia

Unfortunately, the House of Representatives yet again found itself facing the blackmail exerted by the government and the DISY-DIKO parties for the adoption of important Bills without any sufficient time for their discussion. These Bills concern the reorganization and dissolution of banks and the guarantee of deposits relating to the European institutionalization of the experiment that was unsuccessfully implemented in Cyprus in March 2013. They concern the degree of protection of the depositors, but also how banks will cover the lack of capitals in the future.

The creation of a banking union aims to serve primarily the big banking capital. Through the concentration of capital in an ever increasingly small number of banks, the banking union’s goal is to secure total control over the banking system in the Eurozone, rather than to serve the needs of societies and of the national economies. Without democratic control and without the substantial involvement of citizens in this process, the banking union not only does not protect citizens, but adopts practices which have been implemented and have failed in practice

Despite its opposition to the philosophy of the Bills, AKEL insisted yesterday too on submitting amendments and in particular with regards the need to protect the deposits of up to €100,000 in the provident funds. Despite the non-approval of our amendment, it is comforting that it seems a majority, together with other parties, is being formed to re-table a draft Bill aiming at strengthening the protection of the provident funds.