AKEL proceeds to table a bill proposal for a law for the taxation of the windfall profits of the banks
Statement by AKEL C.C. Spokesperson Giorgos Koukoumas
22 April 2024, AKEL C.C. Press Office, Nicosia
Society needs tangible solutions to tackle the price increases and expensiveness households and small businesses feel. In the face of the Christodoulides government’s refusal to clash with powerful interests so that support can be offered to Cypriot society, AKEL is proceeding to table its own bill proposal for the taxation of the exorbitant windfall profits of the banks in order to use these resources to subsidise the interest rate on housing loans for low and middle income groups. AKEL’s proposal, based on the Spanish model, could generate up to EUR 60 million for the state in order to support society.
The government is apparently indifferent to the fact that thousands of borrowers have seen their instalments skyrocket in recent months while Cypriot banks have been recording profits that exceeded €1.1 billion in 2023 alone. This is because the European Central Bank has imposed successive increases in interest rates on loans, thus multiplying the profits of the banks on the backs of society and the economy. This cannot continue.
22.04.2024
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