Tax banks’ exorbitant profits to support society

 

Statement by AKEL Political Bureau member & Head of Economic Policy Haris Polycarpou

17 May 2023, AKEL C.C. Press Office, Nicosia

The huge profits announced by the banks for the first months of the year reveal the real results of the constant increases in interest rates. Banks are being endowed with unprecedented – unexpected revenues and profits paid for by households and businesses.

The State is absent in this procedure. The N. Christodoulides government remains a mere spectator, without any substantive proposals, given that it restricts itself to issuing pleas and expressing empty wishes to the banks to return some crumbs back to society (from their profits).

AKEL’s position is that the State cannot continue to hide and that it has a responsibility to support society effectively. That is why it should proceed to tax the exorbitant profits of the banks, because today such a measure is both fair and necessary. The revenues that will be emerge will make it possible to elaborate plans for the provision of targeted support towards vulnerable borrowers – both existing and new – and small and medium-sized enterprises.

This is not the time for any excuses, it is the time for decisions to be taken. If the corresponding political will is demonstrated.