Neither the Ministry of Finance nor the Central Bank of Cyprus have a real say in how commercial bank charges are determined, Philenews reported on Wednesday.
This is what Minister Constantinos Petrides but also CBC head Constantinos Herodotou told the House Finance Committee on Tuesday when responding to the criticism of the last few days.
Both said that that restrictions on the charges applied only to the so-called ‘account with basic features’, a basic account that has no overdraft or credit card facilities.
And that any other charges were at the discretion of the banks.
However, Herodotou also said that the only solution offered under the current circumstances is for consumers to contact their banking institutions to determine a basic account.
And to ensure, if nothing else, that the maximum charge allowed by the account, for a wide range of services, will be 36 euros per year without the restriction of transactions for most services.
That is, opening, operation and closing of account as well as deposit of funds as well as a minimum number of transactions which amounts to one hundred transactions per year.