Cyprus-Forum.com

[Viewpoint]

You still stuck on getting rid of HSBC go for it lets see what Will happen if anything.

Thanks for giving this project your blessing; I thought you might disapprove.

it appears to give you some sort of satisfaction but the one thing it Will never give you is the property itself.

[Malapapa]

You still stuck on getting rid of HSBC go for it lets see what Will happen if anything.

Thanks for giving this project your blessing; I thought you might disapprove.

it appears to give you some sort of satisfaction but the one thing it Will never give you is the property itself.

But you see, I personally don't have any property in the north; just a two-up, two-down in Lenton... so for me this is just sport.

[Malapapa]

Some weeks ago I wrote to the UK FSA to seek assurances that, as part of its consolidated supervision of HSBC, the FSA had taken steps to ensure that HSBC, in operating in the ‘TRNC’:

(a) was in full compliance with the laws and regulations of the Republic of Cyprus, as the legitimate and internationally recognised local authority;
(b) had not infringed the property or other rights of Cypriots displaced from the ‘TRNC’ area; and
(c) had not provided banking facilities to those benefiting from such infringement (tantamount to money laundering).

A concerned advisory counsel of the UK FSA has now written to me requesting particular examples to support concerns that HSBC is failing to respect the legal regime in the Republic of Cyprus, as this will enable the UK FSA to act against the HSBC group's supervisors.

I will of course be passing this request to the Governor of the Central Bank of Cyprus.

Meanwhile, if anyone has any specific details, please let me know here or by PM so a dossier can be developed for presenting to the UK FSA.

[Viewpoint]

This route has been tried before and it failed.

[Malapapa]

This route has been tried before and it failed.

When? Pre EU accession? Pre Orams?

[Viewpoint]

This route has been tried before and it failed.

When? Pre EU accession? Pre Orams?

Pre Orams but they moved buildings to Pre 74 title deeds as precaution.

[bill cobbett]

Remember reading ages ago that only three banks operate within the legal jurisdiction/regulation of the RoC. Two are long established tissy banks (inc the co-op) and the other's a mainland Turkish bank.

[Malapapa]

This route has been tried before and it failed.

When? Pre EU accession? Pre Orams?

Pre Orams but they moved buildings to Pre 74 title deeds as precaution.

Yes but what precautions has HSBC taken to ensure it is in full compliance with the laws and regulations of the Republic of Cyprus, as the legitimate and internationally recognised local authority? What precautions has HSBC taken that it has not provided banking facilities to those benefiting from infringement of property rights, ie. carpetbaggers, developers, estate agents, hoteliers, tour operators etc. (tantamount to money laundering).

[Gasman]

I just cannot see that any institution as large and worldwide as the HSBC would have blundered into leaving itself open to any claims of illegality. I mean, if it were just them ... but it's not. There are other large, multi national companies operating freely in the TRNC too. Benetton has been there for years. And what about the big Insurance companies who emblazon their ads on the N. Cyprus property sites, stating 'Overseas Property Insurance that covers North Cyprus. Policy underwriter: Lloyd's of London'.

Surely Insurance companies should know about 'risk'?

[Malapapa]

I just cannot see that any institution as large and worldwide as the HSBC would have blundered into leaving itself open to any claims of illegality.

How about Barclays' involvement in South Africa? Until a UK student boycott embarrassed it into pulling out in 1986, precipitating the end of the Apartheid regime?

I mean, if it were just them ...

It's not, but nothing like landing a huge scalp to discourage others.