Bank of cyprus apologises for shameful behaviour

The Bank of Cyprus has apologies for its shameful behaviour this year.

The lender's new management said they were "ashamed" over the bank's "mistakes" this year. Indeed, the island's largest lender almost collapsed completely earlier in 2013, when 47.5 per cent of deposits over €100,000 in the bank were used to plug a capital shortfall until 2015 in order to meet a €10 billion bailout.

The controversial move attracted anger from many local residents, as well as expats living on the island, shaking confidence and trust in the Cypriot financial system, which has contributed to the slump in demand for the country's property

“We are ashamed over the past mistakes and vow as the new Board to do our utmost not to repeat these mistakes ever again,” Cyprus Property News quotes Christis Hassapis, the bank's new president, as saying during an Annual General Meeting.

"We apologise to the country, we apologise to our shareholders and we apologise to our depositors," he added.

The bank's new board said they would use the borrower's capacity to repay a loan as the basis of their lending policy in the future.