Appeals court corrects 2005 debt calculation error

On May 19, 2026, the Court of Appeal issued a ruling correcting a previous judgment regarding two bank loan facilities granted in 2000 and terminated in 2005. The court found that the original judgment had mistakenly calculated the debts in euros rather than Cypriot pounds, which was the national currency at the time of termination. This error resulted in an increase of the owed amount by approximately 260,000 euros. The original court had ruled in favor of the bank, applying an 8% interest rate from 2005 until full payment. Following the initial ruling, the bank transferred its claims to a loan management company under Article 18 of Law 169(I)/2015. The new beneficiary filed the appeal, arguing that the original conversion was invalid as all relevant data was based on the Cypriot pound. The Court of Appeal attributed the initial miscalculation to a clerical error and ordered the correction of the amounts. The ruling confirms that the debt must be calculated according to the currency in effect in November 2005.