The case concerns two banking facilities granted in 2000 and terminated in 2005. The original judgment awarded amounts in euros with interest, but the Court of Appeal found that the calculation had been made incorrectly, as the debts should have been assessed in Cyprus pounds, the currency in use at the time.
The bank had transferred the claims to a loan management company, which filed the appeal, arguing that the lower court had miscalculated the debt.
The Court of Appeal agreed, noting that all relevant data related to Cyprus pounds and that the ruling should have reflected the correct conversion into euros.
As a result, the loan amount was revised to €562,602.68 from €329,277, while the overdraft was adjusted to €63,710.27 from €37,288, reflecting the proper conversion.
The court rejected additional grounds of appeal related to interest calculations, upholding the original ruling on those points.
Overall, the appeal was partially successful, with the adjustment limited to the correction of the currency calculation.
Source: CNA
