Consumer watchdog hits Alpha Bank with €160,000 penalty

Alpha Bank Cyprus was fined €160,000 by the consumer protection service over abusive terms in mortgage loan agreements, in the latest enforcement action arising from a broader investigation into banks’ standard housing loan contracts.

The decision, dated March 9, also ordered the immediate withdrawal of the specific clauses.

According to the service, certain terms in the bank’s mortgage agreements created a significant imbalance between the rights and obligations of the bank and those of consumers...