Bank Guarantees

A point of general interest, Bank Guarantees.

Recently I read by law Developers should provide Bank Guarantees for their clients who buy "off plan", in addition their banks are required to provide "ring fenced" accounts for clients' funds and have a responsibility to ensure they provide guarantees. Up till now both have "thumbed their nose" and on the majority of  occasions, refused to honour those guarantees. However coming to court soon is a test case where CAM bank is being sued by a group of "off plan" purchasers for return of their deposits under the bank guarantee security. Almost 2m euros are owed. You can go on the group's web site to see how they are fighting for their rights.

Also there is a petition to apply pressure to ensure all purchasers have bank guarantees, go on line and sign their petition in support.

Last Updated (Friday, 01 April 2011 18:19)

 
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