Austrian ERSTE Bank Actions Caused Concerns on Inobservance ofUkrainian Consumers' Rights

KYIV, Ukraine, April 22, 2013 /PRNewswire/ --

Participants of the international roundtable "Constitutional Rights and Rights of Financial Service Consumers", which took place in Kyiv on April 16, 2013, urged EU governments, European financial institutions and international organisations to use only global rights protection standards towards financial service consumers in Ukraine, as well as to avoid double standards.

This request was initiated after incidents when European financial institutions in Ukraine, instead of using European standards on consumer right protection, used double standards and violate consumer rights deliberately. Namely, the notorious situation around ERSTE Bank was discussed, when the consumer proved in judicial proceeding that the bank had infringed the key provisions of the Convention for the Protection of Human Rights and Fundamental Freedoms as well as his Constitutional rights as a citizen of Ukraine. This is evidenced by the decision of Solomyansky District Court of Kyiv as of April 03, 2013. The bank appealed against the decision, which caused even greater uproar in the society, since this way it tried to appeal against provisions of the Convention, which is the major international postulate on human rights.

"Ukraine is paving its difficult way towards becoming part of the European community", says Peter Ploski, President of East European Consulting (Poland). "It is trying to change its thinking paradigm and culture of doing business for the purpose of employing European standards in its economic and political relations. Accordingly, it is of significant importance for European institutions, which are doing business in Ukraine, as well as for their subsidiary enterprises, to employ here European standards and values, showing an example of establishing civilised relations with consumers".

The resolution was signed by the roundtable participants - members of Ukrainian parliament and representatives of banking and insurance institutions, leading educational establishments, as well as representatives of Ukrainian and international organisations that focus on the creation of a consumer's rights protection system in Ukraine.

SOURCE Financial Literacy of Ukraine