Crisis in Cyprus and Bank Account update

Dear OH5 Owners

No doubt you have all seen the international news and read about the economic crisis in Cyprus, which is still unfolding.

Our current funds are around 1000 euro and as such not affected by any haircut. We do feel however that it’s better to close the current account and ask Demorilo to collect funds on our behalf as before. The reasons for this are as follows:

1. As a Company Demorilo will be able to collect funds in a variety of ways Bank Transfer, Cash and PayPal. Due to the crisis, we need to collect funds using different ways facilitated through a professional administration Company, which can be held accountable. 
2. As Committee members we have never collected any cash personally (except for Fund raising) or PayPal payments, as we thought it unwise to do so. In light of all the heated conversation about accounts, this proved to be the right choice. 
3. Individual Accounts have a spending limit of 300 euro per day, which is limiting. Moreover, as a Committee, we only ever-used Cheques for payments (except when one of us or Demorilo paid personally if there was no funds available), so it could be recorded, now cheques are more difficult to use for suppliers. 
4. Clearly company Accounts have more flexibility; hence it’s in the best interests of the complex to take advantage of a Demorilo bank account. 
5. As Demorilo complete the accounts, it also makes the process faster, to ensure accounts are updated more speedily, as a couple of owners have requested this of late (before we received no requests). 
6. As there is an AGM in May, we should close the Committee account before then. This will facilitate an orderly transition. 

For any owners with a direct debit, we kindly ask you to cancel it. We will close the account over the period of one month to allow for any direct debits that may come in.

Meanwhile, Alison from Demorilo will be in touch soon to request payments. We ask all owners to cooperate with Alison and bring their accounts fully up to date.

Grant, Brian and Costas