New KSL managed Bank Account

Dear Owners

Further to a recent correspondence sent to all owners by KSL we hereby re-confirm that a new Bank Account is in force, which is under the direct control of KSL. The reasons for creating a new Bank account are as follows:

1. The Committee account was originally opened at the request of owners and held at COOP and the specific bank involved COOP Karpasia has since been taken over by Makrasyka. As such online banking was not possible, which caused delays in accounting for KSL. The take-over involved no loss of money, however it involved considerable difficulty operating the account.  
2. Some Owners recently requested the Bank Account to be managed directly by KSL, which the Committee is more than happy to oblige. 
3. By KSL maintaining the Bank Account it will give them greater control of managing accounts.
4. The above point will also facilitate to provide regular accounts for all owners as promised within the agreement with KSL. 

For absolute clarity, to view the details of the account arranged by KSL, please click the below download link.

OH5 Bank Account details - managed by KSL

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