Cyprus Mail
News in Brief

Central Bank board meets Troika

The board of the Central Bank met the troika mission chiefs on Tuesday afternoon to discuss the supervisory authority’s role in Cyprus’ adjustment programme.

Prior to the meeting with the troika, the board convened for around 45 minutes to discuss procedural issues with central bank governor Panicos Demetriades.

According to a source, the board directors agreed not to discuss the contract of the consultancy firm Alvarez & Marsal (A&M), retained by the central bank to provide various services.

Some board members have questioned the agreement to pay A&M a “success fee” following the €10 billion international bailout of Cyprus, which entailed the winding down of Laiki bank and restructuring of Bank of Cyprus, resulting in a significant ‘haircut’ on large depositors.

The source told the Cyprus Mail that the board agreed not to raise the contentious issue during yesterday’s meeting with the governor, as both board and governor were scheduled to hold a meeting with the troika.

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