Cyprus Mail

Capital needs of co-ops reach €1.5b

The Central Bank of Cyprus announced that after consultation with the European Commission, the European Central Bank and the International Monetary Fund, the capital needs of the cooperative credit sector are estimated to be up to €1.5billion.

The amount covers the capital needs of all cooperative credit institutions (including the Cooperative Central Bank) according to the statement.

The total amount needed for recapitalising the entire cooperative credit sector in Cyprus, €1.5 billion, will be covered by programme funds the CBC said.

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