Cyprus Mail

Troika meetings continue

A TEAM representing the troika of international lenders continued their meetings yesterday with banking and government officials.

The troika mission arrived on July 17 to review progress in the country’s adjustment programme following a €10bn bailout agreement reached last March. It concludes its evaluation and departs at the end of July.

The evaluation will determine whether Cyprus receives the next tranche of its international rescue package in September.

Troika technocrats also met finance ministry and representatives of international banks in Cyprus to discuss matters such as capital controls.

Implementation of the loan agreement’s provisions concerning the public sector and progress of structural reforms were also on the agenda.

The troika mission scrutinized in separate meetings the early retirement scheme for Bank of Cyprus employees, and met with the Union of Bank Employees and representatives of foreign banks in Cyprus.

In another meeting later in the day, the experts discussed public health policy and spending with officials from the ministries of health and finance, and met with the Health Insurance Organization.

A spokesman for EU Commissioner for Economic and Financial Affairs, Olli Rehn, said yesterday the lenders’ first review mission to Nicosia would focus on progress with the resolution and restructuring process in the financial sector.

The island’s largest lender, Bank of Cyprus, is to complete its restructuring by late September, according to the latest timetable.

An evaluation of the bank’s capital needs is due to be completed by the end of this month, an exercise that will determine the size of the ‘haircut’ on deposits.

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