Cyprus Mail

Cabinet bill will require CyTA spending to be pre-approved

By George Psyllides

THE CABINET on Wednesday approved a bill that would require the state telecommunications company CyTA to seek approval before spending money.

“The purpose of the bill is the better control and monitoring of expenditure, better economic management of CyTA’s funds, in the framework of improving transparency and risk assessment,” deputy government spokesman Victoras Papadopoulos said.

The bill allows for freezing funds and requiring CyTA to seek the finance minister’s approval for their release.

The cabinet also approved a bill that extends government bank deposit guarantees to approved provident funds.

The bill guarantees up to €100,000 per provident fund member, something that did not apply when deposits were seized to recapitalise banks.

Around €1.4 billion was affected, reports said.

A bill was also approved that transferred supervision of co-operative banks from the Co-op Supervision Service to the Central Bank.

It also includes provisions facilitating the recapitalisation of co-ops, which will receive €1.5 billion in taxpayer money.

Finally, the cabinet approved an out-of-court settlement between the Republic and the electricity company (EAC) and insurance companies concerning the coverage of damage caused to the Vassilikos power plant by a munitions explosion.

Insurance companies will pay the EAC €19.5 million to settle its claim – €9.6 million have been already paid – and the state, acknowledging its responsibility in the disaster, will pay reinsurers €14.6 million in six six-monthly instalments between July 2015 and January 2017.

Cyprus will not be paying any interest.

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