Cyprus Mail
Business Cyprus

House probe into banking sector nears completion

A PARLIAMENTARY inquiry into the circumstances leading to the near-collapse of the banking sector and the ‘bail-in’ is nearing completion, MPs said yesterday.

Its findings will also be placed at the disposal of police investigators who are conducting a parallel criminal probe into the financial debacle of 2013.

The fact-finding part of the parliamentary inquest contains depositions, testimonies, documents and the minutes of the committee sessions. This material will be made available immediately to the police if requested.

Chairman of the House watchdog committee, Demetris Syllouris said lawmakers have almost completed the fact-finding component of their investigation, and would soon proceed with writing up their conclusions.

He could not say when the final report would be ready. It’s understood that the report, when finished, will be discussed at the plenum.

MPs have agreed to name names in the fact-finding part of the probe, but would “try to avoid” naming people in the report’s conclusions, Syllouris said.

Speaking to reporters after yesterday’s session of the committee, held behind closed doors, DISY deputy Andreas Kyprianou said the committee was still considering the manner in which the findings would be made public.

The parliamentary probe focuses on the role of the banks – former Laiki Bank and Bank of Cyprus – which had bet heavily on Greek government bonds and suffered massive losses as a result of the ‘haircut’ in Greece.

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