Cyprus Mail

‘Criteria for CBC appointments needs to be assessed’

AKEL MP Irini Charalambidou

By Staff Reporter

THE criteria for the appointment of members of the Board of Directors of the Central Bank of Cyprus (CBC) has not yet been resolved and needs to be examined in the presence of the government’s Law Office and the finance ministry, chairman of the House watchdog committee Demetris Syllouris said yesterday.

“While appointments to the boards of commercial banks require evaluation and confirmation, no such mechanism exists for appointments to the Central Bank board, which are made by the President and the cabinet,” Syllouris said.

Institutional changes to the criteria for appointment to the CBC board are also favoured by committee member and AKEL MP Irini Charalambidou, who said that “certain individuals who appear to have been involved in the Cyprus stock market scandal have been appointed to the CBC board.”

Charalambidou said in October 2013 the Finance minister Harris Georgiades was asked to look into the appointment of particular board members and provided with evidence “suggesting their implication in the stock market scandal, as presented in the findings of the investigative committee appointed by then President Glafkos Clerides.”

According to Charalambidou, as no response has yet been received, the committee decided to discuss the issue ex officio.

“The discussion revealed some gaps in the criteria of moral standing for candidates to the board,” she said.

“We believe that institutional changes must be adopted to ensure that the people appointed to senior regulatory bodies, as is the case with members of the Cyprus Securities and Exchange Commission, are of the highest moral standing, experience, calibre and integrity.”

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