Cyprus Mail

CySec to decide soon on Laiki ELA

The report was led by Demetra Kalogirou

The Cyprus Security and Exchange Commission (CySec) will decide soon on the issue of the Emergency Liquidity Assistance (ELA) obtained by the defunct Laiki Bank during the period 2011-2013, CySec boss Demetra Kalogerou said.

Speaking during a presentation of the work of CySec for 2015, Kalogerou said that the Commission had completed the investigation of a possible manipulation of the market, because the bank had not announce the extent of its ELA to investors.

Laiki had started borrowing from the ELA in 2011 and the amount climbed from €490m to €9.2 bn by early 2013. She also said that the issue would be examined by the Legal Service.

Kalogerou noted that in 2016 two more investigations connected with the banking crisis of 2013 would be completed shortly, one on Commerzbank and the other on Banca Transilvania, to decide whether there was market manipulation in Cyprus.
Between 2014 – 2015 CySec had completed investigation into five cases concerning the collapse of the economy, relating to Uniastrum, and Laiki Egantia, the reclassification of Greek bonds, Bank of Cyprus, and Marfin Investment Group (MIG) provisions.

All of the cases were referred to the attorney-general to investigate for possible criminal offences.

Regarding investment firms she said in 2015, CySec had imposed fines amounting to € 1.7m, and in both cases there had been a compromise payment for a total of €685,000.
Kalogerou said that as regards money laundering and terrorist financing CySec gas carried out 21 spot checks during the year but found no violations. The latest ratings for Cyprus on the subject of laundering were positive, coming from both  Moneyval, the Global Forum and the relevant committee of the Troika.

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