Cyprus Mail

Co-op central bank audit to begin Wednesday

The auditor-general on Wednesday will be starting an administrative audit of the Central Co-operative Bank.

Odysseas Michaelides stressed that the audit-service would not go into the CCB’s financial affairs as that was being handled by a private audit firm.

The administrative audit is expected to last between two to three weeks.

It will look into whether the organisation under scrutiny meets the instructions of the Central Bank of Cyprus, the CCB’s supervisor.

“We will be very careful so as not to delve into issues already examined by the supervisor,” he said.

The announcement of the audit followed a second opinion given by the attorney-general, who decided that the auditor has jurisdiction over the co-ops, which belongs to the state.

The AG was asked to weigh in – twice – after doubts were raised over his remit. The AG had given the same opinion both times.

Disy leader Averof Neophytou, had asked the finance ministry to communicate the documents comprising the agreements signed by Cyprus and its international creditors – the Memorandum of Understanding and the Relationship Framework Agreement – to the AG, as he claimed these contained clauses precluding such an audit.

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