The head of the Central Co-operative Bank urged politicians not to involve the lender in their campaign, as rumours have created ‘certain operational problems’.
“What we are saying, and we have made an appeal, is to be left out of this election campaign,” Nicolas Hadjiyiannis said, speaking on the sidelines of a farming congress in Larnaca.
Co-ops ‘were, are, and will remain useful to the Cypriot state and Cypriot citizens, this is their role … we will come out of this latest unwanted disturbance stronger’, he added.
Hadjiyiannis said the sector had been dragged into the election campaign a while back, directly or indirectly, and that the ‘whispers have caused distress and created certain operational problems’.
He said the turbulence caused by the rumours had been used by competitors to gain operational advantages.
On the issue of privatization, Hadjiyiannis said this was a commitment made by the state and that the bank’s plan is to go ahead by bolstering its capital so that it can present a more credible and acceptable strategy to manage bad loans.
“Please leave the co-operative sector undistracted to continue this course; it is huge, it is systemic, and beyond its size, it has a special importance for Cypriot society,” he said.