A total of 315 cooperative bank properties are expected to be taken over by the state soon, however Akel is breathing down the government’s neck to support the reestablishing of the co-op.

Akel MP Marina Nikolaou recently sent a letter to the finance minister regarding co-op properties, reminding it of its commitment to rent the buildings out to local authorities to cover their needs, with Makis Keravnos writing back that initially the ownership of 268 buildings and 47 plots of land would be transferred to the state.

The €71,671,856 value of the property will be deducted from the money owed to the state by the Cyprus Asset Management Company (Sedipes/Kedipes).

The co-op properties were discussed by MPs in the broader debate on efforts to reestablish the cooperative bank.

The group promoting the reestablishment of the co-op was not asking the government for money, but moral support, Sevegep chairman Panicos Hambas said.

This support, according to Haravgi newspaper, would be in the form of giving up co-op buildings, a statement of support on behalf of the president of the Republic, to be brought into contact with Crédit Agricole through the French ambassador and for the president to visit new Sevegep, a cooperative company producing juice.

Regarding the buildings, the commerce minister said the finance ministry viewed the demand in a positive light, which was welcomed by Akel MP Christos Christofides.

Christofides said the government would now have to show its support in practice and vowed Akel would stand by it in this effort.

In 2018 the co-op agreed to sell its operations to Hellenic after its failure to reduce its stock of non-performing assets practically forced it out of business.

The state-run co-op was sold for pennies on the dollar, resulting in massive losses for taxpayers.