Posts tagged with "co-op"

‘Government crueller than banks’ Cyprus

‘Government crueller than banks’

November 8th, 2018 MPS on Thursday lashed out at Finance Minister Harris Georgiades, who told the House watchdog committee that if it were up to him he would close down even more Cooperative Bank branches. The minister was invited to the meeting on the closure by Hellenic Bank, that took control of the operations of the now defunct Cyprus Cooperative...
Former co-op CEO did not get job 'because of connections' (updated) Cyprus

Former co-op CEO did not get job 'because of connections' (updated)

November 6th, 2018 The former CEO of the Cyprus Cooperative Bank (CCB) Nicolas Hadjiyiannis on Tuesday denied landing a job with the organisation solely because of his personal connections. Hadjiyiannis served as divisional manager at Bank of Cyprus before being hired as chairman of the CCB in November 2013. In December 2015 he was appointed CEO of the...
Unions ‘only stone not upturned’ by banks Cyprus

Unions ‘only stone not upturned’ by banks

November 3rd, 2018 After tackling non-performing loans, the volume of which he believes will go down very fast in the next year, unions are “the only stone not upturned”, Hellenic Bank CEO Yiannis Matsis told the 14th Economist Conference in Nicosia on Friday. He predicted the unions will be the next matter to be tackled. Matsis said banks should...
Co-op gave loans regardless of ability to repay, probe hears Cyprus

Co-op gave loans regardless of ability to repay, probe hears

October 23rd, 2018 A former internal auditor at the Athienou cooperative bank described on Tuesday how the lender would dish out loans without regard for borrowers’ ability to repay. Eleni Georgiou was testifying before the committee investigating the demise of the Cyprus Co-op. In April 2013 she was suspended by her superiors on the grounds of...
NPLs and run on deposits helped bring down Co-op, probe hears Cyprus

NPLs and run on deposits helped bring down Co-op, probe hears

October 4th, 2018 The delay in dealing with non-performing loans and the run on deposits are the main reasons that caused the collapse of the co-op bank, which also had corporate governance problems, a senior official told an inquiry on Thursday. Dionysis Dionysiou, a senior finance ministry official who represented the state at the co-op bank, said...
Nouy’s ‘non’ stuns committee probing Co-op failure Cyprus

Nouy’s ‘non’ stuns committee probing Co-op failure

September 14th, 2018 By Stelios Orphanides The chairwoman of the European Central Bank’s (ECB) Single Supervisory Mechanism (SSM) Daniele Nouy will not testify at the committee probing the failure of the state-owned Cyprus Cooperative Bank and is instead ready to reply in writing to a questionnaire, the Cyprus News Agency (CNA) reported on...
Financial ombudsman delivers report on co-op loan set off debacle Cyprus

Financial ombudsman delivers report on co-op loan set off debacle

September 14th, 2018 Financial ombudsman Pavlos Ioannou on Friday delivered a preliminary report to President Nicos Anastasiades concerning co-op customers who had their deposits set off against loans and other obligations and their accounts froze just before the lender was shuttered at the end of August. Following the meeting, Ioannou said despite the...
Legacy co-op sets up teams to address set-off impact Cyprus

Legacy co-op sets up teams to address set-off impact

September 11th, 2018 The Cypriot Asset Management Company, the subsidiary of the legacy Co-op, said Tuesday it is working on immediately addressing problems caused by the decision to set off deposits against loans last month before its operations were taken over by Hellenic Bank. Kedipes, as the company is called, based on its Greek acronym, has set up a...
A new reality for borrowers Cyprus

A new reality for borrowers

September 9th, 2018 ‘You wouldn’t believe what kind of breaks they used to get from banks’ By Elias Hazou LOAN defaulters expecting more flexibility from debt collection agencies rather than their bank, could be in for a rough ride while the state’s new Estia loan relief scheme likely is to benefit strategic defaulters above genuine...
Banks given until Monday to find solution to wrongly offset accounts Cyprus

Banks given until Monday to find solution to wrongly offset accounts

September 8th, 2018 By Lizzy Ioannidou IN AN extraordinary meeting on Saturday, the parliamentary audit committee gave the Hellenic Bank and the legacy Co-operative Bank until Monday to find solutions to 4,500 current accounts linked to p erforming loans that were terminated and not transferred to the Hellenic Bank, the Cyprus News Agency (CNA)...
Capital Intelligence upgrades Cypriot sovereign rating to BB Cyprus

Capital Intelligence upgrades Cypriot sovereign rating to BB

September 8th, 2018 By Stelios Orphanides Capital Intelligence, the Limassol-based rating company, said that it upgraded Cyprus’ long-term foreign currency rating by a notch to BB, which is still in the speculative area, and maintained the positive outlook. It also affirmed the island’s short-term foreign currency rating at B, it said in an...
Bank’s offset of loans against deposits comes under scrutiny by lawmakers Cyprus

Bank’s offset of loans against deposits comes under scrutiny by lawmakers

September 8th, 2018 THE House ethics committee will hold a special session on Saturday to discuss the matter of co-op customers who had their deposits set off against loans and other obligations allegedly unbeknown to them. President Nicos Anastasiades has asked for a probe into the matter while Finance Minister Harris Georgiades asked the Cooperative...
Recent Co-op uncertainty prompts customer flight to BoC Cyprus

Recent Co-op uncertainty prompts customer flight to BoC

September 7th, 2018 Bank of Cyprus has seen a windfall of new business in the past few months due to the uncertainty that was created at the co-op bank in the run up to its acquisition by Hellenic. According to the Cyprus News Agency (CNA) in July and August, 24,300 new retail customer accounts were opened at the Bank of Cyprus with new customer...
Former Co-op chairman Stavrou blames competitor for bank’s failure (Updated) Cyprus

Former Co-op chairman Stavrou blames competitor for bank’s failure (Updated)

September 6th, 2018 By Stelios Orphanides The former chairman of the Co-op Demetris Stavrou told investigators probing the collapse of the government-bailed out bank that the lender fell victim to unfair competition practices and lack of action by the central bank, the Cyprus News Agency (CNA) reported on Thursday. Stavrou, who together with two...
Financial Ombudsman says Co-op account set offs largely unlawful (Updated) Business

Financial Ombudsman says Co-op account set offs largely unlawful (Updated)

September 6th, 2018 By Stelios Orphanides President Nicos Anastasiades on Thursday instructed the financial ombudsman to investigate how thousands of Co-op customers unknowingly had their deposits offset against their non-performing loans, some of which were on the point of being restructured. Anastasiades asked Ombudsman Pavlos Ioannou to...
Our View: Political meddling made co-ops’ demise inevitable Opinion

Our View: Political meddling made co-ops’ demise inevitable

September 2nd, 2018 There was an abundance of stories in the media on Friday lamenting the last day of the co-ops and informing us that this was the “end of an era”. From Saturday, there was no Co-operative Central Bank (CCB), its healthy business having been taken over by Hellenic Bank and its toxic portfolio staying with its subsidiary that will be...
Investigators to interview eight Co-op officials next week Cyprus

Investigators to interview eight Co-op officials next week

August 31st, 2018 By Stelios Orphanides The committee investigating the failure of the Cyprus Cooperative Bank announced on Friday the next round of interviews of former and current Co-op officials, the Cyprus News Agency reported. On Wednesday at 9 am, the former board member Lampros Pieri will continue his testimony after he was summoned as...
Co-op gave loan to 90-year-old, mortgaged cemeteries, probe hears (Update 2) Cyprus

Co-op gave loan to 90-year-old, mortgaged cemeteries, probe hears (Update 2)

August 31st, 2018 A member of the co-op bank’s board of directors told an inquiry looking into the causes of its failure that while initially the bank’s situation was chaotic its staff unskilled, it eventually managed to operate as a proper, competitive bank before supervisors forced it out of business, the Cyprus News Agency (CNA) reported on...
End of the road for co-op bank Cyprus

End of the road for co-op bank

August 31st, 2018 The end of the workday Friday will see the end of the island’s co-operative sector after more than a century and the birth of the cooperative asset management company (Kedipes) which will be tasked with handling the billions in non-performing loans, which caused the Co-op bank’s failure. The remainder of its assets and deposits...
Co-op wasted time on trivia, former board member says Cyprus

Co-op wasted time on trivia, former board member says

August 30th, 2018 By Stelios Orphanides A Cyprus Cooperative Bank board member said that the bank wasted too much time on trivia which ultimately prevented it from implementing actual policies that would have helped the bank weather the storm, the Cyprus News Agency (CNA) reported on Thursday. The merger of the 18 independent cooperative banks...
Executive says mission to save Co-op was impossible (Updated) Cyprus

Executive says mission to save Co-op was impossible (Updated)

August 30th, 2018 By Stelios Orphanides A Co-op executive told the committee investigating the failure of the Cyprus Cooperative Bank that the lender could have made it if conditions had been less adverse, the Cyprus News Agency (CNA) reported on Thursday. The Co-op had to struggle with its legacy, the nature of its portfolio and the fact it was...
Co-op official slams ECB over vetoing CSE listing Cyprus

Co-op official slams ECB over vetoing CSE listing

August 30th, 2018 By Stelios Orphanides Former Co-op board member Kypros Ellinas told investigators on Thursday that bank’s plan for a listing of its share that would have otherwise allowed it to tap private capital was unfairly blocked by supervisors, the Cyprus News Agency (CNA) reported. Ellinas, the first witness to testify on Thursday at...
Ministry official says past sins brought down the Co-op (Updated) Cyprus

Ministry official says past sins brought down the Co-op (Updated)

August 29th, 2018   A finance ministry official who served on the Co-op’s board of directors said on Wednesday the lender went down mainly because of problems it had accumulated in the past and that the acquisition of its operations by Hellenic Bank had helped the economy. The co-operative banking sector had a deficient supervisory mechanism...
Hellenic mulling how many Co-op branches to shutter Cyprus

Hellenic mulling how many Co-op branches to shutter

August 28th, 2018 As Hellenic Bank officially takes over parts of the Co-op bank by the end of the week, its management is assessing which branches to shutter, an executive said on Tuesday. This coming Friday will be the last day of the Co-op bank in its current form and also the start of a process to transfer certain assets and liabilities to the...
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