co-op Archives - Cyprus Mail

Posts tagged with "co-op"

Large-scale demonstration planned over fallout from co-op closure

Large-scale demonstration planned over fallout from co-op closure

March 23rd, 20191559 FARMERS, educators, pensioners, and community organisations will be staging a demonstration on Wednesday March 27, to protest against the developments which led to the Co-op bank closure and its consequences. The demonstration is set to begin outside the Pasydy premises at 6.30pm, and will end outside the presidential palace where...

House plenary to convene extraordinary debate on co-op collapse

House plenary to convene extraordinary debate on co-op collapse

March 23rd, 2019821 The House plenary will hold an extraordinary meeting on Thursday, April 4, to debate the report of the investigative committee on the collapse of the Cyprus Cooperative Bank (CCB). The Committee had been appointed in July 2018 and handed over its 800 pages long report to Attorney General Costas Clerides on 1 March. President of the...

Private and public debt still key danger to economy

Private and public debt still key danger to economy

March 20th, 20191828 Technocrats from the European Commission, the European Central Bank and the International Monetary Fund (IMF) are back on the island for their sixth post-programme surveillance (PPS) mission. Cyprus has made scant progress in terms of adopting the recommendations put forth by its international lenders in their last PPS concluded in...

Unsubstantiated criticism of co-op findings harmful, AG says

Unsubstantiated criticism of co-op findings harmful, AG says

March 15th, 20191398 Attorney-general Costas Clerides said Friday any criticism directed at a committee that investigated the collapse of the co-op bank must be backed by evidence otherwise it would cause harm to the institution and its usefulness. The attorney general's statement came a day after President Nicos Anastasiades more or less rubbished the...

Finance minister to leave office at the end of the year (Updated)

Finance minister to leave office at the end of the year (Updated)

March 15th, 20192418 Finance Minister Harris Georgiades said Friday he would be stepping down at the end of the year but denied it was because of the demining findings of a probe into the collapse of the co-op bank, which he said were flawed. “I have discussed with the president that I will continue at the finance ministry until the end of the year,”...

Teachers union wants co-op properties returned to them

Teachers union wants co-op properties returned to them

March 14th, 20191296 Primary teachers’ union Poed said on Thursday it was taking legal measures to have the real-state owned and managed by its cooperative savings fund, which fell to government hands after the demise of the Central Cooperative Bank (CCB), returned to them. The union, along with secondary teachers’ Oelmek and Oltek said this...

Public's trust in institutions being eroded, president says (Update 3)

Public's trust in institutions being eroded, president says (Update 3)

March 14th, 20192797 The public’s trust in institutions is being eroded, President Nicos Anastasiades said on Thursday evening when asked to comment on media reveals that two veteran MPs and the environment commissioner had non-performing loans worth hundreds of thousands at the co-op bank, shuttered last year and sold to Hellenic Bank after it failed to...

‘Government cannot manage Cypriot banking’

‘Government cannot manage Cypriot banking’

March 12th, 20193618 Opposition party Diko reiterated on Tuesday its demand for the resignation of Finance Minister Harris Georgiades over a damning report on the collapse of the co-op bank, otherwise there was a risk of political instability. In a statement following discussion of the report on Tuesday evening, the party said the country’s credibility...

Spokesman denies finance minister offered to resign (updated)

Spokesman denies finance minister offered to resign (updated)

March 8th, 20192534 Government spokesman Prodromos Prodomou denied on Friday that the finance minister had offered to resign over a damning report concerning the demise of the co-op bank. Prodromou’s denial came hours after deputy spokeswoman Klelia Vasiliou told private Sigma television that Harris Georgiades had submitted his resignation on...

Co-op inquiry: Georgiades should have sacked ‘incompetent CEO’

Co-op inquiry: Georgiades should have sacked ‘incompetent CEO’

March 6th, 20193860 Finance Minister Harris Georgiades was named as the main wrongdoer in the collapse of the Co-op bank, though the president, his cabinet and political parties were also assigned responsibility, in the findings of an inquiry that were published on Wednesday. Former Co-op executives, including CEO Nicolas Hadjiyiannis, should be...

Co-op probe findings to be made public on Wednesday

Co-op probe findings to be made public on Wednesday

March 5th, 20191430 The investigating committee that carried out a probe into the demise of the co-op bank announced it would make its findings public on Wednesday noon. The findings will be published on the Cyprus News Agency website, the announcement said. The findings report had been handed over to the attorney-general last Friday. In the...

Co-op probe findings presented to attorney-general (updated)

Co-op probe findings presented to attorney-general (updated)

March 1st, 20191709 The findings of a probe into the collapse of the co-op bank were handed to the attorney-general on Friday with investigators recommending further investigation into the possibility of commission of civil and criminal offences. Summing up the more than 800 pages, the head of the three-member committee, former supreme court judge...

Kedipes generates €101 million

Kedipes generates €101 million

February 19th, 20192576 The state-owned Cyprus Asset Management Company (Kedipes), which was established following the sale of the former Cyprus Cooperative Bank to Hellenic Bank, generated an income of over €101 million in its first four months of operation, it announced on Tuesday. Kedipes was established as a 100 per cent subsidiary of the Coop bank to...

GDP expected to grow by over 3% this year

GDP expected to grow by over 3% this year

February 7th, 20192248 Cyprus’ GDP growth is expected to reach 3.8% in 2018 following 4.2% in 2017, according to the winter interim economic forecast issued on Thursday by the European Commission. According to the forecast, GDP growth is expected to reach 3.3% in 2019 and 2.7% in 2020. Meanwhile inflation is expected to be 0.8% for 2018, 0.7% for 2019...

Cyprus prepares to tap international markets after early repayments

Cyprus prepares to tap international markets after early repayments

January 31st, 20192027 Cyprus prepares to tap the markets with a new euro-denominated bond issue, the finance ministry has said. In a statement the ministry said “the Republic of Cyprus, rated BBB- (stable) by Standard and Poor`s, Ba2 (stable) by Moody`s, BBB- (stable) by Fitch and BBBL (stable) by DBRS, has mandated CITI, Goldman Sachs International and...

Non-performing loans drop by €5.6 billion due to co-op sale

Non-performing loans drop by €5.6 billion due to co-op sale

January 11th, 20191992 Non-performing exposures (NPEs) in the Cyprus banking system dropped to €11.02 billion in September 2018 marking a €5.6 billion reduction since end-June 2018 as Hellenic Bank acquired the performing part of the state-owned Cyprus Cooperative Bank, which has been converted to an asset management company. According to data released...

Central Bank head: I was too scared to continue bad loan probe

Central Bank head: I was too scared to continue bad loan probe

December 3rd, 20184315 The head of the Cyprus Central Bank (CBC) on Monday said she had had to stop looking into bad loans held by Politically Exposed Persons (PEPs) because she “got scared” when police seized her computers and questioned her. In parliament, Chrystalla Georghadji recalled that in 2015 she began gathering data on PEPs who had bad loans...

Georgiades asks how co-op was allowed to operate the way it did up to 2013

Georgiades asks how co-op was allowed to operate the way it did up to 2013

November 22nd, 20182906 By Elias Hazou and George Psyllides The government never expected to recuperate the money it invested in the ailing co-operative bank, Finance Minister Harris Georgiades bluntly told the panel investigating the lender’s demise. Testifying before the committee on Thursday, the minister was asked whether he personally believed...

State assistance averted deposit haircut at co-op, FinMin says

State assistance averted deposit haircut at co-op, FinMin says

November 22nd, 20183108 State assistance was granted to the co-op bank in 2013 to avert a haircut on deposits, Finance Minister Harris Georgiades told an inquiry into the lender’s collapse on Thursday. The minister, who has been heavily criticised following the co-op bank’s demise earlier this year, started his testimony by reading a prepared statement...

‘Government crueller than banks’

‘Government crueller than banks’

November 8th, 20182698 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)

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

November 6th, 20183087 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

Unions ‘only stone not upturned’ by banks

November 3rd, 20182060 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

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

October 23rd, 20183257 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

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

October 4th, 20182631 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

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

September 14th, 20182120 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...

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