Outside experts will scrutinise PEPs’ bad debts
Parliament decided Wednesday to hire outside experts to audit two lists with the names of politically exposed persons (PEPs) with bad debts in commercial banks...
co-ops
Akel calls for probe into ‘illegal’ sale of former co-op assets
Main opposition party Akel is calling for an investigation into the apparent selling off of assets of the legacy Cyprus Cooperative Bank to entities in...
Arrests for co-op loans with collateral from imaginary people
A businesswoman and three employees of a former co-op in eastern Limassol were arrested on Wednesday in connection with loans amounting to over €800,000 given...
‘Not even God himself’ could remove political parties from co-ops (Updated)
By George Psyllides NOT even God himself could remove political parties from co-op banks, former minister Nicos Rolandis said on Friday, describing the sector as...
Rural residents to protest over local co-op closures
By Evie Andreou Several rural communities have started to protest over the decision to close their local co-op branches, including Xylofagou and Lymbia. The closing...
Hellenic officially takes over Co-op operations (Updated)
Hellenic Bank on Monday officially took control of the operations of the state-owned Cyprus Cooperative Bank (CCB), with officials saying the transition went without a...
Outflows from co-ops have stopped, Georgiades says (updated)
It appears that deposit outflows from co-op banks have stopped following the government’s action to deposit €2.5bn in the form of bonds, Finance Minister Harris...
State’s €2.5bn for co-op ‘allays depositor fears’
The government’s action to deposit €2.5bn at the co-op bank reassures customers not to worry about their money, its spokesman said on Wednesday. “This huge...
Government to address Co-op depositor concerns (updated)
While the finance minister promised action to reassure Cyprus Cooperative Bank depositors who fear they could suffer losses in a possible bail-in, as the lender...
MP calls on public to protest squandering of co-op funds
Independent MP, Anna Theologou, has called on the public to join her on Thursday outside the presidential palace to protest against the squandering of public...
Co-op put up for sale
The co-op bank on Monday opened a virtual data room that will be used by potential investors to securely exchange data and analyses, as the...
Nicolaou says police to create ‘a network of burglarly protection’ with new tech
Police are upgrading their tech to connect with alarm systems in various premises so they can respond faster to burglaries and robberies, Justice Minister Ionas...
Other banks may also have to increase provisions, economist says
The Bank of Cyprus’s decision to increase its provisions for loan impairments on Monday was expected, said an economist, who did not rule out similar...
Nearly €100,000 from three heists, no sign of the culprits
ALMOST €100,000 has been robbed from cooperative banks across Cyprus this month, in three separate robberies. Although the events surrounding the cases are widely known,...
Police confident they will hunt down co-op robbers
Police said on Thursday they were confident they will be able to find out who was behind the armed robbery at the Limassol co-op bank...
Co-op protesters reject NPL deal with Altamira
The Cyprus Cooperative Bank’s decision to enter an agreement with Spain’s Altamira on the management of its non-performing loans, roughly 60 per cent of its...
Our View: Akel’s nostalgia for ‘people-centric’ co-ops is misplaced
SOME political parties still refuse to accept that the Co-operative Central Bank has lost its co-op status and has become just another bank. In September...
Our View: Co-op should consider doing what Hellenic did with NPLs
ALTHOUGH the economy is on the road to recovery, concerns about non-performing loans have not receded. While we avoid discussion of the problem in Cyprus,...
Co-op Q1 profit shrinks to €2.6m amid rising NPLs
The state-owned Cooperative Central Bank said that it generated a €2.6m after-tax profit in January to March this year compared to a profit of €23.6m...
Three unions to strike on Tuesday at the co-op
The members of three unions working at the bailed out Cooperative Central Bank will stage on Tuesday a three-hour warning strike to protest the employer’s...