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New law will result in more modern co-op sector
THE NEW law aimed at enabling cooperative banks to raise capital paves the way for better running, more modern entities, the co-op banks’ supervisor said yesterday. Constantinos Liras, Commissioner for the Cooperative Societies’ Supervision and Development authority, said that by having the right to issue shares, co-ops would be able to better run their finances in the future. Parliament on Thursday approved government-drafted legislation making it mandatory for cooperative credit institutions to issue shares for the purposes of raising capital, converting them from unlimited liability to limited liability companies. Liras said that rather than having to undergo this step separately for all 92 co-ops, the move expedited the process, paving the way for “better-run, more modern” bodies. Future steps include rationalising ...
Interest rate reductions will help economy, spokesman says
Author: Poly Pantelides THE GOVERNMENT expects borrowing rates to fall in line with a reduction in deposit interest rates, the spokesman said yesterday. Christos Stylianides was speaking after a meeting between President Nicos Anastasiades, the finance minister and bank brass. The Central Bank governor was out of the country and did not attend. “For the first time in years we have had a fundamental reduction in deposit interest rates, which anyone who knows fundamental economics understands, comes with an analogous reduction in borrowing rates because of market rules,” Stylianides ...
Leukaemia boy’s family warns of fake collection in Paphos
Author: Maria Gregoriou UNSCRUPULOUS individuals have been going door-to-door in Paphos falsely asking for money to help five-year-old leukaemia sufferer George Philippides who is due to go to Germany to receive a bone marrow transplant. The fake collection has been going on for around 20 days with the culprits asking people to give no less than €20. The boy’s family, while they did issue a plea for bone marrow donors – two were found on Monday – never asked for cash. “As a family we have not asked anyone for help. The family and friends will financially support my grandson’s ...
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