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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ New: Bank boards fired as restructuring underway ]

New: Bank boards fired as restructuring underway


THE Central Bank has sacked the boards and CEO’s of the Bank of Cyprus and Laiki to facilitate the banking sector’s restructuring.

The decision had been taken during a meeting between international lenders, the finance ministry, Central Bank Governor Panicos Demetriades, and the undersecretary to the president.

The move follows the appointment of special administrators who will oversee the enforcement of a Eurogroup decision to resolve Laiki and transfer its assets to Bank of Cyprus.

CEO Yiannis Kypri  said he was summoned to the Central Bank early on Wednesday and asked to submit his resignation.

"The reason I was given was that, based on the resolution decree recently passed by parliament and upon demands of the troika, an administrator had been appointed at the Bank," Kypri said in a written statement.

"Until now I have not received a formal letter from the governor of the Central Bank on the matter," he said.

Kypri, who has spent decades at the bank, took over last year as CEO. A central bank spokeswoman was not available for comment.

Bank of Cyprus will have to impose a hefty haircut on uninsured depositors – over €100,000 – as part of the deal.

The rate currently mooted was 40 per cent but there was nothing official so far.


(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.

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