Daily Archives: April 3, 2013

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Laiki UK depositors won't pay bailout levy

THOUSANDS of depositors in Britain’s branch of Laiki Bank have been transferred to Bank of Cyprus UK and won’t have to surrender any of their savings to help bail out the Cypriot government.
The move was overseen by Britain’s new financial regulator, the Bank of England’s Prudential Regulatory Authority, on its first official day of operation.
Laiki UK’s 15,000 deposit accounts will be transferred to Bank of Cyprus UK and will not be subject to a levy or “haircut” or other restrictions placed on banks in Cyprus, Bank of Cyprus said in a statement.
Laiki Bank UK is a branch, meaning Britain was not obliged to protect its depositors, unlike Bank of Cyprus UK, which as a subsidiary is regulated in Britain and has more autonomy from the parent group.

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Inside Laiki: countdown to catastrophe

ON THE evening of the last Wednesday in March, the directors of Laiki bank, the second largest in Cyprus, gathered in their sixth floor board room for the last time.
With the portraits of chairmen past staring down at them, they all resigned, something that had become inevitable earlier in the week when each director received a letter from the Central Bank of Cyprus telling them a special administrator had been appointed to run their bank and the board was suspended.
After less than an hour, the board broke up for the last time, its members accepting that their 112-year-old institution was no more. “It was like a funeral,” one director said.

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Over 20,000 people donate food at Cyprus aid concert

A MASSIVE crowd of 20,000 people turned up with an overwhelming amount of food and essentials at Monday’s Cyprus Aid concert in Nicosia.
People from all over the island began gathering at 4pm at Constanza moat in Nicosia. Volunteers created a human chain as they received bags of food, packed them in boxes and loaded them onto trucks while around 50 singers performed.
The Green Party said yesterday the response had been “touching”, and had sent a message of hope.
AKEL’s George Loucaides said: “Once more Cypriots have proven that they have values which will never be demolished by the troika.”

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Holy Synod will do all it can for the needy

THE HOLY Synod decided yesterday to take further measures to help those affected by the financial crisis and announced the launch of efforts to provide free medical care.
The Bishop of Paphos said that each bishopric would mortgage its property so that the church could continue to provide people with assistance. A committee of six professionals will also be appointed to study how the church’s property can be used for the good of the people.
“Throughout our history we have been through worse situations and have been triumphant because we know our values and priorities. After God, our country is our first priority. We call on the people to support the unemployed during these difficult and essential times for our country,” Bishop Giorgos said.

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US warship docks at Limassol

THE USS Kearsarge (LHD 3) has docked at Limassol port as part of its tour of the Mediterranean and Middle East.
It is the fourth ship in US naval history to be named after a mountain in central New Hampshire in the States, and is a mountainous climb from bottom to top. It carries 1,893 Marines with a complement of 104 officers and 1,004 sailors.
It is the Kearsarge’s first visit to Cyprus and it took the amphibious assault ship one hour to dock on Monday when it arrived.
“We found Limassol port was well prepared for our visit with excellent security which is always important wherever we travel in the world,” Commanding officer, Captain John Skillman told reporters.

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Dust returns at least until tomorrow

TEMPERATURES have been higher than usual for this time of year over the last few days and high levels of dust were also recorded yesterday as a return to norm is scheduled for tomorrow after rainfall and a drop in temperatures.
“The amount of dust in the atmosphere will decrease after showers on Thursday,” meteorological officer Sophia Louca said. “There will also be a dip in temperatures on Thursday but it will rise again on Friday and Saturday,” she added. Louca revealed that usual temperatures for this time of year in the mainland tend to be around 22 degrees Celsius but over the last couple of days temperatures have been around 25-26 degrees Celsius.

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The problem is not Cyprus, it’s the euro

THE REAL problem is not Cyprus, it is the euro. After a few disturbing weeks, I would like to wrap up my comments on Cyprus and, hopefully, turn to other issues going forward. It is astonishing that a €10 billion bailout can keep the world spellbound for so long. But then again, while the amount is not staggering, some of the implications are mind-blowing.

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A minute with Jon Fitz DJ/Musicain/Record Producer

Where do you live?

Currently living in Oroklini, a village near Larnaca with my girlfriend, Amanda. We love it here.


Best childhood memory?

Being at the World Cup in Mexico – 1986 with my Dad age 8, an amazing experience, very memorable atmosphere!!


Most frequented restaurant and absolute favourite dish? 

I like most food as I am a bit of a self-confessed foodie, but Los Bandidos in Ayia Napa is my favourite, and the flautas are to die for!!


What did you have for breakfast? 

I went for the healthy option of poached eggs on brown bread.


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