Posts by tag: bank of cyprus

Archives April 29, 2013 posted by

Keep us from tum-tation, or sensational Taurus

Well thank the primal cause (that’s G-O-D to you) the sun is finally in the sign of Taurus.

Nothing against my pyro-frantic Aries friends, but in this little corner of paradiso, tempers need to settle, people need to take a chill pill and somebody better fire up a barbecue or three.

It’s sunny spring time, and we’re being treated to a good dose of Sol worship right now – which is just what the doctor ordered, frankly, after the trying days we’ve all been going through.

Mercury hopes everyone weathered the full moon in Scorpio in one piece this past Thursday and is grateful that, for Easter celebratin’ folk at least, there’s the promise of a week wholly (see what I did there?) devoted to winding down, getting outdoors and tucking into a good meal.

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Archives April 27, 2013 posted by

Christofias sues CyBC for calling him an ignoramus

FORMER president Demetris Christofias is suing the state broadcaster claiming he had been called an ignoramus and a moron during a pre-presidential election interview with the current president.

Through the defamation suit, Christofias is asking for compensation between €100,000 and €500,000.

The papers, filed on April 17, name the state broadcaster CyBC and the head of its news department, Yiannakis Kareklas, as the alleged offenders.

The documents do not make any reference to the offending terms that prompted Christofias to sue but reports suggested it was because he had been called ignorant.

The person who first voiced the offending term during the show however was President Nicos Anastasiades.

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Archives April 24, 2013 posted by

EU Parliament likely to back forced losses on wealthy failed bank depositors

THE European Parliament is likely to back plans to impose losses on wealthier depositors in failed banks while shielding smaller savers, its lead negotiator on the rules said yesterday.

Talks are under way to finalise EU rules on crisis-hit banks following the Cyprus bailout, in which both large and small depositors were originally going to be hit before the plan was changed to charge only the former.

The European Parliament’s backing is needed for any proposals to become law.

Gunnar Hokmark, a Swedish conservative in the European Parliament, said most categories of deposits would not be protected under proposals likely to be agreed.

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Archives April 9, 2013 posted by

Inquiry committee member resigns, reports say

One of the members of a committee of inquiry into the responsibilities attached to nearly destroying the Cyprus banking system and the economy, yesterday handed in his resignation, reports said.
Former Supreme Court judge Yiannakis Constantinides reportedly cited health reasons for stepping down from the committee which was only sworn in last Tuesday, launching investigations into civil, political and criminal responsibilities. The other two members are a former Supreme Court judge and former member of the International Court of Justice in The Hague, Giorgos Pikis who also heads the investigation, and former Supreme Court judge Panayiotis Kallis.

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Archives April 7, 2013 posted by

In Brief


Antiquities theft  

TWO MEN, aged 26 and 65 were arrested late Friday in connection with a case of antiquities theft. According to a police spokesman a 26-year Syrian man had three amphorae  in his possession which he was planning to sell for €900. He told police he had stolen them from a house in Limassol which belongs to the 65-year Greek-Cypriot who was also arrested on suspicion of possessing them illegally. 

Police found two more amphorae at the man’s house. All five items were taken to an archaeologist who determined they dated from the early and mid Bronze Age and fell under the Antiquities Act. The 26-year-old was held for questioning while the 65-year-old was written up and released until a later date.



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Archives April 6, 2013 posted by

Banks’ report raises questions, says government

THE government yesterday appeared to dispute an investigation launched by the Central Bank of Cyprus (CBC) into the island’s banking debacle, as the media criticised the regulator over the apparent failure to probe certain vital aspects of the affair.

The CBC was quick to stress that the investigation was not over yet.

“The publication of the Alvarez and Marsal investigation into the banking system raises questions regarding the objectives and the terms of reference set from the beginning,” government spokesman Christos Stylianides told reporters. 

“The government notes this fact with concern, and expects that society, which is subjected to huge sacrifices for reasons it bears no responsibility for, will be fully informed.”

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Archives April 5, 2013 posted by

Land deal turn sour for Kykkos

THE MONASTERY of Kykkos has secured a court injunction blocking the sale of a plot of land in Nicosia that was offered to the Greek government more than 10 years ago.

In 1998 the monastery – one of the wealthiest dioceses in Cyprus – struck a deal with the Greek government, under which the former would donate four acres on condition that an embassy was built at the location.

However the acreage was deemed not to be large enough, because the Greek government also planned to build the ambassador’s residence on the same site. An agreement was therefore made where the monastery would donate the original four acres and sell four more acres for €500,000.

The land in question sits in prime real estate across the Kykkos Metochi, near the Russian and US embassies.

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Archives April 5, 2013 posted by

‘Central Bank could not have stopped Laiki merger’

THE Central Bank of Cyprus could not do much, under the current legal and regulatory framework, to stop the cross-border merger between Laiki and Greece’s Marfin Egnatia that effectively led to the former’s downfall, an investigation has found.

“The structure of the regulation and legislation is such that under the Mergers Directive the bank did not require any authorisation from the CBC (Central Bank of Cyprus), this resulted in the bank being able to transfer the assets and liabilities to Cyprus without approval from the CBC,” a findings report said.

The CBC was left with one option, the firm said, either to accept the conversion of the Greek subsidiary or force the bank to cease operations in Greece.

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Archives April 3, 2013 posted by

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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Archives April 2, 2013 posted by

In defence of Cyprus

I CAN still remember the month of June in 2003, when President Clerides came back to Nicosia from the European Council carrying the EU’s unanimous decision admitting Cyprus as a new member state. European and Cypriot flags were unfurled all along Makarios Avenue, the blast of thousands of horns kept beeping for hours and Cypriot zivania was brought out in all public places and cafés on the island, as it celebrated joyfully the recognition of Cyprus as a part of European territory.

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