Posts by tag: banks

Archives April 20, 2013 posted by

SGOs looking for €1.4 billion loan to sidestep sell-off


SEMI-state companies (SGOs) are looking into securing a €1.4 billion loan in a bid to avoid being privatised as part of the island’s €10 billion bailout.

The proposal was tabled by the chairman of the telecommunications company CyTA and was discussed yesterday with the heads of the electricity authority (EAC) and the ports authority, among others. 

“These organisations belong to the people and should remain with the people,” CyTA chairman Stathis Kittis said. “I believe there are ways to mortgage the people’s property, instead of selling it, and provide the state a way out.

Kittis said his proposal would be discussed by the boards of the various SGOs and then submitted to the government.

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Archives March 31, 2013 posted by

Schaeuble says euro zone savings deposits are safe

GERMAN Finance Minister Wolfgang Schaeuble has said savings accounts in the euro zone are safe, adding that Cyprus is a “special case” and not a template for future rescues.
In an interview with Bild newspaper published yesterday, Schaeuble distanced himself from comments on Monday by Eurogroup chairman Jeroen Dijsselbloem, who said the rescue programme agreed for Cyprus – the first to impose a levy on bank deposits – would serve as a model for future crises.
“Cyprus is and will remain a special one-off case,” Schaeuble said.
“The savings accounts in Europe are safe.”
Schaeuble said the problem in Cyprus was that two large banks were in effect no longer solvent and the government did not have enough money to guarantee savings.

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Archives March 31, 2013 posted by

OUR VIEW President must drop the platitudes if we are to survive

OUR POLITICIANS just cannot resist the temptation to tell their audience what they want to hear. Populism is so deeply rooted in public discourse that very few politicians can break away from it. Those who do are usually pilloried by the media, also inclined to tell people what they want to hear, and punished by voters that detest a messenger of bad tidings regardless of how truthful these may be. As a society we seem to prefer to live with our illusions rather than deal with harsh reality.

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Archives March 30, 2013 posted by

Elderly couple beaten in own home

A 90-YEAR-OLD man and his 82-year-old wife answered a knock at their door yesterday morning and were greeted by two people who barged inside, beat them and tied the man up for his money, police said.
The elderly couple told police that two unknown people – a man and a woman in their thirties who spoke to them in Greek – knocked on their door at 8.15am. The couple opened their door and were beaten on the spot.
The 90-year-old then said the pair tied his hands and legs with a plastic rope, and asked him for money. He offered them €1,000 but the assaulters then fled without taking any money, he told the police.

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Archives March 30, 2013 posted by

Vgenopoulos summoned to Cypriot court

FORMER Laiki strongman Andreas Vgenopoulos has been summoned to appear before a court in Cyprus to respond to charges that he had misled investors into buying high-risk securities, it was reported yesterday.
Claiming he was defrauded of €108,000, a Paphos-based man has filed a private criminal case against the Laiki (Popular) Bank as a legal entity, the bank’s former brass, and former Central Bank governor, Athanasios Orphanides.
Vgenopoulos, who lives in Greece, must appear in court on April 18.
The charge sheet was delivered on February 26, daily Politis said.
The newspaper said Vgenopoulos’ lawyers had asked the attorney-general to suspend prosecution but Petros Clerides did not grant the request.

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Archives March 30, 2013 posted by

‘We did not have loans written off’

THE government yesterday reaffirmed its intention to fully investigate the banking sector, as a list surfaced with names of current and former state officials who allegedly had their loans written off by banks.
The list, published in Greece, contains the names of former and current MPs as well as other prominent individuals, including former president George Vassiliou.
According to the report, Vassiliou held a 51 per cent stake in a company that agreed to have $5.8 million written off.
The government said the matter would be investigated as part of a wider probe into what caused the collapse of the island’s economy and banking system.
Three former Supreme Court judges were appointed on Thursday to look into the debacle.

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Archives March 29, 2013 posted by

Our View: No angry mobs, no riots and no stampedes as people acted responsibly

FOREIGN film crews that had their cameras positioned outside several branches of Bank of Cyprus and Laiki since 9am must have been rather disappointed with the lack of incident when banks finally opened their doors to the public at noon yesterday. There was no angry mob, no riot and no stampede of customers. In fact it was just another day of normal business and by 2pm there were hardly any people going into the banks.

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Archives March 29, 2013 posted by

New: Cyprus, troika, agree on BoC share issue

AUTHORITIES have struck a deal with troika late on Thursday not to write off current Bank of Cyprus (BoC) shares but to impose a write-down instead.

The agreement provides for the replacement of the word “write off” with the word “write-down” in accordance with the bank resolution framework, the Cyprus News Agency said.

The Eurogroup had decided on Monday that current shareholders will lose their shares without compensation and ownership of BoC will fall to uninsured depositors who will see around 40 per cent of their cash go towards rescuing the lender.

The Church of Cyprus, a large shareholder in BoC, yesterday secured an injunction halting the decision.

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Archives March 29, 2013 posted by

New: Cyprus has no intention of leaving euro: president


CYPRUS has “contained” the risk of bankruptcy in the wake of a tough rescue package with the European Union and has no intention of leaving Europe’s single currency, president Nicos Anastasiades said on Friday.

Anastasiades assured Cypriots and wealthy foreign depositors that restrictions on bank transactions, imposed this week, would gradually be lifted, but gave no time frame.

He hit out at banking authorities in Cyprus and Europe for pouring money into a crippled Cypriot bank – Laiki — that now faces closure under the terms of a €10 billion bailout plan that averted the immediate risk of financial meltdown.

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