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Cyprus News Agency: News in English, 12-04-25

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Cyprus protests to UN over Turkish airspace violations
  • [02] Bank of Cyprus announces 2011 losses

  • [01] Cyprus protests to UN over Turkish airspace violations

    The government of the Republic of Cyprus protested to the UN the continuous violation of the Republic's national airspace by Turkey. The Permanent Representative of Cyprus to the UN, Ambassador Nikos Emiliou expressed the Republic's strong protest in a letter to the UN Secretary-General Ban Ki-moon, calling Turkey to stop these activities immediately. Turkey's violations took place between December 1, 2011 and February 29, 2012.

    Ambassador Emiliou notes in his letter that these violations are against the sovereignty and territorial integrity of the Republic of Cyprus and are in opposition to international law, putting moreover international flights in severe danger.

    Emiliou also stresses that Turkey's actions are especially worrisome, in light of recent threats by Ankara to employ military action against Cyprus, concerning the latter's activity in its Exclusive Economic Zone.

    The threats of high-ranking Turkish officials to annex the Turkish-occupied part of Cyprus to Turkey were also noted in the letter. The government of Cyprus calls moreover Turkey to comply with the UN Charter and its international obligations and respect the sovereignty, independence and territorial integrity of all UN member states.

    [02] Bank of Cyprus announces 2011 losses

    The Bank of Cyprus announced that its losses after tax amounted to 1.371 bln euros for 2011, following the impairment of Greek Government Bonds by 74%, according to the Bank's final audited financial results announced on Tuesday.

    Losses are increased by 360 mln compared to the 1,011 bln the Bank announced two months ago in its preliminary financial results, when the reduction of GGBs nominal value was estimated at 60%.

    The pre-tax impairment of GGBs, including related hedging costs, amounted to 1.729 mln for 2011, which represents 83% of their nominal value. At December 31, 2011 the book value of GGBs post impairment amounted to 616 mln.

    Profit before provisions and the impairment of GGBs reached 805 mln, noting an increase of 11%, compared to 725 mln for 2010. Profit after tax, excluding the impairment of GGBs, reached 312 mln compared to 306 mln for 2010, noting an increase of 2%. Including the impairment of GGBs, losses after tax amounted to 1.371 mln.

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