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Cyprus News Agency: News in English, 12-05-18

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

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] Parliament approves bill for state backing to CPB
  • [02] UN SG briefs Barroso on Cyprus issue
  • [03] Swiss President on official visit
  • [04] Cyprus International Fair opens its doors

  • [01] Parliament approves bill for state backing to CPB

    The House of Representatives, after a lengthy debate, approved early this morning a government bill granting state backing to the recapitalization efforts of the Cyprus Popular Bank, which posted record losses for 2011 due to its heavy exposure to Greek sovereign debt.

    The bill and the Ministerial decree provides for the state to act as an underwriter to CPB`s capital raising of 1.8 billion euro through a rights issue. The bill was approved with the abstention of only three MPs of the main opposition party DISY.

    House President Yiannakis Omirou described the bill as very crucial, stressing that the people should be given answers and that actions by bankers which lead to the present state should be criticized.

    ``Our obligation is to scrutinize these responsibilities. There is a financial crime and we should probe into these responsibilities,`` he stressed.

    According to the decree, the exercise of the rights was set at 0.10 euro with the rights` share purchase price for the state at 0.10 cents and fair value for the third parties. The state will acquire any non disposed rights by offering the bank one-year zero-interest government bonds which will be renewed automatically at their maturity.

    The issue will be offered by priority to the Bank`s existing share holders, to the public with an initial public offering and to a limited number of individuals by private placement.

    Furthermore, an independent adviser will submit a restructuring plan to the Central Bank within two months of its appointment. Following the publication of the decree the Finance Minister, in common accord with the Central Bank and the Parliamentary Finance Committee, will appoint up to three members of the CPB Board of Directors, who will have the right to veto all decisions of the Board.

    An amendment to the proposed bill reduced the annual income of the Chairman and the members of the Board of Directors, the CEO, the General Managers and their deputies to that of a Ministry Permanent Secretary.

    According to the amendments approved, the restructuring plan will included a reduction of the Banks operating expenses with scaled salary cuts amounting to 12.5%.

    Furthermore, the reduction in the wage bill in 2012 is expected to reach 10% compared with 2011 and 8% in 2013. Operating expenses should be reduced by 7% in 2012. The salary cuts will primarily affect the administrative executives and the Board members and not the Bank`s low salary earners.

    According to a stress test conducted by the European Banking Authority (EBA) last December, the CPB needs to secure a capital buffer of 1.97 billion euro to increase its core Tier 1 capital to 9 percent.

    [02] UN SG briefs Barroso on Cyprus issue

    UN Secretary General Ban Ki-moon has briefed European Commission President Jose Manuel Barroso on developments in the Cyprus issue. The two men discussed the Cyprus problem during a luncheon hosted by EU Permanent Representative to the UN Thomas Mayr Harting at his residence in New York. According to diplomatic sources, Ban told Barroso that despite efforts undertaken until the end of March, progress achieved so far was not sufficient to convene an international conference.

    Ban spoke of the difficulties lying ahead until the presidential elections of Cyprus in February 2013. He informed Barroso about the Turkish position not to continue with membership talks during the Cyprus EU Council presidency in the second half of 2012, adding that he will try to persuade Turkish Prime Minister to change his mind when he meets him on the sidelines of NATO's Summit in Chicago on Sunday and Monday and a few days later at a Constantinople (Istanbul) Conference on Somalia.

    [03] Swiss President on official visit

    President of the Swiss Confederation Mrs. Eveline Widmer-Schlumpf arrives in Cyprus on Friday on a one-day official visit, the first ever by a president of the Swiss Confederation.

    Widmer-Schlumpf will be welcomed by Minister of Foreign Affairs Dr. Erato Kozakou- Marcoullis.

    The Swiss President and her entourage will go to the Presidential Palace where she will be welcomed by President the Republic Demetris Christofias. The two will have a tete-a-tete meeting.

    The two presidents and delegations from both countries will hold official talks followed by statements to the press.

    [04] Cyprus International Fair opens its doors

    Two hundred and forty seven exhibitors, representing over 1000 local and international companies, will participate in the 37th Cyprus International Fair, which opens its doors Friday and will remain open until the 27th of May.

    The state fair will be officially inaugurated by President of the Republic of Cyprus Demetris Christofias, in the presence of state officials, diplomats, and representatives of the political, social and economic life. This year's innovation will be the Fishing & Boating Exhibition which will be part of the Fair from 23rd of May, until the end of the Fair.

    Speaking at a press conference last week, President of the Cyprus State Fairs Authority Loizos Constantinou said the Fair will project all sectors of trade, business and economic activities ranging from home appliances, machinery and tools to technology and services, as well as special thematic exhibitions such as Fishing & Boating Exhibition, the Domestic Tourism Exhibition «CYTOUR», the exhibition of prefabricated houses and the Classic Car Show.


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