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Cyprus News Agency: News in English, 13-08-10

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

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


CONTENTS

  • [01] Central Co-operative Bank could retrieve its shares, says CB Governor

  • [01] Central Co-operative Bank could retrieve its shares, says CB Governor

    Central Bank Governor Panicos Demetriades said the Central Co-operative Bank could retrieve its shares through a co-operative restoration fund in which the co-op banks will save money to buy their shares from the state.

    Speaking Friday before the House Committee of Commerce he noted that the co-operative movement can introduce a voluntary contribution in the interest rate of 0.5% that will be directed to the fund. The Central Bank Governor submitted to the parliamentary committee a detailed note on the restructuring of the co-operative movement, saying that the Central Bank has managed to secure the social character of the co-operative credit institutions.

    Erotokritos Chlorakiotis, the Commissioner of the Cooperative Societies' Supervision and Development Authority, made it clear that the co-operatives are viable, noting that they make between 150 and 170 million euro annually. He said that the merger of co-operative credit institutions does not mean that the co-operative movement is shrinking, adding that by reducing their number down to 18 the co-op banks will stay on the right track, upgrade their services and structures and maintain their social character.


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