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Cyprus PIO: News Update in English, 98-06-30

Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next Article

From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>

News Update

Tuesday, 30/06/98


CONTENTS

  • [01] Cyprus government satisfied with UN Security Council Resolutions on Cyprus
  • [02] UN Security Council calls for immediate resumption of direct talks
  • [03] Security Council extends UNFICYP mandate
  • [04] UN General Assembly approves UNFICYP budget
  • [05] New offshore banking business licence


[01] Cyprus government satisfied with UN Security Council Resolutions on Cyprus

The Cyprus government considers the adoption of UN Security Council Resolutions 1178 and 1179 on Cyprus as a satisfactory development, Government Spokesman Christos Stylianides stated today.

The government is particularly satisfied that the resolutions reaffirm the framework and the basic principles governing the solution of the Cyprus problem. Moreover they clearly state the basis on which the intercommunal talks should be continued, he said.

Mr Stylianides pointed out that the explicit reference to a single sovereignty, citizenship and international personality of Cyprus is of utmost importance because it categorically replies to the continuous attempts made by Turkey and Mr Denktash to undermine the Republic of Cyprus and to upgrade the pseudostate.

The Government Spokesman concluded that the government considers as highly important the position that the sovereignty independence and territorial integrity of the Republic of Cyprus should be respected.

[02] UN Security Council calls for immediate resumption of direct talks

The UN Security Council has once again called upon the leaders of the two communities in Cyprus, and "in particular the Turkish Cypriot side" to commit themselves to the process of negotiations, and to cooperate "actively and constructively" with the Secretary General to resume direct dialogue without further delay

The Security Council's Resolution 1179 which was unanimously adopted on 29.6.98, calls upon all states to respect the sovereignty, independence and territorial integrity of the Republic of Cyprus. Moreover, it requests that they refrain, together with the parties concerned , from any action that might prejudice that sovereignty, independence and territorial integrity of Cyprus as well as from any attempt to partition the island.

It reaffirms the position that a solution to the Cyprus problem must be based on "a state of Cyprus with a single sovereignty, and international personality and a single citizenship, with its independence and territorial integrity safeguarded, and comprising two politically equal communities" as described in UN Security Council Resolutions.

Stressing its full support to the Secretary General's mission of good offices on Cyprus, for the resumption of direct talks, the Security Council urges all parties concerned to create "a climate of reconciliation and genuine mutual confidence".

[03] Security Council extends UNFICYP mandate

The UN Security Council has approved by Resolution 1178 the renewal of the United Nations Peacekeeping Force in Cyprus (UNFICYP) for a further period of six months, until 31 December 1998.

The Security Council calls upon all concerned to commit themselves in the reduction of defence spending and in the number of foreign troops as a means of restoring confidence and stresses the importance of the eventual demilitarisation of Cyprus as an objective in the context of an overall comprehensive settlement.

Reiterating its support for the holding of bicommunal events as a means of creating a climate of trust, mutual respect and cooperation, the Security Council expresses regret that such events have been suspended by the Turkish Cypriot leadership.

It therefore urges both sides, and in particular the Turkish Cypriot side, to facilitate such bicommunal contacts.

The Resolution also notes the progress made on humanitarian issues and calls upon the two sides to implement the agreement on missing persons of 31 July 1997, and to resume discussions on security issues.

[04] UN General Assembly approves UNFICYP budget

The UN General Assembly approved on 26.6.96 the sum of 45.3 million dollars for the maintenance of the peacekeeping force in Cyprus (UNFICYP).

The governments of Greece and Cyprus contribute one third of the total cost while the remaining 24.3 million dollars will be covered by contributions provided by UN member states.

[05] New offshore banking licence granted

A new banking business licence was granted by the Governor of the Central Bank of Cyprus to Societe Generale Financial Products (Cyprus) Ltd, a subsidiary of Societe Generale S/A of France.

Societe Generale, which was founded in 1864, has an extensive presence both in France and internationally. Since 1985, it maintains an offshore presence in Cyprus as an Offshore Banking Unit (OBU) under the name of Societe Generale Cyprus Ltd.

Its subsidiary, Societe Generale Financial Products (Cyprus) Ltd will operate as an Administered Banking Unit (ABU) after entering into a management agreement with Societe Generale (Cyprus) Ltd, which will be acting as the Administering Bank.

The decision of Societe Generale of France to enhance its offshore presence in Cyprus, is another indication of Cyprus' success in attracting prime international banks and financial institution and of its recognition among such institutions as a reputable offshore financial centre.


From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/


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