Cyprus News Agency: News in English (AM), 98-12-23

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

CONTENTS

[01] Clinton - UN Security Council resolution

[02] UN Security Council resolutions - Cyprus

[03] Swiss bank - IBU in Cyprus

[04] Cyprus Stock Exchange

[05] Russian ambassador - UN resolutions

0850:CYPPRESS:01

[01] Clinton - UN Security Council resolution

Washington, Dec 23 (CNA) -- US President Bill Clinton expressed support to an initiative launched by UN Secretary General, Kofi Annan, aiming at a Cyprus settlement, pointing out that he is encouraged by the cooperation and engagement demonstrated by the Greek Cypriot and Turkish Cypriot sides.

At the same time the US President urged all parties to refrain from actions that could increase tension on the island, including the expansion of military forces and armaments.

In a statement on the adoption of UN Security Council resolution 1218 yesterday, President Clinton stressed "the US remains deeply committed to finding a viable solution to the Cyprus problem".

He added that "a political settlement that would put an end to the tragic division of Cyprus has been and continues to be a high priority of my administration".

"US strongly supports UN Secretary-General Kofi Annan's September 30, 1998 initiative to reduce tensions and promote progress towards a just and lasting settlement on Cyprus," Clinton said.

"The UN Security Council has adopted UN Security Council resolution 1218 endorsing the Secretary-General's initiative and requesting him to intensify his efforts to achieve specific objectives to reduce tensions and promote a comprehensive settlement to this long-standing dispute," Clinton remarked, pointing out that, "the US wholeheartedly supports this resolution."

He also expressed the will to take "all necessary steps to support a sustained effort to implement UN Security Council resolution 1218".

Pointing out that he was "encouraged by the cooperation and engagement demonstrated by the two sides thus far, in working with the UN," Clinton said he believed 1999 could offer "significant opportunities to achieve progress towards a Cyprus settlement that will meet the concerns of the parties involved".

Describing Annan's initiative as "critically important", Clinton stressed, however, that "just as the international community is stepping up its efforts on Cyprus through the UN, it is important for the Cypriots themselves to support those efforts".

Concluding he urged "all the parties to avoid taking any steps that could increase tensions on the island, including the expansion of military forces and armaments," pointing out that "this will make possible the significant efforts that I and others want to make in order to promote substantial progress towards a political settlement of the Cyprus problem in 1999".

Turkish troops have been occupying 37 per cent of Cyprus territory since 1974, in violation of repeated UN resolutions calling for their withdrawal.

CNA DA/MCH/GP/1998

ENDS, CYPRUS NEWS AGENCY

1140:CYPPRESS:02

[02] UN Security Council resolutions - Cyprus

In resolution 1217 extending the UNFICYP mandate until June 30, 1999, the Security Council "reiterates its grave concern at the continuing excessive levels of military forces and armaments in the Republic of Cyprus and the rate at which they are being extended, upgraded and modernised, including by the introduction of sophisticated weaponry".

It notes a "lack of progress towards any significant reduction in the number of foreign troops in the Republic of Cyprus," and points out this could "threaten to raise tensions both on the island and in the region and complicates efforts to negotiate an overall political settlement".

Stressing the "importance of eventual demilitarisation" of Cyprus "in the context of an overall comprehensive settlement," the Security Council expresses "full support" for the Secretary-General's mission of good offices.

It "calls upon all concerned to commit themselves to a reduction in defence spending and in the number of foreign troops in the Republic of Cyprus to help restore confidence between the parties and as a first step towards the withdrawal of non-Cypriot forces as described in the set of ideas".

Reaffirming its position for a bi-communal bi-zonal federation with a single sovereignty, personality and citizenship, with its territorial integrity safeguard and comprising two politically equal communities, it calls upon President Glafcos Clerides and Turkish Cypriot leader, Rauf Denktash to "cooperate actively and constructively" with the UN Chief and his resident representative.

Meanwhile, in resolution 1218 the UN Security Council "reiterates its grave concern at the lack of progress towards an overall political settlement in Cyprus" and requests the UN Secretary-General "to work intensively with the two sides", taking into account resolution 1178, of June 29, 1998.

It asks Annan to work with the two sides on "an undertaking to refrain from the threat or use of force or violence as a means to resolve the Cyprus problem" and "a staged process aimed at limiting and then substantially reducing the level of all troops and armaments on Cyprus".

Annan is also requested to work towards "implementation of UNFICYP package measures aimed at reducing tensions along the cease-fire lines and a commitment to enter into discussions with UNFICYP with a view to early agreement on further specific and related tension-reducing steps, including demining along the buffer zone".

Turkish troops have been occupying 37 per cent of Cyprus territory since 1974 in violation of repeated UN resolutions calling for their withdrawal.

CNA MCH/GP/1998

ENDS, CYPRUS NEWS AGENCY

1230:CYPPRESS:03

[03] Swiss bank - IBU in Cyprus

The Swiss bank specialises in asset management for both private and institutional customers and investment advisory services, while it is also active on capital markets and portfolio lending business.

Marcauard's international banking (IBU) unit will deal only in foreign currencies and transact business only with other non-resident entities and persons both in Cyprus or abroad.

The bank will be subject to the supervision and inspection of the Central Bank of Cyprus, in addition to the supervision of the Federal Banking Commission of Switzerland.

The decision of Marcaurd to carry on banking business from within Cyprus is another indication of the country's success in attracting international banks and financial institutions and of its growing recognition as a reputable international banking centre, a Cyprus Central Bank press release said.

So far, 34 banking business licences have been granted to a respective number of international banks, which have established IBU's in Cyprus and five permits have been issued for the establishment of representative offices of foreign banks.

Other foreign banks have expressed a similar interest to establish IBU's in Cyprus and more banking business licences are expected to be granted in the near future.

CNA MEM/GP/1998

ENDS, CYPRUS NEWS AGENCY

1245:CYPPRESS:04

[04] Cyprus Stock Exchange

      CSE General Index                          91.17 ( 0.73)

      Traded Value            CYP 1,359,424

      Sectural Indices

      Banks                   CYP   652,664     106.73 ( 0.37)
      Approved Investment
      Companies               CYP    10,837      58.34 ( 0.60)
      Insurance Companies     CYP   160,107      66.06 ( 0.32)
      Manufacturing Companies CYP    57,935      86.90 ( 2.03)
      Tourism Companies       CYP   179,948      70.47 ( 2.68)
      Trading Companies       CYP   120,212      41.60 ( 0.70)
      Other Companies         CYP    47,280      82.43 ( 0.65)

CNA MA/1998

ENDS, CYPRUS NEWS AGENCY

1350:CYPPRESS:05

[05] Russian ambassador - UN resolutions

"We anticipate and wish that these resolutions will give a positive push to the settlement of the Cyprus problem on the basis defined in all previous Security Council decisions," Mouradov said today.

The Russian ambassador was speaking after a meeting with Under- Secretary to the President Pantelis Kouros with whom he exchanged views on the resolutions.

The first resolution extends the mandate of the UN Peace-keeping Force in Cyprus for a further six-month period, until June next year. It expresses grave concern with the "excessive levels of military forces and armaments" in Cyprus.

In its second resolution the Council urges Secretary-General Kofi Annan to pursue mediation efforts between the two communities and to secure a "staged process" of reduction of troops and armaments on Cyprus.

Mouradov said that Moscow "remains steadfast in its positions on all substantial issues for a settlement in Cyprus."

Numerous UN resolutions call for the establishment of a bizonal, bicommunal federation in Cyprus and the withdrawal of all foreign troops.

Some 35-thousand Turkish troops remain in Cyprus since invading the island and occupying 37 per cent of its territory in the summer of 1974.

Asked where the Russian-made S300 defence missile system ordered by the Cyprus government will be deployed, because of press reports suggesting they will be taken to the Greek island of Crete, Moscow's ambassador said this issue was not discussed at his meeting with Kouros.

"This is an issue the Cyprus government handles," he added. Nicosia has said it would reconsider the deployment of the S300 if substantial talks for a Cyprus settlement begin or if negotiations for the reduction of arms and troops leading to demilitarisation get underway.

CNA MK/MA/GP/1998

ENDS, CYPRUS NEWS AGENCY

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