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