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Cyprus News Agency: News in English, 13-09-30
CONTENTS
[01] Co-ops restructuring plan submitted
[01] Co-ops restructuring plan submitted
Cyprus' Co-operatives submitted Friday their restructuring plan, a
precondition for a €1,5 billion state aid to cover estimated capital
shortfall.
Speaking to CNA Cooperative Central Bank Committee Chairman Giorgos Iosif
said the restructuring plan has been submitted to the Finance Ministry
and the Central Bank of Cyprus, ahead of the September 30 deadline,
provided by the €10 billion financial assistance package agreed between
the Cypriot Authorities and the Troika (EC, ECB and the IMF).
The state will acquire 99% of the share capital of the Cooperative Credit
Institutions as it will inject €1.5 billion to cover their capital
shortfall for the next three years, on the basis of a due diligence audit
carried out by the US audit firm Pimco. The €1.5 billion is part of
the €10 billion financial assistance programme agreed last March with
the European Central Bank, the European Commission and the IMF.
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