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Cyprus News Agency: News in English, 13-11-27
CONTENTS
[01] Banking software systems to be integrated by first half of 2014
[02] Commission abides by the rules concerning Greek Cypriot properties
[01] Banking software systems to be integrated by first half of 2014
The integration of software systems of Bank of Cyprus and ex-Laiki Bank
is expected to be concluded by the first half of 2014.
According to CNA sources, the integration process is a very difficult
task and it will take longer time to complete than the time needed to
merge the branches of the two Banks.
The two processes are proceeding simultaneously. From the 203 branches
that were initially operating, 138 are operating today and by the end
of the year only 130 will remain.
[02] Commission abides by the rules concerning Greek Cypriot properties
The European Commission follows a specific procedure in place when
funding projects on Greek Cypriot properties in the occupied areas,
in accordance with a relevant EU regulation, sources told CNA.
The Council regulation for the instrument of financial support to the
Turkish Cypriot community was adopted on 27 February 2006 with an initial
allocation of €258.8 million.
According to the European Court of Auditors latest report published in
June 2013 "a particular risk" relates to the fact that an estimated 78%
of privately owned land in the occupied areas of Cyprus legally belongs
to Greek Cypriots, whose consent is required for EU-funded infrastructure
investments on their land.
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