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Cyprus News Agency: News in English, 13-04-03

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Significant challenges lie ahead for Cyprus, Commission and IMF say
  • [02] Treasury has delivered on promise to protect Laiki UK savers
  • [03] VTTI B.V. expresses its confidence in Cyprus
  • [04] Canada's Foreign Minister to visit Cyprus
  • [05] CSE restrictions discussed at meeting of competent bodies

  • [01] Significant challenges lie ahead for Cyprus, Commission and IMF say

    The programme agreed between the troika of international lenders and the government of Cyprus puts forward comprehensive structural reforms to set the conditions for growth and job creation, Olli Rehn, European Commission Vice-President and Christine Lagarde, Managing Director of the International Monetary Fund said Wednesday.

    In a press release issued on Wednesday, Rehn and Lagarde noted that "significant challenges lie ahead for Cyprus".

    They added that the European Commission and the International Monetary Fund "stand by Cyprus and the Cypriot people in helping to restore financial stability, fiscal sustainability and growth to the country and its people".

    [02] Treasury has delivered on promise to protect Laiki UK savers

    The decision to protect the deposits of Laiki Bank's customers in the UK from any losses following recent developments in Cyprus has been described as "an efficient and effective operation by the British government" in a Treasury letter addressed to Conservative MP David Burrowes, head of the All Party Parliamentary Group for Cyprus.

    Greg Clark MP, financial secretary to the Treasury states in his letter that the UK government supports the Cypriot efforts to restructure their banking system, as it is in everyone's interests that the island's financial sector is safe and secure. "But we promised a solution that would stop depositors such as your constituents from being sucked into that restructuring process. We have delivered on that," adds Clark referring to Burrowes' many constituents of Cypriot origin in north London.

    The Treasury financial secretary notes that the protection of depositors of banks in the UK has been achieved without any loss of UK taxpayers' money, echoing the Chancellor's reassurance in his letter to the Treasury Select Committee soon after the official announcement.

    [03] VTTI B.V. expresses its confidence in Cyprus

    VTTI B.V., one of the world's independent energy storage companies, reaffirmed its support and commitment to Cyprus where its subsidiary, VTT Vasiliko Ltd, is developing a major oil storage terminal.

    According to a press release, commenting on the recent economic turmoil in Cyprus, Rob Nijst, CEO of VTTI, drew a positive picture of the prospects of the country as an energy hub and announced even bigger investments.

    "Our commitment and confidence in Cyprus remains as strong as ever. The project is proceeding according to plan and almost 12 tanks are now completed. In total we expect to invest around €300 million, generating employment during the project and also after its completion. We see Cyprus as a future energy hub of the Eastern Mediterranean, and an attractive place in which to invest. In fact, we are already exploring the possibility of expanding the scope of the project to include marine bunkers," he said.

    [04] Canada's Foreign Minister to visit Cyprus

    Foreign Minister of Canada John Baird is paying an official visit to Cyprus, on April 4 and 5, where he will have scheduled meetings - among others - with the President of the Republic Nicos Anastasiades and his Cypriot counterpart Ioannis Kasoulides

    On Thursday, after his meeting with Kasoulides, the Foreign Ministers of Cyprus and Canada will address the Press.

    In the afternoon, Baird will visit the Canadian Peacekeeping Memorial at the UN Buffer Zone, where the he will lay a wreath.

    [05] CSE restrictions discussed at meeting of competent bodies

    Restrictions imposed by the Cyprus Central Bank on the operation of the Cyprus Stock Exchange (CSE) were discussed at a meeting on Wednesday between CSE, Cyprus Securities and Exchange Commission (CySEC) and Cypriot Investment Firms (CIF).

    The Central Bank forbade, on Tuesday, transactions of Trustees from abroad, which meant a problem arose on transactions conducted by Greek stockbrokers during the day.

    CySEC chairwoman Demetra Kalogirou said that the Central Bank informed Wednesday morning both CSE and CySEC that foreign Trustees are allowed to execute transactions but certain restrictions will apply during the clearing of transactions at the end of the day's trading.

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