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MoF: Cooperative needed renewal

22/10/2015 13:42
Finance Minister Haris Georgiades referred to a partial renewal of the composition of cooperatives today, in the wake of reports concerning the dismissal of members of the board of the Central Cooperative Bank.

Asked after the meeting of the cabinet, whether the dismissal of two members of the board is a message of government dissatisfaction, Mr. Georgiades said, "no, and I would not even use the word ‘dismissed’”.

"We are pleased with the overall progress of the Cooperative Bank. There have been strides in the last two years, but it is a responsibility and a right of the government as a shareholder, to assess the performance of the board and proceed to its renewal at regular intervals. Therefore, with the completion of two years after taking office of the board we felt that a partial renewal of its formulation could be done, as is the case in all similar financial organizations ".

"It is therefore not a question of either dissatisfaction or a problem, but neither does it mean that a board or member shall serve indefinitely. As part of the ongoing renewal and the continuous process of evaluation of its operation it was deemed appropriate to have a partial renewal and the process of designating new members will begin immediately, including apart from the proposal of the finance ministry, the approval of the Central Bank and the ratification of the parliament ", he concluded.