24/10/2013 07:00
The major issues in today’s financial press are the correspondence between the CB Governor and Alvarez & Marsal in relation to their remuneration for the recapitalization of banks and the appointment of John Hourican as CEO of Bank of Cyprus.
The “Economy” inset of newspaper “Phileleftheros” refers to the correspondence between the CB Governor and Alvarez & Marsal in relation to their remuneration for the recapitalization of the banks. According to it, Mr. Demetriades accepts the payment of compensation of 0.1%. The agreement was reached without the approval of the Board of Directors of the CB.
Mr. Demetriades considers the revelations as “part of orchestrated effort made by certain circles to force him to resign”.
Elsewhere the newspaper refers to the troika that will be visiting Cyprus on October 29 for the second assessment.
Other headlines:
-Hot issues from the first day for John Hourican
-CB governor answered with threats
-Behind-the-scenes battle for HB capital
-Public debt increased
The “Economy” inset of newspaper “Politis” refers to the signing of the contract of Alvarez & Marsal by the CB governor based on which the company claims another €11 million for the recapitalization of the banks. According to sources, Mr. Demetriades told certain Board members who asked for explanations that he was forced to sign.
“Politis” also refers to the appointment of John Hourican as CEO of Bank of Cyprus.
Other headlines:
-“No comments on resignation rumours”, P. Demetriades rejects allegations for resignation
-Acceptable state obstacles in capital movement in the energy sector
-ECB inspection to 128 banks – 4 Cypriot
-CSE down 0.39%
The “Economy” inset of newspaper “Politis” refers to the appointment of John Hourican as CEO of Bank of Cyprus. In his first statements after the appointment he said he is excited by the new challenge of taking over the leadership of a bank in a country with a large banking sector.
The newspaper also reports that the dispute between the government and AKEL on the salaries of the Board members of the Central Bank continues.
Other headlines:
-P. Demetrides wants time and talked about blackmail
-Autopsy in Central Bank
-“Cyprus needs a new, more viable, economic model” – H. Georgiades: Imbalances of the public and banking sector must be corrected
-Finance Ministry invitation for assessment in the value of shares of Coops
The “Economy” inset of newspaper “Haravgi” refers to the decision of the Council of Ministers to increase the salaries of the Board members in the Central Bank of Cyprus from €1700 per month to €30.000 and the creation of two new posts of executive directors. In his statements, AKEL spokesman said these individuals will maintain their high-paying jobs and will devote only a few hours to fulfill their duties.
“Haravgi” also highlights that the Finance Ministry will invite the four large audit firms within the next few days within the framework of the evaluation of the shares of the Cooperative Central Bank.
Other headlines:
-Dangerous approaches for the SSF
-AKEL: Government and administration to agree on CAIR
-Cyprus debt at 98.3%
-Dividends to the state of €45.6m from EAC and Ports’ Authority
The newspaper “Alithia” reports that the CB governor threatens with penal prosecutions for the leak of documents revealing the agreements for the remuneration of Alvarez & Marsal. According to the report, Mr. Demetriades does not intend to resign despite the assurances of his lawyer with hints to the members of the Board of Directors of the Central Bank.
The “Economy” inset of the newspaper refers to the appointment of John Hourican as CEO of Bank of Cyprus. According to the report, Mr. Hourican told the Financial Times that he is excited by the new challenge of taking over the leadership of a bank in a country with a large banking sector.
Other headlines:
-Dividend of €45.6 million by Cyta and EAC
-Cyprus public debt at 98.3%
-€874 million from structural funds
-Offers for the evaluation of the Coop
The “Economy” inset of newspaper “Phileleftheros” refers to the correspondence between the CB Governor and Alvarez & Marsal in relation to their remuneration for the recapitalization of the banks. According to it, Mr. Demetriades accepts the payment of compensation of 0.1%. The agreement was reached without the approval of the Board of Directors of the CB.
Mr. Demetriades considers the revelations as “part of orchestrated effort made by certain circles to force him to resign”.
Elsewhere the newspaper refers to the troika that will be visiting Cyprus on October 29 for the second assessment.
Other headlines:
-Hot issues from the first day for John Hourican
-CB governor answered with threats
-Behind-the-scenes battle for HB capital
-Public debt increased
The “Economy” inset of newspaper “Politis” refers to the signing of the contract of Alvarez & Marsal by the CB governor based on which the company claims another €11 million for the recapitalization of the banks. According to sources, Mr. Demetriades told certain Board members who asked for explanations that he was forced to sign.
“Politis” also refers to the appointment of John Hourican as CEO of Bank of Cyprus.
Other headlines:
-“No comments on resignation rumours”, P. Demetriades rejects allegations for resignation
-Acceptable state obstacles in capital movement in the energy sector
-ECB inspection to 128 banks – 4 Cypriot
-CSE down 0.39%
The “Economy” inset of newspaper “Politis” refers to the appointment of John Hourican as CEO of Bank of Cyprus. In his first statements after the appointment he said he is excited by the new challenge of taking over the leadership of a bank in a country with a large banking sector.
The newspaper also reports that the dispute between the government and AKEL on the salaries of the Board members of the Central Bank continues.
Other headlines:
-P. Demetrides wants time and talked about blackmail
-Autopsy in Central Bank
-“Cyprus needs a new, more viable, economic model” – H. Georgiades: Imbalances of the public and banking sector must be corrected
-Finance Ministry invitation for assessment in the value of shares of Coops
The “Economy” inset of newspaper “Haravgi” refers to the decision of the Council of Ministers to increase the salaries of the Board members in the Central Bank of Cyprus from €1700 per month to €30.000 and the creation of two new posts of executive directors. In his statements, AKEL spokesman said these individuals will maintain their high-paying jobs and will devote only a few hours to fulfill their duties.
“Haravgi” also highlights that the Finance Ministry will invite the four large audit firms within the next few days within the framework of the evaluation of the shares of the Cooperative Central Bank.
Other headlines:
-Dangerous approaches for the SSF
-AKEL: Government and administration to agree on CAIR
-Cyprus debt at 98.3%
-Dividends to the state of €45.6m from EAC and Ports’ Authority
The newspaper “Alithia” reports that the CB governor threatens with penal prosecutions for the leak of documents revealing the agreements for the remuneration of Alvarez & Marsal. According to the report, Mr. Demetriades does not intend to resign despite the assurances of his lawyer with hints to the members of the Board of Directors of the Central Bank.
The “Economy” inset of the newspaper refers to the appointment of John Hourican as CEO of Bank of Cyprus. According to the report, Mr. Hourican told the Financial Times that he is excited by the new challenge of taking over the leadership of a bank in a country with a large banking sector.
Other headlines:
-Dividend of €45.6 million by Cyta and EAC
-Cyprus public debt at 98.3%
-€874 million from structural funds
-Offers for the evaluation of the Coop
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