06/06/2014 07:00
The major issue in today’s financial press is the administrative fines imposed by the Cyprus Securities and Exchange Commission to Bank of Cyprus and Laiki Bank on the investments in Greek government bonds.
The newspaper “Phileleftheros” refers to the administrative fines of €7.58 million imposed by the Cyprus Securities and Exchange Commission for the purchase of Greek government bonds by Bank of Cyprus and Laiki Bank. Among others, the SEC imposed fine of €1.05 million to Laiki Bank and €950 million to Bank of Cyprus. To former officials of Laiki Bank, Andreas Vgenopoulos and Efthimios Bouloutas it imposed fine from €705 thousand, to Christos Stylianides and Panayiotis Kounnis from €430 thousand and to others from €90 to 200 thousand.
For Theodoros Aristodemou and Andreas Eliades of Bank of Cyprus the fine is of €530 thousand each, followed by Yiannis Kypris and Yiannis Pechlivanides from €330 thousand each. The fines for the rest stand from €80 to €170 thousand.
The “Economy” inset of the newspaper refers to the data released by PASYXE on the debts of the hotels ahead of its Annual General Meeting. Based on preliminary Central Bank data, in 2013 all financial obligations of tourism enterprises to the commercial banks in Cyprus only, including the Cooperatives, amounted to €2,397 billion. These figures demonstrate the difficult position of the hoteliers due to the financial crisis.
Other headlines:
-Sale of HB subsidiary to the Russians
-The two bills were approved
-Recovery passes through individuals
-Framework for the protection of small shareholders of companies
The “Economy” inset of newspaper “Politis” refers to the fines of more than €5.5 million imposed by the Cyprus Securities and Exchange Commission to Bank of Cyprus and Laiki Bank for lack of transparency in relation to the investments of billions of euros for the purchase of Greek bonds. SEC imposed fine of €1.05 million to Laiki and penalties of €3 million to former Board members of the bank and other officials while to Bank of Cyprus it imposed a fine of 950 thousand and to its officials fines of €2.5 million.
“Politis” also reports that the Hellenic Bank announced the sale of its subsidiary in Russia. The completion of the sale will bear profits of €3 million to the bank.
Other headlines:
-“SEC’s decision is wrong” – Former Board members of BOCY
-MoU bills passed through dispute
-Gains of 2.44% in the CSE
-ASE up
The ‘Economy” inset of newspaper “Simerini” refers to the fines imposed by the Cyprus Securities and Exchange Commission to high-ranking officials and Board members of Bank of Cyprus and Laiki Bank for the investments in Greek bonds during the period 2010-2011. Overall, it imposed fines of €4.065.0000 to Laiki Bank and €3.440.000 to BOCY.
The newspaper also reports that the SEC is elaborating a legal framework for the protection of the small shareholders of companies listed in the CSE.
Other headlines:
-Depositors want restoration
-MoU bills passed – Consolidation of tax authorities and fiscal council by majority
-Pay or be written off – Superintendent warns companies
The “Economy” inset of newspaper “Haravgi” refers to the administrative fines imposed by the Cyprus Securities and Exchange Commission to Bank of Cyprus and Laiki Bank with regard to the investments in Greek bonds. Specifically, the SEC imposed fine of €1.05 million to Laiki Bank and €950 thousand to Bank of Cyprus. For Laiki, it imposed fine of €705 thousand to Andreas Vgenopoulos and Efthimios Bouloutas. For BOCY, it imposed fine of €530 thousand to Theodoros Aristodemou and Andreas Eliades each.
“Haravgi” also reports that the European Central Bank announced negative interest rate for the first time in its history.
Other headlines:
-Questions about BOCY handling by the troika
-Capital increase to be announced when decided - BOCY
The newspaper “Alithia” refers to the “haircut” of the salaries of the state officials from January 1. According to the report, after the haircut, the salary of the President and Judges of the Supreme Court, the Attorney General and the Deputy Attorney-General is greater than the salary of the President of the Republic. The judges get €87.904,60 per year, the Attorney General and the Deputy Attorney General €84.441,92 and the President of the Republic €77.182,09.
The “Economy” inset of the newspaper refers to the new package of measures for the strengthening of the liquidity of the European banks and the boost of the European economy announced by the ECB President, Marios Draghi, after the decision for a rate cut to a new historic low of 0.15% and the negative interest rate in deposits.
Other headlines:
-Recovery through innovation – FINMIN noted that the de-escalation of rates will come through the correction of banking system
-New development projects by the CSE
-“No decision on capital increase” – BOCY
The newspaper “Phileleftheros” refers to the administrative fines of €7.58 million imposed by the Cyprus Securities and Exchange Commission for the purchase of Greek government bonds by Bank of Cyprus and Laiki Bank. Among others, the SEC imposed fine of €1.05 million to Laiki Bank and €950 million to Bank of Cyprus. To former officials of Laiki Bank, Andreas Vgenopoulos and Efthimios Bouloutas it imposed fine from €705 thousand, to Christos Stylianides and Panayiotis Kounnis from €430 thousand and to others from €90 to 200 thousand.
For Theodoros Aristodemou and Andreas Eliades of Bank of Cyprus the fine is of €530 thousand each, followed by Yiannis Kypris and Yiannis Pechlivanides from €330 thousand each. The fines for the rest stand from €80 to €170 thousand.
The “Economy” inset of the newspaper refers to the data released by PASYXE on the debts of the hotels ahead of its Annual General Meeting. Based on preliminary Central Bank data, in 2013 all financial obligations of tourism enterprises to the commercial banks in Cyprus only, including the Cooperatives, amounted to €2,397 billion. These figures demonstrate the difficult position of the hoteliers due to the financial crisis.
Other headlines:
-Sale of HB subsidiary to the Russians
-The two bills were approved
-Recovery passes through individuals
-Framework for the protection of small shareholders of companies
The “Economy” inset of newspaper “Politis” refers to the fines of more than €5.5 million imposed by the Cyprus Securities and Exchange Commission to Bank of Cyprus and Laiki Bank for lack of transparency in relation to the investments of billions of euros for the purchase of Greek bonds. SEC imposed fine of €1.05 million to Laiki and penalties of €3 million to former Board members of the bank and other officials while to Bank of Cyprus it imposed a fine of 950 thousand and to its officials fines of €2.5 million.
“Politis” also reports that the Hellenic Bank announced the sale of its subsidiary in Russia. The completion of the sale will bear profits of €3 million to the bank.
Other headlines:
-“SEC’s decision is wrong” – Former Board members of BOCY
-MoU bills passed through dispute
-Gains of 2.44% in the CSE
-ASE up
The ‘Economy” inset of newspaper “Simerini” refers to the fines imposed by the Cyprus Securities and Exchange Commission to high-ranking officials and Board members of Bank of Cyprus and Laiki Bank for the investments in Greek bonds during the period 2010-2011. Overall, it imposed fines of €4.065.0000 to Laiki Bank and €3.440.000 to BOCY.
The newspaper also reports that the SEC is elaborating a legal framework for the protection of the small shareholders of companies listed in the CSE.
Other headlines:
-Depositors want restoration
-MoU bills passed – Consolidation of tax authorities and fiscal council by majority
-Pay or be written off – Superintendent warns companies
The “Economy” inset of newspaper “Haravgi” refers to the administrative fines imposed by the Cyprus Securities and Exchange Commission to Bank of Cyprus and Laiki Bank with regard to the investments in Greek bonds. Specifically, the SEC imposed fine of €1.05 million to Laiki Bank and €950 thousand to Bank of Cyprus. For Laiki, it imposed fine of €705 thousand to Andreas Vgenopoulos and Efthimios Bouloutas. For BOCY, it imposed fine of €530 thousand to Theodoros Aristodemou and Andreas Eliades each.
“Haravgi” also reports that the European Central Bank announced negative interest rate for the first time in its history.
Other headlines:
-Questions about BOCY handling by the troika
-Capital increase to be announced when decided - BOCY
The newspaper “Alithia” refers to the “haircut” of the salaries of the state officials from January 1. According to the report, after the haircut, the salary of the President and Judges of the Supreme Court, the Attorney General and the Deputy Attorney-General is greater than the salary of the President of the Republic. The judges get €87.904,60 per year, the Attorney General and the Deputy Attorney General €84.441,92 and the President of the Republic €77.182,09.
The “Economy” inset of the newspaper refers to the new package of measures for the strengthening of the liquidity of the European banks and the boost of the European economy announced by the ECB President, Marios Draghi, after the decision for a rate cut to a new historic low of 0.15% and the negative interest rate in deposits.
Other headlines:
-Recovery through innovation – FINMIN noted that the de-escalation of rates will come through the correction of banking system
-New development projects by the CSE
-“No decision on capital increase” – BOCY
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