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Press: Nicolas stumbled at the MPs

24/09/2014 07:52
The major issues in today’s financial press are disruption caused by the decision of the CB Governor to order the Board members of Bank of Cyprus to resign until the next AGM and the plenary session on the two referrals by the President of the Republic.

The “Economy” inset of newspaper “Phileleftheros” refers to the examination by the members of the Board of Directors of Bank of Cyprus of the CB letter calling them to resin. As noted, the Board members will not hold a meeting again – except in an emergency – and will not take any strategic decision, however, they did not take a decision about resignations and the issue is still pending. The meeting was attended by the new strong shareholder Wilbur Ross.

The bank announced yesterday that the Annual General Meeting will take place on November 20 and the new Board will be elected.

Elsewhere the newspaper reports that the public debt management office ratified applications of €27 million from the €50 million aimed to derive from the five issues of the six-year Cypriot bonds.

Other headlines:

-Hundreds of thousands of euros for the poor lost

-Public sector: Managerial posts open

-SEK: Be patient, better days in 2015

-First cheques for EEE beneficiaries

The newspaper “Politis” refers to the House plenary on the two referrals by the President. According to the report, the Parliament accepted one referral for the law on the banks and amended the second law for the CB in a manner that does not contain troublesome points for the troika.

Meanwhile, at the meeting of the party leaders, DIKO President, Nicolas Papadopoulos appeared determined to reject the two referrals. However, the majority of the MPs disagreed with his positions, leaving him uncovered in what it was meant to do.

The “Economy’ inset of the newspaper refers to the letter sent by the CB Governor, the Board of Bank of Cyprus asking for the resignation of all members. In her letter, Ms. Georghadji also urged the Board of Directors to avoid taking strategic decisions that would be binding for the new owners of the bank. BOCY announced yesterday that the AGM will take place on November 20, when the new management of the bank will be elected.

Other headlines:

-FBME requested the cancellation of the CBC measures – Framework against laundering is insufficient

-Countdown for stress tests

-Employees have reached their limits, SEK

-Troika in a waiting stance

The newspaper “Simerini” refers to the disruption caused by the decision of the CB Governor to order the resignation of the Board members of Bank of Cyprus until the next AGM. As noted, Ms. Georghadji also ordered the current members of the Board not to take decisions on strategic issues. At the meeting of the bank held yesterday, none of the members resigned, while they tried to interpret the action of the CB and to give answers to the serious questions that emerged.

It is noted that a day before the governor sends the letter, she had received a letter by a shareholder, who submitted specific requests.

The ‘Economy” inset of the newspaper refers to the plenary, which accepted by majority the referral by the President of the Republic of the law on banking operations but rejected the referral on the CB intervention in case of mass foreclosures and approved by majority the new amended bill.

Other headlines:

-Political ‘defeat’ of Nicolas Papadopoulos

-Panic from mass letters to borrowers – SYPRODAT urges banks to withdraw them

The newspaper “Haravgi” refers to the decision of the plenary to refer to the ECB one of the two laws recently approved by it for the protection of the small debtors from the foreclosures risk. The House also rejected the referral by the President on the CB intervention to prevent mass foreclosures.

The “Economy” inset of the newspaper refers to the negative position of the community Board of Kalo Chorio and the explanations requested in relation to the installation of units providing support to offshore activities of the EEZ at Aradippou B industrial area, very close to Kalo Chorio.

Other headlines:

-Deliberations on stress tests on October 7

-AGM of BOCY on November 20

-Export of liquefied gas in 2022

-Applications of €3.6m for purchase of bonds

The “Economy” inset of newspaper “Alithia” refers to the arrest of the fifth suspect in relation to the Aristo case. According to the report, he is an employee at the drawing department of the Company and his arrest has to do with the topographic plans of the Aristo plots submitted to Paphos Cuty Council.

The “Economy” inset of the newspaper refers to the staffing of the management service of the provident benefits with detachment of employees, as announced by the Labour Ministry yesterday. Meanwhile, the Labour Minister announced that 59.740 applications were received for the minimum guaranteed income.

Other headlines:

-Deliberations for stress tests on October 7-8

-BOCY – AGM on November 20

-Cyprus – India tax negotiations

-FBME wants CBC to change policy