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CIFs lose Eur 42,5 mil. from franc

23/01/2015 18:43
Cypriot investment firms were left with losses amounting to millions of euros after the Swiss Central Bank decided last week to remove a three-year cap on the franc against the euro, which caused the surge of the Swiss currency.

Twenty four investment firms have suffered losses amounting to €42,5 million, Chairwoman of the Cyprus Securities and Exchange Commission Demetra Kaloyirou has told the Cyprus News Agency, citing figures submitted by the companies to the Commission.

Kaloyirou said that out of the 182 approved Cypriot investment firms, 158 have not been affected.

"The remaining 24 reported that they experienced some losses, which either do not affect their capital adequacy or they are insignificant” she added.

“The affected investment firms maintain equity and capital adequacy ratio above the minimum limit, set by the law, which is 9%”, she noted.