You are here

CSE Budget aims at consolidation

13/10/2003 12:43
The CSE Budget 2004 heads towards the consolidation of the CSE financials, CSE Chairman, Akis Cleanthous said on Monday, speaking before the House Finance Committee, which discussed the 2004 budget.

Responding on the question whether the deficit amounts to almost £500 thousand with anticipated total expenditure of £3,644,000, Mr. Cleanthous said that this has nothing to do with the capital outflow from the CSE. “The differentiation in the budget 2004 in view of the CSE strategic plan is that it does not include an influx of new revenues from products and services. This is attributable to the fact that the adoption of the Strategic plan does not exclusively depend on the CSE Council, but on the time of their application after the approval of the new institutional framework that will allow the CSE to launch new markets and other services.

Mr. Cleanthous expressed his optimism that the enforcement of the new development programs will increase considerably the CSE revenues, will enable the overbalance of the deficit and will contribute to the CSE revenues, allowing it to invest in sectors that will boost the Stock Exchange. “The CSE Council aims at offering new opportunities for the investment of the capital already invested in the CSE by 240 thousand Cypriot investors. The new development programs aim at the reduction of investment risks with the introduction of new products and other financial tools, such as the government bonds to be listed in the CSE.

Budget 2004

The CSE Budget 2004 provides for expenditure of £3,600,000 and revenues of £3,100,000, administration expenses (regular expenditure of £2,854,000) distributed in fee expenses of the CSE Council (£10,320), staff salaries (£1,305,000) and other regular expenditure (£1,739,000). The budget also includes a provision of £510,000 for development expenditure and a provision of £80,000 for non anticipated expenditure and reserve. It is noted that the budget does not include any provision concerning the continuance of employment of the CSE temporary staff.