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ECONOMY

Georgiades: House Co-op Decision Will Lead To a Sound Banking System

Georgiades: House Co-op Decision Will Lead To a Sound Banking System

Finance Minister Harris Georgiades on Monday 9 July said that the decision taken by the Cyprus Parliament as regards the Co-op will lead to a sound banking system that will encourage confidence and will function effectively in the demanding European environment.
 
Speaking at a press conference following the decision taken on Sunday by the House Plenary on Co-op and NPLs, Finance Minister said that with the decision taken, the deposit outflows ceased.

The House approved the extension of government guarantees to Hellenic Bank for the absorption of the Cyprus Co-operative Bank (CCB) and bills and draft regulations aimed at enhancing the legal framework to facilitate the reduction of non - performing loans (NPLs).
 
In his statements the Minister also said that he offered President Nicos Anastasiades his resignation days ago, adding that he is ready to leave his post to facilitate the government’s work, but at the same time he expressed his readiness to continue playing the role entrusted to him by the President of the Republic, the Cyprus News Agency reports.

Meanwhile, in a written statement President Nicos Anastasiades said that his Minister enjoys his utmost confidence, adding that he offered his resignation, but he did not accept it.

Commenting on the opposition’s demand for the assumption of political responsibility by the FinMin for the Co-ops failure, the President pointed out that he respects the views expressed by all political parties, but this does not mean he agrees and that the resignation is not justified.

He added that it is his opinion that the problems of the Co-ops have not been created by the Finance Minister nor are they the result of his political decisions. The President also underlined that Georgiades is fully trustworthy and that his handling of the economic crisis was correct and led to a course of stable and sustainable growth with balanced and surplus budgets.
 
Georgiades himself, speaking at the press conference, said that the decision of the Plenary was a decisive step that ensures the continuation of the positive course of the economy.

He explained that was follows is the establishment of a non-performing management body which will manage the Cyprus Co-operative Bank’s non-performing loans. FinMin said that the management will be carried out by a specialised foreign company and revenue is expected to be considerable. As a result, he added, the budget is expected over the coming years not be burdened but to be strengthened rendering public debt management sustainable.

According to Georgiades, this positive outlook is already reflected in the reactions of international markets. He said that the legislative framework is now becoming more effective and fair.

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