Insider Economy Ex Co-op Bank property allocation on track

Ex Co-op Bank property allocation on track

A total of 153 communities and 14 municipalities will be given the right of use to properties worth €57 million that once belonged to the defunct Cyprus Co-operative Bank. These properties are now under the state-owned Cyprus Asset Management Company (KEDIPES).

Yesterday, the Council of Ministers decided to acquire a total of 309 Co-op Bank properties worth €82 million. The four properties that won’t be allocated will cover the needs of government services. KEDIPES debt to the state will be reduced equally with the amount of acquired properties.

Phileleftheros has the allocation plan drafted by the Finance Ministry for the municipalities and communities that will become beneficiaries:

  • Nicosia District gets 93 properties, allocated to six municipalities and 44 communities.
  • Limassol District gets 106 properties, allocated to one municipality and 52 communities.
  • Larnaca District gets 31 properties, allocated to three municipalities and 21 communities.
  • Paphos District gets 58 properties, allocated to 33 communities and one municipality.
  • Famagusta District gets 17 properties, allocated to three municipalities and eight communities.

An informed source also said that many of these properties already house departments of municipalities and communities. Also, municipal departments currently housed at rented premises are expected to be transferred to the allocated properties. In addition, 30 Co-op Bank plots, used as car parks, have also been granted to local authorities, while the majority of the collapsed lender’s warehouses have already been allocated to communities.

Meanwhile, the government kept three properties worth €22 million for these specific services:

– The building where the head offices of Limassol’s Co-op Savings Bank worth €3.2 million used to be will now house the fledgling Deputy Ministry of Shipping.

-A 10-storey building on central Prodromos Avenue in Nicosia where the Department of Geological Surveys and various services of the Environment Departments are already housed.

-A building on Nicosia’s Costis Palama Street which is close to the Finance Ministry will now house the outpatient and dental services. These will be moved from the old Nicosia hospital.


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