Insider Business More light shed on old co-op irregularities

More light shed on old co-op irregularities

The co-op inherited irregularities, such as loans granted on the basis of inflated collateral, loans given without due diligence and others given with churches and cemeteries as collateral, the committee of inquiry set up to probe the collapse of the Cyprus Co-operative Bank head on Friday.

One of the examples cited by current CCB board member Yiorgos Kittos was the granting of a loan to a 90 year old woman with a 40 year repayment period.

Kittos, who has been a member of the board since 2013, said that they had nevertheless managed to make it into a competitive bank The audit committee had taken action against irregularities, launching disciplinary action and taking legal action, he added.

He also spoke of inexorable pressure from supervisors

“After we were organised as a bank we did not have serious irregularities, we became a commercial bank, we cleaned out the dirt but unfortunately the supervisors led us to where they led us.”

He added that the tough scenarios imposed by supervisors had pushed up the NPLs  index — for example an NPL which was seven or eight years in arrears was booked as having zero value, even though there was property as collateral.

“We ended up being pressed to increase provisions by €800m and that is why we had this specific outcome for the CCB.,” he said.

Κ

Top Stories

Shooting federation examines cases of athletes’ sexual abuse

Speaking to philenews, President of the Shooting Federation of Cyprus Tziovanis Savvides said the federation has information about four cases of sexual abuse, in...

Health Minister on Indications that spreading of virus has been contained

In a written statement after his meeting with the Advisory Epidemiological Committee on COVID-19, Health Minister Konstantinos Ioannou said that there are indications that...

Asylum seekers’ children at reception centres live under inhumane conditions-report

A damning report by Commissioner for Children’s Rights Despo Michaelidou–Livaniou points out that children of asylum seekers at two reception centres in Cyprus live...

Mothers pressure Attorney General on hot issue of toxic asphalt production plant

Mothers of pupils at two schools in Dhali area next to Tseri where a toxic asphalt production plant is still in operation are putting...

MPs question imminent buy of building to house Deputy Ministry of Shipping

The House Watchdog Committee has put the brakes on the imminent purchase by the government of an old building in Limassol to house the...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...