Insider Economy Parliament demands clarifications on politically exposed persons’ NPLs

Parliament demands clarifications on politically exposed persons’ NPLs

The Central Bank of Cyprus Governor will provide clarifications to members of the House Watchdog Committee on non-performing loans to politically exposed persons at a meeting to take place soon, Phileleftheros reports.

Constantinos Herodotou has been formally invited to attend a planned meeting focusing on this issue by the committee’s members monitoring development plans and auditing public expenditure. The exact date has yet to be set.

Herodotou has already informed the relevant Committee of his intention to provide clarifications on the content of the list submitted by the former Central Bank Governor Chrystalla Giorkadji regarding politically exposed persons.

After a closed-door session on January 16 in the presence of House President Demetris Syllouris and following disagreements within the Committee, it was decided to re-open debate on these NPLs.

The Committee essentially wants Herodotou to brief them on the granting of loans and facilities in a favourable manner or even without securing necessary guarantees, and which have eventually been turned into non-performing loans.

In addition, the Committee wants the Governor to inform them whether data on these loan includes anything that is susceptible or constitutes any unlawful act.

The Governor has previously said that the Central Bank can supervise banks but not actions by borrowers even if they are politically exposed persons.

And Committee Chairman Zacharias Koulias wants Herodotou to report the exact actions carried out by the Central Bank as the competent supervisory body as regards the implementation of legislation and investigation of possible violations of non-performing loans by politically exposed persons.


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