Averof disagrees with haircut exceptions
18/4/2013 12:38
New President of Democratic Rally, Averof Neophytou expressed his disagreement with any exceptions from the haircut of uninsured deposits.
Speaking within the framework of a press conference, he stressed any exceptions will burden the depositors of Cyprus Popular and Bank of Cyprus.
“If the Cypriot state counts the systemicity of the insurance companies, for legal, social or other reasons, if it has to support the provident funds or universities and charities, we believe that this should be done, not at the expense of depositors of Cyprus Popular and Bank of Cyprus”.
“The time when the political system distributed prosperity dividends is gone for good”.
"The depositors of both banks," he said, "except for the heavy cost of consolidation might be called to be burdened with the result of such exceptions."
The new President of the Democratic Rally explained that for every €100 million exempted from the haircut, 1% of the depositors will be exempted.
He stressed that the problems of the economy worsen and Bank of Cyprus should have a Board under the law of consolidation while it needs an Executive Director immediately.
This power gap in BoC said Mr. Neophytou, costs too much not only to the bank but also to the Cypriot economy.
"We must understand that the salvation of the economy goes through the rescue of Bank of Cyprus," Mr. Neophytou said.
Replying to a question, Mr. Neophytou sent stern warning to other banking institutions in Cyprus, that they should not take advantage of the chance to increase their market shares because of latest developments in BOCY.
Asked about the CB Governor, he said that without the necessary cooperation of institutions, such as the CB, the problems become larger. "Let us all understand that our house caught fire. If we do not contribute to its immediate extinction and everyone tries to find the culprit of the fire, all that we will have at the end is ruins”.
“Time in the economy is very, very strict. Economy is not the Cyprus problem that takes decades. In the economy every minute without taking action is too expensive. "
Invited to comment on criticism yesterday by Commissioner Rehn for negligence of the previous government, Mr. Neophytou said that Rehn said yesterday what was obvious for years in some parties.
Speaking within the framework of a press conference, he stressed any exceptions will burden the depositors of Cyprus Popular and Bank of Cyprus.
“If the Cypriot state counts the systemicity of the insurance companies, for legal, social or other reasons, if it has to support the provident funds or universities and charities, we believe that this should be done, not at the expense of depositors of Cyprus Popular and Bank of Cyprus”.
“The time when the political system distributed prosperity dividends is gone for good”.
"The depositors of both banks," he said, "except for the heavy cost of consolidation might be called to be burdened with the result of such exceptions."
The new President of the Democratic Rally explained that for every €100 million exempted from the haircut, 1% of the depositors will be exempted.
He stressed that the problems of the economy worsen and Bank of Cyprus should have a Board under the law of consolidation while it needs an Executive Director immediately.
This power gap in BoC said Mr. Neophytou, costs too much not only to the bank but also to the Cypriot economy.
"We must understand that the salvation of the economy goes through the rescue of Bank of Cyprus," Mr. Neophytou said.
Replying to a question, Mr. Neophytou sent stern warning to other banking institutions in Cyprus, that they should not take advantage of the chance to increase their market shares because of latest developments in BOCY.
Asked about the CB Governor, he said that without the necessary cooperation of institutions, such as the CB, the problems become larger. "Let us all understand that our house caught fire. If we do not contribute to its immediate extinction and everyone tries to find the culprit of the fire, all that we will have at the end is ruins”.
“Time in the economy is very, very strict. Economy is not the Cyprus problem that takes decades. In the economy every minute without taking action is too expensive. "
Invited to comment on criticism yesterday by Commissioner Rehn for negligence of the previous government, Mr. Neophytou said that Rehn said yesterday what was obvious for years in some parties.
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