CSE unlikely to be affected

The island's two biggest banking institutions, the Cyprus Popular Bank and the Bank of Cyprus, are closed for the public on Monday and will remain closed on Wednesday and Friday of this week as well.

The decision to declare a lock out was taken by the Bankers Employers' Association in response to an overtime ban in the computer services of the Cyprus Popular Bank, announced last week by the bank employees trade union ETYK because they say the Association has violated the existing collective agreement.

It remains unclear whether the lock out will affect the CSE. A publication in the Greek daily Politis on Saturday claimed that the CSE would close for Tuedsay and Wednesday, due to the inability of the banks' subsidiaries, CISCO and Laiki Brokerage, to clear their transactions within the day. However, a report by SW on Monday suggested that the issue might be resolved otherwise, and the CSE will remain open for the time being.