23/02/2007 14:34
Central Bank Governor, Christodoulos Christodoulou, avoided to state whether he is interested in renewing his terms of office, which will expire on May 1, 2007. Responding to the relevant question after the end of the Monetary Policy Committee meeting, Mr. Christodoulou said that the renewal of his terms of office depends on the President of the Republic. “I will fulfill my terms of office and I will perform my duties conscientiously”, he said. The CB Governor also referred to the illegal bureaus de change that operate in Cyprus and the contacts between the Central Bank and the Police to tackle the problem.
Small turnover from bureaus de change
Speaking on the illegal bureaus de changes operating in the tourist and urban areas of Cyprus, Mr. Christodoulou said that the Police are currently investigating the issue. “There is a number of bureaus de change (1-15) that are not licensed. 99% of the transactions are carried out by legal organizations, such as banks and cooperatives”, he noted.
“My statements were misinterpreted”
Commenting on his recent statements with regard to the small stake that the BOCY Board members hold in the bank, Mr. Christodoulou said that his statements were misinterpreted. “I never said that the Board of Directors of BOCY is not entitled to express its opinion on acquisition issues. What I actually said is that the Board members hold less than 2% of the bank and this does not secure the non acquisition of the bank”, he noted.
Invited to comment whether the relations between him and the Bank of Cyprus CEO, Andreas Eliades, have been restored, the Governor said that they are excellent.
Reality and rumours
Mr. Christodoulou also denied the recent report, according to which he had convinced the management of Marfin to acquire the stake that HSBC held in Laiki. “I was informed by the press that Marfin together with Tosca Fund acquired the stake of HSBC. “I only demanded that the base of the new Group is Cyprus. Marfin CEO, Andreas Vgenopoulos responded positively”, he said.
Foreign capital
Commenting on the foreign capital that arrives in Cyprus, Mr. Christodoulou said that the foreign investments are permissible so long as they contribute to the economic growth and have duration and stability.
Small turnover from bureaus de change
Speaking on the illegal bureaus de changes operating in the tourist and urban areas of Cyprus, Mr. Christodoulou said that the Police are currently investigating the issue. “There is a number of bureaus de change (1-15) that are not licensed. 99% of the transactions are carried out by legal organizations, such as banks and cooperatives”, he noted.
“My statements were misinterpreted”
Commenting on his recent statements with regard to the small stake that the BOCY Board members hold in the bank, Mr. Christodoulou said that his statements were misinterpreted. “I never said that the Board of Directors of BOCY is not entitled to express its opinion on acquisition issues. What I actually said is that the Board members hold less than 2% of the bank and this does not secure the non acquisition of the bank”, he noted.
Invited to comment whether the relations between him and the Bank of Cyprus CEO, Andreas Eliades, have been restored, the Governor said that they are excellent.
Reality and rumours
Mr. Christodoulou also denied the recent report, according to which he had convinced the management of Marfin to acquire the stake that HSBC held in Laiki. “I was informed by the press that Marfin together with Tosca Fund acquired the stake of HSBC. “I only demanded that the base of the new Group is Cyprus. Marfin CEO, Andreas Vgenopoulos responded positively”, he said.
Foreign capital
Commenting on the foreign capital that arrives in Cyprus, Mr. Christodoulou said that the foreign investments are permissible so long as they contribute to the economic growth and have duration and stability.
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