03/12/2015 11:00
Taxpayers will be called to cover the cash deficit in the Cyta provident fund today.
This time the money will come from the organization itself and in case of privatization, €140 mn will be needed to cover the remaining deficit.
Today the parliament will vote on a supplementary budget of €21 mn for Cyta.
An amount of €17mn will be used to close the "black hole" in Cyta provident fund and the rest to pay a fine to the Commission of Competition.
From the amount of €3,9 mn, €1 million relates to a fine following a complaint by "Primetel" company for a violation of provisions of the antitrust law in relation to unfair billing rates and / or unfair prices provided on agreements between Cyta and Primetel.
A fine of € 2.9 mn concerns an ex officio investigation against Cyta and "Forthnet SA" group and / or "Multichoice Hellas SA" for their cooperation under an agreement for disposing television content of Nova Cyprus satellite platform through the "Cytavision" platform.
An amount of €17 mn, which emerged after an actuarial study conducted to assess the financial situation of the fund on January 31, 2014, will be allocated to the pension fund.
According to the study, the calculation of technical reserves of the fund in relation to the value of the organization’s assets resulted to an actuarial deficit of €160 mn. For its funding, the managing committee of the fund and Cyta have agreed the payment of additional contributions amounting to €17 mn annually, for the next ten years.
€580 thousand for CyBC
The supplementary budget for CyBC amounting to €580 thousand will also be brought to the plenary.
Initially, CyBC had requested the adoption of additional appropriations of €705 thousand from the Ministry of Interior because of unforeseen needs.
An amount of €200 thousand will go for fixed-time associates and the purchase of services, some €200 thousand for indefinite associates and €305 thousand for films, sports rights, foreign productions, documentaries’ production / co-productions.
After CyBC’s consultation with the ministries of finance and interior, it was decided to grant an additional credit of €580 thousand. The remaining amount will come from CyBC savings of €125 thousand.
This time the money will come from the organization itself and in case of privatization, €140 mn will be needed to cover the remaining deficit.
Today the parliament will vote on a supplementary budget of €21 mn for Cyta.
An amount of €17mn will be used to close the "black hole" in Cyta provident fund and the rest to pay a fine to the Commission of Competition.
From the amount of €3,9 mn, €1 million relates to a fine following a complaint by "Primetel" company for a violation of provisions of the antitrust law in relation to unfair billing rates and / or unfair prices provided on agreements between Cyta and Primetel.
A fine of € 2.9 mn concerns an ex officio investigation against Cyta and "Forthnet SA" group and / or "Multichoice Hellas SA" for their cooperation under an agreement for disposing television content of Nova Cyprus satellite platform through the "Cytavision" platform.
An amount of €17 mn, which emerged after an actuarial study conducted to assess the financial situation of the fund on January 31, 2014, will be allocated to the pension fund.
According to the study, the calculation of technical reserves of the fund in relation to the value of the organization’s assets resulted to an actuarial deficit of €160 mn. For its funding, the managing committee of the fund and Cyta have agreed the payment of additional contributions amounting to €17 mn annually, for the next ten years.
€580 thousand for CyBC
The supplementary budget for CyBC amounting to €580 thousand will also be brought to the plenary.
Initially, CyBC had requested the adoption of additional appropriations of €705 thousand from the Ministry of Interior because of unforeseen needs.
An amount of €200 thousand will go for fixed-time associates and the purchase of services, some €200 thousand for indefinite associates and €305 thousand for films, sports rights, foreign productions, documentaries’ production / co-productions.
After CyBC’s consultation with the ministries of finance and interior, it was decided to grant an additional credit of €580 thousand. The remaining amount will come from CyBC savings of €125 thousand.
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