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European Commission green-lighted granting of CCB shares

If it is deemed necessary, the government will request the opinion of the Attorney General regarding the decision of the Cabinet to provide free Cooperative Central Bank(CCB) shares to the bank’s customers. This is what Finance Minister Harris Georgiades says in a letter to Auditor General Odysseas Michaelides.

In addition, Georgiades says that the decision to grant the shares was green-lighted by the European Commission.

The government’s proposal, as approved by the Cabinet, is to give 25% of the CCB’s shares, valued at €0.28 each, to customers of the CCB.

The Finance Minister is responding to the Auditor General who had claimed that the government’s decision was legally lacking. Georgiades also argues that the decision to grant the CCB shares, leading to a gradual reduction of the government’s ownership in the CCB, is in line with the commitments of the Cyprus government and the CCB to the European Commission.

Georgiades further notes that the government, before making its decision to grant the shares, had deliberated with the European Commission, which green-lighted the move.

According to Georgiades, the Cabinet’s decision stipulates a transparent procedure for the granting of the shares, along with who is allowed to receive them, the value of each share, and the timeline for the whole procedure.

 

 

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