Menu
Local

Findings of Investigative Committee of CCB up in the air

September 20, 2018 at 9:54am
Edited by

All the possibilities are open to consideration, even one of a non-verdict, for the Investigative Committee that are investigating the causes of the collapse of the Cooperative Central Bank.

The embroilment that was created after the Chair of the Supervisory Board of the Single Supervisory Mechanism (SSM) at the European Central Bank, Danièle Nouy, refused to testify, doesn’t leave much space for the Investigative Committee to reach any conclusions. Without the testimony of supervisors, no case or conclusion can be established, is the message that was sent out by the Committee.

The testimony of the Chair of SSM, Danièle Nouy, would be very enlightening with regards to the role of supervisors, especially seen as almost all witnesses attribute a large share of responsibility for the post-2013 era to supervisors.

“Our supervisors had us by the neck”, was the characteristic line said by Yiannos Stavrinides, who was referring to the process and to urgent sale of the Cooperative.

The crucial question is to what extent the administration of the Cooperative post 2013 are at fault (as they did not follow supervisors’ requests) or, to what extent the supervisors sacrificed the Cooperative, is likely to remain unanswered.

It’s difficult to issue a conclusion without having all the information. This will be discussed by the three members of the Investigative Committee at a meeting with the Attorney General, Costas Clerides. The meeting will be held tomorrow, Friday.