A total of seven recommendations to the government are included in a resolution drafted by opposition parties Akel, Diko and Edek on the findings of an independent investigative committee’s report looking into the scandalous collapse of the Cyprus Cooperative Bank.
The resolution, which is to be tabled for approval before the House plenum today, primarily calls for Finance Minister Harris Georgiades to either resign or be fired.
Daily Phileleftheros has the non-binding resolution which specifically notes the following:
– The investigative committee, acting within the terms of its mandate, has identified possible civil and criminal responsibilities. The Attorney General’s Office should proceed with an investigation so that those responsible for the collapse are brought before justice.
– The President of the Republic and the Minister of Finance should end their contempt towards the findings of the independent investigative committee and show respect by practically undertaking the political responsibilities attributed to them.
– Political responsibilities fall on the shoulder of the President of the Republic and his Government since they precisely knew the state of play of the Co-op bank from repetitious strict warnings by European institutions. But rather than taking action, the President and his Government chose to remain silent and ignore the warnings. Thus, through decisions, acts, omissions and lack of political will they failed to keep the Co-op bank on a viable track.
– As a result, the Co-op bank was led to its collapse and premeditated takeover by a private bank within the framework of a bad, one-sided agreement that does not benefit either the state or the taxpayer.
The three parties also indicate that in addition to the undisputed collective responsibilities of the Government, the main reason behind the Co-op bank’s collapse was personal choices and omissions by the Finance Minister. And this applies to both the Co-op bank’s planning strategy and the selection of top-ranking individuals. Describing the Co-op leadership as a complete failure, the resolution again calls on Georgiades to undertake political responsibility.
The resolution demands the immediate resignation of the Minister of Finance and, in the case this doesn’t happen, then for the President of the Republic to fire him as an indication of their minimum assumption of political responsibility.
The parties also demand that assets of the Co-op bank should be protected and returned to the people. And they strongly condemn the Finance Minister’s decision to distribute free Co-op shares to citizens, arguing that at the time he was making this promise the Minister was also paving the way for the Co-op’s dissolution and its handing over to the Hellenic Bank.