The responsibility regarding the situation created in the Central Bank of Cyprus

Statement by Stefanos Stefanou, member of the Political Bureau of AKEL AKEL C.C. Press Office, 16th March 2015, Nicosia

 

The Governor and the Board of the Central Bank of Cyprus bear the responsibility for the situation that has been created in the Central Bank.

However, the political responsibility lies exclusively with the President of the Republic. He was the one who appointed the Governor, the executive and non-executive members of the Board of the Central Bank. Indeed he even stated that he is appointing the elite of the excellent.

The President of the Republic claims that he did not know about the Governor’s conflict of interests in the case of Andreas Vgenopoulos. For the sake of discussion, let’s assume that the President did not know about the case when he appointed Mrs. Giorkatzi as Governor. However the issue came to the fore and was the subject of discussion last November. At that time, everyone – the House of Representatives, the political parties, mass media, and society in general – realized that there was indeed a conflict of interest. The President instead of doing what he ought to have done, simply changed the Governor’s contract and reconfirmed her appointment.

Consequently, the President of the Republic cannot invoke any ignorance and attempt to divert public opinion through communication games in relation to the severe political responsibilities he has. He should make his self-criticism and stop the tactic of appointing to various positions and institutions with partisan considerations and petty party criteria that are exacerbating the problems and humiliating the institutions.