State guarantees to the Hellenic Bank
Statement by the AKEL Head of the Economic Studies Bureau Haris Polycarpou
AKEL C.C. Press Office, 5th May 2020, Nicosia
The announcement of the management results of the Cyprus Asset Management Company (KEDIPES) for the period until the end of 2019 recalls the Anastasiades-DISY government’s scandalous agreement for the dissolution of the Cyprus Cooperative Bank. After loading the damage on to Cypriot society, they donated through a state subsidy the profits to the Hellenic Bank.
In addition to their well-recorded responsibilities, to date they have not replied to the following questions:
- What happened to the assurances given by the Ministry of Finance to Parliament that the damage from the guarantees given by the State to the Hellenic Bank is not going to exceed € 155 million over 12 years, when just in the first year a loss of € 72 million has been recorded?
- How much will the additional costs be for taxpayers and society?
