Cyprus

Preparations for the restructuring of Cyprus Coops are close to their final stage

by fm

11th September 2013

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1 min read

Based on the MoU signed between Cyprus and its international lenders (The Troika, EC, ECB, IMF), the restructuring plan should be finalized by the end of September and submitted to the EU Competition Committee.

Meanwhile, CNA has learnt that in October the implementation of the provisions relating to the merger of the Cooperative Credit Institutions will begin and be concluded by March, 2014.

Although in the last years the number of the Cooperative Credit Institutions was reduced to 93 from 300, their number must be down to 18.

Excluded from international markets since May 2011, Cyprus requested and received a €10 billion financial assistance package from the Troika (EC, the ECB, IMF). The package featured a sizeable reduction of the island`s banking sector, as well as bail-in of uninsured deposits, which hampered the services sector, one of the island`s main source of income.