Cyprus Investigative Commission to hold its first public hearing Friday

The Investigative Commission that was appointed to probe into possible civil, criminal or political liabilities concerning developments in Cyprus’ banking sector and the economy, will hold its first public hearing next Friday.

According to an announcement, the Commission met Monday at the Filoxenia Conference Center, under its new composition, following the appointment of Andreas Kramvis as third member. Kramvis is succeeding Yiannakis Constantinides who handed over his resignation due to health reasons. The other two members include George Pikis, Chairman and Panagiotis Kallis, Member.

Permanent Secretary of the Finance Minister Christos Patsalides will appear before the Commission on Friday, at 9.30 am local time (7.30 GMT)

In the early hours of Monday, March 25, Eurozone Finance Ministers and the IMF agreed on a 10 billion financial assistance package after the Cypriot authorities agreed to wind down the Cyprus Popular Bank (CPB), the island’s second largest lender, and to restructure the Bank of Cyprus (BOCY), Cyprus’ biggest bank, after imposing losses on deposits above €100,000. This will shrink the island’s large banking sector, resulting in deeper recession.

Excluded from the international markets, Cyprus applied for financial assistance last June after BOCY and CPB sought state aid following massive write-downs of the Greek bond holdings, amounting to €4.5 billion as a result of the Greek sovereign debt haircut.