Spokesman calls on all to calm down when referring to Cooperative Bank

Government Spokesman Prodromos Prodromou said on Thursday that the investigation to be carried out regarding the Cyprus Cooperative Bank (CCB) should provide answers regarding its operation and the practices in place that led to negative capital, adding that everyone should calm down when speaking about selling off the CCB.

Speaking at the Presidential Palace, Prodromou said that the Attorney General had the authority to appoint an investigative committee and that the decision of the President of the Republic and the Council of Ministers was a political decision on the necessity for such an investigation.

The Spokesman said the citizens had a right to know what happened and who was responsible, adding that the European Stability Mechanism and the European Central Bank have both pointed out that the CCB needed new capital due to the huge volume of non-performing loans, reaching Euros 7.5 billion.

He noted that today there were people saying that the CCB is being sold off. We must be aware what we are talking about. Is it possible to sell off something that in 2013 had a negative value, a negative status? he wondered, adding that the investigation should look into everything.

Prodromou also referred to the European Commission’s report, which gives insight into what has happened, noting that the Government’s position is that those responsible to carry out the investigation must be left to do their job so that the citizens learn the whole truth.

The inability to address the non-performing loans by the CCB was also due to obstacles created by the legal framework, the Spokesman said, adding that if the legal framework was not amended and corrected, along with the institutional framework, then the state will not be in a position to defend the interests of the citizens.

Source: Cyprus News Agency