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Statements by the Government Spokesman, Mr Christos Stylianides
23/07/2013



The consultation with the Troika takes place on a daily basis and in a very good climate, Government Spokesman, Mr Christos Stylianides, said today, adding that the road is difficult but the Government is waiting for the final evaluation to say whatever it has to say.

In statements to the Press, at the Presidential Palace, Mr Stylianides said: “The Government, with regard to the discussion that has been caused regarding the issue of the division of the Bank of Cyprus into two Organisations, of financial transactions and development activities, respectively, wishes to clarify the following:

• A basic and immovable goal of the Government is that the Bank of Cyprus exits from the resolution status by the end of July.

• After the exit from the resolution status the Bank of Cyprus must, at the earliest possible, be handed over to its owners, in other words to the new shareholders.

• The new shareholders, through the Administration and the Management, will formulate the most appropriate framework, so that the Bank, through business and functional terms, and within the determined supervisory framework, returns as a basic systemic bank of the country.

• The Government strongly believes that the Bank of Cyprus has an extremely important role to play in the economic issues of the country, particularly in the evolution and restarting of the Cyprus economy.”

With regard to the restructuring plan, Mr Stylianides said that “it is the new shareholders that must formulate the most appropriate framework through which the future of the Bank will be determined.”
Asked to comment on reports that the evaluation by the Troika regarding the public finances is going well, but there are some observations with regard to structural issues, Mr Stylianides said: “The Government is patient. It consults with the Troika, the lenders, and will speak out when the consultation is completed. We must not run ahead. The course we traverse is long but we insist on our basic positions. On our part, we are diligent with regard to the implementation of the Memorandum and we think that only through its implementation we can get out of the Memorandum at the earliest.

The consultation with the Troika takes place on a daily basis, it takes place in a very good climate, the road is difficult, but we are waiting for the final evaluation to say what we have to say on our part, and this will in fact be stated by the President of the Republic himself.”

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