Cyprus Property News logo
HomeProperty InvestmentBank of Cyprus investigated by CYSEC

Bank of Cyprus investigated by CYSEC

Bank of Cyprus
THE Cyprus Securities and Exchange Commission (CYSEC) has started an investigation to determine why the Bank of Cyprus asked the state for €500 million in temporary state support instead of €200 million as it had initially announced, according to state broadcaster CyBC.

The Commission received a number of complaints from Bank of Cyprus investors and shareholders following this announcement.

The aim of CYSEC’s probe is to confirm whether and to what extent the Bank of Cyprus management withheld confidential information from the start, with the aim of misleading its shareholders.

The reasoning behind this is because there was no specific mention of the €500 million by the management during the general meeting of shareholders that was held on 19th June.

The state broadcaster also reported that CYSEC is conducting a probe into bank prices on the stock market and issues of possible price manipulation.

2 COMMENTS

  1. If BoC is now admitting to a €500m hole, it is likely to be a tad bigger than that in reality. What about all those NPLs on developer loans and mortgages, which keep avoiding NPL status as a result of ‘administrative engagement’ within the bank? Has BoC included this within the ‘new’ €300m? And, does it sound anywhere near enough e.g. what is BoC’s share of the €6bn-€12bn estimated developer debt bubble?

    Doubtful whether the CYSEC will uncover the ‘further extras’ as it is only looking at the €300m. Perhaps the EU/Troika’s forensic accountants will ferret it out.

Comments are closed.

Sign up to receive our free Cyprus property newsletter

We guarantee that we do not spam and will not divulge your email address to any third party.

Read our privacy policy for more information.

Cyprus property transfer fees

Property capital gains tax (CGT) calculator

EUR - Euro Member Countries
GBP
1.1870
RUB
0.0124
CNY
0.1351
CHF
0.9375

Top Stories

EC confirms response on golden passports

The European Commission has received a response from Cypriot authorities regarding the island's now- defunct 'golden passports' scheme, and will continue dialoguing with Nicosia,...

Inspecting resale properties – part 1

Given the long-standing issues with Title Deeds, more home buyers are restricting their search to resale properties that have been issued with their all-important...

Property values continuing to ebb and flow

WiRE FS has published its Q3 2021 edition of the WiRE Index for property and rental values. The WiRE Index covers all districts and...