Monday April 27, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Central bank demands Bank of Cyprus expedite capital issue

Cyprus's central bank has demanded that privately held Bank of Cyprus finalise plans this week to raise at least 1 billion euros in a capital issue, media reported on Wednesday.

Central Bank Governor Chrystalla Georghadji, in a letter published in the Simerini newspaper, gave the bank a three-day deadline to affirm its plans for the completion of a capital issue by Aug. 8.

There was no immediate comment from the central bank or the bank to the letter, which was dated July 1 and addressed to Bank of Cyprus chairman Christis Hassapis.

Bank of Cyprus, which recapitalised by confiscating uninsured deposits of its clients last year, said last week that it was examining its funding options but did not go into detail.

There has been widespread speculation about friction on the board over the timing and conditions of any issue, particularly how it could affect existing shareholders.

Several wealthy Russians became stakeholders in the lender when their deposits were turned into equity, a process known as a 'bail-in' and a condition of the 10 billion euro international rescue package Cyprus received last year.

In her letter, Georghadji said the maximum limit of a clawback to existing shareholders should not exceed 20 percent.

Bank of Cyprus is one of four Cyprus-based banks that will be included in stress tests on European banks later this year.

Based on the most recently available data, Bank of Cyprus had a core tier 1 capital, a ratio of financial strength, of 10.4 percent, increasing slightly to 10.6 percent from the disposal of Serbian assets in May.

Under stress test baseline scenarios the ratio should exceed 8 percent, and in an adverse scenario 5.5 percent. [Reuters]

ekathimerini.com , Wednesday Jul 2, 2014 (15:30)  
Pensions will not be cut, insists social insurance chief
EU Commission to revise down Greek growth forecast
Further delays will only harm economy
Cosco eyes big network from Piraeus port
Anastasiades, Akinci speak and look towards fresh push in peace talks
Cypriot President Nicos Anastasiades has spoken to the new Turkish-Cypriot leader Mustafa Akinci with a view to restarting reunification talks after Sundays run-off elections in the occupie...
Greeces day of reckoning inches closer as debt payments loom
Greece will look for ways to assemble enough cash to pay its pensioners and employees this week, after euro area finance ministers on Friday said they wont disburse more aid until bailout ...
Inside News
SOCCER
Panathinaikos beats Xanthi to rise to second
Panathinaikos jumped back up to the second spot of the Super League after its home win over Xanthi on Saturday, as PAOK slumped to third due to its draw at home with PAS Giannina on Sunday. ...
WATER POLO
Olympiakos wins Euro crown in womens water polo
The womens water polo team of Olympiakos won its first ever LEN Euro League at the Final Four it hosted in Piraeus by beating holder Sabadell from Spain 10-9 in Saturdays final. After defe...
Inside Sports
ANALYSIS
If Greece falls, no one wants their prints on the murder weapon
We're going bust. No, you're not. You're strangling us. No we're not. You owe us for World War Two. We gave already." The game of chicken between Greece and its international cred...
COMMENTARY
Reaching crunch time
Several cabinet ministers and MPs are no longer hiding it: They either openly admit that they are promoting the drachma or they murmur things like, Why not the drachma? Some go even furthe...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Anastasiades, Akinci speak and look towards fresh push in peace talks
2. Pensions will not be cut, insists social insurance chief
3. Greeces day of reckoning inches closer as debt payments loom
4. Akinci elected Turkish-Cypriot leader, raising hopes of peace deal on island
5. Panathinaikos beats Xanthi to rise to second
6. EU Commission to revise down Greek growth forecast
more news
Today
This Week
1. Greeces day of reckoning inches closer as debt payments loom
2. Pensions will not be cut, insists social insurance chief
3. Anastasiades, Akinci speak and look towards fresh push in peace talks
4. Greek tourism threatened by various factors
5. Agenda
6. Merkel, Tsipras agree to stay in touch to reach debt deal
Today
This Week
1. Greek government's popularity takes a hit as talks drag on
2. Europe's collision course with Greece
3. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
4. Leaving the past in the past
5. Denialism
6. The price of compromise
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.