Nicolas Hadjiyiannis was speaking to the press following a meeting with the President of the European Party Demetris Syllouris held at the Party’s head offices. Chairman of the CCB Committee said that he briefed Syllouris on the progress achieved upon implementation of the Coops' restructuring strategy, adding that this strategy could help the island`s economic recovery. He said that the strategy moves in different time frames, adding that "we are moving with very high speeds."

He also said that the co-operative sector could play a very important role in the island's economy and society. Hadjiyiannis said that during the meeting they discussed the major issues and challenges facing Cyprus’s financial sector, such as the non-performing loans and high interest rates. CCB Committee Chairman said that tackling bad practices of the past “is also our policy," noting that “it is our duty to society and to the Co-operative sector. These few and bad practices of the past will be addressed in order to turn the page and look to the future with confidence and restore people’s trust”, he said. In conclusion, he said that “we must all ensure that the bad practices of the past that have led the country in this situation will not be repeated in the future".

The Coops were nationalized when the Cypriot government injected €1.5 billion into the sector to cover its capital shortfall, calculated in the adverse scenario of a due diligence exercise, carried out by a US asset management firm, Pimco, as part of the conditions for a €10 billion bailout Cyprus received from its international lenders. As part of bailout conditions, the Coops implement a restructuring plan that will see their number reduced from 193 to 18 by the end of March.

Source: Famagusta Gazette