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South Cyprus Central Bank issues name and shame list

10 April 2013

A list issued by Central Bank of Cyprus giving the names of individuals and companies that withdrew their money at the beginning of March before bank restrictions were in place, was given to the South Cyprus House Committee on Institutions, Merit and the Commissioner for Administration.

However, the Chairman of the House Committee, Demetris Syllouris expressed his disappointment that the list only covered transfers that took place between 1-15 March 2013.

Syllouris said that the new developments would be discussed on Wednesday during a meeting of the Parliamentary parties’ leaders.

A letter to Chairman Syllouris from the Deputy Governor of Central Bank Stavrinakis stated that the Committee’s request for the list would only lead to being inundated with a large amount of information that would not be particularly useful to their investigations.

The Deputy Governor’s appointment was withdrawn on Tuesday.

Committee Chairman Syllouris said that Central Bank’s Governor and Deputy Governor would be invited to the Committee’s next meeting on Thursday to explain why the data requested were not submitted.

Cyprus’ Banks were shut down for almost two weeks following the first Eurogroup decision on Cyprus on March 15th in order to prevent a transfer of deposits abroad. Banks reopened on March 28 imposing tight restrictions.

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