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South delayed response to bank info proposals for four months

13 May 2017

Deputy Prime Minister and Minister of Finance Serdar Denktaş has said that it was the Greek Cypriot side that delayed work to harmonise banking laws with EU standards for four months. They refused to give any response to the Turkish Cypriot side’s proposals during that period.

He said that it was not right to blame the government for the lack of progress achieved on this issue.

The deputy prime minister was responding to a news report posted on the TRNC Presidency’s official website calling on the government to support the EU harmonisation process of banking laws in the TRNC.

In a written statement issued yesterday, Denktaş said that he was disappointed with the President’s remarks.

It is difficult to understand why the President is blaming the government for the delay when it is so obvious that the Greek Cypriots froze the process for four months,” he said.

Pointing out that the work to investigate the financial structure of TRNC banks had been launched by the bi-communal working group set up by President Mustafa Akıncı and the Greek Cypriot leader Nicos Anastasiades, Denktaş said that a draft had been created from that work.

He explained that the work had been presented to him at the end of 2016 during which he had openly expressed his opinion that sensitive information regarding TRNC banks could not be shared with the Greek Cypriot side.

Our sensitivities on this issue had been conveyed to the UN Special Advisor, the US ambassador as well as to the IMF’s representative after which I instructed the head of the Prime Ministry’s EU Coordination Office Kudret Akay to work on a modality that could be accepted by all the parties concerned,” he added.

Denktaş said that the new working modality which had been prepared following meetings with the UN, IMF, EU and US officials had been sent to the United Nations, by informing the President’s Office, on 20th December, 2016.

We did not receive a response to our proposals for four months until the beginning of April 2017 when President Akıncı informed us that the Greek Cypriot leader had accepted the Turkish Cypriot side’s proposals”.

He said that the UN Special Advisor had thanked them for the constructive proposals they had presented during a meeting held on 12th April 2017.

Mr. Eide informed us that the Greek Cypriot side had accepted our proposals and that they could continue their work on the basis of the modality proposed,” he said.

BRT

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