Anastasiades to be summoned before Co-op collapse probe

President Nicos Anastasiades may be called to testify before a public inquiry into the events leading to the demise of the Co-op Bank.

Anastasiades is expected to be called to testify before the committee, after Central Bank of Cyprus (CBC) governor Chrystalla Georghadji testified that she had warned the President personally over problems faced by the Co-op.

Speaking before the investigating committee on Thursday, Georghadji said that though on the brink of collapse, the cooperative bank might well have been salvaged had the state thrown more money at it at the right time.

Georghadji said, she

had

sounded

the alarm over the

2016.

During the public hearing, a letter from Georghadji to the Finance Minister in February, revealed that the CBC was toying with the idea of another haircut on deposits totalling EUR 2.3 bln.

On criticism fired at her for keeping quiet during the turmoil the banking system has experience recently, Georghadji testified “about things that she had been wanting to get off her chest for a few years now”.

The CBC governor commenting on the Co-op’s collapse said reasons leading to it were the “selection of incompetent people, government mistakes and no corporate governance”.

ailing co-op as

far back as