30 April 2014 18:30

House Institutions Committee MPs on Tuesday postponed their decision on whether or not to include the names of natural and legal persons who transferred money abroad before and after the haircut on deposits.
A decision is expected to be made today during an emergency session.
According to reports, Central Bank Governor Chrystalla Georghadji said that she will help the committee with the provision of information.
She is launching an investigation into four specific periods before and after the Eurogroup decision to haircut deposits, to determine whether there was foul play involved in the outflow of bank deposits overseas.
The first period that will be investigated will start with cash transfers that occurred at Laiki Bank in June 2012, after the bank's state support of €1.8 billion had been approved.
For the period between March 1 and 15, the Central Bank will also perform random checks to find out who transferred large amounts of money abroad and will reveal the names of those involved in cases where the amounts are considered above average.
The governor will also look into transfers between March 16 and 27, when the banks were closed, to examine whether outflows occurred without the approval of the Central Bank and whether the transfers that had been approved were justified.
It is noted that during the period between the first and second Eurogroup meetings, the Central Bank gave selective authorisations for money transfers for government services and humanitarian reasons, in agreement with the Troika.
The CB will also investigate transactions that occurred after the haircut on deposits during which time strict restrictions had been enforced on all bank transactions.
During its investigation the committee had presented two separate lists, of which one is a hard copy containing 6,000 names of outflows during March 1-15 and a second digital list which includes 11,000 transactions during the same period.
However, it was revealed yesterday that approximately 3,500 transactions concern deposits and will therefore be removed from the list.
Georghadji said that she will look into the 1,500 additional names that occurred in the second list to determine where they came from and who is behind the outflows.
It is noted that the information provided to the committee by Bank of Cyprus and now-defunct Laiki Bank will be validated by the Central Bank, while outflows from other banks will also be investigated, especially during the time when banks were closed.
The information that will derive from the governor's investigation will be included in the final draft of the committee's report on the economic meltdown and will be discussed at the House Plenary on May 6.
 


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