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Cyprus’ Co-operatives submitted their restructuring plan, a precondition for a €1,5 billion state aid to cover estimated capital shortfall.
Speaking to CNA Cooperative Central Bank Committee Chairman Giorgos Iosif said the restructuring plan has been submitted to the Finance Ministry and the Central Bank of Cyprus, ahead of the September 30 deadline, provided by the €10 billion financial assistance package agreed between the Cypriot Authorities and the Troika (EC, ECB and the IMF).
The state will acquire 99% of the share capital of the Cooperative Credit Institutions as it will inject €1.5 billion to cover their capital shortfall for the next three years, on the basis of a due diligence audit carried out by the US audit firm Pimco. The €1.5 billion is part of the €10 billion financial assistance programme agreed last March with the European Central Bank, the European Commission and the IMF.
After its approval from the FinMIn and the CBC, the restructuring plan will be submitted to Cyprus` lenders for review and approval, Iosif added reports Famagusta.
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