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Cyprus News Agency: News in English, 09-09-15
CONTENTS
[01] MARFIN POPULAR BANK - CYPRUS
[02] EU COMMISSION - GREEN LINE - REPORT
[01] MARFIN POPULAR BANK - CYPRUS
Marfin Popular Bank has announced its decision to maintain its legal
base in Cyprus, thus changing its initial decision taken in May to move
its headquarters from Cyprus to Greece. Marfin`s executive vice
chairman Andreas Vgenopoulos has said that ``the boards of directors of
Marfin Popular Bank and Marfin Egnatia Bank convened on Tuesday and
decided the merger of the two banks. Marfin Popular Bank will be the
absorbing entity in order for the banks legal seat to remain in
Cyprus``.
According to a press release issued by the Bank, ``Marfin Popular Banks
management believes that the reactions which followed its initial
decision have revealed the need for constructive dialogue for the
enhancement of the institutional and regulatory framework of the
Cypriot financial services system as well as the abolition of
dysfunctions which act as barriers to entrepreneurship and the
attraction of international investments in Cyprus``. The press release
says that in light of the current challenging economic environment,
Marfin Popular Bank wishes to enter into this fundamental dialogue and
lay its arguments having already settled the outstanding matter of its
legal seat.
``This way, its arguments cannot be weakened or viewed under the prism
of alleged own interests or the exertion of pressure to secure special
privileges``, it adds. The Executive Vice-Chairman of Marfin Popular
Bank said that the unfavourable developments for the Cypriot economy
commanded the need to protect the best interests of the country and its
society``. He added that the Bank`s decision was significantly
influenced by the pleas of the people of Cyprus and of the vast
majority of the Cypriot business community and political
establishment.
[02] EU COMMISSION - GREEN LINE - REPORT
The European Commission has approved the fifth annual report on the
implementation of the EU regulation on the Green Line, between the
Cypriot government controlled areas and the Turkish occupied areas of
Cyprus. The report states that additional effort is needed as far as
tackling illegal immigration is concerned. The report, covering the
year to 30 April 2009, notes also that trade in goods increased by more
than a third, but expresses concern over smuggling cases across the
Line.
In the report it is stated that control of people crossing the Green
Line, at the authorized crossing points works well, but the number of
third country nationals crossing the Line illegally between the
crossing points remains significant- total number of apprehended
illegal migrants is 5,525. Both the Republic of Cyprus and the UK
Sovereign Base Areas reinforced their surveillance of the Line, however
additional effort is needed in this respect, it is added.
The report also refers to the total value of goods entering the
southern government controlled areas under the provisions of the Green
Line Regulation, noting that it was 6.1 million euro, up 36% on the
previous year. Green Line trade now accounts for over 10% of Turkish
Cypriot trade leaving the northern part of Cyprus, a press release on
the report says. It is also noted that however, smuggling across the
Line remains a matter of concern.
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