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Erschienen in:
Baptism of Fire Kapitel lesen Erstes Kapitel lesen

2017 | OriginalPaper | Buchkapitel

13. “Take It or Leave It”

verfasst von : Panicos Demetriades

Erschienen in: A Diary of the Euro Crisis in Cyprus

Verlag: Springer International Publishing

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Abstract

The days and nights that followed the passing of the resolution legislation on 22 March 2013 felt like we were about to enter hell. To start with, as of the morning of Saturday, 23 March, there was the divide between the government and the troika on the resolution actions to be taken.

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Vorheriges Kapitel Heading Towards the Abyss
Nächstes Kapitel Resolution and Capital Controls
Fußnoten
1
My own attempts to strengthen the CBC in those areas were frustrated by the legal constraints we faced to hire new staff due to the freeze in public sector hires that parliament imposed (which included the CBC) and the CBC board’s reluctance to legally challenge that decision.
 
2
The Greek carve-out had already been marked by the Eurogroup as a prior action that needed to be taken to protect financial stability in the euro area. Pireaus had been chosen by the Greek authorities as the buyer of the Greek branches of Cypriot banks. The financial terms of the agreement were also agreed at the Eurogroup meeting and comprised a 26% discount on assets, in line with the expected losses under the PIMCO adverse scenario.
 
3
They did, however, take a more flexible stance on the restructuring of the credit cooperative sector, which allowed the coops themselves to have a say in their future, through the work of our restructuring specialists. DG Comp wanted to merge all the coops together into one legal entity. However, the coops themselves wanted to retain their regional identities. In the end, it was agreed that the 94 regional coops be merged and reduced to 18 and that they would all come under the umbrella of the Cooperative Central Bank.
 
4
A small bank was unlikely to be able to provide a large volume of unencumbered assets, which could be used as additional collateral in case of downgrades of existing collateral due to deteriorating economic circumstances. Moreover, collateral was needed in case additional liquidity from the ECB was needed, which was likely if depositors’ confidence remained fragile and outflows continued.
 
5
In subsequent interviews, I explained that Bank of Cyprus received assets from Laiki, not just liabilities. The assets it received exceeded in fair value the liabilities, including the ELA. Moreover, I explained that as a result of ELA the bank had a stable and inexpensive source of funding, compared to deposits. Finally, I also pointed out that 80% of the profits made by the CBC from ELA went into the government coffers and helped to reduce the public deficit by hundreds of millions of euros.
 
Metadaten
Titel
“Take It or Leave It”
verfasst von
Panicos Demetriades
Copyright-Jahr
2017
Buch
A Diary of the Euro Crisis in Cyprus

Print ISBN: 978-3-319-62222-4

Electronic ISBN: 978-3-319-62223-1

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-62223-1_13