report by the committee of inquiry over cyprus economy & banks
TRANSCRIPT
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28 , 2013
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1.0 .....06
2.0 .21
3.0. ...22
3.1. .......22
3.1.1 X......22
3.1.2 ..25
3.1.3. . 29
3.1.4 .29
3.1.5. ..31
3.1.6 . ..34
3.1.7 . 35
3.2. ..36
3.2.1. . 36
3.2.2. ..43
3.2.3 ...49
3.2.4 51
3.3. .. ....55
3.3.1 .55
3.4. 58
3.4.1. ..58
3.4.2. ..60
3.4.3. ..61
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3.5. .....66
3.5.1. ...66
3.5.2. .69
3.5.3. ...71
3.5.4. . ..73
3.5.5. ..76
3.5.6 ...79
3.5.7 ...83
3.5.8 87
3.5.9 ..91
3.5.10 ..96
3.5.11 ....99
3.5.12 .103
3.5.13 ..109
3.6 .114
3.6.1 ..114
3.6.2. ..116
3.6.3 . ......118
3.7 ..121
3.7.1. ...121
3.7.2 . ..124
3.7.3 ......126
3.7.4 ...130
3.7.5 . 134
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3.7.6 . ..140
3.8 .146
3.8.1 ..146
3.8.2 . ...146
4.0 ..153
5.0. .....176
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1.0.
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() The Commission of Inquiry is not a court or tribunal and has no authority
to determine legal liability.
() Further, a Commissioner may make findings of misconduct based on the
factual findings, provided that they are necessary to fulfil the purpose of
the inquiry as it is described in the terms of reference.
() One of the primary functions of public inquiries is fact-finding. They are
often concerned, in the way of public shock, horror, disillusionment or
scepticism, in order to uncover the truth.
() A public inquiry into a tragedy would be quite pointless if it did not lead to
identification of the causes and players for fear of harming reputations
.
() I doubt that it would be possible to meet the need for public inquiries
whose aim is to shed light on a particular incident without in some way
interfering with the reputations of the individuals involved.
.
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2011 71,1%
2012 85,8%
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2010 -5,3
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2011 -6,0
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(%)
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2.
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7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
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, . .
,
. ,
,
,
.
-
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, , Hellenic American Bankers
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, ,
. ,
.
, ,
.
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3.5.
3.5.1 .
.
2006 2013
15/09/2008 09/06/2010.
01/01/2006 11/10/2006.
,
23 650 , 13
599 .
,
. 27 260
2012 199 .
41
1997 2009 .
,
,
. 2009,
,
500 .
2009. , , 2010.
-
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68
,
, ,
01/03/2008 , , .
.
83%
,
, , .
.
,
1 188 680 2
574 447 ,
. A
. ,
,
.
- 55 -
2 ,
. ,
2009, - -
.
, : 2007
-
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69
14 464 , 10 538
. .
.
2008 30 821
, 24 954 .
.
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,
, stock . 2009
27 442 , 19
.
2011 2012.
, ,
2009 500
, .
,
.
,
.
. , ,
.
ICFCBS
2012 ( ) : We
found that a common cause behind many of Cyprus problems lay in culture
and attitudes. A frequent observation by people we speak to, was that the
Cyprus establishment was too closed, that personal and political relationships
played too great a role in the management of its business affairs, and that it
-
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70
needed to be more open to different ideas and belief. We agree. We found it
striking for example, that there are few non Cypriots on the boards.
.
,
.
3.5.2. .
, .
,
2008,
.
:
,
,
.
; , .
2004
McKinsey .
:
.,
.
.
,
-
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71
.
.
2008,
, 3 , 85
. :
,
2008, , overdraft 12
600 3 33
floating charges
.
. , , floating charges
, , .
.
195
84%. 142
70% 125
60%. , 2005.
. :
, 100%,
110% .
2006
791
384 .
.
450 .
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
72/179
72
2007 -
1 209 -
456 .
1,5 . 2 . .
, 2005, 2006 2007,
,
2 547
. : ,
.
,
, , 2008
2007, 1 209 , ,
,
.
,
.
. :
, .
3.5.3. .
,
. ,
.
-
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73
2005
10/06/2010 29/08/2012. ,
, ,
.
. , ,
.
2007 4
495 62 .
:
...
,
.
:
-
- , , 2010
50%
50% 2011
..
2 ,
risk free
- .2 -
.
-
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,
checks and balances .
3.5.4. .
, .
ICFCBS ( ) :
Two characteristics of Cyprus of the banking methods contributed to the bad
loan problem at the heart of the crisis. One was the practice of advancing
loans against collateral (usually real estate) and personal guarantee, with
insufficient attention paid to cash flow and ability to repay.
( , ):
. , , real estate,
.
, ,
developers, .
.. , ,
-
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75
,
.
,
. , , ,
,
.
, :
,
,
.
, , . ,
, . ,
10,5 , 1 560
. ,
ARISTO DEVELOPERS,
, 2006
2011, 24 500 198 580
. ,
.
: ,
, ,
, ,
.
2006 2011, 31
114 ,
. , 38
.
-
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,
5
2006, 19 950 2012.
, .
, :
,
.
.
.
S. Z. ELIADES,
33 500 2006,
357,4 2011.
. ,
.
13 9 ,
.
.
, ,
.
80 680
SFS. 8
820 .
-
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,
, ,
31 180 ,
, .
,
QUALITY 2 830
2006, 73 2011.
, 27 850
. , ,
,
.
,
HBSC
. ,
. ,
.
3.5.5. .
,
,
. , ,
. ,
, ,
-
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, .
,
,
, ,
. ICFCBS
.
,
. ,
.
TAMASOS HOTELS ENTERPRISES
-
. , ,
, ,
, , .
,
NEW MARATHON TOURS.
.
NEW MARATHON TOURS
. ,
, .
.
, :
.
.
193 ,
-
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79
CMS CUSTOMERS MANAGEMENT SERVICES
,
, , ,
, . ,
1 285 .
502 ,
,
.. 502
. , ,
769 , 502
.
,
, .
. ,
.
,
, , 199
. ,
.
570 .
199 , 107 ,
, , .
-
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80
3.5.6. .
,
, 07/09/2006 14/05/2008,
.
,
, , .
1990 2002 Alpha Bank
Ltd. Alpha
Bank Romania.
,
. ,
2005.
,
110% ,
100% 100%
95% ,
.
, 668
,
2
. 668
, : 2
, , ,
,
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
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81
,
. .
. ,
,
,
.
.
, :
,
, element
, , ,
, .
, , ,
, , ,
.
, ,
,
, ,
.
.
,
500 , 2009.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
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82
Uniastrum,
Uniastrum.
14/05/2008,
.
- Uniastrum,
, .
Barclays .
Barclays
Uniastrum
Uniastrum
Barclays,
, , ,
.
, .
,
, .
.
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Weak Bank Governance, ,
,
, ,
. , :
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
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83
,
, : . , ,
, ,
culture
.
, ,
, .
2007,
,
, ,
.
,
,
.
2013
,
, : ,
.
,
,
,
.
, :
-
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84
,
HSBC
. , ,
70% .
.
,
, ,
. , ,
.
,
, , , 50 100
,
, .
, ,
,
, .
.
3.5.7. .
,
1991 14/5/2009,
. , ,
.
,
-
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85
.
, ,
, ,
: 2006 - 52 98
- , 4 211 . 2007
60 227 , 4
615 . 2008 ,
, 170
187 21 700
, 2009 182 ,
275 , 2010
304 681
2011 319 681 .
, ,
;
2007, , , 80%
,
15% . ,
, ,
.
,
10 2009,
,
.
: , , ,
, .
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
86/179
86
.
.
, 01/03/2010,
,
.
, , ,
,
.
, Moodys
, ,
, ,
.
.
TAMASOS HOTEL ENTERPRISES SIGAN,
,
. , ,
, :
, ,
,
.
.
.
, ,
. ,
,
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
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87
. .
, ,
,
. ,
500 .
.
, : ..
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.
,
.
,
,
.
,
. ,
,
,
.
2011, .
Uniastrum,
, ,
.
-
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88
.
.
ICFCBS,
: The main external causes were two. One was the liberalizing
effect of Cyprus joining the EU and the euro, which opened up new markets
and released large amounts of liquidity under a previously tightly controlled
banking system, while simultaneously make it harder for Cyprus to restrain
credit growth with traditional monetary levers
,
.
3.5.8. .
, 2004, 1998
. 2012
.
, , , Uniastrum,
, Eurogroup 2013
.
,
.
. ,
, ,
.
-
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89
,
,
, 350 . ,
. ,
10/12/2009
,
2010,
, , 2011 stress
test . -
-
.
,
, . ,
. , 25
2012, : a Board of Directors, particularly a Bank Board, is not
just a club of friends .
ICFCBS a Weak Bank Governance,
corporate governance .. ,
, checks and balances.
.
2006 2008.
developers
. ,
, PIMCO ,
, .
Alvarez & Marsal,
19/02/2010.
-
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90
Uniastrum , ,
.
,
J.P.Morgan Ernst & Young.
. due diligence report Uniastrum, Ernst & Young,
. ,
Uniastrum. Uniastrum ,
,
, Uniastrum , , 700
.
, Risk Committee Audit
Committee. , ,
,
.
, 5 14 .
, , .
, , ,
. :
,
,
, , ,
, , ,
penalty .
, TAMASOS,
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... .
,
.
.
retail bank,
. ,
.
investment banks, , .
2009 50%,
, ,
. ,
. , ,
,
, .
, ,
, . ,
,
30 .
.
,
, , ,
.
-
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, ,
.
, :
2011. ,
.
1/3/2010
,
2012,
, .
, ,
,
.
, ,
, ,
.
,
2009, 50% .
2008 , :
.
, . . , ,
.
Uniastrum,
: , ,
-
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94
Uniastrum ; O
.
Uniastrum , 700 .
Uniastrum,
: due
diligence ( ) ,
,
escrow,
.
Uniastrum, , 4 ,
2008 ,
.
ICFCBS : When domestic
sources of funding eventually ran out, they used official liquidity support to
fund further expansion, including the fatal step ( ) of
acquiring 5.7bn Euro of Greek Government Bonds (GGBs) which was to cost
them 4.5bn Euro in losses eventually. , ,
.
, , ,
.
, : .
ICFCBS business
methods.
. :
.
2005-2008, ,
,
, ..
-
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95
, ,
,
. ,
, ,
.
: Culture. We found that a
common cause behind many of Cyprus problems lay in culture and attitudes.
A frequent observation by people we spoke to was that the Cyprus
establishment was too closed, that personal and political relationships played
too great a role in the management of its business affairs and that needed to
be more open to different ideas and people. ,
.
ICFCBS
2012,
2013.
Uniastrum, ,
.
,
, TAMASOS HOTEL ENTERPRISES
.
-
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96
, ,
, 2012
.
, ,
.
,
,
: , .
, ,
.
, ,
.
, , ,
.
, PIMCO
. , , 2012
,
10 . , ,
, .
-
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3.5.10 .
,
,
:
() ,
() ,
() .
2009 1,7 ,
,
11/12/2009,
, ,
.
06/07/2012,
. . .
, .
, , , ,
2012.
, 01/03/2010,
, ,
,
52 , 2010.
-
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,
. , stress tests .
, , 2009, 1,7
.
2009 3 .
2010, Rating Committee ,
2 .
.
Alvarez & Marsal
.
- TAMASOS HOTEL ENTERPRISES (-),
, - . ,
,
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,
.
, : ,
,
.
,
. . , .
. ,
2012 ,
. ,
. . .
-
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,
,
, .
ICFCBS, ,
weak bank governance,
. , ,
.
banking methods
,
,
,
, .
,
Eurogroup 2012 ,
: , ,
,
, ,
.
, , : ,
.
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,
.
-
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,
. , , ,
.
31/08/2012,
.
, : , 31/08/2012
. ,
,
. ,
.
, , ,
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, .
. , , .
. ..
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,
1980 1993 2004
. 2005
2006
-
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101
. 2010 .
12/07/2012
.
,
. :
,
.
bonus, , .
,
,
.
2006 2010 18
, ,
. ,
2011,
, .
.
2009,
home country.
2009. ,
-
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102
2009 , , Stock Watch
10/12/2009.
, .
, 10/12/2009,
, .
, 11/12/2009.
2010 ,
2 124 .
2010.
, ,
.
, ,
,
,
, 19 2010.
, , ,
.
01/03/2010,
,
,
.
.
-
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12 - -
.
ICFCBS
Weak Bank
Governance, .
Alvarez & Marsal
.
. ICFCBS
.
.
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, ,
.
,
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, : .
.
2012, .
,
.
2013
.
.
,
-
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104
.
, ,
.
,
. ,
ELA, 9,5 .
ELA 19/02/2013 ,
, 1 . ,
, ,
2013
.
Uniastrum,
JPMorgan Ernst & Young
.
, 12
,
.
3.5.12. .
1991 2004. 2005
,
10/07/2012 .
2006 .
,
.
-
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105
.
, .
, -
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()
.
10/12/2009
, ,
, ,
.
01/03/2010 ,
2012.
, ,
.
21/12/2005,
,
26/07/2004.
: -
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() ,
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,
() , ,
, ,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
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106
, .
,
, 2011.
, , 31/12/2009
927 .
, ,
10/12/2009 .
2007,
,
.
operations . 2009
,
, .
2009 2010
, , : ..
,
. ,
,
.
Uniastrum,
- 2008.
, Uniastrum
05/06/2008 Moodys , the
change in outlook on Uniastrums deposit ratings reflects its weak financial
-
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performance over the past two years , :
.
Fitch
2008,
Uniastrum. : , , ,
.
Uniastrum,
161 , 539,8
, 235% .
: H , ,
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, ,
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Stock
Watch Uniastrum,
.
. : To
.
2008,
,
.
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108
.
27/08/2012
Uniastrum ,
.
,
Uniastrum.
.
Uniastrum,
, 200
250 .
, Uniastrum
.
, :
. , ,
.
2011,
,
2011 ,
,
.
,
, ,
. .
, ,
. , ,
-
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.
:
,
, ,
.
H Alvarez & Marsal
, 2010
.
.
2008
10/12/2009
400 .
. ,
.
, ,
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.
.
, , .
.
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, ,
,.
, ,
,
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..
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,
.
, Eurogroup
ELA
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O
2007. 2012
- , .
10/12/2009
1,7 .
180 . ,
150
, 15/12/2009, 250
. ,
, ,
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111
,
. ,
, 02/03/2010
. ,
,
.
13/05/10
.
.
,
10/12/2009 .
, ,
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,
01/03/2010 .
27/04/2010 Standard & Poors Moodys,
14/06/2010 .
,
. ,
.
, : ,
,
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2
,
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,
. .
Stock Watch
,
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,
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To
, . ,
2006-2011. 42
. , , ,
.
2008,
2007.
. ,
, :
,
.
, .
, 2012, ..
-
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.
,
. ,
,
.
To 2006
2011 126%, 12,8 28,9 .
, .
, 2 ,
: ,
, , , ,
, ,
, - 280
- .
, , ,
AMASOS HOTEL ENTERPRISES
, 2 813
. ,
, .
, :
-
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, ,
.
Alvarez & Marsal
there appears to have been a luck of formal governance
around major decisions and actions, 100%.
11.1()
, , ,
. ,
.
, ICFCBS
, -
() Business methods,
() ,
() .
weak bank governance,
, , .
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3.6.
3.6.1
,
2012. 2012,
,
. ,
, 2004 2005. ,
:
()
, 3,5 ,
() ,
() ,
.
, 50%
, . , ,
.
2012.
.
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116
,
50
.
. ,
. ,
85% ,
, 1,8 .
,
ELA 3,8 .
ELA, .
, .
,
,
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. , ,
,
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1,19 ,
2012, ,
, .
, 200
2010, 1,6 2011.
-
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117
ICFCBS
,
.
.
,
.
,
,
, 2012.
.
.
2012, ,
.
, , ,
.
3.6.2. .
09/08/2012
, ,
. ELA :-
()
,
() (repos.) .
-
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118
,
. ,
2013,
. ,
, .
2013,
,
,
, .
2012,
8,5 .
.
,
, . , ,
, ,
.
, . ,
30 .
, ,
2011.
,
internet banking.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
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119
,
.
,
3 .
3.6.3. .
,
, HSBC 21,6%,
, Marfin Investment Group (MIG) TOSCA Fund.
, HSBC
.
,
HSBC . ,
,
, 51%.
5%.
HSBC Marfin Tosca Fund,
.
,
, 6
, 2005, ,
HSBC
, ,
50%
. , ,
. ,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
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120
Johnny Crichton, Head of International,
SBC ( 101).
,
HSBC, 23/06/2005,
.
HSBC
( 102).
HSBC ,
,
,
HSBC,
,
,
.
,
MIG Tosca Fund.
,
Marfin ,
, 17
Marfin - : .
, ,
Marfin Financial Group, ,
.
-
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121
O Marfin
.. ,
. Marfin ,
HSBC
.
,
: ,
.
17/07/2006.
- Marfin - ,
, merge.
. ,
,
. ,
,
.
.
-
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3.7.
3.7.1. .
01/05/202 01/05/2007.
Marfin Tosca Fund
Laiki nominees, 2 2006.
, ,
,
, ,
.
- - ,
06/07/2006.
Tosca Fund,
Marfin.
, .
Marfin
19%. 07/02/2006,
HSBC ,
.
, 2006,
(Memoranda) ( 98) .
-
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123
...
, ,
HSBC : .
MARFIN
.
,
Marfin
Tosca Fund. 26/06/2006
( 82) :
,
Marfin Financial Group Holdings S.A.,
Tosca Fund
HSBC.
Marfin Financial Group Holdings S.A.
. ,
, ,
, 19% .
. ,
( 97() ),
Marfin
20%.
, ..
,
-
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124
Marfin
.
Marfin Tosca Fund.
,
. , ,
Marfin Tosca Fund.
.
Dubai Fund 31%
,
. Dubai
.
HSBC
, ,
, ,
.
,
, ( 99),
.
.
.
.
-
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125
:
4.869,95 , 13.7%
. 125.02 ,
, . ,
150 .
,
: O
,
.
, ,
.
, , ,
Barclays .
.
3.7.2. .
Uniastrum,
, ,
.
, , 222 , 600
.
, ,
, .
- -
-
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126
Uniastrum.
Uniastrum 5/6/2008 Moodys Investors Services,
Moodys, 7/6/2008 ( 95).
Moodys, 27/6/2008,
.
- -
. 75%
,
40% . Moodys
Uniastrum
.
Uniastrum 14
96 :
1. Poor corporate governance. 2. Failure to legitimize an indirect beneficial
ownership of certain states in the bank by the two key shareholders. 3.
Significant loan concentration. 4. High portion of loss with unclear substance
and inadequate collateralisation. 5. Poor profitability and cost-efficiency
indicators. 6. Unsophisticated risk management systems. 7. Weaknesses in
the loan process. 8. Absence of a formal policy with regard to related parties.
9. Deficiencies in the tax functions controls and methodology which may
potentially lead to additional tax liabilities 10. Lack of disclosure.
, 2007
,
, .
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
127/179
127
. -
VIP - .
,
.
4,300 . , , 14
96, According to E & Y due to strong asset growth yet poor internal capital
generation, Uniastrums capital adequacy has become a constraint to its
future development. ,
, ,
,
,
business plan
2008 2009.
,
Uniastrum 31/10/2008, Fitch
. 14
, : Fitch downgraded the Bank of Cyprus long term
issuer default credit rating estimating that the acquisition of Uniastrum Bank in
Russia increases the risks of the credit .
Fitch .
Uniastrum.
3.7.3. .
. 2003.
:
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
128/179
128
() Uniastrum,
() ,
() ,
() ICFCBS.
Uniastrum
( 14),
,
80% Uniastrum
( 15). , ,
. ,
. , ,
,
, due
diligence
Sales and Purchase Agreement Shareholders
Agreement. , 222, 125
Uniastrum .
Uniastrum
, , /
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
129/179
129
() ,
() Uniastrum
,
()
Uniastrum ,
()
,
Uniastrum.
,
Uniastrum .
, , 05/06/2008
Moodys Investors Services Uniastrum
.2 . ,
.
,
, Ernst & Young.
, Uniastrum
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
130/179
130
, 01/03/2010,
.
. ,
.
, .
ELA
, ,
,
. ELA
solvent,
.
18/05/2012,
, , ,
9 .
ELA, ,
, . , ,
.
,
, , .
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
131/179
131
ICFCBS
,
.
. , :
governance legal
authorities ,
.
3.7.4. .
.
. ,
Marfin, 07/06/2006,
10%, 19%.
10% .
Marfin Tosca Fund
10% 2006,
, ,
,
, Marfin
.
19/05/2006 Marfin
20%.
19/05/2006 ( 97). ,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
132/179
132
25/05/2006, ,
. ,
. .
,
Tosca Fund .
19%
.
07/06/2006 Marfin
19% . 29/06/2006
,
Marfin Financial Group Holdings S.A.
Tosca Fund (. 3 96).
,
.
Marfin Tosca Fund.
,
01/03/2010 ,
29/02/2012.
Alvarez & Marsal
, ,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
133/179
133
.
ELA ,
.
,
. , ,
ELA ,
.
.
,
,
, 2013,
, ,
, ,
.
dead line ELA
21/03/2013.
,
,
minimum ,
,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
134/179
134
.
. ICFCBS
,
. ,
, , .
,
:
,
.
Eurogroup Eurogroup 25
.
, :-
() Eurogroup ,
() prior action
Eurogroup,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
135/179
135
()
.
, ,
,
. , ,
. , ,
.
3.7.5. .
1 2007 2 2012.
2007
,
.
. .
2008
.
. .
15/04/2009
.
1930
.
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
136/179
136
. , .
, .
, ,
.
.
30/04/2012,
.
,
. 17/04/2012
.
,
2012
EFSF, .
2012
.
.
.
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
137/179
137
. ,
, .
,
. ,
.
.
. 01/12/2009
,
.
, 6% 2010
2011. , ,
. ,
. .
.
, . 18/05/2010.
. ,
.
,
.
: ,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
138/179
138
.
,
.
,
.
.
.
, ,
.
.
.
18/07/2011.
2011.
, ,
,
,
, 1974.
1974.
15/07/1974
,
, ,
,
38% .
80%
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
139/179
139
70%
. .
,
.
Uniastrum, , ,
.
,
.
( 96 14).
17/04/2012
. ,
. 2011
2012
ELA. To
, , , ,
4,5 . ,
.
, . 01/03/2010
( 83),
, ,
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
140/179
140
,
,
. ,
,
.
01/03/2010 .
Alvarez & Marsal,
, ,
.
.
- Independent Commission
on the Future of the Cyprus Banking Sector
, ,
.
.
.
,
.
, .
:
() ,
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
141/179
141
()
.
()
200 .
,
.
()
.
() PIMCO
.
3.7.6. .
03/05/2012.
Leicester .
,
.
, .
. ELA - ()
() .
,
.
, ELA ,
,
.. ... . ,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
142/179
142
Eurogroup
25/06/2012.
,
, .
ELA,
, .
26/03/2013 :
ELA 9
.
,
.
,
2013. ELA
9,1 .
Financial Times 10/02/2013
, 400
. . ,
1 15/03/2013
550 .
Eurogroup 2013, ELA
21/03/2013. ,
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
143/179
143
Eurogroup : Take it or leave it. .
,
, : , ,
2012,
2011,
.
.
,
, , ,
.
.
,
.
, , .
2012, .
,
,
.
05/10/2012 ( 103)
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
144/179
144
18/11/2012 ( 104). 104
.
2012
,
ELA .
2012, Memorandum of
Understanding. , ,
.
10 . 1,19
,
06/06/2012
bail-in, .
,
, 01/02/2013.
PIMCO,
3,9 . ,
, .
,
3,4 .
.
,
, PIMCO.
16/03/2013 ,
. internet banking,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
145/179
145
10 ,
. ,
, .
. ,
. , .
,
.
banking,
11/12/2012 ( 106),
:
,
toxic assets,
.
21/01/2003 Eurogroup
. , , Eurogroup.
, 107.
,
. , , .
.
ICFCBS ,
weak bank governance .
, :
Alvarez & Marsal.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
146/179
146
01/03/2010
, follow-up,
. ,
.
ICFCBS
.
,
,
.
PIMCO
, , PIMCO,
.
PIMCO,
. , , Black Rock ,
, .
04/06/2013
.
:
PIMCO ,
400 , , .
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
147/179
147
3.8.
3.8.1. .,
25
2013,
.
,
, ,
, ,
,
, , .
3.8.2. ,
2013 1 2013.
29
2012 , 1,19
. ,
1,19 .
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
148/179
148
, 06/06/2012,
2013 ECOFIN. , ,
. ,
.
, ,
, 01/02/2013
,
bail-in ( 1,6).
, , ,
Eurogroup
2013, .
2013,
. ,
, , ,
.
02/06/2008,
ASTRA,
,
2008.
. : , , ,
,
, 48%,
,
, .
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
149/179
149
-
- .
:
,
. ,
, ,
2008 ,
.
, 14/10/2008,
,
.
Eurogroup. , ,
, , ,
, .
, , Common Paper on Cyprus
23/07/2013 , ,
bail-in.
16/03/2013
- 17/03/2013 -
Eurogroup,
100
30 .
100 6,75%
, 9,9%.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
150/179
150
, ,
ELA .
, ,
,
, , ,
, ,
.
, , ,
- ,
,
, ,
.
2013,
, ,
,
.
100 ,
.
, ,
15 , , 15
25 ( 115).
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
151/179
151
Eurogroup ,
, ,
, 70%
37.253/83
,
. . , ,
, ,
, . ,
, Eurogroup
, .
(
),
. ,
Eurogroup.
- , ,
- .
,
, , .
;
,
:
, .
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
152/179
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7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
153/179
153
,
.
,
3 , .
,
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.
, ,
, ,
, .
,
, ,
, .
, :
, , , ,
,
, ,
..
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
154/179
154
4.
,
, .
,
.
( )
,
.
01/01/2008 , ()
60% , ()
3% , ()
. ( 2007 3,6%).
1974 , ,
,
. ,
. .
, .
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
155/179
155
.
,
.
Lehman Brothers
, ,
. , ,
,
.
( 2008)
. ,
,
05/08/2011.
,
, , 2012.
58,3% 2007, 85,8% 2012.
, 3,4% 2007, -
6% 2009, -5,3% 2010, -6% 2011 -5,2% 2012.
, 2007 2012 . 3,9%
2007, 12% 2012.
.
,
,
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
156/179
156
. 2007 5,1%,
2008 3,6%, 2009 -1,9%, 2010 1,1%, 2011
0,5% 2012 -2,4%.
2008
. ,
, . , ,
.
, .
,
.
, ,
.
, ,
.
,
.
,
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
157/179
157
,
,
.
, - ,
, .
, 2010,
,
.
, , :
, .
, ,
,
.
, . ,
.
2011
,
.
2011,
. , ,
.
. 2,5 ,
. , ,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
158/179
158
.
, .
,
,
.
, ,
, 2 .
, ,
( 11). Standard &
Poors 13/01/2012, Moodys 12/03/2012 Fitch
25/06/2012. .
10/01/2013 Moodys 19,
Standard & Poors 21/03/2013
18 Fitch 25/01/2013 15.
20022013,
2011 .
. 7.
, 2009
1,060 ,
.
, . 2009,
, .
,
.
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
159/179
159
, 2.2%
2007, 2008 4,6%.
- , 15/04/2009.
. ,
.
.
.
(01/12/2009,
10/05/2010, 15/10/2010 18/07/2011). ,
,
. ,
,
18/07/2011,
,
1974.
,
.
,
,
,
,
. ,
,
, (.
7 8 ).
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
160/179
160
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,
.
,
, .
,
, ,
23/10/2011,
. , ,
, .
18/11/2011 .
,
, 4,5 , ,
,
.
, 08/01/2012,
.
08/01/2012, ,
. Standard &
Poors 13/01/2012 , .
,
Eurogroup
. ,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
161/179
161
, ,
.
25/10/2011,
,
.
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,
.
,
,
.
, , ,
.
,
2 .
, ELA
3,8 2012.
,
, :
,
,
, ,
.
, ,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
162/179
162
2011.
2012
1,8 ()
85%
. , ,
,
.
, ,
.
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.
ELA
, 9 2012,
.
ELA .
. ,
26/03/2013,
ELA 9
.
,
.
,
. ,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
163/179
163
2013.
, ELA
.
18/05/2012
. ,
.
, 12 ,
()
.
2/7/2012.
.
2012,
100 ,
7 .
.
.
.
,
. , ,
,
. 2004
2005,
-
7/27/2019 Report by the Committee of Inquiry over Cyprus Economy & Banks
164/179
164
.