Cooperative Bailout to Cost Cyprus Taxpayers €2 Billion by 2030
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4 Articles
Cooperative bailout to cost Cyprus taxpayers €2 billion by 2030
The state’s support for Cyprus’ former cooperative banking sector is expected to cost taxpayers around €2 billion between 2014 and 2030, with the final bill depending heavily on how much of the outstanding assistance can be recovered, the Audit Office has warned. In a report examining the effectiveness of state-owned asset management company Kedipes in […]
The Audit Service identifies weaknesses in asset management, Altamira's supervision, valuations and personnel issues. The total fiscal burden from supporting the Cooperative is estimated to approach two billion euros by 2030, while the report records a possible negative economic impact of up to 12 million euros from the alienation of participations in cooperative companies. Significant weaknesses in the management of the assets of the former Coo…
Around €2 billion is estimated to be the total budgetary burden for the State from support to Synergy in the period 2014-2030, according to a special report by the Audit Office, which also notes weaknesses in the management of KEDIPS, the supervision of Altamira Cyprus, in the valuations of cooperative holdings commercial companies, as well as [...] At €2 billion, the total burden on the state from the Co-operation — Weaknesses in Altamira, recr…
Report of the Audit Service on the effectiveness of the management of the property of the former Cooperative Society
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