Mandate for Cyprus Banking Sector's Investigating Committee

(Photo credit: Wikipedia)

The Cyprus government issued a far-reaching and wide-ranging mandate for a three-member committee to probe into possible civil, criminal or political liabilities concerning developments in Cyprus' banking sector.

Former President of the Supreme Court Giorgos Pikis, and former Supreme Court members Panagiotis Kallis and Yiannakis Constantinides, will investigate issues ranging from the withdrawal of HSBC bank from Cyprus Popular Bank back in 2006, the purchase of Greek bonds by Cypriot banks, the period before the decision of an EU Summit for the restructuring of the Greek public debt, the commissioning of US investment consultancy firm, Pimco, to carry out a due diligence review in the Cypriot banking sector, as well as the conditions under which the Central Bank of Cyprus agreed to the provision of Emergency Liquidity Assistance by the European Central Bank to the Cypriot banks.

The mandate extends all the way to the salaries and bonuses of the Banking executives and Board members, the internal audit process and the risk assessment committees. (CNA)