Sale of Co-op operations not state aid, EU Commission says

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Sale of Co-op operations not state aid, EU...
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By Stelios Orphanides

The European Commission said on Tuesday it approved the government’s decision to inject additional public funds into the Cyprus Cooperative Bank and the sale of its operations to Hellenic Bank, which doesn’t constitute aid to the latter.

The transaction, subject to standard regulatory reviews and conditional to a reform of the legal and judicial system, “will remove ca. €6bn of non-performing loans from the Cypriot banking sector and thereby contribute to its recovery,” the European Commission said on its website. “Hellenic’s selection resulted...


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Sale of Co-op operations not state aid, EU Commission says


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