The proposed bill amends the composition of the committee, returning the
The governor of the
"This bill turns the Memorandum of Understanding into a joke," said AKEL MP Yiannos Lamaris, pointing out that on
When the previous decision was reached, the CBC head was
To date, the Resolution Authority was comprised of the CBC Governor, the finance minister and the head of the
The change enabled the Authority to have a decisive say in electing members to the
Reinstating the initial composition of the Resolution Authority is one of the conditions for the release of the fifth tranche of a €10 billion international bailout loan by international creditors to
The bill sets out decision-making procedures, committee-session rules, convening scheduled and extraordinary sessions, and minute-keeping practices.
A clause in the bill calls for the CBC to set up a 'resolution unit' to provide support to the Resolution Authority in executing its powers and duties.
Also, the finance minister's consent will be required for decisions that affect public finances or are systemic in nature.
Specifically, the minister's approval will be required for decisions on the resolution of a banking or other institution, the resolution measures, the selling of banking operations, or decrees relating to the transfer of all or part of the assets of a bank undergoing resolution to an intermediate banking institution or asset management company.
The bill also includes provisions relating to the Resolution Authority's power to gather information, as well as entering and investigating procedures, and impose administrative fines and other criminal clauses.
Kalogirou requested a bill that saw to that transfer of authority, in order to be in accordance with the new EU directive.
Send to Kindle
Most Popular Stories
- Islamic State Obliterating Cultural Landmarks in Mosul
- The 2014 Fastest-Growing 100
- 'Lucy's' Super Powers Tops 'Hercules' at Box Office
- VW Site Could Mean Another 2,000 Jobs for Chattanooga
- RV Sales See Highest Increase Post Great Recession
- Report: China to Declare Qualcomm a Monopoly
- Oppression of Women Cripples Africa: Obama
- Insecticides Permeate U.S. Food, Water Supply
- Eid al-Fitr Celebrations Mark End of Ramadan
- Anarchy, Chaos Sweep Across Libya