Troika back to Cyprus in third post programme surveillance mission

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By Stelios Orphanides

Officials of the former troika of Cyprus’s international creditors are in Cyprus for the third time since the island completed its adjustment programme 18 months ago as part of the post-programme surveillance, the Cyprus News Agency reported on Monday.

The officials of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) are scheduled to meet with officials of the Ministry of Finance, the Central Bank of Cyprus, commercial banks and other institutions and business groups, including the Cyprus Chamber of Commerce and Industry, the Employers and Industrialists’ Federation and the Institute of Certified Public Accountants of Cyprus, the agency reported. It added that the IMF representatives are also on the island as part of consultations for the country report based on Article IV.

A central bank source said that the troika officials will review the performance of the Cypriot banking system and will ask for information about the non-performing loans which accounted in May for 46.2 per cent of total loans and stood at €23bn and what the banks are planning to further reduce them.

The troika officials will also review the island’s progress in reforming the public sector, the healthcare system and the insolvency framework before concluding this mission on Friday, the CNA reported.

The post-programme surveillance will continue until Cyprus repays 75 per cent of the €7.2bn of borrowed bailout funds.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Neroli

    Troika may ask for information on the NPLs……

    • Adele

      Hope so.

    • Eye on Cyprus

      Maybe the several Non Performing Promises too.

  • Jeremy Rigg

    Now this should be really interesting. I wonder how many half truths the CM will print at the behest of our so called government.

    • Adele

      Loads.

  • Bernard Smart

    Could have saved them the trouble. Nothing has changed since u were here last time. Promises promises but still the same old story.
    Still a bit of early Autumn sun and all expenses paid.

  • Benny bumble

    They could be returning for quite a long time then…..

    • Cydee

      They need a permanent office here.

  • SuzieQ

    Oops, they’re back! Lose the documents, lock the filing cabinets and perhaps a spot of spontaneous combustion—then we should be ok.

    • Eye on Cyprus

      Who are this “we” who should be OK? Do you expect to be one of the fortunate? I hope that you will be – but I doubt it.

      • SuzieQ

        I’m always optimistic!

  • Rory Keelan

    I hope someone has put a CD in the car which has ‘Won’t Get Fooled Again’.

  • konstabo

    are they planning to rob somebody else like they did back in 2013 when instead of bailing out cyprus they wanted to destroy the economy by doing a one off bail in never done before or after in the history of economics , requiring that depositors should pay for the bailout by being robbed by there own govt as a pretext for recieving a loan…..remember those other countrys that got full bailouts including there banks to so that none of there citizens would loose any of there money and then reneged on paying back when they discovered that they couldent and there debts were written off remember that , yet for little old half of cyprus they choose to rob its citizens who are mostly refugees and homeless , do you remember that……

    • Their plan was 6% i was happy with that.

  • Bob Ellis

    Having just read the 6th version of the MoU from late 2013 again, almost none of the promises or targets have been met. Nice to see the Brussels gravy train is still on the tracks with no accountibility or responsibility, member states still falling to pieces and nobody giving two hoots.

  • Douglas

    I was hopefull at first that’Troika’ would make sure all the conditions of the bail out programmed was fully implemented but unfortunately they have continued to be ineffective and just issue revised or fresh directives not to be followed, not sure what their purpose is really.

  • martin

    waste of time ,the cyps will never comply with anything they say and will fill their heads with lies and crap.

  • Michael Fox

    Perhaps they will want to visit the “Privatisation unit”. “Sorry it’s closed this week” LOL

  • clergham

    Nice pins

    What happened to Putins loan incidently?

  • Mika

    Don’t they have to start paying back the loan at some point? I wonder what will happen then!