THE CENTRAL Bank of Cyprus (CBC) has found the Bank of Cyprus (BoC) and former Laiki Bank guilty of violations of the law and guidelines regarding the sale of bonds but chose not to impose hefty fines given the goings on of the last few months.

It transpired yesterday that CBC governor Panicos Demetriades sent letters on September 13 to the new BoC chairman Christis Hasapis and Laiki administrator Andri Antoniadou informing them that the law permits the supervisory authority to impose hefty fines for the violations that BoC and Laiki were found guilty of.

Specifically, for Laiki’s violations, the CBC could impose a fine of up to €2,450,000 where as for BoC’s recorded violations of the law and guidelines of bond sales up to €1,225,000.

However, considering recent developments, the raid on uninsured deposits in both banks and the winding down of Laiki, the CBC decided to impose a symbolic fine of €4,000 payable within 14 days on the BoC and nothing on Laiki.

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