| NICOSIA, March 26
NICOSIA, March 26 The Central Bank of Cyprus has
appointed a special administrator to run the island's largest
commercial lender, Bank of Cyprus, which was saved from
collapse by a painful bailout for the island agreed with
international lenders on Sunday.
Dinos Christofides, an accountant and banker with close to
40 years experience, told Reuters he had been appointed on
Monday night, saying he would oversee "the restructuring of the
bank and the absorption of part of Cyprus Popular Bank
"It means that from now until further notice I will be
running the bank," he said. "It could be short term ... or it
could be longer."
As part of its bailout deal, Cyprus agreed to fold small
deposits of Cyprus Popular Bank, also known as Laiki, into Bank
of Cyprus. Laiki will be shuttered under the terms of a 10
billion euro ($13 billion) rescue package agreed on Monday in
Brussels with international lenders to avert a financial
meltdown on the Mediterranean island.
The Central Bank of Cyprus confimed Christofides'
appointment in a note on their website.
Earlier on Tuesday, Reuters reported that Bank of Cyprus
Chairman Andreas Artemis had submitted his resignation, and that
the matter would be considered at a board meeting on Tuesday
Christofides said he had spent the day with the central
bank's governor and deputy governor and had not yet spoken to
the Bank of Cyprus' board or executives.