Cyprus central bank chief sees efforts to oust him

NICOSIA, Cyprus (AP) — Cyprus' central bank chief has lashed out at media reports suggesting that he agreed to pay an audit firm a fee based on how much bank depositors' money was used to recapitalize lenders as part of the country's financial rescue.

Panicos Demetriades said in a statement Wednesday that the reports are "part of orchestrated efforts" to force his resignation or to "promote the interests" of audit firm Alvarez & Marsal that was hired to probe Cyprus' hobbled banks.

Demetriades says the central bank isn't obligated to pay such a "success fee." The reports raised questions whether the firm may have inflated the banks' recapitalization needs to increase its fee. Cyprus' president has said that he would ask the Supreme Court to remove Demetriades for doing a bad job.

Related Headlines

  • Expert review: Cyprus needs deposit guarantees

    A commission of experts said Thursday that the Cypriot government should offer a guarantee on all bank deposits when it removes limits on money flows in order to maintain ... 

  • Panicos Demetriades

    Cyprus central bank chief resigns

    Nearly a year on from an acute financial crisis, Cyprus' central bank governor resigned on Monday, a decision that brings an end to a protracted dispute with the president of ... 

  • Harris Georgiades

    Cyprus 'on track' with reforms

    Cyprus's economic reform program remains on track but authorities must maintain the momentum if the economy is to recover from its crippling banking crisis, the country's ... 

Find the best rates

Find your future job here