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€ 110 million was raised for trimmed depositors

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€ 110 million was raised for trimmed depositors

Eleftheria Paizanou

The Solidarity Fund reserve, known as the Fund for Shaved Depositors and Holders of Securities, increased to € 110 million, after the additional credits of € 30 million, included in the 5th supplementary state budget, totaling € 180.6 million, which was discussed yesterday in the Parliamentary Committee on Finance.

It is worth noting that in 2019 an incorrect accounting was made and instead of adding € 30 million, only € 30 thousand were written in the Fund's assets! The incorrect registration has long been ascertained by the Ministry of Finance, however, due to developments in the economy since the coronavirus pandemic, the additional appropriations have been decided to be credited to the Fund now.

The General Director of the Ministry of Finance, George Pantelis, stated that the Fund started to be financed by the government from 2018, with the result that today € 110 million have been raised. ., with which it has been endowed, raising the accumulated amount to € 190 million.

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Another € 13.8 million included in the budget will be spent by the Tax Department to cover the tax debts of Laiki Bank. As the General Director of the Ministry of Finance explained, the specific amount does not concern the Solidarity Fund, but with the deletion of the amounts, the way is opened to clarify the liquidation process of Laiki Bank. Answering questions, he said that the value of Laiki's assets is estimated at around € 300 million.

Regarding this, DISY MP Haris Georgiadis stated that the € 13.8 million taxes that are written off will not be deducted from the creditors, pointing out that the depositors will receive more when the liquidation process proceeds. In fact, he noted, that the reserve accumulated in the Fund allows the implementation of a plan to cover part of the losses of the cut depositors and holders of securities.

For her part, DIKO MP and chairwoman of the Finance Committee Christiana Erotokritou, said that the value of the bank's assets was much higher, noting that from 2013 the hairdressers expect to receive something. Ms. Erotokritou expressed the assessment that it is not expected in a short period of time to start the gradual payment of the cut from the Solidarity Fund. During the last briefing that the Parliament had, it was mentioned that the Special Committee of the Fund, which will determine the number of beneficiaries, the criteria and the amount of compensation was in the process of setting up the electronic platform. The Fund committee has also prepared the draft applications, which will be converted into electronic ones.

Pension bill

During yesterday's discussion, it became known that the Ministry of Finance has prepared a bill on the legal framework in relation to the pensions of new employees. The bill will be sent to the Legal Service for legal inspection. It was also said that the extra money needed for the stadium in Limassol is to cover the work, which is progressing faster than originally planned. In addition to the funds related to the Solidarity Fund and the remission of tax debts, the 5th Supplement provides for the creation of 19 additional positions, exempts the judiciary from restrictions on the recruitment of temporary staff and revises the ceilings for the number of teachers. At the same time, it includes funds for the other ministries. With the 5th supplementary, the additional credits needed by the state rise to € 690.6 million.

Source: www.philenews.com

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