Brussels, 18/12/2015 (Agence Europe) - On Friday 18 December, the European Commission announced that it has authorised €175 million in extra Cypriot state aid for the Cooperative Central Bank Ltd and its subsidiaries, the Cooperatives Credit Institutions (together “the Cooperative group”), which focus on collecting domestic deposits and lending to residents in Cyprus.
As a result of the deep recession, a high proportion of the Cooperative group's loan book became non-performing....