Ekthesi Epitropis Thesmwn

-
2014

.
1.
2.
12
3.
2.1.
Cyprus Popular Bank Public Co Ltd
13
2.2.
14
4.
3.1.
17
3.2.
18
3.3.
36
MARFIN EGNATIA
39
4.1.
.................
39
4.2.
Marfin Egnatia Bank
43
4.3.

...................................................................
5.
17
66
, (ELA)
1,8 ..
89
5.1.
.......
89
5.2.
(ELA) 1,8
6.
92
..
113
6.1.
Uniastrum

6.1.1.
113

........................................................................................
6.1.2.
Uniastrum
...........................................................
6.2.
125
131
Banca
Transilvania
6.2.1.
137
Banca
Transilvania
...............................
6.2.2.
141

Banca Transilvania .................................
143
6.2.3.
. Ciorcila
145
6.2.4.
Banca Transilvania
.......................
6.2.5.
Banca Transilvania

ii
149
6.2.6.
8.
155
...........
156
160
161
6.3.
7.
...........................................................................
7.1.
161
7.2.
162
7.3.
162
7.4.
Alfa Bank Cyprus Ltd
163
,

8.1.
164
8.2.
9.
10.
168
170
/ ..
173
9.1.
Cyprus Popular Bank Public Co Ltd .
173
9.2.
..
199
9.3.
244
9.4.
..
252

iii
11.
259
10.1.
271
10.2.
275
10.3.
278
10.4.
EUROGROUP 15
2013
11.1.
11.2.
281
281

, 9

2013 .
11.3.
12.
315
316
318
12.1.
..
318
12.2.
.................................
324
12.2.1.
Marfin Bank Marfin Financial

Group 10 2007
12.2.2.

iv
.
Marfin Financial Group .
12.3.
325
Marfin Investment Group,

Marfin Egnatia Bank ........................................................................
327
12.4.
Marfin Investment Group
327
12.5.
328
12.6.
329
12.7.

.
331
12.8.
332
12.9.
333
13.
(, )
14.
ALVAREZ & MARSAL:

(RECAPITALIZATION FEE), (SUCCESS FEE)
15.
342
INDEPENDENT DUE DILIGENCE OF THE

BANKING SYSTEM OF CYPRUS PIMCO
16.
334
345

16.1.
16.2.
352

........................................
352
arfin Investment Group Tosca Fund
358
.
16.3.
(PEPs)
361
16.4.
J.P. Morgan & Co
363
16.5.

PIMCO
Alvarez & Marsal .........
16.6.
16.7.
366
16.8.
364
369
Lagarde

370
..................................................................................................
17.
//
,
17.2.
17.3.
371
372
..................................
373
17.4.
Marfin Egnatia Bank .......
380
17.5.
17.5.1.
17.5.2.
(ELA)
vi
385
.
1,8

17.6.
17.6.1.
Uniastrum

17.6.2.
397

Banca Transilvania
17.8.
386
404
17.9.
408
17.10.
409
17.11.
17.11.1.
411

Eurogroup 15
2013
17.11.3.

vii
415
.
..
17.12.

.....................................................................................
17.13.
427
Independent Due Diligence of

the Banking System of Cyprus PIMCO
17.16.
425

Alvarez & Marsal
17.15.
419

..
17.14.
418
17.16.1.
17.16.2.
427
429

Marfin
Invenstment Group Tosca
Fund ..
17.16.5.
430

PIMCO
Alvarez & Marsal .
17.16.6.

,
viii
431
.
.
17.16.7.
431
ix
432
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2.1. Cyprus Popular Bank Public Co Ltd
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2013, Cyprus Popular Bank Public Co
Ltd
2008,
2009 2010 ()
2011, ,
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3
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17
STATEMENT
OF
PROTOCOL
TO
REPORT
OF
INVESTIGATIONS INTO SPECIFIC ASPECTS OF CYPRUS BANKING CRISIS

,
. ,

Cyprus Popular Bank
Public Co Ltd
.
3.2.
Alvarez & Marsal,
2007
(), 2009 500 .
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Eurogroup PSI.
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2010,
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2010 , 2,3
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2 Assets and Liabilities Committee
20
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5
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7. , 8
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General Manager Markets
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Alvarez & Marsal, 2.4.1.5, . 9.
Alvarez & Marsal, 2.1.4.4.
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& Marsal ALCO ,

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Hold To Maturity () Available For Sale (AFS),
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- 17 .07.2013.
20
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4.
MARFIN EGNATIA BANK

,

Marfin Egnatia Bank (), Marfin Popular Bank Public Co Ltd (P),
Egnatia, Laiki Marfin
2006 2011
.
4.1.
,

MEB, MPB,
, 31 2011
39
,
, 15 2010,
7 2011.

,
.
,
Cyprus Popular Bank Public Co Ltd . ,
, []

- -
,
1 2011.

32.
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PwC Cyprus Popular Bank Public Co Ltd, . .
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, 10 2013, . 80.
40
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33.

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, .
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2011 .
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,
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33
, 10 2013, . 71.
34
, 15 2013, . 50-51.
41
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on a solo basis
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MPB
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37
, 15 2013, . 47.
44
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1.
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2007 MIG)
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MIG 800 .
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30 2007 31 2007, .

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2.
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45
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()
30 .
Cyprus Tourism and Development Ltd ( Hilton),
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28,5 .
Christis Dairies,
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19 .
..,
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Vivartia 4 .
,
()
220 .
..
.
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47
Investments Ltd, Eurohellenic .. .

MIG.
, , ,
MIG,

.
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MiFID,

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, ,
,

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48
, ,
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.
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2011,
MPB .
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2009 , , ,
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49

500 . ,

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6.1 MIG:

MIG.
542 . 133 . .
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. 2010
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5,2 . MIG
, 72 .
2011,
, .
,
,
.
, MIG
.
.

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15 .
,
51
130% .
, MIG
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,
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.

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ATTICA, MIG 90%
.

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CHIPITA,
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VIVARTIA
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52
20 .
59,5 . ,
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33 . ,
MIG,
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VIVARTIA,

33 . 59,5 .
( ),
VIVARTIA
,
MIG.

valeur .
, , 11
2011,
MIG 9,65 . valeur
(same day). ,

53
MIG
MIG.
MIG,
,
.
, , 13 2010,
OLYMPIC AIR A.E., MIG,
,
, .
MIG (
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.
MIG 2 10
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6.2 :

600 . 38.
38
, ,
54
Focus Maritime (254 .) Terra Stabile

(238,9 .).
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80 . Focus
Maritime ( 2007),
NewLead Holdings Ltd.
240 .
..

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,

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200 . 240 .
.
,
14 2014 729
. .
55
254 .

Terra Stabile.

Focus Maritime Terra Stabile

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NewLead Holdings Ltd. ,
,
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100% .

.
56

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220 .
6.3 :

30,4 . MPB 100,95
.,
.
,
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. 100% ... .., ,
, .
, , 31 2010, 6.729 .
... ..,
. , ... .. ,
6.729 .
.
,

.
57
6.4 MIG
.

MIG,
2010 .
,
,

,
,
. ,
,
2010
45 .
16 .
,
.
, 9
2010,
.
, ,
2012.
58

,
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,

200 . ,

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/ /
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& .
,

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[].
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59
,
2013.

. ,
, , 24 2013,
, :

2011,
.

,

.

.
, ()
150 .
(KAEO Enterprises, Shent Enterprises, Benidver
Investments).
, ,
60
KAEO Enterprises.
,
150 . (50 . ), 112,5 .
7,5 .
,
.
,

87,8 .
.
, , Sidabel Dimaline,
21,5 .,
12,8 . .

18,16 ..

Marfin Laiki Bank 2011,
,
, PricewaterhouseCoopers (PwC) Grant Thornton.

MEB,

61
. , ,
Alter, ,
, 50 .,
, ,
MIG.
:
[] In MEB, incidents of material omissions in security documentation (e.g. re
MIG loans) have been noted in the past. Those could be attributed to the occasional
sacrifice of prudent banking for the sake of increased short term profitability and / or
other commercial benefits. []39 40.

. ,
(executive summary)
:
[] Furthermore, the impact on the credit provisions charge and to a lesser
39
[] ,
(.. MIG.

/ . [].
40
Marfin Popular Bank Public Co Ltd s Annual Report 2010 (. 13)

Cyprus Popular Bank Public Co Ltd .
, 6 2013.
62
degree to our liquidity position, would have been less severe had prudent lending criteria
always been adhered to.
Top management in Greece had shown disregard to the
principles of diversification and violated the good lending criteria when approving outsize
credit exposures in the Greek loan portfolio. In few cases conflict of interest was also
noted as some cases were directly or indirectly connected to MIG. Most of these cases
resulted to heavy provisions. Furthermore, our liquidity problem was exacerbated by the
disbursement of loans, even during times of extreme difficulty []41.
MEB

. ,

41
[] ,
,
. ,

. ,
MIG.
. ,
.[] (
).
63
.

2011,
,

.
, ,
,
. ,

, .. (113 . ),
,
.

(.. Alter, Koumbas, Piladakis). ,
, ,
. ,
, , 50 .
(IBG) ,
, MIG.

MEB,
64
Cyprus Popular Bank Public Co Ltd, . [] 2008

Marfin Egnatia 11,4 12,8 .
2010, 13,9 ,
9,7 .
( ),
. support ;
, .. ,
: gross 2010
Marfin Egnatia 13,9 . 9,7 ,
gap 4,1 . gap; M
.
,
.
, , 4 42.
PwC
Cyprus Popular Bank Public Co Ltd, . []
EB, ,
, ,
,
.
42
, 12 2013, . 15.
65
...43.
, . . ,
,
MEB, 4,1 ,
, 2011. ,

ELA,
,
.
. 44.
4.3.

Cyprus Popular Bank Public Co Ltd, ,
,
, ,
.
43
, 10 2013, . 71.
44
, 12 2013, . 16.
66

Cyprus Popular Bank Public Co Ltd . . ,

,
4 45.

MEB 2009, ,
6 2009, MPB
( 5), ,

, . . ,
[...] [...]
46.

83,3 . 60 ., .
47: []
45
, 12 2013, . 40.
46
, 15 2013, . 47.
47

, . 11 12.
67
83,3 . Euribor + 1%
(61,3 .) () (22 .),
50,25 . MIG
, ,
.
(7 .) 26
. .
.
10 .,
37,35 . MIG 17,9 . ( 19 2009).
, 40 . Euribor + 1%
Chooser deposit
.
60 .,
Euribor + 1% (35 .) (25 .), 35,4
. 24,6 .
.
55,77 .,
2 . ( MIG)
5 ..
(35,4 .)
.
68
,
, .

. , 20 .
Ellopia Maritime S.A. ,
Euribor + 1% Chooser deposit

[].
,
Cyprus
Popular Bank Public Co Ltd,
. , 2010

(
)
.

7

, .
69

, ,
, ,

MIG MPB,

.
. , 18 2010,

( MIG MARFIN
),
8, :

[]
(MIG)
Marfin,

.

(leverage)
(
70
) MPB
MIG, ,
MIG.
, ,
Marfin,
MIG Marfin
[]
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90%
2007,
[].

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48
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, . 41.
49

, . 46.
72

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,
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Marfin,

. , 18 2010,
Marfin 157 .,
115 .
MIG , Rassadel Madeus
. ..
:
-
. MIG Marfin-
50

, . 48.
73
2010 1,4
.
-
Marfin
( Marfin
Popular Bank 2 ).
,

,

.
,
. .
,
Rassadel Madeus,
15 2013 .
. , .

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52

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55
, 15 2013, . 29.
56
, 15 2013, . 29.
79
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,

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57
, 15 2013, . 30.
58
, 15 2013, . 30.
80
. []59.

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60
15 2013, . 31-34.
81

,
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61:
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5,2 , 2007.
30 .
12 2007 14 2007
20 2007.
20 . private banking
Marfin Popular Bank Hedge Funds.
Hedge Funds Marfin
Marfin, Hedge Fund Marfin
30% .
6,3 . MIG.
4,79 . Marfin Popular Bank ,

MIG.
10,4 . VIVARTIA,
MIG 2007,
61

, . 44.
82
MIG.
4 . Singular Logic
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21 . Torcaso Investment
Ltd (6 .)
Madeus Ltd,
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2010. ,
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84
Marfin Egnatia Bank

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63
15 2013, . 34.
64
15 2013, . 36.
65
15 2013, . 55.
86
, Cyprus Popular Bank Public Co Ltd,

8 2013
31 2012
119,141 ., 18,543 ., 77,296
. 7,399 .
31 2012
.
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2014,

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MPB,

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(
88
) Cyprus Popular
Bank Co Ltd.
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66.
5.
, (ELA)
1,8
5.1

Cyprus Popular Bank Public Co Ltd, 30
2013,
, ,
,
66

, . 41.
89
[Emergency Liquidity Assistance (ELA)].

1: Cyprus Popular Bank Public Co
Ltd
( ELA)
2006
2007
2008
2009
2010
2011
1 .
2 .
3 .
2012
2012
2012
000
*
222
430
1,434
3,006
2,915
6,477 6,049
9,695
10,058
444
1,932
5,007
7,145
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3,784 2,409
645
78
86
347
422
320
225
41
23
24
22
**
752
2,709
6,863
10,471
10,649
10,302
8,481
10,364
10,158
2,690
2,501
6,321
5,806
9,360
9,907
/
/
/
/
2,671
/
5,990
3,300
6,945
4,444
9,293
2,972
7,773
1,967
9,863
503
9,907
---
**
90

/ELA
2,690
2,501
6,321
5,806
9,360
9,907
,
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2006 752 .,
2012 10,2 .
2011 2010
3,7 ,

3,6 .
,
,
2012 78 .,

10 .
,
ELA.

ELA
.
, ELA 2010 2,501 , 2011
6,321 , 3,820 ,
91

, 3,725 . , ELA
1,8 18 2012 (. 1
2012 2 2012)
,
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5.2. (ELA) 1,8

14.4
()
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93
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National Asset Management Company,
[]67,
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,
67
, 26 2013, . 26.
96
,
.
(report) 12 2013,
(resolution)
. , ,
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,
2013, ,
Eurogroup
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ELA
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68
, 26 2013, . 22.
97
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,
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30
20 2012
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2011
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, 1,8 ,
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. ,
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69
, 12 2013, . 17-25.
70
, 12 2013, . 21.
98
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2012, .
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, 12 2013, . 21.
72
, 12 2013, . 27.
99
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, 21 2013, . 67-69.
74
, 21 2013, . 67-69.
75
, 11 2013, . 75.
100

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, . . ,
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. ,
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2011
,
,

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76
, 21 2013, . 36 43.
101
,

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:
.
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, , non77
, 11 2013, . 78.
102
objection, . []78.

,
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79.
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. .
ELA
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,
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[].

. []80 1,8 ,
,
2012,
,
78
, 17 2013, . 39-42.
79
, 17 2013, . 43.
80
, 17 2013, . 36.
103

.
, ,

,
.

[]81.
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: 3 2012 . 3
2012 , ,
..
.

,
, .

.. [] []
bail-out, bail-in 10 []82.

81
, 17 2013, . 45.
82
, 17 2013, . 46.
104

, 25 2013,
ELA :
2008 Lehman
Brothers,
,
.
, ,
lender of last resort ( ),

(
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claims () .., ,
,
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,
lender of last resort ,
,
.

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105
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,

,
,
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ELA ,
, .
,

2011 ( 31),

2009 ( 32).
31 2011
30 2012
5
. ( ,
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,
2008
, ELA,
106
.
, ,
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1,8 , 22 2012 (
70-73).
, 72
, ,
31 2011
9,2 ( 27,5%
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,
, 30 2013,
ELA 2.
107
2:
2006
2007
2008
2009
2010
2011
1 .
2 .
3 .
2012
2012
2012
()
*
-222
-430
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/ELA
,
, 27 2011,
300
., ELA 28 2013 9,1 .
, ELA Cyprus Popular Bank Public Co Ltd
.
108
3: ELA Cyprus Popular Bank Public Co Ltd

25 2013.
- ELA
()
.
27.09.2011
---
300
29.09.2011
190
490
05.10.2011
1.010
1.500
17.10.2011
300
1.800
18.10.2011
150
1.950
20.10.2011
550
2.500
09.11.2011
500
3.000
15.11.2011
300
3.300
17.11.2011
1.300
4.600
30.11.2011
-1.300
3.300
06.12.2011
200
3.500
18.01.2012
200
3.700
10.02.2012
200
3.900
13.02.2012
200
4.100
109
- ELA
()
.
24.02.2012
400
4.500
28.02.2012
700
5.200
08.03.2012
-300
4.900
12.03.2012
-600
4.300
19.03.2012
-300
4.000
20.04.2012
-200
3.800
23.05.2012
300
4.100
25.05.2012
1.300
5.400
29.05.2012
300
5.700
01.06.2012
200
5.900
07.06.2012
300
6.200
12.06.2012
200
6.400
13.06.2012
300
6.700
15.06.2012
300
7.000
19.06.2012
200
7.200
27.06.2012
820
8.020
03.07.2012
1.800
9.820
110
- ELA
()
.
06.07.2012
-200
9.620
03.08.2012
-120
9.500
07.08.2012
100
9.600
10.08.2012
85
9.685
28.08.2012
-85
9.600
21.09.2012
300
9.900
19.10.2012
-100
9.800
15.11.2012
100
9.900
23.11.2012
50
9.950
07.12.2012
-150
9.800
21.12.2012
-400
9.400
25.01.2013
-300
9.100
22.02.2013
100
9.200
12.03.2013
200
9.400
15.03.2013
100
9.500
26.03.2013
-500
9.000
28.03.2013
100
9.100
111
26 2011,

,
23 2011 ,
, ,

. ,

(ECOFIN) 22 2011.

,
,

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.
,
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,

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112
,
(bonus payments),
.
, ,
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Eurogroup,
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83
, 17 2013, . 48.
84
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85
, 17 2013, . 48.
86
, 17 2013, 49.
87
, 17 2013, 49.
115
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Andronikashvili JP Morgan

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88
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,

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LLC,
89.
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Alvarez & Marsal ,
,
1997 (. 2) 2011. , Alvarez & Marsal ,
26
2013 80%
Uniastrum .
89
Barclays Expobank $745
. 1 2008 4,
(price to book value multiple of 4).
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2007,
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23 2008.
, (World Bank),
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.
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Alvarez & Marsal, 1994
2005.
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41 , 3 413
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2006 ,
.
Uniastrum,
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75 (cash desks), 145

, 200
Uniastrum.
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Uniastrum, :
1.
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Uniastrum. , . -
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120
Alvarez & Marsal,

Uniastrum
. , ,

JP Morgan
(due diligence work). 2008, ,
Ernst & Young
(financial and tax due diligence).
, Ernst & Young ,
,

[ Uniastrum] [ ].
Alvarez & Marsal, Ernst &
Young, Uniastrum:
1.
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Uniastrum, , , 43,6
. 2007
LLC Unistream Properties.
2.
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, ,
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121
3.
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(Special
Purpose Entities - SPEs) ,
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2006, Uniastrum
42 ., 177
. 31 2007.
6.

.
7.
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.
8.
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.
9.
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Uniastrum,
.
Alvarez & Marsal, , Ernst & Young
Uniastrum ,
122
,
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, Uniastrum,
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1.
Uniastrum
659% 2007- 2008.
2.

85%,
,
.
3.

Uniastrum,
2008.
4.
(repo transactions).
5.

Utrade LLC.

Uniastrum, lvarez & arsal

$67.095.992
Escrow, 31
2011. & Escrow
,
123

Uniastrum
. lvarez
& arsal, Escrow
,
1x,

. lvarez & arsal,
Escrow
60%
$226.615.884, Escrow
$67.095.992 Uniastrum.
lvarez & arsal,
Ernst & Young

Uniastrum. , lvarez &
arsal
:
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124
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.
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, , .
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.
lvarez & arsal

Uniastrum, 9:30 .. 6
.. , , .
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91

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91
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125
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.
.
,

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60 .
197 .
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Uniastrum, lvarez
& arsal
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Uniastrum

Uniastrum. lvarez & arsal
White & Case, -
,

126

Uniastrum
. , lvarez & arsal
White & Case

,
Uniastrum,
lvarez & arsal ,
:
1.

92,
2.

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,
3.
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92
. Alvarez &
Marsal.
93
. Alvarez & Marsal.
127
4.

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,
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,
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,

Uniastrum , . .
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Uniastrum 3,8x 4x

. , lvarez & arsal, .

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128
.
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& Chase, 7.2(i) - ,

129
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Uniastrum,
lvarez & arsal,

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57 . ,
, 70 .
lvarez & arsal

Uniastrum . ,
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$15 . Uniastrum 26 2008 3
,
360 . 25 2008. ,
Uniastrum 740 .
17 2008,
ALCO 29 2008. ,
lvarez & arsal Kypra,
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130
Kypra Uniastrum. lvarez & arsal

.
. ,
(Executive Loans Committee) 30
2008. , lvarez &
arsal Uniastrum,
,
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. , ,
,
Uniastrum . .
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, ,
.
lvarez & arsal

Uniastrum
,
Uniastrum

.
6.1.2 Uniastrum
131
()
lvarez & arsal,
Uniastrum
26 2008.
,
Uniastrum
,
.
, lvarez & arsal,
:
1.
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,
,
, ,
2.
3.
40%
2007,
.
, lvarez & arsal, . ,
,

132
Uniastrum
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.
lvarez & arsal, .
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1.
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94

(price to book value).
133
3.
4.

Uniastrum ,
5.

.
lvarez & arsal
Uniastrum 30 2008,
Ernst & Young
22 2008. lvarez & arsal, .

, ,
, Uniastrum. H
lvarez & arsal , .

,
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.
Lehman
Brothers, . lvarez & arsal

134
Uniastrum, [ ]

2007. lvarez & arsal FITCH
-
+ Uniastrum,
. lvarez & arsal
Uniastrum

4 2008, . ,
30 2008, ,
Uniastrum.
95
(success fee)
Uniastrum, ,
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bonus Uniastrum.
.[] Success fee [].
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. , lvarez & arsal,
95
, 17 2013, . 64.
135
50 .
Uniastrum . lvarez & arsal
,
,
.
lvarez & arsal
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,
. , .
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. lvarez & arsal
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2010, , ,
,

Uniastrum.
, lvarez & arsal
, ,
,
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136
1.

,
Uniastrum,
2.
3.
,
Uniastrum Escrow
.
6.2. Banca
Transilvania

, . . ,
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,
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Uniastrum 2008 ,

. ,

contingent liability
, , ,
96
, 11 2013, . 79.
137
, . O. Rehn

[ ] .
.
Alvarez & Marsal,
1.1.2

,

,
[...]
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1997 (. 2) 2011..
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Banca
Transilvania, :97
,

offshore business
- ,
Alvarez & Marsal
, . .
97
, 17 2013, . 53.
138
98 [] Alvarez & Marsal

Uniastrum Bank Banca Transilvania.
Alvarez & Marsal,

branch. Banca
Transilvania branch, .
58 . ,
, 5 . . 2,5
5 . 5
. , 2.
2 ;
, Banca Transilvania;
;
, .
Aremis Soft , ... .

,
. ,
[] 58 .,
Bloomberg , 70 . 10% Banca
Transilvania.
98
, Banca Transilvania
, 24 2013, . 58.
139
, premium,
premium 80 . ,
Banca
Transilvania Banca Transilvania
,
10% 20% ,
branch, branch,
, established
...
,
, -

.

Banca Transilvania .
, , ,
; .
, . :99 []
, 10% group [], exposure
. ,
, , , , Channel Islands, ..
99
, 24 2013, . 61.
140
10%
2004 2012, 10% 12% .
[].
6.2.1. Banca Transilvania

Alvarez & Marsal, Banca Transilvania
1994
, 2008
. , Alvarez & Marsal,
2008 Banca Transilvania Merrill Lynch,
.
, ,
, .
Alvarez & Marsal, 2009
(Mergers & Acquisitions)
(due diligence), Banca Transilvania.
, Alvarez & Marsal,
,
Banca Transilvania,
10%.
Alvarez & Marsal ,
141

,100
Banca Transilvania,
20% .
Alvarez & Marsal,
Banca Transilvania

,
20% Banca Transilvania
,
20% Banca Transilvania,
10%
101. Alvarez & Marsal,

Banca Transilvania

,
100
Alvarez & Marsal: Bank of Cyprus Investigation into Banka Transilvania Investment,
2.2.3.
101
Alvarez & Marsal, 2.2.4, Draft

Non-Paper on a possible Structure and Consideration for the acquisition of 20% strategic interest in
Beatrice [Banka Transilvania] and subsequent Call Options - 5 .
142

.
Alvarez & Marsal,
:
1.
Banca
Transilvania
.
2.

Banca Transilvania,
.
3.

, ,
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Banca Transilvania
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Alvarez & Marsal Banca Transilvania, .
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., Alpha
Bank.
Alvarez & Marsal,

143

. Ciorcila, 11 .,
:
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2.
8 . 2010.
3.
6 . 2011.

6 . ,

. Ciorcila. Alvarez & Marsal, . Ciorcila
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14 . .
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144

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2009
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. Ciorcila, .
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102
39 654 590
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146

15%
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28
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2.
103 1 2009
30 2010,
.
3.
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Powerax . Ciorcila.
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147
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Transilvania) .
, Alvarez & Marsal, 12
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30 2010.
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,

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148
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Banca Transilvania,
10%

30 2010
,
10%

.
Alvarez & Marsal,
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31 2010 60%
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, Alvarez & Marsal,
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149

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,
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104)

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,
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104
,
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150
105.
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. Silaghi ,
. 26 2009,
.
Banca Transilvania,
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, 17 .
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, Alvarez & Marsal,
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106.
105
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4.4.10, . 25.
106
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4.4.18, . 27.
151
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& ,
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2011,
.
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2006-2011 . Ciorcila
152
84 ., 22 .
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, Alvarez & Marsal
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.
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, RON 2,40 .
Alvarez & Marsal . Ciorcila
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,
153
. Alvarez &
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2010
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Alvarez & Marsal, . .
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. .
,
Alvarez & Marsal, ,
15 .
, Alvarez & Marsal,

.
Alvarez & Marsal,
4 2009
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2009, , 2009,
154

.
Alvarez & Marsal
Banca
Transilvania
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. ,
Alvarez & Marsal
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.

Alvarez & Marsal

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& Marsal
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,
,
155
.
6.2.6.
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, JP Morgan & Co
Banca Transilvania
,
. Alvarez & Marsal
, ,
Banca Transilvania.
9,7% Banca Transilvania
, Alvarez & Marsal

Banca Transilvania,
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.
.

, Alvarez & Marsal
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Transilvania
:
156
1.

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, , Banca
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, Banca
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,
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Banca Transilvania
30 2010.
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Banca Transilvania 9,1%

7 2009 ,
8 2014,
5%
157
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16 2009
Banca Transilvania,

.
,

Banca Transilvania

Banca Transilvania . ,
Alvarez & Marsal
,

Banca Transilvania
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Banca Transilvania, , . .
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107
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. ,
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108
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158
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2012 46.000.000.

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2012,
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112
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163
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31
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2012126,
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5:
MIG
,
Cyprus Popular Bank Co Ltd, 8
2013
()
MIG
1,464,844
31/12/12)
31/12/12)
128,700
178
52,855
85,575

()
MIG
31/12/12)
31/12/12)
GOURDOMICH
ALIS
1,156,087
57,636
504.177
44.380
531.199
32.175
544,857
42,852
487,457
32,175
538,791
16,087
VENTURES
SIMON
HOLDING
179
1,216

()
MIG
31/12/12)
31/12/12)
(LEGEND)
510,973
32,175
502,528
32,014
519,287
16,087
420,246
35,561
476,424
25,691
180
12,012

()
MIG
IBG
315,918
31/12/12)
31/12/12)
16,087
7,500
. 20,769,913 2,037,750
FARMHOUSE
48,924
13,492,935 640,298
6.66
12,358,524 271,003
36,168
11,000,372 171,600
210,000
3,279,487
41,844
470,287
5.056.405
132.585
181
2,985,142
38,925
17.014

()
MIG
PIGADIA
1,134,376
31/12/12)
31/12/12)
78,078
588.408
1,105,544
32,175
1,102,064
32,175
449,060
35,561
435,984
16,087
44.885.909 1.607.548
182
65.385
2.289
2,592
7,952
751.509

()
MIG
AMADEUS
MARITIME
31/12/12)
31/12/12)
41.230.136
501.780
1.265
ALMIRANTE
39.832.399
586.825
834.695
MAGNUM
24.220.904 960.531
PROSPERITY
22.620.122
194.974
MARITIME
UNIMAR SPIRIT
18.507.514
159.524
THEOCHARAKI
14.125.662 1.457.152
S / MEGABRIT
66
14.940.599 429.000
183
1.190
15.500
429.419

()
MIG
SIVET
HOLDINGS
LEADER
FINANCE
SUNNY
TRUST
DERBY
SHIPPING
DST SHIPPING 3.609.093
GROUP
31/12/12)
31/12/12)
12.555.934
227.673
12.617.741 456.212
11,956,425 658,729
VIEW 11.917.246
6,034,279
310,791
220.153
386,100
5.278.947
41
91.999
240.240
184
654.879
134.560
116

()
MIG
ZOLOTAS
TERRA NORMA
6:
31/12/12)
31/12/12)
/ 3.628.240
45.789
2.042.148
160.875
3.355.389
214.500
60.514
40.345
0%-1%,

Cyprus Popular Bank Co Ltd, 8 2013
IRVA INVESTICIJE LTD
(%)
()
7/5/2012
7/5/2012
6.004.932
185
(%)
()
7/5/2012
7/5/2012
2.960.313
7/5/2012
7/5/2012
1.794.495
7/5/2012
7/5/2012
662.249
10/6/2008
12/6/2013
0,68
5.000.000
24/11/2006
6/1/2022
0,7
559.893
15/6/2012
6/5/2037
0,72
6.810.445
16/2/2009
11/2/2039
0,73
17.365.641
14/11/2005
14/11/2015
0,81
800.835
14/1/2008
28/2/2023
0,87
1.123.707
19/5/2006
15/8/2023
0,89
3.758.920
BELGRADE
BELGRADE
BELGRADE
BELGRADE
PATERAKIS ANDREAS V.
KINOTIKO SYMVOULIO
PANO PLATRON
OBAFEMI HOLDINGS
CHRYSSES
DEMETRIADES AND CO
KARAHANAS ANTHONY
DINOS ANTONIOU & CO
LTD AND GLOBAL.
SYMV. APOHETEFS.
L/SOU AMATHOUN.
186
(%)
()
12/6/2012
15/6/2017
0,93
1.000.000
LATRAVIA LTD
9/4/2008
18/4/2013
0,95
650.001
LION INVEST & TRADE
11/4/2008
18/4/2013
0,95
4.000.000
ZOUNINI
11/4/2008
18/4/2013
0,95
2.000.000
IATRIKA PROIONTA
E.P.E
7: 1%-2%,
Cyprus Popular Bank
Co Ltd, 8 2013
(%)
()
3/10/2005
5/10/2017
700.617
8/3/2010
30/6/2013
1,18
515.148
8/5/2009
27/4/2013
1,18
808.361
13/7/2009
28/5/2015
1,19
2.014.517
PROTOPAPAS
CONSTANTINOS
ANTONIOU TASSOS SAVVA
ORPHANIDES PHILIPPE
IOANNI
MARKITANIS GREGORIS
187
(%)
()
PAPETTAS ANTONIOS
5/12/2011
30/7/2013
1,19
1.094.662
PARASKEVA STELIOS G.
16/8/2010
23/8/2013
1,19
500.835
NICOLAOU ANDREAS K.
12/10/2009
5/10/2013
1,2
899.833
21/5/2009
19/8/2013
1,21
596.554
17/8/2009
3/11/2013
1,22
920.059
9/2/2010
27/7/2013
1,23
517.602
7/8/2009
17/8/2014
1,23
4.155.016
22/10/2009
13/10/2013
1,23
892.299
15/11/2010
28/10/2019
1,35
4.761.922
2/5/2012
28/10/2019
1,35
1.134.366
5/10/2009
25/9/2013
1,37
637.475
AND MAGDA
GEORGIOU GEORGIOS
KYRIACOU
MAVROKORDATOS
CHRISTOS
ELEFTHERIOU ADAMOS &
MALAMO
EXCELSIOR HOTEL ENTER.
PETRIDES STYLIANOS
PETROU
CYBARCO (AKAMAS BAY
VILLAS)
CYBARCO (AKAMAS BAY
VILLAS)
IOANNOU ANDREAS
188
(%)
()
9/10/2009
28/10/2019
1,42
3.432.501
ROTIS ERACLIS
8/2/2010
2/2/2025
1,42
607.268
DEMOS LIVADION
28/7/2005
25/9/2017
1,49
1.293.007
1/3/2006
28/3/2019
1,49
1.247.927
2/3/2006
1/3/2019
1,49
836.343
15/9/2008
7/10/2013
1,68
753.584
11/3/2010
5/11/2013
1,68
582.203
24/6/2008
24/6/2018
1,68
1.000.000
16/9/2008
16/9/2018
1,68
1.000.000
ODYSSEA
CYBARCO (AKAMAS BAY
VILLAS)
KINOTIKO SYMVOULIO
KITIOU
KINOTIKO SYMVOULIO
MAZOTOU
PAG HOLDINGS LIMITED
VASOS HARTOUPALLOS &
SONS (AISERKITES)
YAKOVLEVSKAYA
CHARAZVESOCHNAYA F.
YAKOVLEVSKAYA
CHARAZVESOCHNAYA F.
OLYMPIA DEVELOPMENT
100.299.30
17/3/2010
A.E.
17/3/2015
1,69
5
189
(%)
()
3/12/2008
3/12/2018
1,69
1.000.000
CYPROMETAL
26/4/2010
10/7/2013
1,71
686.159
OCEANLINK HOLDINGS
28/8/2008
28/8/2013
1,71
7.743.310
27/5/2008
27/5/2018
1,71
1.000.000
22/8/2008
22/8/2018
1,71
1.000.000
22/5/2003
31/8/2013
1,72
729.763
16/2/2009
16/2/2019
1,72
1.000.000
26/4/2010
23/10/2013
1,73
828.643
3/11/2008
3/11/2018
1,73
1.000.000
4/2/2009
4/2/2019
1,73
1.000.000
13/12/2002
13/5/2013
1,75
3.286.296
YAKOVLEVSKAYA
CHARAZVESOCHNAYA F.
YAKOVLEVSKAYA
CHARAZVESOCHNAYA F.
YAKOVLEVSKAYA
CHARAZVESOCHNAYA F.
LA TOUR LIMITED
YAKOVLEVSKAYA
CHARAZVESOCHNAYA F.
OLYMPIC INSURANCE CO
LTD
YAKOVLEVSKAYA
CHARAZVESOCHNAYA F.
YAKOVLEVSKAYA
CHARAZVESOCHNAYA F.
ANTONIOU LATOUROS
190
(%)
()
30/9/2011
30/9/2018
1,89
72.781.220
DEMARI DEVELOPERS
27/2/2008
10/4/2013
1,91
3.939.601
ZOGORA FINANCE LIMITED
7/12/2009
15/3/2013
1,93
555.433
ANTONIS KOSTA
KOUMPAS ANONIMH
ETAIREIA
8: 2%-3%,
Cyprus Popular Bank
Co Ltd, 8 2013
(%)
()
MEDILENS DOO BEOGRAD
22/4/2008
22/4/2018
2,12
798.025
MATERO LIMITED
18/3/2009
10/4/2019
2,19
833.205
26/6/2009
30/6/2013
2,32
28.465.991
6/3/2009
30/7/2026
2,32
16.977.487
KOUMPAS ANONIMH
ETAIREIA
TERRA STABILE
191
(%)
()
6/3/2009
30/7/2020
2,32
4.485.457
26/7/2010
21/7/2017
2,36
739.188
10/6/2010
26/10/2025
2,45
1.660.778
11/3/2010
25/2/2035
2,5
538.333
ERAMALL HOLDINGS
17/1/2011
14/1/2020
2,5
874.252
SYMEOU, KONNARIS & CO
23/9/2010
3/10/2035
2,5
2.198.289
LAKEMIA KTIMATIKI
24/1/2007
16/7/2016
2,65
843.679
PROTEAS YACHTING
23/7/2012
23/5/2022
2,68
788.886
MARFIN EGNATIA FIN
14/6/2012
4/2/2014
2,71
500.001
PROTEAS CONSULTING
19/1/2012
23/1/2022
2,73
648.701
8/6/2005
21/6/2022
2,75
805.801
5/9/2007
31/12/2027
2,85
749.819
29/4/2011
28/4/2035
2,89
693.092
TERRA STABILE
CYPRUS FOOTBALL
ASSOCIATION
GEROSKIPOU
MUNICIPALITY
DEMETRIADES VASSOS
POLYDOROU
C. KASINOS
CONSTRUCTIONS
MYLONA-CHRISTOU AVGI
CONSTANTINOU
ASHIOTIS ANTHONY T.
192
(%)
()
16/11/2006
13/5/2024
2,9
1.889.644
7/8/2009
28/10/2018
2,96
692.287
G. & C. CHAPPAS ESTATES

LTD
YIANNAKIS SAVVIDES &
SONS LTD
9:

3%
,
Cyprus Popular Bank Co Ltd, 8
2013
(%)
()
24/11/1995
1,34
2.548.404
28/6/2005
1,71
1.443.768
19/12/2008
0,76
997.017
ANTONIOU LATOUROS ANTONIS

KOSTA
BENTECH INVEST LIMITED
CHRYSSES DEMETRIADES AND
CO. LLC
193
(%)
()
NICOLAOU MICHALIS LOIZOU
21/11/2008
1,21
631.919
COSTA & CO. MANAGEMENT
10/7/2006
2,84
609.991
17/12/1998
2,71
597.692
THEOPHANIS KYTHREOTIS
TRADING

.

,

2006-2012:
10:
2006-2012
2006
152
127.106.000
33.389.000
2007
98
178.206.000
53.636.000
2008
96
449.699.000
103.201.000
194
2009
96
494.768.000
120.648.000
2010
102
471.941.000
94.178.000
2011
92
508.993.000
114.249.000
2012
92
32.034.000
11.684.000
,
131
,

.
11:
2005-2011
2005
2006
2007
2008
2009
2010
2011
000

131
2005-2011

10 2012.
195

:
-
1%

56.568
45.499
110.367
271.744
307.732
323.610
395.169
3.551
2.296
2.727
8.339
9.073
12.721
5.201
934
2.042
263
7.153
12.926
12.653
18.238
61.053
49.837
113.357
287.236
329.731
348.984
418.608

1%
Cyprus Popular Bank Public Co Ltd, 19
196
2012 16 2013132
:
133 ( ).
secretary G.Z. (ZENIOS TRAVEL) LTD,

39.000 2012. secretary

.
134 ( ).
2007 171.000
183.000 .
137.000
132

19 2012 16 2013, (1)
(2)
,
2013,
. 15/10/2013.
133
, 16 2014,

, . . 12.
134
, 16 2014,

, . . 12.
197
7,5%. 71.000 .

.
135 ( ).
,
.
2008

46.000 54.000 14
2010.
( ,
). 2008
. 2010
218.000 18.500.
C&D Palas Developers Ltd. ,

.
. 2012 77.000
135
, 16 2014,

, . .
12.
198
14.000.
ERE (Middle East) Ltd 51%

. 136 ( ).

2011 . , ,
USD 5,8 . 2008
2011 .
USD 21 .
28 2014 ( USD 15 . 29 2011
USD 6 . 28 2014).
9.2.
, 11
2012137,
,
,
.
, ,
,
136
. . , ,
.
137
. .
, 11 2012.
199

.

, ,
.
12:

. ()
. ().
2008
20,7
23,2
2009
19,5
12,9
2010
32,2
4,7
2011
8,3
3,5
2012 (9 )
6,3
2,2
87,0
46,5
200
,

.

170.000 ,
, .

.
,
,

. ,

, ,
,

.
201
, . .
138 : []

,
. ,
,
,
, ,
,

.
,
. . , 29 2013,
11, 139.
. . ,
, 29
2013140, ,
138
, 10 2013, 67.
139
, 16 2014,

, . .
12.
140
202

2006 2012
11. ,
4%

:
13: ( 4%)

(%)
2007
2008
3,89
20.000
MORTGAGES
3,33
8.000
MORTGAGES
2,72
40.000
MORTGAGES
1,56
14.000
2,33
12.000
, 29 2013.
203
(%)
2009
2010
2011
2012
2007
1,56
43.000
MORTGAGES
0,89
11.000
1,33
10.000
1,56
31.000
1,56
48.000
MORTGAGES
0,89
8.000
1,33
8.000
1,56
26.000
0,89
4.000
MORTGAGES
1,33
5.000
1,56
21.000
1,36
51.000
BOC SHARES
0,78
1.000
MORTGAGES
1,17
3.000
1,36
16.000
3,78
8.000
204
MORTGAGES
(%)
141
2007
ARISTO
DEVELOPERS
..
()
2008
2009
Euribor + 2,25
1.288.000
Euribor + 2,25
114.000
Euribor + 2,25
2.157.000
Euribor + 2,25
536.000
Euribor + 1,60
4.682.000
BEX 2,25
2.200.000
BEX 2,25
3.071.000
Euribor + 1,40
8.000.000
BEX 2,25
2.200.000
MORTGAGES
MORTGAGES
MORTGAGES,
CORPORATE
GUARANTEE
BY ARISTO
DEVELOPERS
.142
141
2007
Euribor + 1,50
499.000
Alexandra
, 16 2014,

, . .
12.
205
(%)
P.P. GOLDEN STALES
Beach Shares
()
.
2009
3,93
85.958.000
ARISTO
DCI HOLDINGS TWO
DEVELOPERS
LTD
SHARES,
DOLPHIN
CAPITAL
ATLANTIS
SHARES
2007
3,89
261.000
MORTGAGES
2008
2,72
199.000
MORTGAGES,
BOC
2009
1,56
271.000
BOC SHARES
2010
1,56
288.000
2011
1,56
295.000
206
(%)
2007
3,00
67.000
MORTGAGES
2008
3,00
106.000
MORTGAGES
3.69
81.000
3,00
92.000
1,47
72.000
1,97
54.000
1,97
62.000
2,60
750.000
3,00
77.000
2,91
1.928.000
2011
3,27
1.859.000
MORTGAGES
2011
2,08
2.260.000
MORTGAGES
2007
3,89
20.000
MORTGAGES
3,89
35.000
LIFE INSUR.
[2009 Euribor = 0,70%

The
2,60
is
2009
Euribor
(0,70%) + 1,90%]
()
2010
..
MORTGAGES
MORTGAGES
BOC SHARES
207
(%)
.142
2007
Euribor + 1,9
6.376.000
MORTGAGES
.. .
2008
Euribor + 1,5
9.805.000
MORTGAGES
2009
Euribor + 2,35
8.715.000
MORTGAGES
2010
()
2011
2012
2007
3,89
393.000
BOC SHARES
2009
1,46
262.000
MORTGAGES
1,46
266.000
1,79
251.000
1,79
255.000
2,21
240.000
2,21
244.000
1,11
228.000
2010
2011
2012
142
MORTGAGES
MORTGAGES
MORTGAGES
, 16 2014,

, . . 12.
208
(%)
1,11
232.000
2007
3,89
108.000
MORTGAGES
()
2008
2,72
132.000
MORTGAGES,
2,72
11.000
3,50
159.000
BOC
1,56
156.000
1,56
8.000
3,25
217.000
1,56
166.000
1,56
5.000
3,25
200.000
MORTGAGES
2009
2010
BOC SHARES
2011
1,56
170.000
1,56
2.000
3,25
182.000
MORTGAGES
BOC SHARES
2012
3,36
186.000
MORTGAGES
2,00
83.000
BOC SHARES
209
(%)
2009
()
2010
2011
2012
2007
2008
3,00
163.000
3,42
533.000
2,15
96.000
2,15
37.000
2,15
90.000
2,15
35.000
2,15
83.000
2,15
32.000
1,90
76.000
1,90
30.000
3,89
53.000
MORTGAGES
1,00
33.000
BOC SHARES
2,72
95.000
MORTGAGES,
3,00
6.000
1,00
57.000
BOC, BOC
MORTGAGES
MORTGAGES
MORTGAGES
MORTGAGES
SHARES
2009
1,56
106.000
MORTGAGES,
1,00
57.000
210
(%)
C
.
2007
49.000
3,89
MORTGAGES
BOC SHARES
2008
2,87
87.000
MORTGAGES,
3,50
51.000
BOC SHARES
3,50
183.000
BOC, LIFE
INSURANCE.
2009
1,56
97.000
MORTGAGES
3,25
88.000
BOC SHARES
BOC
2010
1,56
130.000
MORTGAGES
3,90
240.000
BOC SHARES
BOC
2011
97.000
1,56
BOC
211
(%)
2007
2,70
19.000
MORTGAGES
()
2008
2,70
29.000
MORTGAGES
2009
2,70
25.000
MORTGAGES
2,60
12.000
2,20
70.000
2,70
22.000
2,60
8.000
2,20
65.000
2,70
18.000
2,60
5.000
2,20
61.000
2,70
14.000
2,60
1.000
1,95
57.000
2007
3,89
47.000
MORTGAGES
2008
2,72
85.000
MORTGAGES,
2010
2011
2012
MORTGAGES
MORTGAGES
MORTGAGES
BOC
212
(%)
2009
1,56
94.000
MORTGAGES
3,99
485.000
2010
100.000
1,56
MORTGAGES
2011
102.000
1,56
MORTGAGES
2012
2007
2008
1,36
102.000
MORTGAGES
3,36
445.000
BOC SHARES
3,89
55.000
BOC SHARES
3,89
16.000
2,72
80.000
MORTGAGES,
3,50
26.000
BOC SHARES
3,50
14.000
2,72
35.000
BOC
3,50
169.000
213
(%)
2009
2010
.
()
2007
3,50
19.000
2,72
24.000
1,56
80.000
MORTGAGES
2,00
23.000
BOC SHARES
2,00
12.000
1,56
32.000
BOC
2,35
398.000
3,25
158.000
1,56
20.000
1,56
80.000
MORTGAGES
2,00
19.000
BOC SHARES
2,00
10.000
1,56
28.000
BOC
2,35
376.000
3,25
146.000
1,56
17.000
2,70
47.000
0,00
6.000
214
MORTGAGES
(%)
2008
2009
2010
2011
2012
2007
()
2008
2,70
78.000
0,00
9.000
2,60
13.000
2,70
75.000
0,00
7.000
2,60
10.000
2,70
72.000
0,00
6.000
2,60
6.000
2,70
69.000
0,00
4.000
2,60
3.000
2,70
66.000
0,00
2.000
2,60
6.000
0,00
8.000
2,60
8.000
0,00
12.000
215
MORTGAGES
MORTGAGES
MORTGAGES
MORTGAGES
MORTGAGES
(%)
2007
2008
()
2009
2007
2,60
4.000
2,70
25.000
MORTGAGES,
LIFE
INSURANCE
2008
41.000
2,70
MORTGAGES,
LIFE
INSURANCE
2009
38.000
2,70
MORTGAGES,
LIFE
INSURANCE
2010
35.000
2,70
MORTGAGES,
LIFE
INSURANCE
2011
2012
29.000
2,70
216
MORTGAGES
(%)
2007
2,70
17.000
0,00
3.000
2,70
24.000
0,00
1.000
2009
2,70
20.000
ORTGAGES
2010
2,70
15.000
ORTGAGES
1,79
102.000
1,79
59.000
2,70
10.000
2,21
84.000
2,21
54.000
2,70
5.000
1,12
62.000
1,12
48.000
3,89
47.000
()
2008
2011
2012
2007
217
MORTGAGES
ORTGAGES
ORTGAGES
MORTGAGES
ORTGAGES
(%)
2008
2,22
26.000
2,72
85.000
ORTGAGES
1,56
40.000
BOC
2009
2010
2011
2012
1,56
94.000
ORTGAGES
0,89
36.000
1,56
21.000
BOC
1,56
19.000
1,56
100.000
ORTGAGES
0,89
32.000
1,56
17.000
BOC, BOC
1,56
17.000
SHARES
1,56
102.000
ORTGAGES
0,89
28.000
1,56
25.000
BOC, BOC
1,56
15.000
SHARES
1,36
102.000
ORTGAGES
1,78
24.000
218
(%)
1,36
22.000
1,36
13.000
KANA .
2007
3,89
47.000
2012
2,66
85.000
BLOCKED
3,82
1.672.000
DEPOSIT
2,60
14.000
ORTGAGES
0,00
7.000
2,60
17.000
2,70
79.000
0,00
8.000
2,60
10.000
ORTGAGES,
2,70
76.000
LIFE
0,00
5.000
INSURANCE
2,60
3.000
ORTGAGES
2,70
72.000
0,00
1.000
2,70
69.000
2007
()
2008
2009
2010
2011
219
ORTGAGES
ORTGAGES
(%)
2012
2007
UNICARS LTD
2008
2,70
65.000
2,60
11.000
3,50
720.000
ORTGAGES
ASSIGNED
INVOICES
BONDED CARS
2009
684.000
3,50
ASSIGNED
INVOICES
BONDED
CARS,
ORTGAGES
2012
46.000
3,85
ORTGAGES
C SHARES
.143
143
2008
5.062.000
1,87
ORTGAGES
, 16 2014,

, . .
12.
220
(%)
LUNION NATIONALE
1,87
5.532.000
(Tourist & Sea Resorts)
1,87
2.105.000
Ltd
1,87
1.482.000
1,87
4.151.000
1,87
2.572.000
1,87
3.850.000
3,80
5.051.000
3,80
5.519.000
3,80
2.044.000
3,80
1.477.000
3,80
4.142.000
3,80
2.566.000
3,80
3.841.000
2008
1,56
63.000
2009
0,89
60.000
ORTGAGES
2009
(.
70% ON LBDs
ORTGAGES
LIFE
INSURANCE
2010
56.000
0,89
221
ORTGAGES
(%)
LIFE
INSURANCE
2011
52.000
0,89
ORTGAGES
LIFE
INSURANCE
2012
48.000
0,78
ORTGAGES
LIFE
INSURANCE
2010
2011
1,56
70.000
LIFE
3,81
101.000
INSURANCE
3,82
146.000
3,95
84.000
BOC, BOC
1,56
25.000
SHARES
1,56
25.000
0,89
6.000
3,50
97.000
1,56
71.000
LIFE
1,56
22.000
INSURANCE
222
(%)
1,56
22.000
0,89
3.000
BOC, BOC
3,50
93.000
SHARES
1,36
71.000
LIFE
3,79
27.000
INSURANCE
3,11
94.000
BOC SHARES
3,11
118.000
MORTGAGES
1,36
18.000
1,36
18.000
3,50
89.000
2008
2,60
22,000
2009
2,60
7.000
2012
0,81
120.000
MORTGAGE
2012
CASH
()
COLLATERAL
2008
2009
2,60
21.000
0,00
15.000
2,60
22.000
223
(%)
0,00
12.000
0,00
9.000
3,81
137.000
2011
0,00
6.000
ORTGAGES
2012
0,00
5.000
ORTGAGES
2,99
125.000
2010
1,56
41.000
2011
1,56
42.000
2012
1,36
42.000
2008
3,75
98.000
C SHARES
2011
1,56
30.000
ORTGAGES
0,89
3.000
LIFE
1,33
9.000
INSURANCE
1,36
30.000
ORTGAGES
1,17
2.000
LIFE
1,36
35.000
INSURANCE
2,72
54.000
ORTGAGES
2010
ORTGAGES
2012
2008
224
(%)
34.000
2,72
BOC
2009
1,56
61.000
1,56
31.000
BOC,
ORTGAGES,
CORPORATE
GUARANTEE
BY ARISTO
DEVELOPERS
2010
1,56
69.000
1,56
27.000
BOC,
ORTGAGES,
CORPORATE
GUARANTEE
BY ARISTO
DEVELOPERS
.
()
2010
1,59
69.000
0,89
39.000
BOC
225
(%)
ORTGAGES
2011
1,59
71.000
0,89
35.000
BOC
ORTGAGES
LIFE
INSURANCE
2012
1,36
71.000
BOC SHARES
0,78
31.000
ORTGAGES
1,36
20.000
LIFE
INSURANCE
2012
1,95
116.000
ORTGAGES
2008
2,72
47.000
ORTGAGES
1,56
29.000
3,50
195.000
1,56
54.000
0,89
26.000
()
2009
226
ORTGAGES
(%)
2010
2011
2012
2010
1,56
69.000
ORTGAGES
0,89
22.000
1,95
57.000
1,56
71.000
0,89
18.000
1,95
53.000
1,36
71.000
BOC SHARES
0,78
14.000
ORTGAGES
3,21
50.000
1,56
69.000
ORTGAGES
1,33
1.000
3,50
190.000
BOC, LIFE
ORTGAGES
INSURANCE
2011
71.000
1,56
ORTGAGES
BOC, LIFE
INSURANCE
2012
71.000
1,36
227
ORTGAGES
(%)
168.000
3,50
BOC SHARES
LIFE
INSURANCE
2010
2011
1,56
41.000
ORTGAGES
0,89
1.000
1,33
13.000
BOC
1,56
42.000
ORTGAGES
1,33
10.000
BOC
2012
1,36
42.000
ORTGAGES
1,17
8.000
BOC SHARES
LIFE
INSURANCE
2009
2010
1,56
56.000
3,25
1.000
1,56
69.000
ORTGAGES
ORTGAGES
BOC
228
(%)
2011
71.000
1,56
ORTGAGES
BOC
2012
71.000
1,36
ORTGAGES
BOC
2010
2011
2012
1,56
37.000
BOCSHARES
2,00
13.000
ORTGAGES
1,33
7.000
0,89
59.000
BOC
1,56
41.000
BOCSHARES
2,00
10.000
ORTGAGES
1,33
5.000
0,89
56.000
BOC
1,36
41.000
BOC SHARES
1,75
8.000
ORTGAGES
1,17
3.000
0,78
52.000
229
(%)
2012
2008
2009
2010
3,75
74.000
1,36
49.000
BOC SHARES
0,78
25.000
ORTGAGES
2,72
106.000
C SHARES
3,50
50.000
ORTGAGES,
3,50
244.000
3,50
17.000
BOC, LIFE
2,72
9.000
INSURANCE
2,72
14.000
1,55
23.000
1,56
73.000
C SHARES
2,00
44.000
ORTGAGES,
3,50
234.000
2,00
14.000
BOC, LIFE
1,56
35.000
INSURANCE
1,56
28.000
0,89
20.000
1,56
78.000
230
(%)
2011
2012
2,00
37.000
BOC,
3,50
223.000
ORTGAGES
2,00
10.000
C SHARES
1,56
34.000
3,50
186.000
1,56
28.000
0,89
16.000
1,56
80.000
2,00
31.000
BOC,
2,00
6.000
ORTGAGES
1,56
34.000
C SHARES
3,50
190.000
1,56
27.000
0,89
12.000
1,36
85.000
ORTGAGES
3,36
22.000
C SHARES
1,75
24.000
LIFE
2,85
201.000
INSURANCE
231
(%)
3,35
128.000
1,36
32.000
3,45
165.000
3,50
180.000
1,36
24.000
0,78
8.000
1,59
40.000
0,89
36.000
1,33
11.000
1,59
42.000
0,89
31.000
1,33
8.000
1,36
33.000
0,78
47.000
2,26
7.000
2012
3,94
35.000
2009
2,30
416.000
ORTGAGES
2010
2011
2012
ORTGAGES
ORTGAGES
ORTGAGES
232
(%)
( )
2,30
442.000
TSAKOS SHIPPING &
2,25
2.608.000
2,29
4.262.000
2,29
2.841.000
2,51
3.474.000
2,51
2.316.000
2,31
2.502.000
2,31
1.668.000
2,05
370.000
2,05
390.000
1,75
318.000
ORTGAGES
1.360.000
VALUE OF
180.000
FLOATING
860.000
CHARGES,
387.000
BLOCKED
TRADING SA
2010
TSAKOS SHIPPING &

TRADING SA
2011
2012
2012
ORTGAGES
MORTGAGES
MORTGAGES
MORTGAGES
)
.
2009
233
(%)
DEPOSIT, LESS
2,66
2010
1,89
750.000
CORPORATE
135.000
GUARANTEE
93.000
ORTGAGES
577.000
VALUE OF
946.000
FLOATING
CHARGES,
750.000
2,97
BLOCKED
DEPOSIT, LESS
CORPORATE
GUARANTEE
SCRAP METAL
2012
750.000
2,45
MORTGAGES

,
,
, ,
2006 2011,
234
,
.

,
,
:
14:
1.
Tamasos Hotel Enterprises
2,7 .
2,7 .
1,3 .
1,3 .
1,237 .
780 .
420 .
Ltd
2.
Cycan Industries Ltd
3.
Atrotos Ltd
4.
530 .
173 .
357 .
5.
603 .
381 .
222 .
6.
531 .
531 .
7.
144
155 .
52 .
103 .
144
, 16 2014,
235
8.
9.
MAIROZA ESTATES LTD
10. K. K. NEW EXTRA LTD
1.
58 .
58 .
4,264 .
1,754 .
.. 24 2012
2,7 . ,
361.000 .

764.000 .
2.
,
,
, .. 14 2011
, 1,3 . .
3.
.., 21 2006,

, . .
12.
236
769.000 34.000

434.000 .
, , 2006,
50.400, .
2010 11.000
,
.
445.000 .
4.
2007 1,275 .
2007-2008
893.000
21.000 .
27 2007
344.000
/ .
5.
,
7 2008,
510.000
93.000 ,
100.000 2007,
. 199.000,
107.000 .
237
6.
.. , 7
2012 24 2012,
361.000
6% .
190.000 ,
170.000 .
7.
, 26 2009 7 2009,
67.000
. 85.000
32.000 23.000
.
8.
Recoveries , 23
2007,
26.000 .
32.000
4.400
10.250 .
9.
Recoveries
Mairoza Estates Ltd M. Zakakiotis & Sons Ltd
3 . 30
2008 1,2 . .
10. Recoveries
1.250.000
.
238
. .
145
21 2009
, 2 .
, Euribor 1.90%
, ,
. ,
.

146

2008 . .
290.000 970.000 4,75% 7,50%, ,
.
2009,
, .
. , , 750.000
2,60%.
, .
145
. .
.
146
. .
, 29 2013.
239
2010, ,
,
2009 750.000 1.928.000,
. , 2011

1.859.000 3,27%.

. . , 14
2013147,
2007

.
,
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.
, .
147

. , 14 2013,
15 , 2013
2().
240
,
.

, 148
,
2008,
, :
15:
2005
2006
2007
2008
2009
2010
2011
000

148
20052011
10 2012.
241
2005
2006
2007
2008
2009
2010
2011
70.689
71.542
70.583
196.079
187.737
184.753
224.042
18.842
12.688
11.904
24.569
23.454
57.821
58.680
:
-

1%
1%
242
2005
2006
2007
2008
2009
2010
2011
1.310
523
513
2.657
2.581
1.769
1.690
90.841
84.753
83.000
223.305
213.772
244.343
284.412
6.568
4.806
5.744
7.321
8.576
7.330
7.970

:
-
243
2005
2006
2007
2008
2009
2010
2011
79.947
77.256
215.984
205.196
237.013
276.442
84.273
9.3.

10 2012 149
.
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.
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.

.

149
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10 2012.
244
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151
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.
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151

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.
152
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, 18 2013,
.
246
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2014153, 1 449
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2014, .
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10.250
American
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7.
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31 2013,
.

, 154
,
2011
, :
154
2008 2011.
250
17:
2008
2009
2010
2011
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4.663
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.
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251

.
9.4.
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2012155, ,
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Alpha Bank Cyprus Ltd ,

10 2012156.
H Alpha Bank Cyprus Ltd, , 10 2012,

. , ,
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156
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252
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2012157,
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,
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157

. . , 10 2012,
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253
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, 11 2012158,
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158
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159
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254

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160

,
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161
, 20
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.
,
30 2013

.
160
, 24 2013, 41.
161

, 2 2013,

.
255
, 5 2013162,
30 2013, :
18:

30/6/2013
30/9/2013
330.000
14.463.000
14.451.000
254.000
247.000
48.000
40.000
1.
..
2.
..
162

, 5 2013,

.
256
30/6/2013
30/9/2013
3.
1.278.000
863.000
4.
3.041.000
901.000
5.
551.000
279.000
6.
208.000
203.000
7.
790.000
494.000
8.
. .
25.000
20.000
139.000
123.000
. .
163.000
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9.
10.

11.
10.000
10.000
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..
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13.
14.
15.

..
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. .
,
,
.
,
, ,
,
.
258
10.

Cyprus Popular Bank Public Co Ltd,

.
19:

.
2006
2007
2008
2009
2010
2011
000
()
()
()
()
()
()
20
85
190
110
187
294
249
861
259
1.871 1.939 1.900 2.094
128
194
320
429
382
263
477
563
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568
1.381
874
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Cyprus Popular Bank Public Co Ltd 163 , 12

2012,
, ,
.
,
13.
, , 8 2013,
,
2011. , 25
163
CPB Public Co Ltd , 12 2012,

.
260
2010 Cyprus Popular Bank Public Co Ltd

normal bonus 725 ,
1,4 ., 15
(exceptional bonus) 32 319 000

.
.

, 164 6 2013,

Marfin Popular Bank Public Co Ltd, 15
2010, ,
, (normal bonus)
1.486.000 743 , (exceptional bonus)
219.000 31 , 9 047 000
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.
,
Cyprus Popular Bank
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164
, 6
2013, .
261
8165 11166 2013. 2007

17.860.942 2 546 33.293.807
1 820 ,
167, .

2008 2007. ,
20072012 .
165
, 8 2013,
.
15/10/2013.
166
, 11 2013,
.
15/10/2013.
167
, 12 2013, . 51.
262
20:
Cyprus Popular
Bank Public Co Ltd
,
, 8
2013.
1.
2007-2012
2007-2012
()
()
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302.000
2.
302.000
Director
Group
Officer
3.
3.350.375
Banking
Deputy Group
Chief Executive
Director
Investment
Officer
2.
Group Chief
Executive
1.875.000
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General
3.
Group Chief
302.000
1.850.000
Manager
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263
2007-2012
2007-2012
()
()
Officer
Group Director
Inter Bus
4.
252.000
1.775.000
Officer IBG
Chief Executive
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Chief
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5.
Greece
4.
5.
212.000
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1.628.500
Romania
6.
Group Chief
Financial
6.
202.000
Group
Officer
7.
800.000
Treasury
Vice Chairman
of Board of
Director
7.
152.000
Directors
264
660.000
8.
2007-2012
2007-2012
()
()
Group Director
8.
Organisation
Director
Group
146.632
600.000
Strategic
Develop. Div.
9.
Group Director
9.
131.754
Director
Group Legal
550.000
Administration
10.
Director
10.
127.000
515.000
Treasury
,
Cyprus
Popular Bank Public Co Ltd

265
.
, []
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2011.168.
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Popular Bank Public Co Ltd, . . ,
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, 169.
Cyprus
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170.
,
168
, 12 2013, . 52.
169
, 12 2013, . 59.
170
, 15 2013, . 41.
266

, ,
171.
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21 2011,
172 , 6 2013,
,

2011,
,
.
,
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,
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, 173
171
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.
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.
2006
2007
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433
678
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813
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140
142
154
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2007
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5 2013, 46.
311
.[] 120 ,
1000 .
, 90%,
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.
,
, ,
,
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..
244 []
.
.
,
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, .
244
5 2013, 62.
312
230.000
1 . 1 15 2013
1,3
,
.
,
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. .

27,7 .
559,3 ., , .

45,2%
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10,7 ., 449 702 .

..
,
,

313
245
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.

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.

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.
o
245
, 21 2013, 12.
246
, 5 2013, 43.
314

,
. ,

,
, .

,

.

,
.
11.2.
, 9

2013
,
,
9
2013, 28 2013,

315
2013.
, 3 2013,

1 2013 29 2013.
11.3.
,

.
,

17 24 2013,
, . . .

, []

.
assets ,

asset
316
, ring fencing
. ,
balance sheets 30.6.2012. [] 247.
,

,
(ring
fencing) .
,

3 3,5 248,

249.
,

2012
,
247
, 17 2013, . 58-59.
248
, 17 2013, . 58-59.
249
, 24 2013, . 80.
317
250.
, , ,
, ,

. .
251, 15.
12.

2005 2012,

.
12.1.
2006, (goodwill)
647 1,105 .,
Marfin Financial Group
252. 2006
19.79% .
250
24 2013, . 81.
251
,
- 17 .07.2013.
252
30 2006-
[. 52()] 52 [ () ].
318
, 20
, 3
35.011.000, 59.819.840253.
,
647 . 560 .

Marfin Financial Group.

IAS 36, , .
2005 2010
,
, ,
.

254.
, 24 ,
:
24 :
2005-2011
253
30 2006 [ (2)
() .. [. 54()].
254
28 2008.
319
2005

8,814,000 12 29
2005.
2006

2006. 30
2007.
2007

2007. 29
2007.
2008

2008. ( 400,000). 9 28
2008.
2009

2009. ( 99,000) 9
29 2009.
2011

735,767,000 2011 (2010:)
674,482,000 (2010:),
320
60,191,000 (2010:)
1,094,000 (2010:).

.
759,865,000

, 28
2011.

, ,

3 2011.
,
IAS 36
, ,
,

, :
.

, Marfin
321
Financial Group, 288 . .

, 2008,

300 .
2.4 ,
MEB.
.

MEB ,

23 2010
, ,

2010.
-
2009,
MEB, 18.7
.255, ,
2010,
255
: KPMG Corporate Finance: Marfin Popular bank Public Co. Ltd, Marfin
-
( 4.1.4.1.3 ) 26
2009 16: /()
18.707.
322
2010
(unimpaired)256.
,

, 2011,
759,865,000
,
. 2011,
.
3
2011
, . .
,

, .
,

256

, 2005,
, ,
.
323

, ,
.
12.2.
12.2.1. Marfin Bank Marfin Financial Group 10

2007
, 2006,
589 ., Marfin Financial
Group, 1.612 .
104 .
10 2007,
Marfin Bank ( Marfin Financial Group)
616.533.000.257 4 2007.
, Marfin Financial Group
97% Marfin Bank Marfin Financial
Group 100%. Marfin Bank
269 . ,
257
Marfin Popular Bank Public Co. Ltd: MARFIN POPULAR BANK PUBLIC CO.
LTD , 4 2007,
MARFIN INVESTMENT GROUP ..
100% MARFIN BANK
A.T.E. 616.533.000 .
324
322.5.
Marfin Financial
Group258 2006.
2007,
,
322.5 .
Marfin Financial Group 2007259. 616 .
, Marfin Financial Group
Marfin Bank
Marfin Financial Group. ,
. 10 2010,
Marfin Financial Group Marfin Investment Group,
5 . ,
Marfin
Investment Group Marfin Investment
Group 97% 6.44%,
.
12.2.2. Marfin Financial
Group
258
Marfin Bank Marfin Financial Group 100%.
259
: MARFIN Investment Group: Condensed Interim Financial Statements for the 6 Months
th
Ended 30 June 2007 6, Profit from sale of participations - 322,596,000.
325

Marfin Financial Group,
1.612
Marfin Investment Group. ,
10 2007,
Marfin Financial Group, 235 .
528 . .
Marfin Financial Group
97% 6.44% , 451
., 2007,
.

1.600 ., 235 .
, 528 . 386 .
( Marfin
Investment Group : . 6.44% X 6,000 .
Marfin Investment Group = 386 .)
451.
,

, Marfin
326
Financial Group . ,

,
, .
12.3. Marfin Investment Group,
Marfin Egnatia
Bank

Marfin Investment Group.
, ,

MEB
(),
.
,
,
,
, ,
1997.
12.4. Marfin Investment Group

327
Marfin Investment Group,

,
2008-2011

Marfin Investment Group. , ,
,
Marfin Investment Group 6.7,
2.5 31 2009, 2 31
2010 0.60 31 2011.
12.5.
17 2007260 ,
,
260
- Marfin Popular Bank

2007 (17/1/2007):
MARFIN POPULAR BANK PUBLIC CO LTD
(guidance)
( ) 372 . 2007, 480 .
2008 614 . 2009,
33%.
MFG ( )
360 . (07), 470 . (08) 600 .
(09)..
328
2007 2009
, .
, 614 .
2009 170 .

.
12.6.
2007 2008, Marfin Investment Group
1%
10 2007261. 2008,
2009262. ,

.

10 2007,
11 2007
MIG .
261
Marfin
Financial
Group
(11/1/2007)
http://www.cse.com.cy/gr/Announcements/message.asp?aid=20864)
262
2009, 189, 56.
329
(:
, ,

50 .
263.
10
2007, Marfin Investment Group
100 . .
,

,
50 .
,
, , 20 2014
264
.
263
,
50
. .
264
, 20 2014,

.
330
265 27 2014,
,
Marfin Financial Group Marfin Popular Bank Public Co Ltd,

Marfin Popular Bank Public Co Ltd Marfin

Investment Group . ,
1%

. , : ()

()

.
12.7. Marfin Investment Group


265
, 27
2014, 20 2014.
331
.
, MIG
2 ,
30 40 .
Marfin
Egnatia Bank (MEB). 6
,
, 2008 2012.
, MB 2009
4 700 .
,

.
12.8.
,
19 2008, MB
3 . 20 2009
MB 2.3 .
MB266,
,
266
2009.
332
267 ()
(1) 11 1997
,
5 250%
.
12.9.

2011, 219.226.000
2010 28.571.000.
2011
267
() 4 11 :

,
(financial leasing), ,

,
,
,
,

,
.
333
1% ,
800%
.

268,
,

.
13. (, )
,
2006
,
.
27 2013, 16,
. , 3.892.228,89
,
268
Marfin Popular Bank

30 2011. 14,
.9
. . .
334
. ,
,
9.081.334,86 ,
. ,
:
, /
2006 - 2012 :
.
:
1.
Tassos Papadopoulos & C: 843.021,80
2.
Ioannides Demetriou LLC: 1.111.949,93
3.
Georgios Koukounis: 128.630,26
4.
Georgiades & Pelides D.E.P.E.: 39.850,57
5.
Maria A. Kyriakou: 31.569,15
6.
Chrysses Demetriades & Co LLC: 60.825,23

335
7.
Andreas V. Zachariou & Co Advocates: 4.001,17
8.
Andreas Neocleous & Co: 90.228,61
9.
Alecos Evangelou & Co: 10.781,27
10. Polakis Sarris & Co: 0,00

11. Andreas Th. Mathicolonis & Co: 12.670,10
12. N.A. Hadjinicolaou: 14.352,25
13. Leonidas G. Leonidou: 2.340,00
14. L. Papaphilippou & Co: 129.576,92
15. Kyriacos Danos 332,32
16.
George Z. Georgiou & Associates LLC: 125.309,96
17. Kikis Talarides: 1.174.714,89

18. Alecos Markides Law Office: 41.175,04
19. George Y. Yiangou & Co: 61.699,42
20. George Charalambides & Co: 0,00
21. S.A. Evangelou & Co LLC: 9.200,00
.
:
1. PriceWaterhouseCoopers: 6.723.801,69
2. KPMG LTD: 971.876,95
3. Grant Thorton (Cyprus) Ltd: 1.136.965,53
4. Ernst & Young Cyprus Ltd: 146.831,31
5. Deloitte Ltd (Limassol): 67.857,50
6. Deloitte & Toche Ltd (Nicosia): 2.852,96
336
7. Baker Tilly & Partners Ltd: 11.500,00

8. Moore Stephens Stylianou & Co: 19.648,92

11 2013 2006-2012,
2002-2012. Cyprus Popular Bank Public Co Ltd,

. ,
:
BOC Ventures - Legal fees for the period 2002-2006: 224165.6 (2007-2012: NIL)
Uniastrum Bank 2008-2012: 1,574 (EUR 000)
BOC Ukraine 2009-2012: 3,988 (EUR 000)
TEFKROS INVESTMENTS 2002: 3,054 (EUR 000)
Bank of Cyprus PCL Nicosia Romanian Branch 2007- 2012: 625.48 (EUR 000)
General Insurance of Cyprus Ltd 2002-2012: 182,000
Eurolife Ltd 2002-2012: 370,000
CYTRUSTEES INVESTMENT PUBLIC COMPANY LTD 2002-2012: 60,000
CISCO LTD 2002-2012: 159,000
Channel Islands 2002-2012: 71,000
Bank of Cyprus UK 2002-2012: 2,585,024

, Legal Fees,
337

2002-2012 :
25:
2002-2012
2002
610.942
2003
525.661
2004
990.105
2005
2.044.981
2006
1.764.153
2007
1.950.878
2008
1.644.163
2009
1.919.124
2010
2.181.551
2011
3.035.698
2012
4.424.153
, Recoveries (BOC)

2008-2012:
338
26: Recoveries
2008-2012
()
2008
3.653,13
2009
3.627,48
2010
4.076,40
2011
5.135,29
2012
4.838,28

. ,
,
10.100.000 2002-2012,

.

T .
,

Ernst & Young, Deloitte, KPMG PriceWaterhouseCoopers
AUDIT & Non-AUDIT FEES:
339
27:

2002-2012
()
2002
676.768
2003
724.567
2004
771.293
2005
728.658
2006
774.010
2007
2.168.042
2008
3.645.729
2009
3.313.669
2010
3.604.653
2011
5.346.839
2012
6.400.809

130.540 () (other auditors)
.
, Consultancy Fees,

:
340
Bank of Cyprus (CI) Limited 2006-2013: 82.000
Eurolife Ltd 2008-2013: 164.000
GIC2006-2013: 104.000
Bank of Cyprus PCL Nicosia Romanian Branch 2007- 2013: 909.000
Uniastrum 2013: 317.000
Uniastrum 2012: 668.000
Uniastrum 2011: 450.000
Uniastrum 2010: 510.000
Uniastrum 2009: 170.000
Uniastrum 2008: 418.000
Consultancy fees for the six months ended 30 June 2013: 6.481.661
Consultancy fees for the year 2012: 11.970.865
Consultancy fees for the year 2010: 323.361
Consultancy fees for the year 2009: 700.631
Consultancy fees for the year 2006: 309010

,
,
,
, ,
341
bonus

.
,

17.
14. ALVAREZ & MARSAL:
(RECAPITALIZATION FEE) - (SUCCESS FEE)

Alvarez & Marsal
,

Alvarez & Marsal.

, 21 2013,
engagement letter ( ), 31
2012 23 2013 Alvarez & Marsal
, success fee.
, Alvarez & Marsal , 23
2013, success fee 0,10%
.
, 23 2013,
342

25 2013. Alvarez & Marsal
28 2013 ,
, ,
23 2013,
. Alvarez &
Marsal , 28 2013,

Recap Fee ( ) 0,10%
31
2013.
(supplement), 23
2013, Cyprus Banking Industry Recapitalization 28
2013, 23 2013. ,
,
.
, 19 2013, Alvarez & Marsal

(recapitalization fee) , 11 .,
4,75 .
,
Alvarez & Marsal success
343
fee ( ), ,
(recapitalization fee), . ,
23 2013,
25 2013 23 2013
28 2013, . Hal Hirsch,
Alvarez & Marsal.
, .

success fee.
,
,
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(bail-out), (bail-in).
, 28 2013
, 23 2013
, success fee.

,
.
,
,
344
Alvarez & Marsal 28 2013

supplement 23 2013
,
success fee,
,
.
,
success fee
recapitalization fee, ,
(bail-in)
.
, , 28
2013 , 23 2013
,
success fee.
Hirsch Alvarez & Marsal

, , ..
15. INDEPENDENT DUE DILIGENCE OF THE
BANKING SYSTEM OF CYPRUS PIMCO

345

,

.
,

PIMCO,

,

.

PIMCO,
22
2015,

-
.
,

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346

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.

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347
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5.

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350
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PIMCO,
, ,
.
, , 2
2013,
. , 24
2012,

.
, , ,

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, 31
2013,

351

PIMCO /
PIMCO
29 2013 , , ,
.
,
,

,
.
16.

16.1.

Alvarez & Marsal
,
, ,
24 2013. ,

.
352
Alvarez &
Marsal
,

,
.
,
Cyprus Popular Bank
Public Co Ltd, , 21 2012,
, ,
, , ,

.
,

. ,
353
18 2012 269
,

.
,
, . . : 23 2012,
,
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.. 26
[] :
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354

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13 2012
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270
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355

, . . , ,

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; .
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Alvarez & Marsal

. , , Alvarez &
Marsal, , ,

. ,
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271
24 2013, . 54 57.
356
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- 2013

.
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, []
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, ,
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2010273.
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[]

272
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273
, 24 2013, . 78.
357
, IT,
. ,
,
. 274.
,

275.
16.2. Marfin Investment Group Tosca Fund
, 2006

, Marfin Investment Group
Tosca Fund, HSBC
.
Cyprus
Popular Bank Public Co Ltd276 ,

, . . , ,
3 2006, HSBC,
274
, 24 2013, . 6 9.
275
, 24 2013, . 8.
276

, 30 2013
. 22/10/2013.
358
21,16% ,

.

, .
, ,
31 2006, HSBC
. , ,
, :
HSBC
.
HSBC

.
HSBC
.
, ,

, . HSBC,
.

359
.

,

.[].
, []

HSBC [].
, HSBC
[] []
Marfin Financial Group, Tosca Fund Laiki Bank (Nominees),
9,98%, 8,18% 3%, .

3 2006.
,
, . .
, 8 2006,

Tosca Fund.
, 9 2006,
Tosca Fund Limited 3
360
2006 ,

.
,
HSBC Marfin Financial Group
Tosca Fund
,

10% .

fictitious,
.277.
16.3. (PEPs)
,

.
277
, 12 2013, . 46-47.
361
,
[] ,
-
- .
,
, ,
PEPs , politically exposed persons, .
, , ,

.278. ,

.
, 5 2013
, . .
,
.
9 2013,

,
278
, 3 2013, . 31.
362
(PEPs)
. ,
5 2013
,
,
.
, ,

279,

.
16.4. J.P. Morgan & Co

,

.
3 2013
, J.P.
Morgan & Co Deutsche Bank AG.
,
279
, 3 2013, . 72.
363
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,

, . ,
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.

.
,
280.
16.5.
PIMCO
Alvarez & Marsal
,

PIMCO Alvarez & Marsal, , .
,
280
, 3 2013, . 34-36.
364

.
,
,
,

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16.6. ,

366
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()

281. , ,

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[] ,
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Maritime. , ,
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[].282

.. ,
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282
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367
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Focus Maritime Corporation
. ,
,
, ,

.
,
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/

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2007. 2009, ,
- - .
2012
,
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.

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368
2009. ,
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, . , ,
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,

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.
, ,
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.
,

, 322.000,
10% ,
15% . ,

.
16.7.

369
,
, . . ,
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Axia Ventures Group,
Houlihan Lokey.
,

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, JP Morgan &
Co.,
.

,
.
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HSBC ,
Lagarde.
370

, 18 2013,
.

2013, ,
, ,

. ,
2013
, ,
18 2013, ,

.
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,
, ,

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, ,
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371
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. ,

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52(1)
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372

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.
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Public Co Ltd,
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373
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1,9
:
i.
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ii.
,

,
,
2009

, ,
iii.

,

374
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2011.

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ALCO (Assets & Liabilities Committee)

375
,
ALCO 30 ,
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iv.

,

Alvarez & Marsal

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Alvarez &
Marsal,
:
i.
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.
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(repos)
377
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,
.
.
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12 2013,
70.000 90.000 , 60.000
80.000 . ,
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,
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,
13 2010 28 2010.

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10,.000 . ,
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,

, 28 2010.
378

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.
,
, 13 2013,
70.000
, 15 2012,
,
()
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, . ,
, 50.000, .
, ,
60.000,
.
.

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.
379
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.
,

.
17.4. Marfin Egnatia Bank ()

.

:
i.
2006 2009
.
2008,
.

,
.

,
.
ii.
A
380

,

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.

,
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.

,

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,

381

.
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2014,
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4 )

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382
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.

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,
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283

, . 41.
383
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,
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.
.
,
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,
,
MEB 2009,
384

Marfin ...
17.5.1.

.

.

ELA

, . ,
,
ELA

.
,
,
.

.
385

.

.
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1,8
.
ELA

.
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ELA
. , ELA 28
2013 9,1 ,
17 .
,
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386
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() (EFSF),

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.
.
, ,

23 2012 3 2012,
, (ELA)
6,2 ,
.
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387
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,

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,

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1,8
9% , ,

, /
.
,
,
/
ELA
,

,
388
, , ELA.

Cyprus Popular Bank Public Co Ltd . .

2008,

. .
, 6
. ,
ELA
.
, ,
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2012, ,
/ .
.

, ,

, ELA,
389

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,
2012 []
[...].
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390
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391
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1,8 , ,

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18 2012, ,

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392

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, 22 2012, 73
,
27 2012 (
1,8 ),
, ,

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393
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2012,
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395
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100.000 . ,
MPB, 28 2011
MPB,
,
27
2011 (ELA).

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396

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17.6.1 Uniastrum

.
Alvarez & Marsal,

:
i.

Uniastrum ,
23 2008,
Standard & Poors,
FITCH
1 2008
(World Bank).
ii.

Uniastrum, FITCH
+ - ,
Uniastrum
,
,
,
397
Uniastrum.
iii.
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Ernst & Young,
(due diligence work),
,
:
Uniastrum
Unistream
Uniastrum,
2007
LLC Unistream Properties.
Uniastrum
,
, .
Uniastrum

(Special Purpose Entities - SPEs)
, .
2006 Uniastrum
42
398
., 31 2007 177 .
,

.
2007,
Uniastrum .
(equity) Uniastrum 64
. 2006
.
2007, Uniastrum
40% ,
.
Uniastrum ,
Ernst & Young :
o
Uniastrum 659%
2007- 2008.
o

85%.

Uniastrum,

399
2008.
o

(repo transactions).

Utrade LLC.
iv.
Ernst &
Young
,
,

Uniastrum, 9:30 .. 6 ..
.. :
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Unistream.
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Unistream
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Uniastrum

, , .
400
Uniastrum
.
v.

Uniastrum :
&

,
Uniastrum, White & Chase

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401
, .
,
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vi.
Y ,
Uniastrum,

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Uniastrum
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57 .,

70 .
vii.
H
Uniastrum
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Uniastrum 60-80 .
Uniastrum, Kypra
Uniastrum. ,
. , , ,
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Uniastrum .
viii. Uniastrum,
402

,
,
, ,

40% 2007,
,
Ernst & Young.

.
ix.
Uniastrum
30 2008,
Ernst & Young
22 2008
, vi
,
Uniastrum.
x.
H

Uniastrum
Ernst & Young. ,
403

.
,
xi.
Uniastrum ,
/

,
Lehman Brothers
Uniastrum,

2007.
xii.

50 .
Uniastrum ,
lvarez & arsal,
, . Piskov Zakaryan,

.
17.6.2.
Banca Transilvania
.
Alvarez & Marsal,

404
Banca Transilvania
:
i.

Banca Transilvania,
. Ciorcila,
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Banca Transilvania.
ii.
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Banca Transilvania

,

15% .
iii.

Banca Transilvania,

405

.
,
,
.
Banca Transilvania .
iv.

Ciorcila ,
Banca Transilvania
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5%
Banca Transilvania,
,

.
v.

Banca
Transilvania . Ciorcila Silaghi,
406

,

.
, ,

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Banca Transilvania,
,
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,
.
vi.

Dodworth ( . Ciorcila),
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Banca Transilvania
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vii.

407

Banca Transilvania

(Credit Risk Manual). ,

Banca Transilvania
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17.8. ,

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,
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.
.

408
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,
.
.

, 27 2014,

,

. ,

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17.9.
,
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,
.

409

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,

,
.
.
,

,

,
.

,
.

,
,

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410

,
.

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, ,
, .

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.
17.10.
,

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, ,
(
) .
411
,
, ,
, 2008
3.335.375.
.
.
, Cyprus Popular Bank Public

Co
Ltd
,
2007 2009,
,
33.293.807 1 820 ,
17.860.942 2 546
.
.

2007-2013 13.603.875,

2.129.386.
/
412

,

.
.
, Cyprus

,
. ,

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.
,
,
.
, Cyprus Popular Bank Public Co Ltd

,
,
413
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,

.

.
.
, 284
26 2011

,
,
, 2011 2012
164.140 14.820 ,

80.333 15.620
. , , 2011

284
(, 26 2011)
5 - , . 2.
414
Restricted Stock Scheme285
1.141.422,

, 222.784.
2011
26 2011,

,

,
.
.
17.11.1

Eurogroup 15
2013
.
(
)
. ,
285
Restricted Stock Scheme, 60%

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415
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2013.

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416

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1 15
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2013
ELA
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ii.
15 2013
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, ,
417

, .
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17.11.3.

.
2013
.

350 . 450 .,

.
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3,5 .
2013
900 .
418

,
2011,
MEB.
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17.12.
,

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:
419

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Alvarez & Marsal
286
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,
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,
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286
3: ,
32.
420

20052010,
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759.865.000.

, ,
2009 MEB
18,7 ., 2010
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MB
( Marfin Financial Group)
616.533.000,
322,5 .,
Marfin Financial
Group 2006.

,
Marfin Financial Group 5

421
MIG,
97% 6,44%,
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.

Marfin Financial Group 97% 6,44%

2007,
.
,

1997.

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40 .
422
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MIG
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2008-2011
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MPB Marfin Financial Group

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MPB MIG ,

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423
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12 2012, ,
2010 2011
28.571.000 219.226.000 .
.

,
288
30
31 , 50.000
.

,
,

287
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4 2012,

( 6, 3).
288
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12 2012, 6.
424
289,
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.

.
17.13.

2006 2012 Cyprus
,
:
.

,

, ,
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289
51
52 Marfin Popular Bank Public Co Ltd.
425
.
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Banca Transilvania Uniastrum
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.

.
.
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bonus
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,
,
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,
.
Cyprus Popular Bank Public Co

Ltd , ,
426
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Cyprus Popular Bank
Public Co Ltd.
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Alvarez & Marsal
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Alvarez & Marsal

(Success Fee)
,

.

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17.15. Independent Due Diligence of the
427
Banking System of Cyprus PIMCO

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Tosca Fund

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PIMCO
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431

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Focus Maritime Corporation

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17.16.7
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432

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2 2014
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/
:
//
:
/
, :
. .: 23.04.029.304.2012
433
290
290

,
.
434

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Cyprus Popular Bank Public Co Ltd

Cyprus Popular Bank Public Co Ltd

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Cyprus Popular Bank Public Co Ltd .

Cyprus Popular Bank Public Co Ltd

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Marfin Investment Group,

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ALVAREZ & MARSAL:

INDEPENDENT DUE DILIGENCE OF THE

arfin Investment Group Tosca Fund

J.P. Morgan & Co

Marfin Egnatia Bank .......

Independent Due Diligence of

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Top management in Greece had shown disregard to the

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, Cyprus Popular Bank Public Co Ltd,

[Emergency Liquidity Assistance (ELA)].

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Cyprus Popular Bank Public Co Ltd

3: ELA Cyprus Popular Bank Public Co Ltd

() - European Financial Stability Facility (EFSF),

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Barclays Expobank $745

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(equity) Uniastrum 64 . 2006

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