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PLANS to appoint former House president Alexis Galanos interim chairman of the Bank of Cyprus (BoC) have hit a legal obstacle as such a move would be incompatible with him also being the mayor of Famagusta and chairman of the union of municipalities.The government wants an interim board appointed as soon as possible, to oversee the stricken lender’s restructuring following a Eurogroup decision to impose hefty losses on its uninsured depositors.Galanos agreed to take over the post but reports said a legal ruling stated it would be in conflict with him being a mayor and the head of the union of municipalities.Reports suggested the matter was discussed in a one-hour meeting between President Nicos Anastasiades and Central Bank Governor Panicos Demetriades... 7 comments
March 29th 2012