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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » COPE says Greek bonds should be further investigated

COPE says Greek bonds should be further investigated

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

The Parliamentary Committee on Public Enterprises (COPE) has recommended that the Central Banks investment in Greek bonds which has resulted in the loss of around US $ 15. 6 million to the country be further investigated.

Senor Minister D.E.W.Gunasekera who heads the Committee presented an interim report to Parliament today based on investigations it has carried out into the workings of 31 state owned institutions between January and September this year.

The Central Bank investment in Greek Government Bonds which had a face value of EUR 30,000,000 for EUR 22,163,500 (Rs 3,472,576,045) on 05.04.2011 without considering the unfavourable market conditions and in a situation where a high credit risk had been predicted by rating agencies came under scrutiny by COPE.

“The Auditor General had reported that this transaction had resulted in a loss of US $ 15.6 million approximately. The explanation offered by the Central Bank was that in the overall investment in the Euro-Zone, there was a profit on the investment. However, the fact remains that the investment on Greek Bonds resulted in a loss, the Report said.

The Committee observed that the Economic Recession had engulfed the continent of Europe and that Greece had been placed in a crisis situation for a longer period of time. The element of high risk was quite discernible. Therefore, this transaction needs further investigation, it said.
http://sundaytimes.lk/index.php?option=com_content&view=article&id=26100:cope-says-greek-bonds-should-be-further-investigated&catid=1:latest-news&Itemid=547

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