Gold Magazine November - December 2013, Issue 32 | Page 47

y

ADMINISTRATIVE SERVICES

Gold: Last year you were very pleased that
the long-delayed law regulating fiduciary
service providers was finally approved.
But three months later we had the bailout
and the ‘bail-in’. First of all, how has your
particular sector been affected by what happened?
George Savvides: I would say that our sector
was the first in line in terms of exposure to
the consequences of the unfortunate events
of March. The monetary loss suffered by
many international investors, as depositors or
shareholders of the two affected banks, was
a huge blow to the country’s reputation as
an international business centre. Restrictions
on bank transactions have been relaxed but
they still cause considerable disruptions to
day-to-day operations. Unfair attacks in the
international media and competing countries,
eager to signal Cyprus’ disappearance from the
international business map, have created even
more uncertainty. This has led to constant
questioning from clients as regards what may
come next in case the numbers don’t add up
for meeting financing needs. In addition, the
numerous scandals that have come to light,
especially in the banking sector and the semigovernment organisations, are causing people
to lose trust in the sys FV