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Canada (Commission of Inquiry on the Blood System), [1997] 3 S.C.R. 440).

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16

() The Commission of Inquiry is not a court or tribunal and has no authority

to determine legal liability.
() Further, a Commissioner may make findings of misconduct based on the
factual findings, provided that they are necessary to fulfil the purpose of
the inquiry as it is described in the terms of reference.
() One of the primary functions of public inquiries is fact-finding. They are
often concerned, in the way of public shock, horror, disillusionment or
scepticism, in order to uncover the truth.

() A public inquiry into a tragedy would be quite pointless if it did not lead to
identification of the causes and players for fear of harming reputations
.

() I doubt that it would be possible to meet the need for public inquiries
whose aim is to shed light on a particular incident without in some way
interfering with the reputations of the individuals involved.

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(junk).

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21

3.0

3.1.

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Olli Rehn,
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2011, 75%
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The economy is projected to bottom out in 2010

and give way t a mild recovery in 2011 and stronger growth in following
years. .

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, 10/11/2011 Olli Rehn

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47

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10

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2011 . 8).
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21/01/2013

Reference of the Eurogroup

Terms of

( . 21 ).

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50

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2012
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LSE (London School of Economics)
2008. ,
, 23/09/2008 :

, 1929-30.

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.

.

, 50
.
1 2013
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.
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2012 ,
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, ,

FINANCIAL TIMES,

01/02/2013.

52


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, - 6%, 15%,
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,


Eurogroup. Eurogroup, ,
.

, ,
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, ...
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2011.

2 3 .

53

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, Eurogroup

Strictly Confidential

Commission Paper
,
23 2013, .

3.3.

3.3.1.
.

, ,
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.

55


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.

6
15
2013. 28
2013, 6, 7 , ,

.

100
, ,

100 .
15 27
2013.

.


1,8 .
.

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9 .

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,
59

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, .
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. , ,
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19. .

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,

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, , Hellenic American Bankers

Association , .
, ,
.

.
, ,

66

3.5.
3.5.1 .

.

2006 2013
15/09/2008 09/06/2010.

01/01/2006 11/10/2006.

,
23 650 , 13
599 .

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. 27 260
2012 199 .
41
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,
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01/03/2008 , , .


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. , ,
.

ICFCBS
2012 ( ) :

We

found that a common cause behind many of Cyprus problems lay in culture
and attitudes. A frequent observation by people we speak to, was that the
Cyprus establishment was too closed, that personal and political relationships
played too great a role in the management of its business affairs, and that it
69

needed to be more open to different ideas and belief. We agree. We found it

striking for example, that there are few non Cypriots on the boards.
.
,
.

3.5.2. .

, .
,
2008,
.
:
,

.
;

2004
McKinsey .

:

.,
.

.

,
70


.
.
2008,
, 3 , 85
. :
,
2008, , overdraft 12
600 3 33
floating charges

. , , floating charges
, , .

.
195
84%. 142
70% 125
60%. , 2005.
. :
, 100%,
110% .
2006
791
384 .
.

450 .
71

 2007 1 209

456 .


1,5 . 2 . .
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2 547
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2007, 1 209 , ,
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,
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72

 2005
10/06/2010 29/08/2012. ,
, ,

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2007 4
495 62 .

:

...
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-
-

, 2010

50%
50% 2011
..

2 ,
risk free
- .2 .

73


,
checks and balances .

3.5.4. .

,

ICFCBS ( ) :
Two characteristics of Cyprus of the banking methods contributed to the bad
loan problem at the heart of the crisis. One was the practice of advancing
loans against collateral (usually real estate) and personal guarantee, with
insufficient attention paid to cash flow and ability to repay.
( , ):

, real estate,

.
, ,
developers,

..

, ,

74

 ,
.
,
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.
, :
,
,
.

, , . ,
,

10,5 , 1 560
. ,
ARISTO DEVELOPERS,
, 2006
2011, 24 500 198 580
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:

, ,
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.
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114 ,
. , 38
.

75

5
2006, 19 950 2012.
, .
, :

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S. Z. ELIADES,
33 500 2006,
357,4

2011.

.
13 9 ,
.

.
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80 680
SFS. 8
820 .

76

 ,
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31 180 ,
, .

QUALITY 2 830

2006, 73 2011.
, 27 850
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.

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3.5.5. .
,
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, ,
77


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,
,
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. ICFCBS

.

,
.

TAMASOS HOTELS ENTERPRISES

. , ,
, ,
, , .
,
NEW MARATHON TOURS.

.

NEW MARATHON TOURS

. ,
, .

.
, :

.
.

193 ,

78

 CMS CUSTOMERS MANAGEMENT SERVICES

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570 .
199 , 107 ,
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79

3.5.6.

,
, 07/09/2006 14/05/2008,
.
,
, , .
1990 2002 Alpha Bank
Ltd. Alpha
Bank Romania.

,
. ,
2005.
,
110% ,
100%

100%

95%

.

, 668
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2
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668

, : 2
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80

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500 , 2009.
81

 Uniastrum,
Uniastrum.
14/05/2008,
.
- Uniastrum,
, .
Barclays .

Barclays
Uniastrum

Uniastrum
Barclays,
, , ,

.
, .
,
, .

.
ICFCBS

Weak Bank Governance,

,
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.

, :

82

 ,

, :

. , ,

, ,
culture
.

, ,

,

2007,
,
, ,
.
,
,

.
2013

, : ,
.

,
,
,
.
, :

83

 ,
HSBC

. , ,
70% .
.
,

, ,
. , ,
.
,
, , , 50 100

, .
, ,
,
, .

3.5.7. .
,
1991 14/5/2009,
. , ,
.

,
84

, ,
, ,

: 2006 - 52 98
- , 4 211 . 2007
60 227 , 4
615 . 2008 ,

, 170

187 21 700
, 2009 182 ,
275 , 2010
304 681
2011 319 681 .
,

;

2007, , , 80%
,
15% . ,
,

.
,
10 2009,
,
.
: , , ,
, .

.
85


.
.

, 01/03/2010,
,
.

, , ,

,

.

, Moodys
, ,
, ,
.
.

TAMASOS HOTEL ENTERPRISES SIGAN,

,
. , ,
, :
, ,
,
.

.
.
, ,
.

,

.

86

, ,
,
.

500 .
.
, : ..

... , ,
.
,
.
,

.
,
. ,
,

,

.
2011, .
Uniastrum,
, ,
.

87

 .
.

ICFCBS,
: The main external causes were two. One was the liberalizing
effect of Cyprus joining the EU and the euro, which opened up new markets
and released large amounts of liquidity under a previously tightly controlled
banking system, while simultaneously make it harder for Cyprus to restrain
credit growth with traditional monetary levers

,
.

3.5.8. .

, 2004, 1998
.

2012

.
,
, , Uniastrum,
, Eurogroup 2013
.
,

.

.

, ,

.

88

,
,
, 350 . ,
.

10/12/2009
,
2010,
, , 2011 stress
test . -
-
.
,
, . ,
. , 25
2012, : a Board of Directors, particularly a Bank Board, is not
just a club of friends .

ICFCBS a Weak Bank Governance,

corporate governance .. ,
,

checks and balances.

2006 2008.
developers
. ,
, PIMCO ,
, .

Alvarez & Marsal,

19/02/2010.

89

 Uniastrum , ,
.

,
J.P.Morgan Ernst & Young.

. due diligence report Uniastrum, Ernst & Young,

. ,

Uniastrum. Uniastrum ,
,
, Uniastrum , , 700
.

, Risk Committee Audit

Committee.

, ,

,
.


, 5 14 .
, , .

, , ,
. :
,

,
, , ,
, , ,
penalty .
, TAMASOS,

90


... .
,

.
retail bank,

.

.

investment banks, , .

2009

50%,

, ,
.

, ,

,
, .
,

, . ,
,
30 .
.

,

, , ,
.

91

ICFCBS ,
, :

,
, .

ICFCBS culture,
. ,
: , .
:

The problem in Cyprus is that it was

poorly managed. : .

ELA
, ,

.
,
100 ,
. Eurogroup
,
,
3,4 .

3.5.9. .

2010. 2005
2012 . ,

.

2004
92

 , ,

, :

2011. ,
.

1/3/2010
,
2012,
, .

, ,
,
.
, ,
, ,

,
2009, 50% .

2008 , :

.
, . .

.
Uniastrum,
:

, ,
93

 Uniastrum ;

.
Uniastrum , 700 .
Uniastrum,
: due
diligence ( ) ,
,
escrow,
.

Uniastrum, , 4 ,
2008 ,
.

ICFCBS :

When domestic

sources of funding eventually ran out, they used official liquidity support to
fund further expansion, including the fatal step ( ) of
acquiring 5.7bn Euro of Greek Government Bonds (GGBs) which was to cost
them 4.5bn Euro in losses eventually. , ,
.
, , ,
.

, : .
ICFCBS

business

methods.
. :
.
2005-2008, ,
,
, ..
94

,
. ,
,

.


: Culture. We found that a
common cause behind many of Cyprus problems lay in culture and attitudes.
A frequent observation by people we spoke to was that the Cyprus
establishment was too closed, that personal and political relationships played
too great a role in the management of its business affairs and that needed to
be more open to different ideas and people. ,
.

ICFCBS
2012,
2013.
Uniastrum, ,


.
,
, TAMASOS HOTEL ENTERPRISES
.

95

 , ,
, 2012
.
, ,

.

,
,
: , .


, ,
.
, ,

.
, , ,

.
, PIMCO
. , , 2012
,
10 .

, .

96

3.5.10 .

:
() ,
() ,
() .

2009 1,7 ,
,

11/12/2009,

, ,


.

06/07/2012,

. . .

, .

, , , ,
2012.

, 01/03/2010,
, ,
,
52 , 2010.
97

 ,
. , stress tests .
, , 2009, 1,7
.
2009 3 .
2010, Rating Committee ,
2 .

.
Alvarez & Marsal
.

TAMASOS HOTEL ENTERPRISES (-),

, - . ,
,
. , ,
,
.
, :

,
.
,
. . , .

. ,

2012 ,
.

. . .

98

 ,
,
, .
ICFCBS, ,

.

weak bank governance,

, ,

.
banking methods
,
,
,
, .
,

Eurogroup 2012 ,
: , ,

,
, ,
.

, , : ,

.

Uniastrum,
,
.
99

 ,
. , , ,
.

31/08/2012,

.
, :

, 31/08/2012

. ,
,
. ,

.
, , ,
, :

, .


. , , .
. ..

3.5.11 .

,

1980 1993 2004

. 2005
2006
100

 . 2010 .
12/07/2012
.
,

. :

,

.
bonus, , .
,
,
.

2006 2010 18

, ,
. ,
2011,

, .

.
2009,

home country.

2009. ,

101

 2009 , , Stock Watch

10/12/2009.


, .
, 10/12/2009,
, .

, 11/12/2009.
2010 ,
2

124 .

2010.
, ,
.
, ,
,
,
, 19 2010.

, , ,
.

01/03/2010,
,
,

.

102

 12 - -
.
ICFCBS
Weak Bank
Governance, .
Alvarez & Marsal
.

.

ICFCBS

.
.
, ICFCBS,
, ,
.
,
ICFCBS.
, : .

2012, .

,
.
2013

.

.
,

103

, ,
.

,
.

ELA, 9,5 .
ELA 19/02/2013 ,
, 1 .

, ,
2013
.
Uniastrum,
JPMorgan Ernst & Young
.
, 12
,
.

3.5.12. .

1991 2004. 2005
,
10/07/2012 .
2006 .
,
.
104

 .

, .
, () ALCO ,
()

.
10/12/2009

, ,
, ,
.

01/03/2010 ,
2012.
, ,

.
21/12/2005,
,
26/07/2004.

: () ,
() ,
()
,
()

, ,

, ,
105


, .
,
, 2011.
, , 31/12/2009
927 .
, ,
10/12/2009 .
2007,

,
.
operations . 2009
,
, .
2009 2010

, , : ..

,

. ,

,
.
Uniastrum,
- 2008.
, Uniastrum
05/06/2008 Moodys , the
change in outlook on Uniastrums deposit ratings reflects its weak financial
106

performance over the past two years , :

.
Fitch
2008,
Uniastrum. :

, , ,

.
Uniastrum,

161

539,8

, 235% .
: H , ,
JPMorgan, & s, Ernst & Young,
10 12 ,

, ,
, Uniastrum ...
Stock
Watch Uniastrum,
.
. :

To

.

2008,
,
.

107

27/08/2012
Uniastrum ,
.

Uniastrum.

.
Uniastrum,
, 200
250 .

, Uniastrum
.

, :
.

, ,

.
2011,
,
2011

,
.
,
, ,
. .

, ,
. , ,
108

 .
:
,
, ,

.
H Alvarez & Marsal

, 2010

.

2008
10/12/2009
400 .

.
, ,

.

, , ,

.
.

.

, , .
.
109

 , ,
,.
, ,
,
, 33

..
ICFCBS

,
.
,

Eurogroup

ELA
.

3.5.13. .
O
2007.

2012

- , .

10/12/2009
1,7 .

180 .
,
150
, 15/12/2009, 250
. ,
, ,
110

 ,
.

, 02/03/2010
.

,
.
13/05/10

.
,
10/12/2009 .

, ,
01/03/2010 ...

,
01/03/2010 .
27/04/2010 Standard & Poors Moodys,
14/06/2010 .
,

.

.

, : ,



,
111

 2
,
..
,
. .
Stock Watch
,
.

,
.
To
, . ,

2006-2011. 42
.

, , ,

2008,

2007.
.

, :
,
.

, .

, 2012, ..

112


.
,

. ,
,

To 2006
2011 126%, 12,8 28,9 .

, .

, 2 ,
: ,
, , , ,
, ,

, - 280
- .
, , ,
AMASOS HOTEL ENTERPRISES
, 2 813
. ,
, .
, :

113

 , ,
.
Alvarez & Marsal
there appears to have been a luck of formal governance
around major decisions and actions, 100%.
11.1()

, , ,
. ,
.
,

ICFCBS

, () Business methods,
() ,
() .
weak bank governance,
, , .

114

3.6.
3.6.1

2012.

2012,

, 2004 2005. ,
:
()
, 3,5 ,
() ,
() ,

.
, 50%
, .

, ,

.
2012.

115

50
.
.

. ,
85% ,
, 1,8 .
,
ELA 3,8 .
ELA, .
, .
,

.
ELA , 2012 9,6
. , ,
,
3,8 ELA.
1,19 ,
2012, ,
, .

,

200

2010, 1,6 2011.

116

ICFCBS

,
.

.
,
.
,
,
, 2012.

.

.
2012, ,
.
, , ,
.

3.6.2. .
09/08/2012
, ,
. ELA
:()
,
() (repos.) .

117


,
. ,
2013,
. ,
, .
2013,

,
,
,

2012,
8,5 .
.
,
, . , ,
, ,

.

, .

30 .
, ,
2011.
,
internet banking.
118

 ,
.

,
3 .

3.6.3. .
,

, HSBC 21,6%,
, Marfin Investment Group (MIG) TOSCA Fund.
, HSBC
.

,
HSBC . ,
,
, 51%.
5%.

HSBC Marfin Tosca Fund,

.

, 6
, 2005, ,

HSBC

, ,
50%
. , ,

. ,
119

 Johnny Crichton, Head of International,

SBC ( 101).
,
HSBC, 23/06/2005,

HSBC
( 102).
HSBC ,
,
,
HSBC,
,
,
.
,
MIG Tosca Fund.
,
Marfin ,
, 17


Marfin - : .

, ,
Marfin Financial Group, ,
.
120

O Marfin

.. ,
. Marfin ,
HSBC
.
,
: ,

.
17/07/2006.

- Marfin - ,
, merge.
. ,
,
. ,
,
.
.

121

3.7.
3.7.1. .

01/05/202 01/05/2007.

Marfin Tosca Fund

Laiki nominees, 2 2006.
, ,
,
,

.
-

- ,

06/07/2006.
Tosca Fund,
Marfin.

, .

Marfin
19%. 07/02/2006,
HSBC ,

.
, 2006,
(Memoranda) ( 98) .


122


...
, ,
HSBC : .
MARFIN
.

,
Marfin
Tosca Fund.

26/06/2006

( 82) :

,
Marfin Financial Group Holdings S.A.,
Tosca Fund
HSBC.
Marfin Financial Group Holdings S.A.

.

, ,

, 19% .
. ,

( 97() ),

Marfin
20%.

, ..

,
123

 Marfin
.


Marfin Tosca Fund.

,

.

, ,

Marfin Tosca Fund.

.
Dubai Fund 31%
,

. Dubai
.
HSBC
, ,
, ,
.
,
, ( 99),
.
.
.
.
124

 :
4.869,95 , 13.7%
. 125.02 ,
, .

150 .
,
: O
,
.
, ,
.
, , ,
Barclays .


.

3.7.2. .
Uniastrum,
, ,
.
, , 222 ,
600
.
, ,
, .

- -
125

Uniastrum.

Uniastrum 5/6/2008 Moodys Investors Services,

Moodys, 7/6/2008 ( 95).
Moodys, 27/6/2008,
.

. 75%
,
40% . Moodys
Uniastrum
.
Uniastrum 14
96 :
1. Poor corporate governance. 2. Failure to legitimize an indirect beneficial
ownership of certain states in the bank by the two key shareholders.

3.

Significant loan concentration. 4. High portion of loss with unclear substance

and inadequate collateralisation.
indicators.

5. Poor profitability and cost-efficiency

6. Unsophisticated risk management systems. 7. Weaknesses in

the loan process. 8. Absence of a formal policy with regard to related parties.
9. Deficiencies in the tax functions controls and methodology which may
potentially lead to additional tax liabilities 10. Lack of disclosure.
, 2007

,
, .

126

 . -
VIP - .
,
.
4,300 . , , 14
96, According to E & Y due to strong asset growth yet poor internal capital
generation,

Uniastrums capital adequacy has become a constraint to its

future development. ,
, ,
,
,
business plan
2008 2009.
,
Uniastrum 31/10/2008, Fitch
.

14

, : Fitch downgraded the Bank of Cyprus long term

issuer default credit rating estimating that the acquisition of Uniastrum Bank in
Russia increases the risks of the credit .
Fitch .

Uniastrum.

3.7.3. .

. 2003.
:

127

() Uniastrum,
() ,
() ,
() ICFCBS.

Uniastrum
( 14),
,
80% Uniastrum
( 15).

, ,

, ,

,
,

due

diligence
Sales and Purchase Agreement Shareholders
Agreement.

, 222, 125

Uniastrum .
Uniastrum
, ,
/
.

128

() ,
() Uniastrum
,
()
Uniastrum ,
()
,

Uniastrum.

,
Uniastrum .
, , 05/06/2008
Moodys Investors Services Uniastrum
.2 .

.

,
, Ernst & Young.
, Uniastrum
.

129

01/03/2010,

.
. ,
.

, .

ELA
, ,
,

. ELA
solvent,
.
18/05/2012,
, , ,
9 .
ELA, ,
, . , ,
.

,
, , .

130

 ICFCBS
,
.

. , :

governance legal
authorities ,
.

3.7.4. .
.

. ,
Marfin, 07/06/2006,
10%, 19%.

10% .
Marfin Tosca Fund

10%

2006,

, ,
,
, Marfin

.
19/05/2006 Marfin
20%.

19/05/2006 ( 97). ,
131

25/05/2006, ,
. ,
. .

,
Tosca Fund .

19%
.
07/06/2006 Marfin
19% . 29/06/2006
,

Marfin Financial Group Holdings S.A.

Tosca Fund

(. 3 96).

,
.


Marfin Tosca Fund.
,
01/03/2010 ,
29/02/2012.
Alvarez & Marsal
, ,

132


.
ELA ,
.

,
. , ,
ELA ,

.
,
,
, 2013,
, ,

, ,

.
dead line ELA
21/03/2013.
,
,

minimum ,
,

133


.




.

ICFCBS

,

. ,
, , .

,
:

,

.

Eurogroup Eurogroup 25
.

, :() Eurogroup ,
()

prior action

Eurogroup,
134

()
.
, ,

,

. , ,
. , ,

.

3.7.5. .

1 2007 2 2012.

2007

,
.
. .
2008
.
. .
15/04/2009

.
1930
.
.

135

 . , .
, .
,

.

.

30/04/2012,
.
,
. 17/04/2012

.
,
2012


EFSF, .

2012

.
.

.


.
136


. ,
, .
,
. ,
.

.

. 01/12/2009
,

.
, 6% 2010
2011. , ,

. ,
. .

.
, . 18/05/2010.

. ,


.

,
.
:

,
137

 .

,
.
,
.

.
.

, ,
.


.
.

18/07/2011.

2011.
, ,
,
,
, 1974.
1974.
15/07/1974
,

, ,
,
38% .
80%
138

 70%
. .
,

.

Uniastrum, , ,

.
,

.

( 96 14).

17/04/2012
. ,
. 2011
2012
ELA. To
, , , ,
4,5 . ,

.

, . 01/03/2010
( 83),
, ,
.
139

 ,
,
. ,

,
.
01/03/2010 .
Alvarez & Marsal,
, ,

.
.
- Independent Commission
on the Future of the Cyprus Banking Sector
, ,

.
.
.
,

.
, .

:
() ,
.

140

()

.
()
200 .
,
.
()
.
() PIMCO

3.7.6. .

03/05/2012.
Leicester .
,
.

, .

.

ELA

()

() .
,
.

, ELA ,
,
.. ... .

,
141

 Eurogroup
25/06/2012.
,
, .
ELA,

, .
26/03/2013 :
ELA 9
.
,
.


,
2013.

ELA

9,1 .
Financial Times 10/02/2013
, 400
. . ,
1 15/03/2013
550 .
Eurogroup 2013, ELA
21/03/2013.

142


Eurogroup : Take it or leave it. .

,
, : , ,
2012,
2011,
.

.
,
, , ,
.

.
,
.

, , .

2012, .
,
,
.
05/10/2012 ( 103)

143

 18/11/2012 ( 104). 104

.
2012
,
ELA .
2012,

Memorandum of

Understanding. , ,
.
10 .

1,19

,
06/06/2012

bail-in, .
,
, 01/02/2013.
PIMCO,
3,9 .

, .

,
3,4 .
.

, PIMCO.

16/03/2013 ,

.

internet banking,
144

 10 ,
. ,
, .
. ,
. , .
,
.
banking,
11/12/2012 ( 106),
:
,
toxic assets,

.
21/01/2003 Eurogroup

. , , Eurogroup.
, 107.
,

. , , .

.
ICFCBS

weak bank governance .

, :

Alvarez & Marsal.

145

 01/03/2010
, follow-up,

. ,
.
ICFCBS

.
,
,
.
PIMCO
, , PIMCO,
.
PIMCO,
. , , Black Rock ,
, .

04/06/2013

.
:
PIMCO ,
400 , , .

146

3.8.
3.8.1. .,

25
2013,
.

,

, ,
, ,
,
, , .

3.8.2.

2013 1 2013.
29
2012 , 1,19
.

1,19

.
147

 , 06/06/2012,
2013 ECOFIN. , ,
. ,
.
, ,
, 01/02/2013
,
bail-in

( 1,6).

, , ,
Eurogroup
2013, .

2013,
.

, , ,
.
02/06/2008,
ASTRA,
,
2008.

. : , , ,

,
, 48%,
,

, .

148

- .
:
,
. ,
, ,
2008 ,

.
, 14/10/2008,
,
.

Eurogroup. , ,
, , ,
, .
, , Common Paper on Cyprus

23/07/2013 , ,

bail-in.
16/03/2013

Eurogroup,

17/03/2013

100
30 .
100 6,75%
, 9,9%.
149

 , ,
ELA .

, ,
,
,

, ,
.
, , ,

,
,

.

2013,
, ,
,
.

100 ,
.

, ,
15 , , 15
25 ( 115).

150


Eurogroup

, ,
, 70%

37.253/83
,

.

. , ,

, ,
, .
,

Eurogroup

, .

),
. ,
Eurogroup.

- , ,
- .
,
, , .
;

,

:
, .

151

, , .
,
, ,
.
,
, , ,
.
, ,

, .
, ,
Eurogroup .
Eurogroup
,
,
.
,
Eurogroup,
, , White
and Case.

, ,

.
Eurogroup
.
Eurogroup,
.

152

 ,
.

,
3 , .
,
Eurogroup. ,
.
, ,
, ,
, .

,

, ,
, .

, :
, , , ,


,
, ,
..
.

153

4.

,
, .


,
.
( )
,

.

01/01/2008 , ()
60% , ()
3% , ()
. ( 2007 3,6%).
1974 , ,
,
. ,
. .
, .
154

,
.
Lehman Brothers
, ,

.

, ,

,
.
( 2008)

.

,
05/08/2011.
,

, , 2012.

58,3% 2007, 85,8% 2012.

, 3,4% 2007, 6% 2009,

-5,3% 2010, -6% 2011 -5,2% 2012.

, 2007 2012 . 3,9%

2007, 12% 2012.
.

,
,
.

155

 . 2007 5,1%,
2008 3,6%, 2009 -1,9%, 2010 1,1%, 2011
0,5% 2012 -2,4%.
2008
.

, .

.

, .

,
.


, ,

.

, ,
.

,
.
,

.
156

 ,
,
.
, - ,
, .

, 2010,
,
.

, , :

, .

, ,
,
.

,

.
2011
,
.

2011,

. , ,

2,5

. , ,
157

 .

, .
,
,
.
, ,
, 2 .
,

Poors 13/01/2012,

( 11).

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(1983)

3 C.L.R.

64

(SJ),

: Perusing the confidential reports, it came to my notice that in

some of them, comments are made about political loyalties of civil servants.
There is no authority either in the law or the General Orders applicable until
1979, or the regulations that replaced them under Circular No. 491, for an
evaluation of the political loyalties of civil servants. Hopefully this practice has
been discontinued for, in recent confidential reports no mention is made of the
political loyalties of officers.

If not, it must be discontinued for it is arbitrary

and tends to undermine the stature of the public service.

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