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Laiki Bank, found in Cyprus in 1901, by 2015 will become again the engine that saves economy of Cyprus
(Open Letter)
31/03/2013

Mr. Michaelis Sarris,
Minister of Finance,
Republic of Cyprus

Sir,

Your last meeting in Moscow on March, 21st, 2013 with my deputies gave a glimpse of hope to all the depositors of Laiki Bank that the said Bank will not be decapitated, and that the Bank could be restructured. It would pay to the creditors, and that within next 5 years could become again a prime financial institution of the island. We refused to pursue single handed actions but we accepted a particular rescue plan for the Bank that could be fulfilled jointly.
In March 28th, 2013, just a week after your visit to Moscow, Committee of Creditors of Laiki Bank (CCLB, Moscow) committed to a strategic decision to join efforts with the Government of Cyprus to save the Bank.
Instead of depicting the Bank’s account holders as victims of international crisis, we trust they are responsible citizens from all over the world, and this human capital is available for you to keep the Bank afloat. Their money is not only the issue or the solution. Together with 170 thousand account holders you would be able to find numerous competent lawyers, bankers, economists, researchers, analysts, risk managers, CEOs, and combined with more than 7 thousand Bank’s employees this formidable work force is available for you in our joint efforts and coordinated activity.
It is pre-conceived that functioning of the Committee of Creditors is transparent for everyone from day one, for both account holders and interested persons. Please find us on Facebook https://www.facebook.com/groups/117438401781905/ to promote the said principles.
The budget to sustain the activity of CCLB would consist of donations. We set up an account to collect funds and the reporting mechanism was established alongside. One can easily find it on the FB page.
Please feel free to join us, provided President of Cyprus, yourself as Minister of Finance, Governor of Central Bank, Chairman of the Board of Laiki Group, CEO, financial director/treasurer, official auditor, representatives of Russian business associations in Cyprus, trade mission in Cyprus, etc., are interested to participate alongside with account holders in this journey, that eventually will revitalize much needed confidence in Cyprus.
We, account holders, have enough funds to recapitalize the Bank, on the level of close to 8 billion Euros, and there is no requirement of massive cash injections that would inflict new liabilities issue of the Bank.
We intend to be completely operational by April, 28th, 2013.
We are open for discussions and look forward to receiving your ideas, thoughts, and plan of action.
Very Truly Yours,
Gennadiy Yusufov
Chairman, CCLB
Chairman of the Board of Directors, Nadezhniy Bank
Chairman, Third Rome Investment Bank
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