The major function of the Bank is banking business which is provided from its branches established in all main government controlled towns and the capital Nicosia. The banking activities include acceptance of chequable and other deposits from co-operatives and the public, lending, money transfer services, issuing and administering means of payment (Banker’s drafts etc), issue of guarantees, acceptances, indemnities and commercial letters of credit, foreign exchange facilities as well as various ancillary services. It is a full-fledged commercial bank on an equal footing with the non-co-operative commercial banks.
The Bank offers an outlet to co-operative societies and those institutional depositors who want to place their money within the co-operative movement (and are thus enabled to employ their resources profitably and with safety). Services provided as part of the Bank’s deposit business include :
· Current accounts
· Savings accounts
· Seven Days Notice accounts
· One to Three months’ Notice accounts
· Three to Twelve Months’ Notice accounts and
· Over Twelve Months’ Notice accounts
The lending operations of the Bank are conducted almost exclusively with its member co-operatives and fall into three main categories:
· Short term loans repayable within a period of up to 1 year, for the financing of purposes such as crop cultivation, purchase of fertilisers, seeds and other agricultural requisites.
· Medium term loans issued for periods of 2 to 5 years for the financing of such purposes as capital investments in agriculture, construction / maintenance of store buildings, purchase of machinery and equipment.
· Long term loans for periods from 5 years to a maximum of 15 years, granted to co-operatives for erection of office/business premises, purchase of heavy machinery and equipment and other long-term investments or capital expenditure.
In addition to the extension of loans for agricultural development directly to the individual farmers as well as via its member Co-operative Credit Societies, the Bank is also the main provider of long term credit for financing development projects of local authorities, semi-government organisations and other utilities.
Through its Foreign Department the Bank offers all types of foreign exchange services such as
· foreign exchange dealings,
· transmission of payments,
· purchase and sale of foreign notes and cheques,
· opening of commercial/documentary letters of credit,
· acceptance of deposits in foreign currencies,
· remittances abroad ,
The data contained in international credit transfers and separately requested express Credit transfers, is forwarded to the beneficiary’s banks via the worldwide payment services, The Belgium based, Society for Worldwide Inter-bank Financial Telecommunication (SWIFT). For the system security reasons, SWIFT has operating centres in Europe and the USA and as a result personal data is transferred to the USA. This is a legitimate transfer due to the participation of SWIFT in the Safe Harbour Framework. These data may be accessed by the US Authorities pursuant to local applicable laws for the purposes of combating terrorism.
· foreign exchange services to importers and exporters,
The Co-operative Credit Societies are not authorised foreign exchange dealers and do not offer foreign exchange services. Consequently the activities and the services offered by this department of the Bank are of vital importance to the whole of the Co-operative Movement, particularly to the individual members of the Co-operative Credit Societies who are able to execute their international dealings and business through the Bank at specially reduced rates without having to seek such a service elsewhere, outside the Co-operative Movement.
The
role and responsibility of the Treasury department is the management
of the assets and liabilities of the Bank on a daily basis. Among its
activities is the daily management of the liquidity of the bank by
dealing in the local inter-bank money market and the monitoring and
managing of the interest rate risk assumed by the bank.
Further,
the
department handles all the investments of the bank in the capital
markets
(Treasury
Bills, Government Bonds, etc.)
The
Treasury department is
also involved in Foreign Exchange dealing (with spot and forward
transactions) which cover the foreign exchange positions from the
foreign exchange transactions with its corporate clients and other
co-operative credit institutions. The Treasury is also responsible in
managing the foreign exchange risk emanating from its dealing in
foreign currencies. In addition it provides the daily exchange rates
used for retail foreign exchanges transactions and supports the
Bank’s branch network and cooperative affiliates for their daily
foreign exchange dealings.
The department has recently being re-organized and new investments are being made in technology and automation to better support the expansion of the operation and the treasury services provided to the cooperative institutions.
Correspondent Banks for the Cooperative Central Bank Ltd.
Interest Rates For Foreign Currency Deposits For Co-Operative Central Bank Customers
Interest Rates For Foreign Currency Deposits For Co-Operative Credit Institutions
Contact Information
Co-Operative Central Bank
Treasury Department
8, Gregoris Afxentiou Str.
PO Box 24537
1389 Nicosia
Cyprus
Tel: +357 22743050
Fax: +357 22672431
Swift: CCBKCY2N
Reuter: CCBC
E-mail: DealingRoom@ccb.com.cy
The provision of fertilisers and other basic requisites through its Commercial Division is another area in which the Bank renders excellent service and makes a valuable contribution. The Bank has long since become by far the major supplier of fertilisers, the only supplier of potato seeds and one of the main suppliers of basic agrochemicals-pesticides. The product portfolio of the Commercial Division of the Bank includes products from Zeneca Agro and Haifa Chemical , which have a dominant presence in the International market, and for which we are the sole distributors in Cyprus. This operation of the Bank exerts a moderating influence on the prices of the agricultural requisites and other such commodities in the Cyprus market. They are imported by means of international tendering which enables the Bank to secure the lowest prices consistent with good quality. Some of the varieties of fertilisers and pesticides are processed and packaged at the Bank’s fertiliser factory. The farmers enjoy the benefit of the most competitive prices in the market. In the international fertiliser market the Bank has established itself as a reputable and reliable institution and this has been a significant factor in being able to secure the best possible terms. Various other services are also offered, including free of charge technical advice by qualified staff and Agronomists on matters relating to crop cultivation and protection and farming in general by practicing the Integrated Pest Management (IPM) methods supported by the largest distribution network service in Cyprus.
Through its association with the international Insurers ALLIANZ of Germany the Bank provides a wide range of insurance services. The Insurance Department of the Bank had been acting as general agents of Legal & General Assurance Society Ltd since the early 1960s. This relationship allowed the Bank to offer full-scale general business insurance products. In early 1993, when Legal & General decided to withdraw from Cyprus as a consequence of their decision to withdraw from overseas operations, the management of the Bank entered into an agreement with the German Group Allianz Insurance Companies through their subsidiaries in Greece. Thus the Bank Ltd has been appointed general agents for Cyprus for both Allianz General and Allianz Life Insurance Companies with effect from January 1994. Consequently starting from January 1994 the Bank’s portfolio was transferred from Legal & General to Allianz Insurance Company. The transfer was completed in an orderly manner and the Bank continues to offer a full range of General Business Insurance products:
· General Liability Insurance (Public Liability)
· Employer’s Liability, Contractor’s All Risk
· Motor Insurance
· Consequential Loss
· Fidelity Guarantee
· Personal Accident
· Marine Insurance
· Goods in Transit
· Fire Insurance
· Theft Insurance
· Travel Insurance
· Hotel Insurance
· Loss of Money
· Computer Insurance
· Group Life Insurance
· Package Products combining the above to meet the insurance needs of the Co-operative entities-clients
Since 1994 the Bank with its Insurance Department has been engaged in a continuous effort to improve the services offered and to capitalise on the opportunities arising from its association with Allianz and its special position in the Co-operative Movement of Cyprus. The prospects of growth of the insurance operations of the Bank are excellent and already there are indications that, in the next few years, will achieve further progress and attain an appreciable market share.
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