A sectoral investigation by the Fee for the Safety of Competitors (EPA) on gas costs is underway, the President of the EPA, Eva Pantzari, mentioned on Wednesday earlier than the Parliamentary Committee on Establishments, which examined ex officio the functioning of the EPA. On the similar time, he famous that the EPA is conducting a complete of 4 ex officio investigations, including that the acquisition of Hellenic Financial institution by Eurobank strengthened the competitors with Financial institution of Cyprus. He additionally mentioned that the share of the corporate that purchased 3 hospitals in Nicosia quantities to 18% of the beds, with OKYPY proudly owning 60% of the hospitals.
For his or her half, the President and members of the Parliamentary Committee on Establishments referred to as on the EPA to conduct extra investigations and do a correct and higher job, as they mentioned.
What was mentioned within the session
The President of the Parliamentary Committee on Establishments, DISY Member of Parliament, Dimitris Dimitriou, said that there are 4 sectors of the economic system for which the EPA should be alert (asphalt crops, hospitals, banks, gas).
He reported that the 2 remaining bituminous crops had raised their costs significantly and that there had been a focus of numerous dispensaries below one proprietor. On the similar time, he mentioned that the invitation of the President of the Republic to 2 financial institution managers on the problem of costs was “provocative”.
The Parliamentary Consultant of AKEL, Giorgos Loukaidis, requested to learn in regards to the outcomes of the EPA's work. “The image we now have is that, as a substitute of functioning as a Fee for the Safety of Competitors, it features as a Fee for the Safety of Oligopolies,” he mentioned.
AKEL Member of Parliament, Andreas Pasiourtidis, requested an investigation into the promoting of insurance coverage providers from banks' web sites in violation of the laws on insurance coverage corporations.
The Member of Parliament of DIKO, Zacharias Koulias, said that “the registry of the EPA till now has been in favor of monopolies”, whereas he requested the choice of the EPA on the banks.
The impartial Member of Parliament, Alexandra Attalidou, requested the President and the members of the EPA in the event that they had been frightened by the mergers of the hospitals, whereas she additionally requested for the place of the EPA on the invitation of the President of the Republic to the banks, in addition to on the investigations it carried out past the mergers .
The impartial Member of Parliament, Andreas Themistokleous, mentioned that “the PtD has the proper to ask whoever it desires, each time it desires, as many instances because it desires, for no matter purpose it desires, to the Presidential Palace”. He additional mentioned that the aim of the EPA is to make sure situations of wholesome competitors.
The President of EPA, Eva Pantzari, answering the questions of the MPs, mentioned {that a} positive of €5 million was imposed. on the Vasiliko Cement Works, which was paid in 2023. On the similar time, he famous that there are 4 ex officio instances. He mentioned that an ex officio investigation was launched for the milk sector in 2023, whereas an ex officio investigation was launched on December 18, 2024 for the gas market. Referring to the Eurobank-Hellenic Financial institution settlement, he mentioned that the EPA not too long ago studied the settlement in query. As he mentioned, with the settlement the competitors in opposition to the Financial institution of Cyprus was strengthened.
Aristos Aristidou, a member of the EPA, mentioned that Financial institution of Cyprus and Hellenic Financial institution have roughly 80% of the turnover of the banking sector.
Responding to Mr. Aristidou, the President of the Parliamentary Establishments Committee, Dimitris Dimitriou, mentioned that it’s “problematic” that the President of the Republic invited solely the two banks to the Presidential Palace.
Eva Pantzari reported that the share taken by the corporate that purchased hospitals in Nicosia is eighteen% based mostly on beds. 60% of hospitals belong to OKYpY, he added.
Andreas Themistokleous famous that “if the free economic system is left, we are going to attain savagery”. On the similar time, he mentioned that there’s fierce competitors for the acquisition of increasingly more non-public faculties, whereas he requested the EPA to look into this concern.
For his half, the Member of Parliament of DIKO, Pavlos Mylonas, mentioned that “the 2 banks have agreed with one another as a cartel on the costs”. “Didn't that hassle the EPA?” he puzzled.
Andreas Pasiourtidis requested to look at the vary of financial institution costs.
Responding to Mr. Pasiourtidis, Aristos Aristidou on behalf of the EPA mentioned that 2.5 years in the past a grievance was submitted in regards to the banks' costs, which is being examined.
For her half, Eva Pantzari mentioned that the EPA has 17 officers. “We now have pressed our operatives to begin the gas investigation,” he mentioned.
Subsequently, there was a confrontation between George Loukaidis and Eva Pantzaris concerning the acquisition of personal hospitals in Nicosia. Mr. Loukaidis mentioned the customer can impose its personal phrases, noting that the EPA ought to have thought of that danger. Ms. Pantzari said that there isn’t any such danger.
The consultant of the Affiliation of Storekeepers, Christodoulos Christodoulou, said that the Affiliation submitted a grievance on April 11, 2023 to the EPA concerning gas costs. He added that the EPA requested extra info from the fuel station house owners, who offered it, however the EPA refused to contemplate it, he mentioned. “Why did the EPA refuse? That is unacceptable,” he continued, saying the businesses personal 40% of the fuel stations.
The President of the Cyprus Customers' Affiliation, Marios Drousiotis, mentioned that “there are sturdy indications that there isn’t any wholesome competitors in gas”, requesting an in-depth investigation by the EPA.
A spokesman for the Ministry of Finance mentioned that the problem of rates of interest considerations the Central Financial institution and the Ministry of Finance, stating that the EPA can’t set rates of interest.
Alexandra Attalidou puzzled why banks give zero deposit charges and excessive lending charges. “There's no competitors, it's apparent,” he mentioned.
DISY Member of Parliament, Nikos Georgiou, requested if the fines imposed by EPA have been collected.
Giorgos Loukaidis, addressing the President and the members of the EPA, mentioned that “you aren’t doing all of your job properly”. As he mentioned, “we are going to proceed to place strain on you to get it proper.”
Andreas Pasiourtidis, addressing the President and the members of the EPA, mentioned: “Do you’re feeling that the Cypriot banking system is appropriately? Deep down you realize it's not working proper.”
Dimitris Dimitriou said that “EPA needs to be the bogeyman of companies that abuse client belief”. “You must show your work along with your motion, with ex officio investigations,” he prompt.
Responding to the MPs, Eva Pantzari mentioned that “we can’t escape from the tasks given to us by the legislation”. Referring to the EPA resolution on gas, she mentioned that it’s earlier than the Administrative Courtroom. Referring to what the consultant of the Affiliation of Stationers mentioned, she mentioned that “we want the proper proof to research”.
He additional said that the EPA collected fines of €5.5 million. in 2023 and €2 million in 2024. Talking in regards to the deposit charges, he identified that they’re completely different in every financial institution, which – as he mentioned – is confirmed by the info of the Central Financial institution.
The EPA member, Neophytos Mavronikolas, mentioned that the EPA began a sectoral investigation on fuels “to save lots of time, although you scold us for not doing an investigation on fuels”.
Andreas Pasiourtidis famous that if companies don’t really feel that the EPA is conducting ex officio investigations, however is just ready for complaints to be submitted, then the system just isn’t working correctly.
Lastly, Dimitris Dimitriou mentioned that the EPA ought to turn out to be extra “lively” and extra “passionate”. “I would love an ex officio investigation into the gas based mostly on the grievance of the fuel station house owners,” he concluded.
The statements of the MPs after the session
The President of the Parliamentary Committee on Establishments, DISY Member of Parliament, Dimitris Dimitriou, mentioned that the EPA “has an obligation based mostly on the laws to conduct an ex officio investigation, which sadly it doesn’t do”.
Talking in regards to the grievance submitted to the EPA in regards to the financial institution costs, he mentioned that it was submitted to the earlier composition of the Fee and that there was a delay in analyzing them as a result of useless time that existed till the courts determined whether or not the earlier composition of the Fee was authorized.
Referring to the grievance by the fuel station house owners about gas costs, he mentioned that earlier than the Establishments Committee there was a dispute between the fuel station house owners and EPA concerning the time of submitting the grievance.
Referring to the sectoral analysis on fuels carried out by the EPA, Mr. Dimitriou famous that the EPA knowledgeable that the investigation covers a interval of two years and can be accomplished quickly. Lastly, he mentioned he intends to ask the EPA to proceed the dialogue earlier than June.
The Member of Parliament of AKEL, Andreas Pasiourtidis, mentioned that the examples heard on the session of the Committee on Establishments “lead us to the conclusion that the EPA is afraid, has issue, has no intention of beginning particular investigations”.
“The conclusion we reached at this time is that the Fee for the Safety of Competitors is afraid of the system,” he added.
The impartial Member of Parliament, Alexandra Attalidou, mentioned that “we actually need (S.S. EPA) to hold out investigations into areas through which we now have seen for years that there’s arbitrariness”.
Noting that the EPA undertook to ship particular information to the Parliament, he expressed his perception that “it’s a kind of committees which have the duty of defending competitors to take action for the good thing about the residents”.
Supply: KYPE
