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However the spoils of war needed to be occupied and rapidly transformed into a
working economy, harnessing the support of the people and re-enforcing the fait
accompli of recent political events. With Turkish support, the proto-state set up a
public company (Cypruvex) to manage an agricultural and export sector revival,
harnessing the resources and connections of the Turkish-Cypriot section of the cooperative
movement, most importantly the Cyprus Turkish Co-operative Central
Bank (CTCCB). Another public company, Eti assisted the CTCCB in ensuring the
provision of agricultural inputs and (particularly in the initial stage) assisting in the
transport and marketing of produce (both Eti and the CTCCB had London
subsidiarles and Londón was the main market for Turkish-Cypriot produce).
If the recent lending and debt of the CTCCB are a guide to earlier experiences, the
leadership in the north would have fully exploited any liquidity available to the
CTCCB (see Tables 5.1 & 5.2 below, which are the only records of this kind
available 70 ):
TabJe 5. 1 Loans by the CTCCB to different categories ofborrowers
1989
% SHARE
1990
% SHARE
1991
% SHARE
1992
% SHARE
1993
Millions of
TL
% SHARE
Co-ops 11,163 36% 24,639 31% 39,168 32% 63,076 20% 112,430 17%
Individuals 7,668 25% 20,702 26% 44,932 37% 91,728 29% 157,072 24%
Gov't bodies 12,272 39% 33,893 43% 38,197 31% 164,802 52% 386,662 59%
TOTAL 31,103 79,234 122,297 319,606 656,164
Table 5.2 Overdue CTCCB credit by category ofborrowers
1989
% SHARE
1990
% SHARE
1991
% SHARE
1992
% SHARE
Millions of
TL
% SHARE
1993
Co-ops 3,128 45% 4,608 48% 8,742 45% 9,790 15% 9,888 5%
Individuals 986 14% 1,858 19% 5,072 26% 9,941 16% 20,527 11%
Gov't bodies 2,783 40% 3,160 33% 5,584 29% 43,975 69% 161,365 84%
TOTAL 6,897 9,626 19,398 63,706 191,780
70 Interviews with Gulhan Alp, Chief Accountant at the Cyprus Turkish Co-operative Central Bank
Ltd (CTCCB), carried out on the 21/4/95, 02/5/95, 09/6/95, 28/7/95, 8 & 11/8/95, in his office at
the CTCCB, in Nicosia.
267