Annual Report 2012 - The Cyprus Development Bank

annual report 2012INDEPENDENT AUDITORS’ REPORT (continued)TO THE MEMBERS OFTHE CYPRUS DEVELOPMENT BANK PUBLIC COMPANY LIMITEDWe further draw attention to note 31(e) of the financial statements, which refer to the Company’s capital adequacy ratios being lowerthan the minimum required by the Central Bank of Cyprus as well as to the respective measures taken by the Company. Failure torectify the situation may indicate the existence of a material uncertainty which may have a significant effect on the operations of theCompany and the Group. Our opinion is not qualified in respect of this matter.Report on Other Legal and Regulatory RequirementsPursuant to the requirements of the Auditors and Statutory Audits of Annual and Consolidated Accounts Law of 2009, we report thefollowing:• We have obtained all the information and explanations we considered necessary for the purposes of our audit.• In our opinion, proper books of account have been kept by the Company.• The consolidated and separate financial statements are in agreement with the books of account.• In our opinion and to the best of our information and according to the explanations given to us, the financial statements give theinformation required by the Cyprus Companies Law, Cap. 113, in the manner so required.• In our opinion, the information given in the report of the Board of Directors on pages 4 to 5 is consistent with the financialstatements.Other MatterThis report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Section34 of the Auditors and Statutory Audits of Annual and Consolidated Accounts Law of 2009 and for no other purpose. We do not, ingiving this opinion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report maycome to.Panayiotis A. Peleties FCACertified Public Accountant and Registered Auditorfor and on behalf ofKPMG LimitedCertified Public Accountants and Registered AuditorsEsperidon 141087 NicosiaNicosia, 4 June 20137