EY today announced the release of the third-generation zero-knowledge proof (ZKP) blockchain technology to the public domain on the Ethereum public blockchain. The enhancements of the ZKP blockchain technology will help make private transactions on public blockchains more scalable by significantly reducing transaction costs through batching multiple private transfers together in a single transaction.

The rapid spread of COVID-19 pandemic has caused an unprecedented global shock, both on a humanitarian and an economic level. As most countries are relaxing lockdown measures, uncertainty on navigating the impact of the pandemic on the economy is apparent. EY Cyprus in an effort to support the local community navigate the effects of COVID-19, has prepared a new Industry Pulse report on the Retail sector, adding to the series of Industry Pulse Reports on Banking, Tourism and Real Estate. The Retail Industry Pulse Report is the fourth and final Pulse report to be issued and it provides a sector-specific perspective on the COVID-19 impact, fiscal and monetary policy, recovery scenarios, trends and recommendations.

Despite the global slowdown caused by COVID-19, the renewable energy sector is expected to bounce back quickly as the long-term drivers for investment remain strong, according to the 55th EY Renewable Energy Country Attractiveness Index (RECAI). The latest index considers the potential impact of the pandemic, looking at the resiliency of countries in both health and economic terms.

EY announces the launch of a broad suite of workplace tools as part of a framework for organizations and HR teams planning a phased and safe return to physical workplaces for employees. The Physical Return and Work Reimagined framework is designed to strengthen workforce resilience and help see a safe return to physical work environments as countries around the world begin to ease COVID-19 mobility restrictions and seek to resume higher rates of economic activity.

EY Cyprus was named Transfer Pricing Firm of the Year for the second consecutive year by ITR in recognition of the high-quality tax services offered. The ITR European Tax Awards take place annually aiming to recognise distinguished tax service providers from the Europe, Middle East and Africa (EMEA) region. The Transfer Pricing Firm of the Year award has been available for Cyprus since 2019 and EY Cyprus has been awarded with this recognition from the first year.

The unprecedented challenges facing global health care systems as a result of COVID-19 reveal the urgent need for the global adoption of a data-driven, personalized approach to health and wellness, according to the Five Trends Driving the Emergence of the Personalized Health Ecosystem report. While organizations have long recognized the potential of technology to capture and use data to transform their industry, until now, they have lacked the “burning platform” that the pandemic provides to make changes imperative.

EY Cyprus held a webcast on Tuesday, May 12th, titled Beyond COVID-19: Business Transformation Accelerated, which was attended by executives from over 100 businesses based in Cyprus. The webcast addressed the need for organisations to accelerate Business Transformation, as a result of the COVID-19 pandemic, in order to get aligned with the altered customer behaviour, the need for cost optimisation and the reformed workplace experience. The webcast was presented by professionals of EY Cyprus with expertise in the business transformation process.

The COVID-19 crisis is being defined by four distinct consumer behavior segments, according to the first edition of the EY Future Consumer Index, a survey of 4,859 people tracking consumer sentiment and behavior across the US, Canada, the UK, France and Germany . These are “Cut deep”, “Stay calm, carry on”, “Save and stockpile” and “Hibernate and spend”.

The rapid spread of COVID-19 pandemic has caused an unprecedented global shock, both on a humanitarian and an economic level. In an effort to support the local business community to combat the effects of COVID-19, EY Cyprus has conducted a series of surveys that capture the initial impact in three of the main sectors of the Cyprus economy: Banking, Tourism and Real Estate. The first two reports have been published last week and they capture the realistic collective sense of the industry sentiment and expectations of this crisis. The Real Estate Industry Pulse report will be issued in the coming days.

The rapid spread of the COVID-19 pandemic and the government measures implemented to address it, had a drastic impact on the global economy. As a result, businesses are facing new challenges in a destabilizing environment.

EY Cyprus announces that, effective from 1 July 2020, David Barker will be EY’s new Country Managing Partner in Cyprus. He succeeds Stavros Pantzaris, who has served in this role over the last five years, a period during which EY has achieved market-leading growth, with headcount more than doubling. Stavros will continue as Chairman of the local Board, supporting the deepening of local relationships as well as serving clients as the Global Client Service Partner.

EY Cyprus announces the operation of the EY Academy of Learning & Development, a new learning hub aimed at developing better professionals and enhancing the capacity of organisations, teams and individuals by improving their knowledge, skills and culture.

Following the outbreak of COVID-19 in Cyprus, the Government, in addition to the initial announcements, decided the following measures:

As COVID-19 continues to impact the global and local community, EY Cyprus is taking necessary measures to protect the health and wellbeing of our people, customers, associates, and wider community, while minimizing potential disruption.

EY announces plans to be carbon neutral by the end of 2020, by both reducing and offsetting its carbon emissions. The commitment reflects the EY focus toward becoming a more sustainable organization by improving environmental performance and driving long-term, sustainable growth.

The process of eviction and recovery of possession of property are topics which have frequently been under discussion in Cypriot courts, tribunals and the Cyprus Parliament. The legal framework of evictions and recovery of possession of property has for years been favouring the tenant - with procedures in court taking no less than 9 months (in cases of summary judgement) and lasting up to 5 years for a full adjudication.

Despite citing regulatory and geopolitical uncertainty as the greatest external risks to growth, 58% of technology, media & entertainment and telecoms (TMT) executives expect to actively pursue mergers and acquisitions (M&A) in the next 12 months – up from 42% a year ago. This is according to the latest edition of the EY Global Capital Confidence Barometer (CCB), which also finds that 63% of global TMT executives expect to see more megadeals (US$10b+) in the next 12 months.

Geopolitical uncertainty and trade tensions heavily impacted the 2019 IPO landscape, pushing overall IPO activity down in terms of deals and proceeds. 2019 has registered 1,115 IPOs with proceeds of US$198b – a 19% fall in deal volume and a 4% decrease in proceeds compared with 2018. However, as US-China-EU trade tensions, concerns about economic growth and other geopolitical issues – including Brexit and social unrest in Hong Kong – subside, a healthy increase in IPO activity is expected in 2020, particularly in the first half of the year, as markets are expected to become more volatile leading up to the US Presidential elections.

Private equity firms now manage commitments of nearly US$3.4t globally, up from less than US$500b in 2000, and in a significant shift new capital from private markets has surpassed for capital raised in public markets for the first time ever.

As insurance industry growth remains stagnant for another year due to low interest rates, the shifts in consumer demographics around the world coupled with heightened expectations for digital experiences present insurers with risks and opportunities. The EY Insurance Outlook 2020 report – based on collective sector workshops with insurance leadership across the globe (Americas, Asia-Pacific and Europe) and a formal survey of EY insurance professionals and external analysts – reveals what life and non-life global insurers plan to prioritize in the year ahead to remain competitive in this new paradigm.

The health care sector is becoming more consumer-centric, participatory, outcomes-based and cost-efficient, but lags in introducing automation and enablement technologies. This is according to New Horizons 2019: An EY NextWave Health Report, that explores the shift from reimagining the health ecosystem of tomorrow to executing on that vision.

Managing risk over the next decade could prove more challenging due to 10 key risk factors, according to the new EY and Institute of International Finance (IIF) bank risk management survey titled, An endurance course: surviving and thriving through 10 major risks over the next decade. The key risks, which started primarily as financial, have evolved into today’s nonfinancial risks, such as cybersecurity, geopolitics and climate change.

To meet net-zero targets, investment is needed not just in renewable generation, but also in the electrification of transport and heat, hydrogen power and smart grid infrastructure, according to the 54th EY Renewable Energy Country Attractiveness Index (RECAI).

EY Cyprus is pleased to share the latest Cyprus Tax Facts guide – in English – which provides information regarding the Cypriot tax system, based on current legislation and tax practices, in relation to the fiscal year 2020.

While 54% of consumers say the internet is integral to their social lives, nearly half (45%) actively seek time away from their smartphone and other internet-enabled devices — rising to 53% among consumers aged 25-34. This is according to a global EY study, Decoding the digital home, which evaluates consumer attitudes to a range of technology, media and entertainment, and telecommunications (TMT) services within the home across four markets — France, the Netherlands, the UK and the US.

EY announces the launch of two digital solutions built on the Microsoft Azure cloud platform – EY Digital Energy Enablement Platform (DEEP) and EY UtilityWave – designed to help energy companies improve performance, gain efficiencies and support better decision making.

EY announced it is coming together with the Partnership on AI, a multistakeholder not-for-profit corporation formed to better understand the impacts of artificial intelligence (AI) technologies and to serve as an open platform for discussion and engagement around AI’s impact on people and society. This decision reflects the commitment of EY to collaborate with the public and private sectors, civil society, academia and beyond, not only to establish governance and controls necessary for building and maintaining trust in AI systems, but also to help ensure the meaningful technological advancements of AI will have a positive impact.

Accelerated upheaval across the international tax landscape spurred by tax reforms across the world as well as initiatives such as the OECD’s digitalization effort have led to unprecedented uncertainty among global tax executives. This is according to the EY Transfer Pricing and International Tax Survey 2019, which surveyed more than 700 senior tax and transfer pricing executives representing the Americas, Europe and Asia-Pacific.

An increasing number of wealth management clients are willing to pay for financial advice, but what they value is evolving rapidly, as 33% of clients have switched providers in the past three years, and another third plan to do so in the next three years, according to the EY 2019 Global Wealth Research report, which is based on a detailed survey of 2,000 wealth management clients in 26 countries and speaking with 50 different wealth management executives.

AIPFE Cyprus - Women of Europe in collaboration with EY Cyprus and The Cyprus Institute of Marketing have completed the third Women Fit for Business (WF4B) initiative. To mark the successful completion of the program, a closing ceremony took place on November 20th, 2019.

EY Cyprus was one of the gold sponsors of the 5th International Funds Summit which took place between 10 and 12 November 2019 at the Hilton Park Hotel in Nicosia. The conference was organised jointly by the Cyprus Investment Funds Association and Invest Cyprus and successfully brought together over 400 local and international delegates.

EY Cyprus is pleased to announce a new interactive seminar on the VAT aspects of Immovable Property, titled “VAT on Property Awareness Drilling: Buildings – Land Sale/Lease & Management (including online property promotion)”.

The IDC MarketScape model is based on a comprehensive evaluation framework and is a study that assesses the global capabilities and business strategies of 11 prominent digital strategy consulting suppliers, focusing on both short- and long-term digital strategy consulting services for clients.

The backlog of high-quality IPOs continues to grow as issuers await more favorable market conditions, pushing IPO activity down across many markets in Q3 2019 compared with Q3 2018.

The 13th Supply Chain & Logistics Summit & Exhibition took place on Thursday, 31 October 2019, at Filoxenia Conference Center in Nicosia. The Summit, which was jointly organised by EY and IMH, focused on Supply Chain Strategy, Planning & Sourcing, Production Optimization and Warehousing & Distribution issues.

EY is organizing a seminar on Mergers, Acquisitions and Redomiciliations Unlocked from a Corporate Tax, Legal and VAT angle. The Seminar to be held on October 30th in Limassol and October 31st in Nicosia, is being organized jointly by EY’s Legal, International Tax and VAT teams. It aims to provide an evaluation of the tax and legal changes, while outlining major consideration points for the executives and stakeholders involved in mergers, acquisitions and redomiciliations.

As part of its firm commitment to support entrepreneurial excellence, EY Cyprus was, for the 6th consecutive year, the lead sponsor of the KEBE Business Leader Awards, an event which is organized by the Cyprus Chamber of Commerce & Industry, in collaboration with IMH.

EY Cyprus was amongst the pristine sponsors of the “Maritime Cyprus 2019” conference, which took place between 6-9 October 2019, in Limassol. The Cyprus Maritime Conference is an established biennial conference, organized by the Shipping Deputy Ministry in cooperation with the Cyprus Shipping Chamber and the Cyprus Union of Shipowners. This year, Maritime Cyprus celebrated 30 years since its first event, with the opening of the conference being held in the presence of H.E. the President of the Republic of Cyprus, Mr. Nicos Anastasiades.

In honour of the one-year anniversary of the new local People Advisory Services (PAS) practice, EY Cyprus hosted this year’s annual regional meeting of the PAS leaders. The meeting took place on the 2nd and 3rd October 2019, at the main EY offices in Nicosia, with the participation of 25 Partners from the PAS departments in the Central, Eastern and Southeastern Europe and Central Asia (CESA) region.

EY announces the launch of Pointellis, a new solution that supports the provision of individualized therapies that target each cancer patient’s specific treatment needs. The new EY solution is a fully connected data infrastructure that facilitates handoffs of information between unaffiliated entities such as hospitals, laboratories and logistics centers.

Ernst & Young LLP (EY US) and SailPoint Technologies Holdings, Inc., a leader in enterprise identity governance, announced they have entered into a strategic alliance agreement to help organizations transform how they manage the growing number of digital identities in the workplace.

EY Cyprus is back with its new series of seminars on Taxation and Legal Issues, addressed to all those looking to deepen their knowledge and hands-on training on the ever-evolving domestic and international tax and regulatory practices. In a business world focused on transparency and compliance, tax and regulatory needs can only be met with ongoing knowledge upgrade.

Only one-third of CEOs (34%) believe the C-suite model is well-suited to the demands and opportunities of the next decade, according to the EY CEO Imperative Study 2019 which surveyed 200 CEOs, 100 senior institutional investors and 100 independent board members. However, CEOs and boards have been changing the face of the management model, with top positions added over the last five years including chief innovation officer, chief digital officer and chief strategy officer.

EY is pleased to announce that Charalambos Prountzos, Partner and Head of the EY Law practice in Cyprus, has been appointed Law Leader of the Central, Eastern and Southeastern Europe & Central Asia (CESA) region, effective July 1st, 2019.

The trend of unicorn IPOs coming to market and pushing their proceeds to historic levels continued in Q2 2019 despite ongoing geopolitical uncertainty and trade tensions, resulting in 507 IPOs in H1 2019, raising total proceeds of US$71.9b. While deal numbers were down 28% from H1 2018, first-day returns on the main markets were up 15.4% on average and post-IPO performance increased 28.4%.

EY is pleased to announce the successful completion of the transaction between Ireon Investments Ltd and Cyprus Popular Bank Public Co Ltd (“CPB”) for the sale of CPB’s three Greek subsidiaries, namely Investment Bank of Greece S.A., CPB Asset Management A.E.D.A.K. and Laiki Factors & Forfeiters S.A. The closing of the transaction took place on 31 July 2019, at EY Cyprus’ headquarters in Nicosia.

Author: Mikaela Kantor, Senior Associate - Prountzos & Prountzos LLC

EY announces that it has received two 2019 SAP Pinnacle Awards: ISV Partner of the Year in the Technology Innovation category, and Strategic Growth Partner of the Year.

The renewable energy sector is entering a new phase of subsidy-free growth across the world, according to the 53rd EY Renewable Energy Country Attractiveness Index (RECAI). Mainland China and the US remain at first and second positions respectively on the top 40 ranking, while France moves up two positions to third from fifth, led by a new focus on floating offshore wind capacity and doubling of its annual targets for onshore wind capacity additions.

FinTech adoption rates rose to an average of 64% this year according to EY Global FinTech Adoption Index 2019. Emerging markets are leading the way with both China and India at 87%. Close behind are Russia and South Africa, both with 82% adoption. Among developed markets, the Netherlands (73%), the UK (71%) and Ireland (71%) lead in adoption, reflecting in part the development of open banking in Europe.

Confidence in the mergers and acquisition (M&A) market is rising, with 58% of technology, media and entertainment, and telecommunications (TMT) executives planning to pursue M&A in the next year – up from 42% six months ago. This is according to the 20th edition of the EY Global Capital Confidence Barometer (CCB), which indicates that concerns around regulatory headwinds and competition are not preventing businesses from harnessing the transformative power of M&A.

Standing by their commitment of Building a Better Working World, which requires the support of exceptional people, EY Cyprus announces the appointment of Nicolas Pavlou as Partner and Katerina Mina, Sakis Moyseos and Panayiotis Thrasyvoulou as Associate Partners. The new Partners are expected to take up their new role as of July 1st, 2019.

On Thursday, 20th of June 2019, the 15th CFO Management Forum took place at the Hilton Park Hotel in Nicosia. The forum brought together around 200 chief financial officers and other key executives from the major companies and corporations operating in Cyprus, as well as government representatives and officials.

EY has been recognized by Forrester Research as a leader in The Forrester Wave™: Global Digital Business Transformation Accelerators, Q1 2019. The report assessed global consultancies, technology integrators and digital agencies for their abilities to help Management and CIOs plan and carry out digital transformation initiatives.

Foreign direct investment (FDI) projects into Europe dropped 4% (to 6,356 projects) over the year according to the EY European Attractiveness survey. Despite the decline in FDI into Europe for the first time in six years, the level of investment remains the second-highest since EY began compiling this data in 2000. However, investor sentiment is gloomy, with only 37% of surveyed businesses foreseeing an improvement in Europe’s attractiveness in the next three years, down from 50% last year.

Europe’s technology sector is booming according to the EY European Attractiveness survey – Technology, with the number of new foreign direct investments (FDI) surging to a record high of 1,227 in 2018 (up 5% year-on-year). Overall, FDI projects more than doubled from 510 to 1,227 in the last five years. The survey also finds that digital is the top sector driving Europe’s future growth (39% of investors), followed by cleantech (25%) and energy and utilities (21%).

With digital services now the leading priority for the telecommunications C-suite, it is little surprise that ineffective digital growth tops a new EY ranking, Top 10 risks for telecommunications operators. This ranking highlights the security requirements due to increased data protection regulation and the widening talent-skills gap as growing risks that demand a shift in approach.

EY Cyprus was named Cyprus Tax Firm of the Year for the second consecutive year and Cyprus Transfer Pricing Firm of the Year by ITR in recognition of the high quality tax services offered. The ITR European Tax Awards take place annually aiming to recognise distinguished tax service providers across Europe.

EY recognizes that many talented and capable people need to work flexibly whilst pursuing their professional ambitions. Over the last years, flexible working has become the way we do business across the globe – it is now embedded into our culture, whether on a formal or informal basis.

EY has been recognized as a leader for business consulting services in all geographies by the IDC MarketScape: Business Consulting Services 2019 Vendor Assessment.

The Cyprus Headquartering and Funds Summit is part of a sequence of summits taking place in key financial centers around the world. The main objective of the summits is to inform professionals in the financial services and capital market industries on the advantages presented within the Cyprus funds industry and the recent reforms that have taken place, in an effort to modernize legislation and establish Cyprus as a competitive jurisdiction for investment funds and fund managers.

The total revenue generated by the world's 500 largest family businesses grew by 9.9% in the past 24 months, while the number of family businesses from technology-enabled industries increased significantly in their representation in the index over the same period, from 28% in 2017 to 38% in this year’s Index. This is according to the third biennial Global Family Business Index compiled by EY and the University of St. Gallen, Switzerland, which highlights the 500 largest family businesses in the world by revenue, involving at least two generations in the running of the company.

Despite positive performance of main stock indices and a decrease of volatility in many markets, ongoing geopolitical uncertainties and trade issues continue to dampen investor enthusiasm, resulting in the number of IPOs in the first three months of 2019 (YTD 2019) falling to 199 globally and US$13.1b in proceeds.

EY Cyprus hosted its Tax Conference, on Recent tax developments: EU Anti-Tax Avoidance Directive, Transfer Pricing, VAT and Personal Taxation, at the Carob Mill in Limassol and Hilton Park Hotel in Nicosia, on Thursday, 11th and Friday 12th April 2019 respectively. The conference brought together Cyprus government tax officials, C-suite executives from leading multinational companies and Russian groups, EY Cyprus and Greece partners and directors. More than 300 delegates attended in total, to hear about the latest updates on the changing tax landscape.

The Embankment Project for Inclusive Capitalism (EPIC), in its latest study, identifies the factors that drive value and are important for companies’ sustainable and inclusive growth, as well as potential metrics to assess them.

AIPFE Cyprus-Women of Europe in collaboration with EY Cyprus and The Cyprus Institute of Marketing (CIM) officially launched the successful European initiative Women Fit for Business (WF4B) Cyprus on 28th March 2019 at the EY Cyprus main office in Nicosia.

Companies are now divesting businesses to gain competitive advantage, especially in the face of changing technology, customer tastes and shareholder pressure, according to EY Global Corporate Divestment Study 2019.

Media and entertainment companies must adopt a multigeneration strategy and challenge perceptions around the behaviors of older generations, or risk conceding huge growth potential. This is according to EY study, Ten opportunities and threats for media and entertainment companies | 2019, which shortlists the most pertinent risks and opportunities facing the industry in the next 12 months.

In the first half of 2018, 86% of the leading initial coin offerings (ICOs) that listed on a cryptocurrency exchange in 2017 are below their initial listing price and a portfolio of these ICOs is down by 66% since the peak of the market at the beginning of this year, according to a study from EY, Initial Coin Offerings: The Class of 2017 – one year later, that examined the ICOs’ progress and investment returns.

EY Cyprus hosted the IFRS 17 training that took place on Thursday, February 28th, 2019, at the EY Nicosia premises. The training was organized by the Cyprus Insurance Association with the active support and involvement of EY Cyprus experts.

EY Cyprus was a gold sponsor of the 3rd Annual Capital Link Cyprus Shipping Forum which was held at the Columbia Plaza, in Limassol, on Wednesday February 27th. Charalambos Constantinou, Partner, Head of Advisory Services, EY Cyprus moderated the panel on Marine Insurance and Reinsurance.

EY has announced the opening of the EY Advanced Technology Tax Lab, the first in what will become a global “Tax Lab” network dedicated to solving complex tax issues through the application of advanced technologies. The EY Tax Lab operates in collaboration with renowned Massachusetts Institute of Technology (MIT) computer scientist Alex “Sandy” Pentland, one of the most-cited scientists in the world and leader of the MIT Connection Science and Human Dynamics labs.

According to the ninth annual global bank risk management survey, Accelerating digital transformation: four imperatives for risk management, it is clear that as technology and ongoing competitive disruption force banks to reinvent themselves, the risk management function must undergo a revolution in risk management professionals balancing their roles and operating models.

Skill shortages in Europe are damaging the growth prospects of companies and the continent’s economy, according to Building a Better Working Europe, a new survey released as part of the EY Attractiveness Survey series. The most alarming talent shortages are in digital skills, with cybersecurity (48%) and artificial intelligence (AI) and robotics (48%) identified as the scarcest skills according to the survey respondents.

Global insurance sector growth is expected to remain weak, and companies must focus on technology and innovative initiatives that optimize costs, drive wider distribution and market reach and explore local niche market segments, to spur growth reveals EY Insurance Outlook 2019. The latest editions of EY insurance outlook series ‒ covering the three regions, Americas, Asia-Pacific and Europe ‒ are the result of several think tank sessions of EY industrial and functional professionals as well as strategists and technologists.

EY’s Transaction Advisory Services (TAS) practice has received two awards at the Mergermarket M&A Awards 2018 for Europe ceremony organised by Mergermarket, an independent mergers and acquisitions intelligence and data provider. The Mergermarket M&A Awards are the top accolades in the deal industry in Europe.

Consumer-facing companies must change how they are transforming their businesses and take bold steps in order to remain relevant to the data and technology-enabled smart consumer, according to EY FutureConsumer.Now research that identified five business imperatives for consumer-facing companies to act on now.

EY has been recognized by Forrester Research as a leader in innovation consulting services in The Forrester Wave™: Innovation Consulting Services Providers, Q4 2018.

Global IPO proceeds rose in 2018, supported by investor confidence, large pools of liquidity, strong valuations and low interest rates. Until beginning December 2018, 1,359 IPOs had been registered with proceeds of US$204.8b – a 6% increase on proceeds despite a 21% decline in volume. The rise of unicorn-related IPO activity and mega IPOs were key factors in helping to push 2018 proceeds beyond 2017 levels. This trend is expected to continue into 2019, with the backlog of IPO candidates increasing and capital becoming more widely available.

EY has received an award from SAP at the 2018 SAP® Customer Experience Partner Awards Summit held in Barcelona in October. This recognition showcases excellence in driving SAP Customer Experience business, commitment to co-innovation and helping mutual customers achieve their goals.

CyprusProfile talks to Stavros Pantzaris, Country Managing Partner of EY Cyprus, on key areas of opportunity or growth, and expectations for Cyprus in 2018

The House of Representatives recently voted an amendment in the Income Tax Law regarding the capital allowances that can be claimed for certain types of assets.

2017 marks 80 years of successful business for EY in Cyprus. The origins of EY Cyprus date back to 1937, when the Russel & Company partnership was formed.

According to the latest EY forecast, Cyprus’ economy has been surprisingly resilient to the near-meltdown of its financial sector and an aggressive austerity program.

While Cyprus’s economy continues to suffer, activity has not slowed as much as it was initially expected, says EY (Ernst & Young) Cyprus.

The Finance Ministry has chosen the audit and advisory firm EY (formerly Ernst & Young) to carry out a fair value assessment of the island’s Cooperative credit institutions (Co-ops), a term of the a €1.5bn capital injection given by the state to cover their estimated capital shortfall.