The initial foundation of the Co-operative savings bank and its transformation into a Co-op put an end to the exploitation of the people of Evrychou. According to Kinanis, Evrychou was really rife with usury. Let us learn more about the establishment and transformation of this foundation.
On the 21st October 1937 the foundation of the Co-operative savings bank of Evrychou took place. It was the first in the area. The savings bank was founded due to the interest shown by the inhabitants and the teachers of the village.
During the first meeting of the savings bank, twenty members were present. According to the records held, the establishment of the foundation was accomplished after the relevant petition given by all the afore-mentioned members to the ephor of Co-ops. The acting chairman of the first meeting announced the elected commissioners and their duties. What is more, the way in which the foundation would operate, for instance the provisions for a loan concession, the interest for savings and loans were also announced.
The Co-operative savings bank had to take important decisions in a short time. For instance, during the first three years the Secretary worked for free. Later on, he was monthly given the tip worth a pound and a reduction on the loan tax. What is more, he had the right to “sell several kinds of controlled items, such as sugar, oil (petrol), legume and fabrics”. He was able to do that during the II World War, namely between 1940 and 1945.
In 1951, the Co-operative savings bank was developed into a Co-op and was roofed under a private building. Almost ten years later, in 1962, the Co-op grocery store was established. The Co-op grocery store and the Evrychou Co-op were later on merged.
To be more specific, an unscheduled meeting of the members of the Co-op grocery store on the 15th of February 1976 led to the merger.
The Co-op has been following a growth rate since the 1960’s. The chart below, found in Kinanis’s book, indicates this growth.
|1985||£ 250 000|
|1995||£ 950 000|
|2005||£ 2 650 000|
The economic activity of Evrychou was indisputably promoted by the foundation of the Co-operative savings bank and its posterior transformation into a Co-op.
Kinanis Theocharis, Evrychou, Nicosia 2005