Cyprus
Demetriades on political pressures on central banks and their governors
Former governor of the Central Bank of Cyprus speaks about the Cypriot banking crisis, the need for EU-wide AML oversight, independence and his fears for stability of the monetary union
Cyprus inquiry probes central bank’s role in lender’s collapse
Senior supervisor says central bank and ECB failed to act after chief executive resigned in 2015
Central Bank of Cyprus suspends subsidiaries of two Russian banks
CBC says decision was influenced by Russian central bank’s decisions but uncertainty remains
Cyprus bail-ins were justified, ECJ rules
Court rejects claims of unfair treatment from bondholders, shareholders and large depositors
ECB welcomes draft Cyprus law changing governance of central bank
But ECB advises government to resolve confusion over reserve levels
Book notes: A diary of the euro crisis in Cyprus
Panicos Demetriades’ book tells the inside story of the Cypriot crisis and how battles over central bank independence led ultimately to his resignation
Delayed restructuring prompts strike action at Central Bank of Cyprus
Cypriot central bank staff strike over lack of communication from senior management on restructuring plans; former governor fears independence is under threat
Gontareva accused of complicity in money laundering
Ex-governor denies she improperly helped former president Yanukovych
ECB criticises government of Cyprus over new central banking legislation
Collection of information on individual debtors is a “government task”, ECB says
Bank of Tanzania revokes FBME Bank’s licence after US ruling
The bank was deemed a money-laundering risk in 2014, after a US report highlighted concerns; the Bank of Tanzania revokes its licence following the commercial bank’s removal from the US financial system
CEPR report ‘cautiously optimistic’ on bail-in
Thomas Philippon and Aude Salord find range of issues with European bail-in rules, but say they can probably be fixed; Cyprus bail-in “terribly” executed but still worked
Cyprus central bank calls for continuing efforts on NPLs
CBC calls for European law on insurance company resolution
ECB says Cyprus will need increased resources to monitor housing
Central bank says it will soon brief staff on major internal reorganisation
Central Bank of Cyprus activates deposit-guarantee scheme for failed bank
Central Bank of Cyprus activates deposit-guarantee scheme for creditors of a bank under administration; FBME's banking licence was revoked following US allegations of money-laundering
Cyprus amends anti-money laundering regulation
Central Bank of Cyprus has amended its anti-money laundering directives, requiring banks to take extra measures to verify their customers’ identities; focus on accounts opened by third parties
Monetary policy does not ‘persistently impact’ bank lending, paper finds
Working paper published by Central Bank of Cyprus examines the impact of interest rate changes on both lending and credit risk
Cyprus on track to complete programme by March, finance minister tells MEPs
Cyprus will continue with fiscal discipline and market-orientated reforms once adjustment programme ends, finance minister tells European parliament; rejects ‘tax haven’ claims
Central Bank of Cyprus to implement organisational change
Organisational change raises profile of supervisory and economics departments
Cyprus must make NPLs ‘number one priority’, international agencies say
Authorities must properly implement proposed loan reforms, joint statement says
Cypriot governor warns of challenge posed by NPLs
Chrystalla Georghadji says the high level of non-performing loans is ‘perhaps the greatest challenge’ facing the banking sector, adding the central bank is ready to focus on dealing with them
Cyprus governor 'will not resign' despite political pressure
Chrystalla Georghadji will continue exercising her duties as governor despite the Cypriot president ordering an investigation into what he perceives as a ‘conflict of interest’
Cyprus central bank reviewing operational model
Central bank is commissioning a detailed study into its organisational structure to ensure it is ‘fit-for-purpose’, in light of concerns it has not ‘adequately evolved’ with the times
Cyprus central bank governor sees confidence returning
Chrystalla Georghadji says historically large investments in the Cypriot banking sector are a reflection of the international community’s growing confidence in the country
Georghadji sees ‘turning point’ for Cyprus banking sector
Central bank of Cyprus governor says the outlook for the country’s banks is ‘very positive’, but warns against a return to the sector’s previous lending practices