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Restructuring plan of Bank of Cyprus is performed ahead of schedule

Restructuring plan of Bank of Cyprus is performed ahead of schedule

02.09.2015
Tags: Economy, Banking, Restructuring

Bank of Cyprus has entered a period of normalization of its activities. Such assessments on the situation in the country's largest credit institution gave Finance Minister Haris Georgiadis.

Finance Minister expressed satisfaction with how the bank performs the restructuring plan. "We can say that the Bank of Cyprus has entered a phase of normalization - said Georgiadis. - We feel more confident with regard to the stabilization of the banking system as a whole."

The Minister drew attention to the fact that the Bank of Cyprus has managed to make significant progress on the issue of corporate governance and expressed confidence in the new management of the bank.

In turn, the Chairman of the Board of Directors of Bank of Cyprus Christis Hasapis said that the restructuring plan is carried out ahead of schedule. He also stressed that the bank is taking all measures to restrain the growth of non-performing loans, which by the end of September of the year exceeded 2013 40% of total loans. "I think we can achieve a positive result in this direction, - said Hasapis. - We observe the stabilization of these loans and we expect that in the coming period will contract non-performing loans."

The head of the Ministry of Finance held a working meeting with the leadership of the Bank of Cyprus a week before the next quarterly check by the delegation of experts of the "troika" of international creditors (the European Commission, the European Central Bank and the International Monetary Fund) of the fulfillment by the Cypriot authorities of the terms of the agreement reached in March 2013 for the provision of credit assistance in the amount of 10 billion euros as part of the anti-crisis stabilization program. One of the main tasks of creditor representatives will be to analyze the situation in the Bank of Cyprus, which is restructuring after "cutting" uninsured deposits at the request of the EU and the IMF, as well as taking on its balance sheet assets and debts of the liquidated second largest Cyprus National Bank.

Bank of Cyprus came out from under the external control and completed the exchange 47,5% of deposits of large depositors shares in July last year. As a result of this process to power in the credit organization have new shareholders who have elected a new board of directors. Currently, it includes representatives of Russia 5.

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