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Bank of Cyprus exits administration status

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01-08-2013

Bank of Cyprus exits administration status

Central Bank (CBC) governor Panicos Demetriades yesterday signed over the Bank of Cyprus’ (BoC) to its interim board, officially announcing the bank’s exit from administration status.

“The Bank of Cyprus’ exit from administration status constitutes a landmark in the banking sector’s restructuring and puts us on the right path towards economic stability,” Demetriades said in a modest ceremony at the Central Bank.

“[This] development puts an end to a prolonged period of uncertainty,” a joint announcement from the CBC and the finance ministry said earlier in the day. The BoC – the island’s biggest lender – was placed under the administration of the CBC in March, as part of the terms of a €10 billion international bailout. “The Bank of Cyprus’ recapitalisation process is completed,” the CBC and finance ministry said.
 

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