The Senior Director of the Central Bank’s Banking Supervision, Regulation and Financial Stability, Mr Spyros G. Stavrinakis, has today been appointed Deputy Governor of the CBC.
The Central Bank of Cyprus (CBC) assumes additional duties and responsibilities including, inter alia, the restructuring, reorganization and recapitalization of the entire financial sector, including the credit co-operative sector, as a result of the provisions of the Memorandum of Understanding agreed with the “Troika”.
These responsibilities consist of major challenges for the CBC and require the direct participation of the Governor of the CBC in high-level meetings. Consequently, under these demanding conditions the Governor of the CBC, and the CBC in general, need support which can be provided through the restoration of the office of the Deputy Governor.
In a written statement, the Governor of the CBC, Dr Panicos Demetriades, said:
"I welcome the appointment of Mr Spyros Stavrinakis to the office of the Deputy Governor of the Central Bank of Cyprus.
Mr Stavrinakis is an excellent technocrat with lengthy experience in the crucial areas of supervision and regulation of banking institutions as well as in the fight against money laundering.
Under today's conditions there could not be a better choice for this position.
This appointment strengthens significantly the ability of the Central Bank of Cyprus to meet the challenges our banking system faces today as well as the economy in general.
I note that the Central Bank of Cyprus is the only national bank in the Eurosystem which hitherto had no Deputy Governor”.