Today, I am assuming the duties of the Governor of the Central Bank of Cyprus. The honour is great but the responsibility is even greater. I am fully conscious of the expectations for financial stability and overcoming the problems in the economy.
I have served in various posts in the past and I have dealt with difficulties and challenges in a technocratic manner, always respecting the constitution, the laws and the citizens of the Republic of Cyprus. I shall work in the same way and I will do my best from the high office entrusted to me by the President of the Republic. In the same manner, I will work to meet the requirements of the Statute of the ESCB and the European Central Bank.
I acknowledge, like everyone else, the extremely difficult economic conditions our country is experiencing. I share the sense of insecurity and distrust households and businesses feel on a daily basis. I am also aware that labour and capital are flowing out of Cyprus.
The challenges we are facing are great. Cyprus, our country, needs all of our help. I undertake the responsibility to ensure that everything possible is done to counter the difficulties in a substantive and decisive manner.
Any bitterness in the past must stay there. However, we should learn from the past and move forward. There is no other choice. Everyone expects and demands us to lead the way. I am fully aware of this.
All the major issues regarding the financial sector will be examined in depth, and always in the context of the law pertaining to the functioning of the Central Bank of Cyprus and the Eurosystem.
I feel assured and secure by the wealth of experience of the people working in the Central Bank, who as of today are my colleagues. I invite you to work together harmoniously and conscientiously in order to achieve our goals of restoring confidence in the Central Bank and the financial sector, and this will be achieved through the proper functioning of the Bank itself.
My door will always be open to colleagues. We must communicate freely with honesty in a professional, impartial and selfless manner. In these difficult times, we need to enhance cohesion and solidarity between us, creating those conditions which will enable us to act promptly and effectively.
Our primary strategic goal is to restore confidence in the banking system. This is inextricably linked to a number of other issues of high priority such as adequate liquidity in the economy, the management of non-performing loans and the strengthening of corporate governance in the banking sector.
I consider the close working relationship with the Bank’s board of directors to be of major importance and I warmly thank all of the board members for giving me their support ever since the announcement of my appointment. Our cooperation is unquestionable. I also wish to thank the outgoing Governor. Thank you dear Panicos Demetriades for your support during these last days, which assisted in the smooth transition.
My dear colleagues, all of you are part of the Central Bank of Cyprus. Together we have the responsibility to make the difference. We owe it to our country.