In response to media reports regarding the evaluation of whether candidates for the Board of Directors of the Bank of Cyprus (BoC) are ‘fit and proper’, the Central Bank of Cyprus (CBC) wishes to clarify the following:
(1) The evaluation of whether the elected board members of the BoC are ‘fit and proper’ is the responsibility and obligation of the supervisor, i.e. CBC. It is an ongoing and confidential procedure and thus cannot be the subject of public announcements and media briefings.
(2) The CBC’s obligation is limited to assessing the ‘fitness and properness’ of the elected members of the banks’ boards of directors and not of all the candidates.
(3) The CBC recognises the seriousness of its supervisory responsibility with regard to the assessment of the ’fitness and properness’ of the elected members of the Board of Directors at the BoC. Any final decision that does not first ensure the accuracy of all the necessary information for the elected Board of the BoC would be incorrect. Thus, the CBC continues to carry out its task in a responsible manner, requesting and obtaining the necessary information and clarifications needed from the BoC.
(4) It should be reiterated that the CBC will not be releasing any announcements regarding the outcome of the evaluation process or the course of its supervisory tasks. Upon completion of the evaluation process, the BoC will be informed. The latter is also being updated on the progress of this assessment.