The Central Bank of Cyprus (CBC) announces that on 13 September 2013 it decided to impose an administrative fine of €4.000 on the Bank of Cyprus Public Company Ltd for the infringement of Articles 18(2)(a), 36(1)(a), (b) and (c) and 52(1) of the Investment Services and Activities and Regulated Markets Law, 2007 and Articles 6, 10 and 14 of the CBC Directive for the Professional Conduct of Banks during the Provision of Investment or Ancillary Services and during the Performance of Investment Activities, relating to the issuance of capital securities in 2009.
In order to determine the amount of the administrative fine, the CBC took into consideration, as a moderating factor, the recent events in the bank, its process of reorganisation and its tremendous efforts for the continuation of its banking operations on a correct and secure basis. In addition, the CBC took into account the new shareholding structure of the bank and believes that its new shareholders should not incur penalties as a result of the wrong practices of the past.