Following the announcement titled "Clarifications of CBC Directives" regarding the testimony of the former President of the Board of Laiki Bank, Mr Andreas Philippou, before the Investigation Committee on the Economy, the Central Bank of Cyprus (CBC) would like to clarify the following:
- Mr Philippou’s statement contained, inter alia, substantial and revealing information regarding the provision of Emergency Liquidity Assistance to Laiki Bank and the conversion of Marfin Egnatia Bank from a subsidiary of Laiki Bank to a branch.
- Some media, instead of focusing on the most essential and important points made by Mr Philippou, chose to refer primarily to one statement. Namely, that on the afternoon of Saturday, 15 March 2013, while at a meeting at the CBC with other bankers, in order to exchange views and information on the impact of the decisions of the Eurogroup on the banking system, another banker referred to the non-closure of internet banking in his own bank. Whilst this is true, it should be seen in its broader context. What the CBC stated in its previous announcement was that both the content of the CBC’s letter to the banks and the fact that Saturday, 15 March 2013 was a bank holiday, prevented any legal outflows of deposits from the banking system.