The Central Bank of Cyprus (CBC) welcomes the release of the final report of the Independent Commission on the Future of the Cyprus Banking System.
The Independent Commission was appointed by the CBC a year ago in order to make concrete, practical recommendations for the banking sector and its mandate was subsequently revised to take account of the longer-term consequences of the MOU.
The report makes many important recommendations, including on the creation of a sound national financial services strategy, which the Independent Commission believes is vital for promoting economic recovery.
In accordance with the Independent Commission’s recommendation, the CBC proposes to initiate a national steering committee of the major stakeholders to evaluate the recommendations, including those for the CBC itself, and to oversee a prompt and effective implementation.