Designation of credit institutions as Other Systemically Important Institutions

Thursday, 7 May 2020

The Central Bank of Cyprus designated Bank of Cyprus Public Company Ltd, Hellenic Bank Public Company Ltd, Eurobank Cyprus Ltd, RCB Bank Ltd, Astrobank Ltd and Αlpha Bank Cyprus Ltd as Other Systemically Important Institutions (O-SII institutions) and set the level of the additional capital they must maintain as a result of their systemic importance. This measure will enter into force on 1 January 2021.

As per the CBC announcement of 10 April 2020, with this measure, it was also decided to defer the phasing-in schedule for the gradual build-up of this buffer by 12 months, thus releasing on 1 January 2021 approximately €90 million of capital from the banking system, aiming to further assist corporations and households to deal with the economic consequences of the COVID-19 pandemic and to safeguard the stability of the financial system.

Further details are available in the link below.

Click here.