Independent Commission on the Future of the Cyprus Banking Sector

The Central Bank of Cyprus (CBC) had appointed an Independent Commission on the Future of the Cyprus Banking Sector. The Commission consisted of independent experts, with the mandate to explore the issues facing the Cyprus banking system, and make recommendations to the CBC on ways to enhance the growth, stability and competitiveness of the system in order to benefit the Cyprus economy in the longer term.

The Commission focused on the following issues:

(1) the size and structure of the sector;

(2) the strengthening of prudential regulation and supervision; and

(3) the promotion of competition for the benefit of consumers and businesses.

In carrying out its work, the Commission took account of the recent banking problems in Cyprus, and the measures agreed in the context of the EU financial assistance programme. But its main purpose was forward-looking: to develop proposals that will ensure the long-term growth and stability of this vital component of the Cyprus economy.

The Commission began its work in 2012, it produced an interim report in mid-2013, followed by a final report in November. 

The Commission consisted of the following members:

David Lascelles, Chairman. David Lascelles has been analysing the banking industry for  more  than 30 years, as Banking Editor of the Financial Times (1980-1995) and more  recently  as  Senior Fellow of the Centre for  the Study of Financial  Innovation,  an independent London think tank sponsored by major banks and public institutions (1995-). David has also been a university lecturer in banking and a bank non-executive director.

David Green is a leading international expert on financial stability matters with over 40 years as a central banker and financial regulator. During his career he has worked in the Bank of England and the Financial Services Authority, and then in the UK’s integrated regulator for corporate reporting, the Financial Reporting Council. He has recently been a part-time Adviser to the Central Bank of Ireland.

George Charalambous is a key figure in the Cyprus financial sector for many years, first as Senior General Manager of the Bank of Cyprus and more recently as Chairman of the Cyprus Securities and Exchange Commission. A graduate of the London School of Economics and the Athens School of Economics, he has also held positions at several other institutions including the CBC and the Cyprus Development Bank.

Pierre de Weck is a Senior Swiss Banker with more than 35 years experience of banking at the international level. During his career he has held senior positions at Citibank, UBS and Deutsche Bank, working in Europe, North America and the Middle East. Most recently he was a member of the Group Executive Committee of Deutsche Bank where he was Global Head of the Private Wealth Management Division with €300bn of client business in 70 countries.

Terms of Reference

Interim Report - June 2013

Final Report - October 2013