Resolution

The regulatory framework for the resolution of credit institutions was amended, with the adoption by the House of Representatives of the Resolution of Credit Institutions and Investment Firms Law, 22(I)/2016, and publication in the Cyprus Government Gazette on the 18 March 2016, harmonising the national resolution framework with the European Directive 2014/59/EU on the recovery and resolution of credit institutions and investment firms (BRRD).

Under 22(I)/2016 the Central Bank of Cyprus is designated as the Resolution Authority of Cyprus for credit institutions and investement firms.

Law 22(I)/2016 replaced Law 17(I)/2013, which was enacted on 22 March 2013 and subsequently amended three times (38(I)/2013, 97(I)/2013 & 90(I)/2014).