Three Cypriot banks completed with a capital surplus the European Central Bank’s comprehensive assessment, whereas one bank completed the exercise with a manageable shortfall. The ECB and EBA comprehensive assessment revealed capital shortfalls for Bank of Cyprus, the Cooperative Central Bank (CCB) and Hellenic Bank, whereas Russian subsidiary RCB registered capital surplus. The test was...Read More

The results of the Comprehensive Assessment for Cypriot banks by ECB and EBA, published on Sunday, confirm the final stabilization of and restoration of confidence in the financial system of Cyprus, as well as the positive outlook for the Cypriot economy, the Ministry of Finance says. According to an official announcement issued by the Ministry,...Read More

EU finance ministers have taken a major step towards ending banking secrecy, agreeing to the automatic exchange of account information. The 28 finance ministers meeting in Luxembourg on 14 October approved a directive requiring banks to swap bank account information with tax authorities in other member countries. This is a real “milestone for what the...Read More

Almost 8,000 new companies were registered in Cyprus in the first three quarters of 2014, according to figures released by the Cyprus Registrar of Companies. Statistical records posted on the Registrar’s official website show that 7,930 new business entities were registered in the first nine months of the year, bringing the total number of registered...Read More