Cyprus: Financial Sector Assessment Program: Financial System Stability Assessment

November 3, 2009

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Format: Chicago

Cyprus: Financial Sector Assessment Program: Financial System Stability Assessment, (USA: International Monetary Fund, 2009) accessed December 21, 2024

Summary

This paper discusses key findings of the Financial System Stability Assessment on Cyprus. The assessment reveals that the banking system of Cyprus has managed to avoid the worst effects of the global financial crisis, but stress tests confirmed that credit risk remains high. The assessment suggests that work on the crisis contingency framework should be completed. Various European Union (EU)-wide and national initiatives are already under way, including strengthening deposit insurance, drafting guidelines for emergency liquidity assistance, and adopting a legal framework for covered bonds to facilitate access to European Central Bank refinancing.

Subject: Banking, Commercial banks, Cooperative banks, Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Loans, Stress testing

Keywords: Bank, Banking sector, Central bank, Commercial banks, Cooperative banks, CR, Cypriot authorities, Cypriot bank, Cyprus, EU accession, EU banking directive, EU member, Europe, Financial Sector Assessment Program, Financial system, Global, ISCR, Loans, Return on assets, Simulation exercise, Stress testing

Publication Details

Pages:

60
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/308
Stock No:

1CYPEA2009007
ISBN:

9781451809985
ISSN:

1934-7685

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