Central Bank of Cyprus Announcement on Effect of ECB Decisions on Cyprus Banking System

Central Bank Announcement in Greek read the full article here

Key measures in Brief:

1.Provision of additional liquidity to banks aimed at providing improved banking facilities with a view to supporting in particular small and medium-sized enterprises.
2. Extension of the Quantitative Easing Program which should affect positively the cost of loans
3. Temporary release of capital and liquid reserves. Capital reserves released amount to 1,3bln Euro. The Central Bank of Cyprus expects the banks to display the necessary flexibility and support both enterprises and households which are expected to be adversely affected by COVID-19.

The Central Bank of Cyprus expects banks to revert with their plans to support enterprises and households in light of the measures taken by the European Central Bank.

Technical Information can be found on the ECB’s Press release website (https://www.ecb.europa.eu/press/pr/html/index.en.html)