Cyprus: Financial Sector Assessment Program: Financial System Stability Assessment

International Monetary Fund

No 2009/308, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; bank; Cyprus; financial system; Cypriot bank; return on assets; central bank; banking sector; EU banking directive; Cypriot authorities; EU accession; simulation exercise; EU member; Cooperative banks; Stress testing; Commercial banks; Financial Sector Assessment Program; Loans; Europe; Global (search for similar items in EconPapers)
Pages: 60
Date: 2009-11-03
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