Cyprus

BoC exit from resolution regime a priority, ECB and Cyprus stress

by fm

3rd July 2013

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President Nicos Anastasiades and President of the European Central Bank (ECB) Mario Draghi agreed on Wednesday that in the period ahead, one priority is to bring Bank of Cyprus (BoC) out of resolution.

A press release, issued by the ECB on today’s meeting in Frankfurt between Anastasiades and Draghi, said that the asset valuation is expected for the second half of July, and the discussions will continue when these results are available.

It added that the meeting between the Cypriot President and the President of the ECB consisted of an exchange of views on the on-going implementation of the macroeconomic adjustment programme in Cyprus.

President Anastasiades was accompanied by Harris Georgiades, Finance Minister and Panicos Demetriades, Governor of Central Bank of Cyprus. Jörg Asmussen and Benoît Cœuré, Executive Board members of the ECB also participated in the meeting.