ECB and Cyprus to continue cooperation to stabilize banking system

The European Central Bank (ECB) will continue to cooperate with the Cypriot authorities for the successful implementation of the Memorandum Cyprus has signed with its international lenders and for the stability of the Cyprus banking system, it was emphasized at a meeting between President Nicos Anastasiades and ECB President Mario Draghi.

A written statement by Government Spokesman Christos Stylianides issued here Wednesday said that at the meeting, held in Frankfurt, the Cypriot President raised specific issues related to the practical difficulties in the implementation of the conditions of the loan agreement and the Memorandum Cyprus has signed with its international lenders (ECB, IMF and EU Commission).

The Spokesman said that “it was jointly ascertained by the two sides that the exit of the Bank of Cyprus from the resolution status, at the earliest possible, is vitally important, and it is in this direction that the efforts of all sides will be focused”.

“It was also emphasized that the ECB, on its part, will continue to cooperate with the Cypriot authorities for the successful implementation of the Memorandum and for the stability and prospects of the Cyprus banking system” he added.

Stylianides said that the two sides decided that today’s meeting will be followed by other meetings whenever that is deemed necessary and whenever practical difficulties arise.

On the part of Cyprus, present at the meeting were the Governor of the Central Bank of Cyprus Panicos Demetriades, the Minister of Finance Harris Georgiades, the Under Secretary to the President Constantinos Petrides and the President of the National Council for the Economy Christoforos Pissarides.