IMF Staff Country Reports

Cyprus: Financial Sector Assessment Program Update: Technical Note: Factual Update on Basel Core Principles for Effective Banking Supervision (Central Bank of Cyprus)

Publication Date:

June 1, 2009

Electronic Access:

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Summary:

This technical note examines Cyprus’s factual update on the Basel Core Principles for Effective Banking Supervision for Cyprus. The 2006 directive on corporate governance provides that each commercial credit institution should have a robust internal governance framework. Although the level of activities of banks in Cyprus that can generate market risk remains low, the Central Bank of Cyprus issued bank guidelines on the management of market risk that include provisions on scenario analysis, stress testing, and contingency planning, as appropriate.

Series:

Country Report No. 2009/167

Subject:

Bank regulation Bank supervision Banking Basel Core Principles Financial regulation and supervision Market risk Operational risk