Cyprus : Financial Sector Assessment Program: Financial System Stability Assessment

Author/Editor:

International Monetary Fund

Publication Date:

November 3, 2009

Electronic Access:

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Summary:

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.

Series:

Country Report No. 09/308

Subject:

Frequency:

Quarterly

English

Publication Date:

November 3, 2009

ISBN/ISSN:

9781451809985/1934-7685

Stock No:

1CYPEA2009007

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

60

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