The announcement came after the Finance Minister, Mr Harris Georgiades met with the President to receive a briefing from the Bank of Cyprus CEO who informed them of the progress of the restructuring plan.
The Finance Minister confirmed the Bank of Cyprus has entered a phase of normalisation adding, “we have reached a point where we can say we feel much more confident for the stabilization of our banking system.” Which is surely good news, since the TROIKA mission is due to arrive in Cyprus next week, to conduct it’s third review of Cyprus’s implementation of the adjustment programme.
In a statement following the meeting, the Finance Minister said; “We can say that Bank of Cyprus has already entered a normalization phase.”
He also commented that significant progress had with the islands largest bank, had been made in terms of management and governance issues. The Bank of Cyprus Board of Directors President, Christis Hassapis said the bank is ahead of its restructuring plan as it has done much more than what is envisaged in the plan.