The Association of Cyprus Banks (ACB) has expressed satisfaction with the positive results of the Comprehensive Assessment of four Cypriot banks by the European Central Bank and the European Banking Authority.
ACB notes in a press release that the completion of the exercise strengthens the efforts made both at home and European level to achieve transparency, consolidating stability and building confidence in the financial system and the banking sector across Europe.
According to the Association, the results of the Comprehensive Assessment, especially for Cyprus, show that “our banks have responded positively to the strict quality control requirements of the assets and exercise stress test and that is in a position to cope with future risks that might arise from a possible rapid deterioration of economic data.”
It also indicates that “actions taken by our banks over the past months led to a significant increase in capital, thus enhancing the resilience of the banking sector, as it is also confirmed by the analysis of the results.”
The Association believes that these positive developments enhance the international credibility and the public`s confidence in the Cypriot banking system, which are essential to the overall effort for recovery and growth of our economy.