By Stelios Orphanides
The Central Bank of Cyprus said its board of directors selected the international consultants who will carry out a study on the reorganisation of the supervisory authority’s structure.
“The board of directors is confident that the reorganisation of the Central Bank of Cyprus is more than necessary since its basic organisational structure has not changed for decades now, despite the important changes in the mission and the scope applied followed the accession to the Eurosystem and the Single Supervisory Mechanism in 2008 and 2014, respectively,” the central bank said in an emailed statement today without specifying the name of the consultants.
The new organisational structure will help the central bank speed up its decision processes, make possible the creation of units which will allow it to participate in European institutions, such as the European Central Bank the European Banking Authority and the SSM, and will contribute in meeting future challenges and the “proactive neutralisation of risks,” the central bank said.
It added that the restructuring will also lead to an improved utilisation of human resources.