There is no risk to Greek subsidiary banks in Cyprus due to the uncertainty in Greece, a Central Bank senior official said, according to the Cyprus News Agency.
“We are monitoring the situation on a daily basis,” the official who was not named said.
He added that Greek subsidiaries have reduced their exposure to Greece.
“No significant outflow is being seen and there is no risk whatsoever,” the official said.
The official said the Central Bank has made plans in case things got worse in Greece.
Four Greek subsidiaries – Alpha, National Bank of Greece, Eurobank, and Piraeus — operate in Cyprus with a combined market share of around 10 per cent.
Finance Minister Harris Georgiades said the subsidiaries were essentially Cypriot, “with their own capital and adequate liquidity, with no exposure to Greece.”