Bank of Cyprus releases Pillar 3 Disclosures

The Bank of Cyprus released its Pillar 3 Disclosures on Wednesday, April 5, which contained forward-looking statements regarding the group’s future financial condition, performance, and opportunities.

The public disclosure requirements of the Basel Framework’s Pillar 3 aim to provide market participants with enough information to evaluate an internationally active bank’s capital adequacy and significant risks.

According to the announcement, the group’s forward-looking statements include its near-term, medium-term, and longer-term capital requirements and ratios, intentions, beliefs or current expectations and projections about its future results of operations, financial condition, expected impairment charges, the level of its assets, liquidity, performance, prospects, anticipated growth, provisions, impairments, business strategies, and opportunities.

However, factors that could cause actual business, strategy or results to differ materially from the plans, objectives, expectations, estimates, and intentions expressed in such forward-looking statements made by the group include general economic and political conditions in Cyprus and other European Union (EU) Member States, interest rate and foreign exchange fluctuations, legislative, fiscal, and regulatory developments.

They also include information technology, litigation and other operational risks, adverse market conditions, the impact of outbreaks, epidemics, or pandemics, and ongoing challenges and uncertainties posed by the Covid-19 pandemic for businesses and governments around the world.

Additionally, the bank noted that the recent Russian invasion of Ukraine has led to heightened volatility across global markets and to the coordinated implementation of sanctions on Russia, Russian entities, and nationals.

The scale of the conflict and the extent of sanctions, as well as the uncertainty as to how the situation will develop, may have significant adverse effects on the market and macroeconomic conditions, including in ways that cannot be anticipated. This creates significantly greater uncertainty about forward-looking statements.