The Central Bank of Cyprus (CBC) this week completed its annual reassessment of the identification of credit institutions falling within the definition of Other Systemically Important Institutions (O-SII) for the year 2024.

This reassessment was conducted based on the revised policy for identifying credit institutions falling within the definition of O-SII and the methodology for determining the O-SII capital buffer requirement for each credit institution.

According to a statement released by the CBC, they have identified five banks as Other Systemically Important Institutions (O-SII).

These include the Bank of Cyprus Public Company Ltd, Hellenic Bank Public Company Ltd, Eurobank Cyprus Ltd, AstroBank Ltd, and Alpha Bank Cyprus Ltd.

Moreover, the CBC has also determined the amount of the O-SII capital buffer that these institutions must maintain due to their systemic importance.

Regarding the revision of the policy, the CBC stated that it relied on a number of statistical methodologies, including methodologies used by other central banks, in determining the O-SII capital buffer requirement.

At the same time, the CBC conducted a comparative analysis of the domestic banking sector with those of euro area member countries with similar characteristics.