CBC releases further €90m to support economy

The central bank (CBC) said Friday it has released a further €90m that could be used to support the economy by pushing back a deadline that obliges other systemically important institutions (O-SII) to hold additional capital buffers.

The CBC said it has decided to extend by 12 months the time schedule for the gradual introduction of capital buffers by O-SII, thus releasing €90m in additional funds from January 1, 2021.

The O-SII in Cyprus are Bank of Cyprus, Hellenic, RCB, Eurobank, Alpha, and AstroBank.

The funds can be used by banks to absorb potential losses and to finance households and businesses, the CBC said.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.