ECB says ‘stress test’ re­sults on Oc­to­ber 26 last week

Financial Mirror (Cyprus) - - FRONT PAGE -

Hel­lenic

Bank,

un­til

re­cently is­suance al­ready un­der­taken by the banks in 2014”.

In ad­di­tion to the bank-by-bank find­ings, the ECB will publish an ag­gre­gate re­port on the full out­come of the ex­er­cise for all banks.

The banks will, “where nec­es­sary, have two weeks to sub­mit cap­i­tal plans to the ECB, de­tail­ing how short­falls will be cov­ered”, a press re­lease said.

Bank of Cyprus re­cently un­der­went a 1.1 bln euro cap­i­tal in­crease, with about 800 mln of that al­ready re­paid to the Emer­gency Liq­uid­ity As­sis­tance (ELA) pro­gramme of bailout funds. As a re­sult, strate­gic in­vestors such as the EBRD and fund man­ager Wil­bur Ross will have a con­trol­ling stake in the bank.

The

con­trolled

by

the con­ser­va­tive Church of Cyprus, raised some 100 mln in fresh cap­i­tal from New York-based fund Third Point, on­line op­er­a­tor Wargam­ing.net and lo­cal fund Deme­tra.

RCB Bank, for­merly the Rus­sian Com­mer­cial Bank of Cyprus, is wholly owned by the Rus­sian VTB Group and en­joys full support from the mother bank, even though it ap­pears to be the sec­ond best cap­i­talised bank on the is­land in terms of de­posits.

Fi­nally, the Co­op­er­a­tive Cen­tral Bank, bailed out by the gov­ern­ment to the tune of 1.5 bln euros in ex­change for a 99% con­trol, owns the net­work of Co­op­er­a­tive Sav­ings In­sti­tu­tions on the is­land that are un­der­go­ing a ma­jor re­form due to their high ex­po­sure o non-per­form­ing loans (NPLs), sim­i­lar to almost all banks on the is­land.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.