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An introduction for Cyprus Expats to the supervision of banks in Cyprus
Cyprus has a well-developed banking system which offers a wide range of services catering for the needs of businesses and individuals. Cyprus’s banking system comprises the Central Bank of Cyprus and banks which offer the full range of banking services. It also encompasses the co-operative credit institutions, whose main activities are the collection of savings and the extension of loans to their members. The latter are supervised by the Co-operative Societies’ Supervision and Development Authority.
The Central Bank of Cyprus is the competent authority for the licensing and supervision of banks. In the exercise of its supervisory role, the Central Bank of Cyprus is guided by the recommendations of the Basel Committee on Banking Supervision and the regulatory framework of the European Union.
In recent years the banking sector has exhibited a rapid rate of expansion associated with the stable macroeconomic conditions prevailing in the economy, the development of Cyprus as an international financial and business centre and the successful financial liberalisations that have been taking place.
Cyprus’ accession to the European Union, in conjunction with developments in technology and the opening of markets has contributed to a more competitive environment. Banks have responded to the new competitive environment by making efforts to expand their sources of income as well as to streamline their operations and cut costs. They have expanded their activities beyond traditional banking and their services include insurance, leasing, hire purchase finance, factoring, mutual fund management, investment and consulting as well as custody and asset management services. They have also invested in state of the art technology and staff development as well as in the development of alternative distribution channels such as call centres, the internet and the mobile phone.
© Source Cyprus Press & Information Office
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