The Central Bank of Cyprus has announced that it has commissioned an independent review of the domestic banking system at the request of the so-called troika (the tripartite committee of the European Commission, the European Central Bank and the International Monetary Fund that is coordinating assistance under EU support mechanisms). The exercise will cover the principal commercial banks as well as the Co-operative Central Bank and a representative sample of affiliated cooperative credit institutions. It will include an asset quality review and a bottom-up stress test aimed at determining the capital needs of each participating institution.
The exercise will be carried out by external consultants and coordinated and overseen by a Steering Committee made up of representatives of the Cyprus authorities and the international organisations involved in the financial assistance programme for Cyprus.
The Central Bank of Cyprus will publish the results of the review once they have been approved by the Steering Committee.
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