CCB closure alleviated major risk to financial stability, but reform momentum must go on -ESM report

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CCB closure alleviated major risk to financial...
 © In-Cyprus 2019
“Cyprus regained an investment grade rating in 2018 thanks to strong economic growth, a prudent fiscal policy, and a more resilient financial sector” and “the winding down of Cyprus Cooperative Bank (CCB) alleviated a major risk to financial stability through the removal of a large share of NPLs from outside the banking sector”, according to the chapter on Cyprus, issued under the annual ESM report for 2018.

According to the ESM report, “this one-off operation, however, adversely affected public finances in 2018 and banks still remain burdened...


This article was automatically added to our system 13-6-2019

CCB closure alleviated major risk to financial stability, but reform momentum must go on -ESM report


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Article Tags: closure, alleviated, major, financial, stability, reform, momentum, report,