The stability of the banking sector is the key to economic recovery and for Cyprus’ return to international markets as a financial.
This is what Government Spokesman Christos Stylianides said yesterday after a meeting of the Independent Commission on the Future of the Cyprus Banking Sector with President Anastasiades.
The Commission informed the President about the main conclusions of its final report concerning the problems faced by the banking system.
“The Commission’s report includes very important proposals for restoring trust in the Cyprus banking system,” Stylianides said.
The report will be presented at a news conference in Nicosia today.
The spokesman said the Commission refers to the need to set up a national policy in the banking sector and to boost structures that will further secure economic stability.
“The report also includes proposals for improving the governance and monitoring of banks -- something that seemed to be lacking,” Stylianides said.
“It is a very important report that has to be used by all of us. The government has all the responsibility and is committed to making the most of it,” he added.
The Independent Commission on the Future of the Cyprus Banking Sector was appointed by the Central Bank in November 2012 to help overcome the economic crisis and launch reform.
Its four members are financial experts from the UK, Switzerland and Cyprus.
After meeting the President, Commission’s chairman David Lascelles said: “We had the opportunity to present him with our main recommendations and he told us that they had this full support and that he would be putting plans together in order to implement these recommendations.”
Lascelles’ said the Commission’s recommendations cover very high level issues related to banking policy of the top government level, right down to very detailed recommendations for improving, the supervision of banks and consumer protection.
In its 100-page interim report published in June 2013 the Commission said that Cyprus must open up its banking system to fresh people in order to rid itself of the taint of politics and cronyism.