NICOSIA - The new Deputy Governor of the Central Bank, Spyros Stavrinakis, 63, was sworn in at the Presidential Palace Monday.
President Demetris Christofias presented the instrument of appointment to Stavrinakis, wishing them every success in his new duties.
The President Christofias described the new appointment as essential as Cyprus’ membership of the EU and the Eurozone as well as the financial crisis, created.
Stavrinakis thanked President Christofias for the trust he had shown, said the challenges facing the banking sector were unprecedented.
There has been a barrage of protests from opposition parties who have described the appointment as unconstitutional.
Stavrinakis joined the Central Bank in 1978 but will now fill a position that had remained vacant since the 1960s when the Turkish Cypriot minority withdrew from government and Parliament following an uprising.
The position controls the licensing and regulation of international banks and financial institutions. The role also involves the promotion of the island as an international financial centre.
Stavrinakis was born in 1950 and graduated from the Pancyprian Gymnasium in 1968.
He served his military service in the Signal Corps and then studied economics at Manchester University and took a master's degree in Business Administration from the University of Sheffield.
He joined the Central Bank of Cyprus (CBC) in 1978 as Officer II and received five promotions to reach the top of the hierarchy in July 2006 as Senior Director. His duties at the CBC included 28 years service in the Department of Banking Supervision from 1978 to 2006.
In 2006 he became head of the Department of Statistics and Department of Economic Research, until 2008 when he was given the supervision of the department to ensure financial stability. In November 2010 became head of the Department of Safety and Technical Services.
In May 2012 he became head of the Department of Banking Supervision and Regulation of Institutions, Office of Bank Licensing, the Financial Stability Assurance Department and the Office for European and International Affairs.