| Description |
1 online resource (42 pages) |
| Series |
IMF country report ; no. 10/289 |
|
IMF country report ; no. 10/289.
|
| Contents |
Growing challenges in the Cyprus financial sector / prepared by Mustafa Saiyid -- External competitiveness assessment / prepared by Valentina Flamini -- Potential growth and the output gap / prepared by Valentina Flamini |
| Summary |
1. The financial sector is mostly comprised of the banking sector, which largely provides insurance and asset management services as well. 2 There are 43 banks operating in Cyprus, of which eight have Cyprus as their home country; the rest are branches or subsidiaries of foreign banks. Banks whose home country is Cyprus have assets of 108.3 billion (639 percent of GDP); of this total 85 percent are held by commercial banks, and the remaining by cooperative credit societies, or cooperatives. These two types of institutions differ mostly in terms of ownership structure and historical evolution of business practices. While both types of banks rely largely on a traditional deposit taking and credit granting model, cooperatives have historically been more focused on lending in communities to retail customers based almost exclusively on retail deposit funding. Unlike most commercial banks, cooperatives are not owned by shareholders but by their members who need not be depositors. 3 Excess liquidity of individual cooperatives is deposited with the Cooperative Central Bank (CCB), which serves as the lender of last resort-guaranteeing all liabilities of affiliated cooperatives. There are 111 cooperatives at present, a number that has come down considerably from 365 following a period of consolidation after EU accession in 2004. One cooperative institution, the largest, is not affiliated with the CCB and has to comply with EU regulations on a stand-alone basis; nevertheless, the CCB acts also as a lender of last resort for this cooperative |
| Notes |
"September 2010." |
| Bibliography |
Includes bibliographical references |
| Notes |
Online resource; title from PDF title page (IMF Web site, viewed November 18, 2011) |
| Subject |
Banks and banking -- Cyprus
|
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Banks and banking -- State supervision -- Cyprus
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Financial risk management -- Cyprus
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Labor market -- Cyprus
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Economic development -- Cyprus
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Industrial productivity -- Cyprus
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Banks and banking
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Banks and banking -- State supervision
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Economic development
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Financial risk management
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Industrial productivity
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Labor market
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Cyprus
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| Form |
Electronic book
|
| Author |
Flamini, Valentina, author.
|
|
International Monetary Fund, issuing body.
|
| ISBN |
1283557452 |
|
9781283557450 |
|
