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Central Bank determines O-SII buffer requirement for banks

29/11/2021 16:25

The Central Bank of Cyprus has determined the O-SII buffer requirement for six banks.

In a press release the CBC says that in accordance with its policy for the designation of Other Systemically Important Institutions (O-SII institutions) and the methodology for the determination of the O-SII buffer requirement, concluded on 29 November 2021 its annual reassessment of the designation of credit institutions that meet the definition of O-SII institutions.

In accordance with the CBC`s reassessment, six credit institutions have been designated as O-SII institutions, which are listed below along with the corresponding O-SII capital buffer rate each must meet.

The measure will be in effect as of January 1, 2022.

In particular, the Bank of Cyprus with a total O-SII score of 3,197 basis points should have a buffer of 1.00% as of January 1, 2021, 1.250% as of January 1, 2022 and 1.50% as of January 1, 2023.

The Hellenic Bank with a total O-SII score of 2,552 basis points, should have a buffer of 0.75% as of January 1, 2021, 1.875% as of January 1, 2022 and 1.00% as of January 1, 2023.

Eurobank Cyprus with a total O-SII score of 1,473 basis points, should have a buffer of 0.50% as of January 1, 2021, 0.625% as of January 1, 2022 and 0.75% as of January 1, 2023.

RCB Bank with a total O-SII score of 1.029 basis points should have a buffer of 0.25% as of January 1, 2021, 0.375% as of January 1, 2022 and 0.50% as of January 1, 2023.

AstroBank with a total O-SII score of 508 basis points should have a buffer of 0.25% as of January 1, 2021, 0.250% as of January 1, 2022 and 0.25% as of January 1, 2023.

Alpha Bank Cyprus with a total O-SII score of 342 basis points should have a buffer of 0.25% as of January 1, 2021, 0.250% as of January 1, 2022 and 0.25% as of January 1, 2023.