13/09/2016 10:10
The Central Bank of Cyprus announced it has set the counter-cyclical buffer rate (CCyB) for the period 1 October 2016 - 31 December 2016 at 0% of the total risk exposure amount of licenced credit institutions.
CBC said in a press release issued today that the credit-to-GDP gap based on the broad credit definition is -31,1% and the credit-to-GDP gap based on the narrow (bank) credit definition is -26,8%.
“Given that the credit-to-GDP gap is lower than 2%, which implies a benchmark buffer guide of 0%, the CCyB was set at 0%,” the CBC said.
Furthermore, the CBC, in accordance with its policy for the designation of Other Systemically Important Institutions (O-SIIs), designated on 30 December 2015 the following credit institutions as O-SIIs, and determined the level of the additional O-SII capital buffer that each credit institution must maintain.
Furthermore, the CBC, in accordance with the above policy, and following cooperation and consultation with the Cyprus Securities and Exchange Commission, designated on 4 April 2016 the following Cyprus Investment Firms (CIFs) as O-SIIs, and determined the level of the additional O-SII capital buffer that each CIF must maintain.
CBC said in a press release issued today that the credit-to-GDP gap based on the broad credit definition is -31,1% and the credit-to-GDP gap based on the narrow (bank) credit definition is -26,8%.
“Given that the credit-to-GDP gap is lower than 2%, which implies a benchmark buffer guide of 0%, the CCyB was set at 0%,” the CBC said.
Furthermore, the CBC, in accordance with its policy for the designation of Other Systemically Important Institutions (O-SIIs), designated on 30 December 2015 the following credit institutions as O-SIIs, and determined the level of the additional O-SII capital buffer that each credit institution must maintain.
Furthermore, the CBC, in accordance with the above policy, and following cooperation and consultation with the Cyprus Securities and Exchange Commission, designated on 4 April 2016 the following Cyprus Investment Firms (CIFs) as O-SIIs, and determined the level of the additional O-SII capital buffer that each CIF must maintain.
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