The outcome for RCB Bank Ltd was positive after the completion of the 2021 stress tests coordinated by the EBA and carried out in cooperation with the European Central Bank (ECB). The aim of the EU-wide stress test is to assess the resilience of EU banks to a common set of adverse economic developments. The 2021 stress test results showed that RCB Bank’s Common Equity Tier 1 ratio (CET1) in the adverse scenario ranges between 11 and 14%, the highest in the Cyprus banking sector.
Commenting on the completion of the tests, RCB Bank’s CEO Dr. Kirill Zimarin stated: “We are indeed satisfied with the results of the stress tests carried out by the EBA and the ECB. This positive outcome demonstrates that RCB Bank is both stable and strong and can therefore continue to be a reliable partner for its clients. The availability of significant capital reserves enables the Bank to continue the implementation of its plans on further expanding its operations in Cyprus and thus steadily supporting Cyprus’ businesses and in turn the recovery and growth of the country’s economy”.
The 2021 Stress Tests in which RCB Bank participated formed a pan-European assessment of the stability of the Union’s financial system by the supervisory bodies.