The main purpose of this focus note is to present the most important developments and trends in the Cypriot banking sector during the period 2013-2022, with an ulterior target to depict the progress after the 2013 crisis, prospects and challenges ahead, together with relevant measures and policy recommendations. The banking sector underwent a massive restructuring process in the examined period, achieving a sharp reduction of non-performing loans, significant strengthening of its capital adequacy, which in terms of certain indicators (CET1) exceeds the Eurozone average, as well as strong improvement of its economic results. Challenges ahead are mainly linked to tackling the remaining NPLs legacy, achieving organic growth and further strengthening the role of the banking sector to long-term growth of Cyprus.
Developments in the Banking Sector in Cyprus during 2013-2022 and priorities ahead for soundness and expansion
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