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International Monetary Fund

I. C yprus B anking S ector V ulnerabilities 1 A. Summary The most salient risks come from commercial banks domiciled in Cyprus . These banks have the strongest links with the local economy, are most heavily exposed to significant haircuts on Greek government bonds, and are likely to experience further deterioration of their loan portfolios in both Greece and Cyprus. Risks from other financial institutions operating in Cyprus should not be overlooked, but they are not the main focus of this report. Cyprus banks face capital needs estimated at €3

International Monetary Fund

economic model. Cypriot banks conduct mainstream banking (mostly deposit taking and loan granting). They have low dependency on wholesale funding. The regulatory framework is conservative, as is illustrated by strict liquidity requirements and the relatively high minimum capital ratios (minimum core tier 1 capital of 8 percent of risk-weighted assets). The two largest banks already comply with the Basel III minimum capital ratios. Moreover, the supervisor has required Cypriot banks to build up available adequate core tier 1 capital of at least 8 percent plus an

International Monetary Fund

On November 18, 2011, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Cyprus. 1 Background The Cypriot economy faces strong headwinds and downside risks due to financial turbulence in the euro area, the large exposure of Cypriot banks to Greece, and the need for substantial fiscal consolidation to stabilize public finances. Reflecting these developments, the government has lost access to international capital markets and confronts the challenge of accessing financing to meet its fiscal needs in

International Monetary Fund
The 2011 Article IV Consultation report discusses the Cypriot economy, which faces strong headwinds and downside risks owing to financial turbulence in the euro area and the large exposure of Cypriot banks to Greece. Executive Directors noted that Cyprus faces daunting economic challenges in the face of faltering external demand and worsening domestic financial conditions. Directors urged the authorities to act forcefully to restore sound public finances and safeguard the stability of the banking system.
International Monetary Fund

environment, and Cyprus’ favorable geographic location. Although declining in relative terms, tourism contributed 10 percent of GDP in 2008. Meanwhile, the public debt ratio was well below the euro area average at 48 percent of GDP at end-2008. Exports of Services (Percent of GDP, 2000-2010 average) Sources: Statistical Office of the European Communities; and IMF staff calculations. 2. However, vulnerabilities were building in the form of widening external shortfalls, rapid credit growth, a real estate boom, and the large exposure of Cypriot banks to Greece

International Monetary Fund

The 2011 Article IV Consultation report discusses the Cypriot economy, which faces strong headwinds and downside risks owing to financial turbulence in the euro area and the large exposure of Cypriot banks to Greece. Executive Directors noted that Cyprus faces daunting economic challenges in the face of faltering external demand and worsening domestic financial conditions. Directors urged the authorities to act forcefully to restore sound public finances and safeguard the stability of the banking system.