Cyprus Central Bank Chief Announces Bank Reform Law: Statement
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Cypriot central bank Governor Panicos Demetriades issued the following statement in Nicosia today. The text of his statement was emailed from the Cyprus President’s Office.
“The Central Bank of Cyprus has proposed the urgent submission and immediate vote by the House of Representatives of a legal framework on the reform and recovery of the Cypriot banking system. With the restructuring process, the risk of bank collapse is averted and the entirety of insured deposits, up to the amount of EU100,000, are protected. Similarly the conditions for the recovery of the banking system are created and jobs are safeguarded.