The government of Cyprus has made some difficult and unpopular decisions, but these decisions lead to a clearly robust and secure banking system, Minister of Finance Harris Georgiades has said, pointing out that the progress made in recent years in the banking system is remarkable.
The Minister, who was addressing the AGM of the Association of Cyprus Banks, said that those have been decisions that prevent risks, safeguard the positive outlook of the economy and serve the long-term public interest.
He spoke about bad bank practices in the past, saying that their repercussions are still felt in the economy of Cyprus.
Georgiades assured that the government will continue its efforts to create an even more credible operating framework for the banking system through a more efficient and more just legislative framework, through the institutional strengthening of the Central Bank of Cyprus and through ensuring the effective functioning of the courts
In addition, the Minister said that the state expects much more than the banks themselves.
We expect, he said, the banking sector to stand up to the circumstances and meet the expectations, adding that we expect that banks will operate in an effective way, reform their structures, invest in technology and human resources, chase bad-payers, compete and take any difficult decisions needed.