ECB welcomes Cypriot state’s rethink on central bank law

Law allows recapitalisation of central bank if necessary and clarifies powers to dismiss directors

Central Bank of Cyprus, Nicosia
The Central Bank of Cyprus
Photo: TourinNicosia/Wikimedia Commons

The European Central Bank has welcomed plans by Cyprus to change the governance of the country’s central bank, after strongly criticising plans put forward last year.

The government now proposes draft amendments both to the law governing the central bank, and changes to the relevant articles of the constitution.

The ECB’s official opinion, dated June 21, welcomed the government’s decision to set the Central Bank of Cyprus’s capital at €150 million ($166.9 million). The draft law originally

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account