2nd Cyprus Banking Forum
The Challenges & the Future of Banking in Cyprus
Nicos Neophytou Advocate and Founder – Managing Director represented Nicos Neophytou Law Partners at the 2nd Cyprus Banking Forum, which was held on Thursday, 4 December, 2014 at the Hilton Park Hotel, in Nicosia.
The latest developments in European banking represented a profound structural and regulatory change for the sector. New competencies have been assigned to the European Central Bank, which has radically changed its European supervisory system and currently takes more important decisions regarding the recovery and resolution of banks. With regard to Cyprus, following the decisions of the Eurogroup in March 2013 and the haircut of uninsured deposits, the country’s banking sector has been forced to shrink considerably. Trust in the banking sector in Cyprus has diminished significantly.
The 2nd Cyprus Banking Forum, presented by IMH and Gold magazine, brings together European and international banking executives and top regulators to debate the course of action for European banks to gain financial stability and profitability.
At the Forum were discussed topics such as:
• The challenges and the future of European Banking – the EBF perspective
• Banking in Europe: The current status, trends, challenges and the future in Spain, Ireland and
• Dealing with the problem of real estate collateral in banks
• Regulation, compliance and corporate governance: trends and challenges
• Retail banking – The future of Retail Banking in Europe
In addition to the above topics, the CEOs of the main banks in Cyprus discussed the future of banking in Cyprus. More specifically:
• The challenges and the future of banking in Cyprus
• The CEOs’ priorities and action plan for the next 2 years
• The ECB Asset Quality Review/ Stress Test Results
• How to restore trust in the banking system of Cyprus
• What is the new business model for Cypriot Banks to return to profitable growth?