Central Bank of Cyprus
The Central Bank of Cyprus was established in 1963, shortly
after Cyprus gained its independence. The Central Bank of
Cyprus is responsible for the country's monetary and credit
policy; it supervises banks, administers the foreign exchange
reserves, issues currency and acts as a financial agent for
the Cypriot Government.
The Co-operative Central Bank Ltd (CCB) was established in
1938 under the Co-operative Societies Laws and Rules having
as its main purpose the provision of banking and other ancillary
services to member-societies which form the backbone of the
agricultural community of Cyprus.
MAJOR COMMERCIAL BANKS IN CYPRUS:
The Commercial Banks below are member of the Association
of Cyprus Commercial Banks and the Society
for Worldwide Interbank Financial Telecommunication (SWIFT)
and have correspondents in major cities around the world:
Bank (Laiki Bank)
of Greece (Cyprus)
Development Bank Group
Banking in Cyprus and the EU
Since 1 May 2004 the single market applies to the banking
sector in Cyprus. Banks and other credit institutions can
set up branches and offer services in any EU country. EU rules
on banking ensure that banks operate under high standards
and strict supervision. EU banking rules harmonise laws and
practises on access to banking activities, the capital required
to set up a bank and on the publication of accounts by banks.
They also establish home-country control, which means that
in principle banks are supervised by the competent authority
in the country where they obtain their licence and in which
their registered office is located.
Citizens of the European Union are free to open a bank account
in any Member State of the European Union and to make bank
transfers to or from that account (in accordance with detailed
rules that vary from one Member State to another).
The protection provided by Community law in the area of banking
services must be guaranteed by the legislation of each Member
State. However, the rules concerning the opening of a bank
account remain governed by national provisions, which have
not been harmonised.
For payments emanating from and destined for abroad, the
European banks (ECBS) have agreed to structure bank accounts
in a uniform way. This uniform structure of the account number
is known as IBAN
(International Bank Account Number).
on banking and the European Union
Committee for Banking Standards