Friday, 28 June 2013

Cyprus: ICFCBS publishes interim report

The Independent Commission on the Future of the Cyprus Banking Sector was formed in 2012 by the Central Bank of Cyprus and asked to make recommendations to strengthen the banking sector, improve supervision and promote competition. Earlier this week the Commission published its interim report: see here (pdf). An executive summary is available here (pdf). The interim report contains many recommendations including some relating to the governance of banks, having identified many governance failures including boards where the culture was one of deference rather than challenge (see, in particular, chapter 6).

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