The Central Bank of Cyprus has determined the O-SII cushion requirement for six banks.

In a press release, the CBC states that, in accordance with its policy of designating other systemically important institutions (O-SII institutions) and the methodology for determining the O-SII cushion requirement, the November 29, 2021 its annual reassessment of the designation of credit institutions meeting the definition of O-SII institutions.

In accordance with the BCC reassessment, six credit institutions have been designated as O-SII institutions, which are listed below with the corresponding O-SII capital buffer rate that each must comply with.

The measure will be in effect from January 1, 2022.

In particular, the Bank of Cyprus with a total O-SII score of 3,197 basis points is expected to have a cushion of 1.00% on January 1, 2021, 1.250% on January 1, 2022 and 1.50% on January 1, 2023.

The Hellenic Bank with a total O-SII score of 2,552 basis points, is expected to have a cushion of 0.75% on January 1, 2021, 1.875% on January 1, 2022 and 1.00% on January 1, 2023 .

Eurobank Cyprus, with a total O-SII score of 1,473 basis points, should have a buffer of 0.50% on January 1, 2021, 0.625% on January 1, 2022 and 0.75% on January 1 2023.

RCB Bank with a total O-SII score of 1.029 basis points is expected to have a cushion of 0.25% on January 1, 2021, 0.375% on January 1, 2022 and 0.50% on January 1, 2023.

AstroBank with a total O-SII score of 508 basis points is expected to have a buffer of 0.25% on January 1, 2021, 0.250% on January 1, 2022, and 0.25% on January 1, 2023.

Alpha Bank Cyprus with a total O-SII score of 342 basis points is expected to have a buffer of 0.25% on January 1, 2021, 0.250% on January 1, 2022 and 0.25% on January 1, 2023.


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