CBC undergoing an organic restructuring
An international rating agency has been selected through a competition procedure by the Board of Bank of Cyprus for conducting a study aimed at Bank’s restructuring.
In its relevant announcement, the Board believes that the reorganization of the Central Bank of Cyprus is more than necessary since its basic organizational structure has not changed for decades, without, however, neglecting the significant changes resulted from bank’s accession to the Eurosystem and the Single Supervisory Mechanism in 2008 and 2014.
It has been also stated that the new organizational configuration will facilitate a faster and possibly better decision-making process, enabling at the same time the creation of new organizational units that would contribute to the effective CBC’s participation in European institutions (European Central Bank, Single Supervisory Mechanism).
Therefore, the Bank will be ready to meeting present and future challenges, as well as monitoring macro-prudential risks.
The reorganization, meanwhile, is expected to allow the best possible use and promotion of staff’s work. It is worth mentioning that the CBC’s staff has already offered an important input of work, beyond all the dysfunctions caused by the weak organizational structure which is in force until today.
The Board is currently evaluating this study as of paramount importance for both Bank’s fate and the revamping of Cyprus’ economy.
According to official statements, it is about a modernization project that will function as a future consignment for the Bank.