Cyprus banking recovery built on firm oversight, says supervisor

Cyprus’ banking sector recovery after the 2013 crisis reflects “the coherent and consistent functioning of two essential pillars, banks’ commitment to act and supervisors’ firm oversight,” said George Ioannou, member of the European Central Bank (ECB) supervisory board and director of supervision of credit institutions at the Central Bank of Cyprus (CBC).

In an interview published by the European Central Bank (ECB), he noted that “the road to recovery was anything but smooth”.

“Towards the end of 2013...