The Bank of Cyprus announced on the 5th of January 2017 that it has fully repaid the emergency liquidity assistance (ELA). A total of €11.4 billion has been repaid since March 2013. The bank had relied heavily on ELA provided by the Central Bank of Cyprus for a number of years.
This marks a very important development for the bank and demonstrates that the bank is growing stronger and healthier. Further, it reflects the normalisation of the bank’s structure. Over the past two years customer deposits have increased very significantly and the bank’s outlook is constantly improving.
Another sign of the bank’s growing strength is the expected listing of the bank’s shares in the London Stock Exchange.