President Nikos Christodoulides and Finance Minister Makis Keravnos are in constant contact with the governor of the Cyprus Central Bank as of Thursday, following a 30 per cent slump in shares of Credit Suisse bank in Switzerland.
Following Wednesday’s steep drop, which intensified fears of a global banking crisis fanned by the collapse of two mid-sized US lenders – Silicon Valley Bank and Signature Bank – the Swiss bank decided it would tap a lifeline of up to $54 billion from the Swiss authorities to shore up liquidity and investor confidence.
According to CNA, the president and the finance minister are in constant contact with Central Bank governor Constantinos Herodotou over the matter that unfolded with the Swiss lender.
Herodotou is currently at a conference in Frankfurt at the European Central Bank.
Reports from CNA said that Herodotou assured both the president and Keravnos that he is in contact with the Cypriot banks, who have said that they are not exposed to the Swiss institution.
At the morning briefing, Christodoulides also met with Interior Minister Constantinos Ioannou and Labour Minister Yiannis Panayiotou, who informed him about apartment buildings in refugee estates and their static adequacy, and about the cost-of-living-allowance (CoLA).
Christodoulides reportedly gave both instructions on what they should do about the aforementioned matters.
Ioannou also presented his plan about the refugee apartments.
Christodoulides also gave instructions on the issue of the fund for securities holders and depositors involved in the 2013 ‘haircut’ and the issue of the unemployment of the bank employees, who left with the last voluntary exit plan, which the government is expected to bring to parliament with a bill.
Finally, he also met with the general director of Structural Reforms of the European Commission, Mario Nava.
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