Cyprus Finance Minister Harris Georgiades has congratulated the Bank of Cyprus on the full repayment of the emergency liquidity assistance (ELA) on Thursday.
“I congratulate John Hourican (Chief Executive Officer of Bank of Cyprus Group) and the Bank of Cyprus on the full repayment of ELA. This is a significant development which reaffirms the strengthening of the bank and the restoration of confidence in the banking system of our country,” the Minister said in a written statement.
ELA peaked at 11.4 billion euros in April 2013, after the bank absorbed assets of Laiki Bank which went into liquidation, along with 9.4 billion euros ELA liability.
The full repayment of ELA comes as the bank’s shares trading on the London Stock Exchange begins on January 19.
Source: CNA
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