Cyprus News Agency: News in English, 13-05-16

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Cyprus external trade deficit for Jan-Feb 2013 at €600 million

[02] Government expects Bank of Cyprus CEO to be appointed soon

[01] Cyprus external trade deficit for Jan-Feb 2013 at €600 million

External deficit for January - February 2013 declined to €600 million compared with €700 million in the corresponding period of 2012.

Total exports for January - February 2013 reached €200 million marking an increase of 8% year on year, whereas total imports declined by 9% reaching €800 million compared with €900 million in January - February 2012.

[02] Government expects Bank of Cyprus CEO to be appointed soon

The Bank of Cyprus (BoC) - the largest bank in the island - is currently subjected to a consolidation process, as part of a 10 bln euro bailout agreement, reached between the Cypriot authorities and the Troika (European Commission, ECB, IMF).

The agreement also provides for the immediate resolution of the second largest bank, Cyprus Popular Bank, in a good and bad bank, based on a decision by the Central Bank of Cyprus that used the newly adopted Bank Resolution Framework. The previous BoC Board and senior management has resigned recently, at the instructions of the Central Bank of Cyprus, acting in its capacity as the Resolution Authority.

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