The need for the Cyprus banking system to support the recovery of the country’s economy was underlined by Dr. Kirill Zimarin, CEO of RCB Bank Ltd at the 4th Cyprus Banking Forum that took place today in Nicosia.
Speaking at the panel discussion of the CEOs of major Cypriot Banks, Dr. Zimarin noted that the efforts in dealing with the NPLs in some Cypriot Banks are already producing results and should continue in conjunction with an increase in reserves.
RCB’s CEO also stressed the need for to extend lending to the core sectors of the economy noting that “This is how the banking sector can play a more constructive way in the recovery of the Cypriot economy and we should all work towards gradually easing lending policies and procedures without jeopardizing the necessary risk policies. It is through such support and the decrease of the cost of lending that healthy Cypriot companies will be able to materialize their growth and investment plans, thus leading to a faster growing economy”.
In closing, Dr. Zimarin highlighted the need to promote the stability of the Cyprus banking system on the world banking scene and thus enhance the country’s position and rating.