Economy · Cyprus

Cyprus submits four delayed banking bills to Parliament amid EU infringement proceedings

3 sourcesFirst reported 6 days agoUpdated 6 days ago

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Cyprus has submitted a package of four banking reform bills to Parliament after a significant delay.
The bills were introduced seven months after the EU's deadline for compliance with the updated European Banking Directive.
This submission follows a formal warning letter from the European Commission regarding non-compliance.
The parliamentary discussion of the bills is expected to take place after the summer recess.

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The government of Cyprus has submitted four banking reform bills to the Parliament, following a significant delay in aligning with European Union regulations. This legislative package was presented in early July, seven months past the EU’s deadline for Cyprus to implement the updated European Banking Directive. Additionally, it comes four months after the European Commission issued a formal warning to Cyprus regarding its failure to meet this deadline.

The bills will not be addressed in Parliament until after the summer recess. This delay has placed Cyprus in a state of infringement proceedings with the EU, highlighting ongoing concerns about the country's compliance with essential banking regulations. The recent steps taken by the government are seen as an urgent attempt to rectify this situation and avert potential penalties from the EU.

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Cyprus submits four delayed banking bills to Parliament amid EU infringement proceedings

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