The Parliament of the Republic of Cyprus, during its last session, on the 11th of February 2016, passed the law on the Deposits Protection and Resolution of Credit and Other Institutions Scheme, harmonizing thereby the national legislation with the EU Directive 2014/49/EU on deposit guarantee schemes.
Please note that a Deposit Protection and Resolution of Credit and Other Institutions Scheme (DP & RCOIS) had been in place since March 2013. The law aims, among others, to establish a legal framework, regulating the deposit protection, as well as the recovery and the consolidation of credit and investment institutions. The full text of the law is expected to be published soon in the Official Gazette of the Republic of Cyprus.
We will publish further information on the provisions on the law and its implications within the next few weeks. In order to stay informed about the latest legal developments, you can follow us on our social media (Facebook, LinkedIn) or if you require legal advice, you can get in touch with our team.