TohidA/MONA · Datasets at Hugging Face

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

For individual CCIs not covered by the PIMCO due-diligence exercise, the CBC jointly with the CCI supervisor will complete an assessment of capital needs and viability in accordance with terms of reference prepared in consultation with EC/ECB/IMF.

2

06/30/2013

PM

Introduced at R0. Objective: strengthen financial stability. At R1, partially met. Capital needs of individual CCIs have been assessed on time but the viability assessment was completed on July 19, 2013.

3

2

2013-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Develop a strategy to recapitalize and restructure the CCI sector with public money as needed.

3

07/31/2013

M

Introduced at R0. Objective: strengthen financial stability

3

2013-07-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

CBC to require the BoC board to prepare a restructuring plan defining the bank's business objectives.

4

09/30/2013

MOD-SB

Introduced at R0. Objective: strengthen financial stability. At R1, text of the condition as well as test date were modified.

3

4

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

CBC to prepare an assessment of BoC's restructuring, business, funding and capital plans.

5

10/31/2013

M

At R1, previously a structural benchmark the content of which has been modified and the deadline moved to end-October 2013. Objective: strengthen financial stability.

3

5

2013-10-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

CBC to instruct Hellenic Bank to launch an offer for private participation in the bank's capital.

6

09/30/2013

M

Introduced at R1. Objective: strengthen financial stability.

3

6

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Recapitalize Hellenic Bank in line with the capital needs identified by the PIMCO exercise.

7

12/31/2013

M

Introduced at R1. Objective: strengthen financial stability.

3

7

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Completion of an independent fair value assessment of the CCB's and CCI’s assets aimed at quantifying the size of the government’s stake in the sector and submission of the final restructuring plan of the CCI sector to the European Commission.

8

01/13/2014

M

Introduced at R2. At R3, met.

3

8

2014-01-13

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

06/30/2013

M

Treated as a performance criterion.

3

1

2013-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

09/30/2013

M

Treated as a performance criterion. Met for R2.

3

1

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

12/31/2013

M

Treated as a performance criterion. Met for R3.

3

1

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-03-28

P1

R3

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

Continuous

SB

Introduced at R0. Objective: strengthen financial stability. This is to be treated as a performance criterion.

3

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

PA

20

1. General government

Adoption by Parliament of the fiscal responsibility and budget systems law.

1

Third Review Prior action

M

Previously a structural benchmark, made a prior action for completion of R3.

4

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Adopt legislation and Council of Minister decisions, as needed, implementing measures consistent with the program targets. Measures include: increasing the CIT rate from 10 to 12.5 percent, raising the bank levy rate from 0.11 to 0.15 percent, raising the tax rate on interest from 15 to 30 percent, and reforming the property tax (for a total consolidation of 2 percent of GDP with immediate effect); and rationalizing the housing benefits (savings of 0.2 percent of GDP).

1

Program Prior Action

M

N/A

4

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Adoption of legislation and regulations to fight tax evasion.

2

Fourth Review Prior action

M

N/A

4

2

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

PA

20.2

1.2. Revenue administration, including customs

Submission to parliament of measures to fight tax evasion (TMU ¶17).

1

Third Review Prior action

M

Previously a structural benchmark, made a prior action for completion of R3.

4

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

PA

20.8

1.8. Budget preparation (e.g., submission or approval)

Submission to parliament of amendments to the 2014 budget in line with program's macroeconomic framework and revised targets.

1

Second Review Prior action

M

N/A

4

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

PA

21.1

2.1. Central bank operations and reforms

Approval by the CBC of BoC's proposed set of quarterly targets for the next 12 months of key financial and operational indicators in critical areas and the terms of a quarterly report on progress relative to these targets.

1

Second Review Prior action

M

N/A

4

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

PA

24.2

5.2. Privatization, public enterprise reform and restructuring, other than pricing

Adoption by Parliament of the legal framework for privatizations (TMU ¶18).

1

Third Review Prior action

M

N/A

4

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

PA

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Establish the legal framework for an appropriate ownership and governance structure to manage the government's majority stake in the CCI sector.

1

First Review Prior action

M

N/A

4

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

PA

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Amend the cooperative and banking laws provisions to establish the CBC as the single supervisor of the CCI sector.

2

First Review Prior action

M

N/A

4

2

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

PA

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Finalize an agreement between the Ministry of Finance and the CCB on the terms of the relationship framework defining, on the basis of international best practices, the responsibilities and governance boundaries between bank owners and the bank (MEFP ¶9).

3

Second Review Prior action

M

N/A

4

3

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

20

1. General government

Submit to Parliament a law on fiscal responsibility and budget systems (TMU ¶17).

1

12/31/2013

MOD-SB

Introduced at R0. Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. At R1, text of condition was modified.

4

1

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

20

1. General government

Adopt a law on fiscal responsibility and budget systems.

2

12/31/2013

MOD-PA

At R1, the original benchmark referred to "submission to the Parliament". Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. This structural benchmark was made a prior action for completion of R3.

4

2

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Adopt measures to fight tax evasion.

1

12/31/2013

MOD-PA

Introduced at R1. This structural benchmark was made a prior action for completion of R3.

4

1

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Submission to Parliament of the new Cyprus Tax Department’s enabling law.

2

04/30/2014

MD

Introduced at R3. At R4, not met. Requirement achieved on May 8, 2014.

4

2

2014-04-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

20.2

1.2. Revenue administration, including customs

Establishment of an integrated large taxpayers unit.

3

12/31/2014

SB

Introduced at R3.

4

3

2014-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

20.5

1.5. Debt Management

Roll over and extend the maturity of at least Euro 1 billion of domestic debt held by residents through a voluntary debt exchange covering maturities falling due in 2013-15 and roll over the Euro 1.9 billion recapitalization bond of CPB.

1

06/30/2013

M

Introduced at R0. Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. At R1, completed on July 1, 2013. The closing date for the exchange was set on July 1, as the deadline of June 30 fell on a weekend.

4

1

2013-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

20.5

1.5. Debt Management

Approval by Council of Ministers of the strategy for reforming the debt-restructuring legal framework.

2

07/31/2014

SB

Introduced at R4.

4

2

2014-07-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

20.5

1.5. Debt Management

Approval by Council of Ministers of the debt-management strategy.

3

10/31/2014

SB

Introduced at R4.

4

3

2014-10-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Adoption by the CBC of a plan to strengthen the effectiveness and adequacy of resources allocated to the AML/CFT supervisory function (TMU¶18).

1

02/28/2014

M

Introduced at R2. At R3, met.

4

1

2014-02-28

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

Completion by the CBC of an in-situ assessment of the degree of operational capacity of the banks’ loan workout units to implement their arrears management plans.

2

03/31/2014

MD

Introduced at R2. At R4, not met. Requirement achieved in May 2014.

4

2

2014-03-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

CBC units responsible for the supervision of BoC and the coops to submit to the CBC Board the first quarterly report regarding BoC’s/coops performance against selected operational and financial targets.

3

05/31/2014

MOD-SB

Introduced at R3. At R4, not met. The requirement related to the report on BoC was achieved on time; for the coop sector, it was not achieved. Text of this structural benchmark is modified to cover quarterly report for coops' performance; and a new test date of end-July 2014.

4

3

2014-05-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

21.1

2.1. Central bank operations and reforms

CBC supervisory units to submit to the CBC Board the first quarterly report regarding the coop's performance against selected operational and financial targets.

4

07/31/2014

SB

At R4, modified text of a previous structural benchmark.

4

2014-07-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

Adopt measures to improve the targeting of social assistance, consolidate welfare programs, and streamline administration costs.

1

12/31/2013

MOD-SB

Introduced at R0. Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. At R1, text of condition and test dates were modified.

4

1

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

Implement a new social welfare system to improve the targeting of social assistance, consolidate welfare programs, and streamline administration costs.

2

06/30/2014

SB

At R1, previously a structural benchmark but text was modfied. Test date was also moved from end-December 2013 to end-June 2014. Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups.

4

2

2014-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

Approval by the Council of Ministers of the final design of the reformed social welfare system, including decisions on the type, level and eligibility criteria for GMI and any remaining benefits, consistent with the 2014 and medium term budget ceilings.

3

03/31/2014

NM

Introduced at R2. At R4, not met. Requirement expected to be achieved in mid-June 2014.

4

3

2014-03-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Revise the anti-money laundering legal framework (TMU ¶15).

1

09/30/2013

M

Introduced at R0. Objective: strengthen financial stability

4

1

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adopt the legal framework for a central credit register (TMU ¶16).

2

09/30/2013

MD

Introduced at R0. Objective: strengthen financial stability. At R2, completed on November 2013.

4

2

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Merge the credit cooperative sector into a maximum of 18 institutions which will be recaptitalized to fulfill the capital requirements under the law.

3

03/31/2014

M

Introduced at R1. Objective: strengthen financial stability. At R4, met.

4

3

2014-03-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Resolution Authority to instruct the Special Administrator to entrust the voting rights of legacy Laiki equity stake in BoC to a well-recognized and independent consulting or auditing firm(s) or international institution(s).

4

01/31/2014

MOD-SB

Introduced at R2. At R3, modified into "Appoint a well-recognized and independent consulting or auditing firm(s) or international institution(s) to be entrusted with the voting rights of legacy Laiki equity stake in BoC and manage the disposal of Laiki's assets abroad."

4

2014-01-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Appoint a well-recognized and independent consulting or auditing firm(s) or international institution(s) to be entrusted with the voting rights of legacy Laiki equity stake in BoC and manage the disposal of Laiki's assets abroad.

5

04/30/2014

MOD-SB

At R3, a revised text of the structural benchmark on "Resolution Authority to instruct the Special Administrator to entrust the voting rights of legacy Laiki equity stake in BoC...". A new test date of end-April 2014 is also specified. At R4, not met. Requirement expected to be partially achieved by end-June 2014. Text of this condition is revised.

4

5

2014-04-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of the assessment of the operational capacity of cooperative credit institutions’ loan workout units, including with respect to early arrears.

6

05/31/2014

M

Introduced at R3. At R4, met.

4

6

2014-05-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Appointment of an independent firm and/or international institution to be entrusted with the voting rights of legacy Laiki in BoC.

7

09/30/2014

SB

At R4, a revised text of a previous structural condition.

4

7

2014-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

CBC submission of assessment of banks and coops implementation of action plans to address operational deficiencies and potential shortcomings related to compliance with the Code of Conduct and arrears management policies and practices.

8

11/30/2014

SB

Introduced at R4.

4

8

2014-11-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

CBC assessment of internal audit on governance of bank debt restructuring.

9

01/31/2015

SB

Introduced at R4.

4

9

2015-01-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submission to parliament of legislation to modernize personal insolvency procedures.

10

12/13/2014

MOD-SB

Introduced at R3. At R4, text of condition is modified from "submission" to "adoption by parliament.." as related to personal insolvency and combined with the structural condition on corporate insolvency.

4

10

2014-12-13

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submission to parliament of legislation to modernize corporate insolvency procedures and to regulate insolvency practitioners assisting in the restructuring process.

11

12/31/2014

MOD-SB

Introduced at R3. At R4, text of condition is modified from "submission" to "adoption by parliament.."

4

11

2014-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption by parliament of legislation to modernize personal and corporate insolvency procedures and to regulate insolvency practitioners assisting in the restructuring process.

12

12/31/2014

SB

At R4, revised text of the 2 structural conditions related to personal insolvency and corporate insolvency procedures.

4

12

2014-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Complete the due diligence valuation of CPB and BoC assets as described in the resolution law in accordance with the terms of reference agreed with the EC/ECB/IMF.

1

06/30/2013

PM

Introduced at R0. Objective: strengthen financial stability. At R1, partially met. The valuation study was completed on July 26, 2013.

4

1

2013-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

For individual CCIs not covered by the PIMCO due-diligence exercise, the CBC jointly with the CCI supervisor will complete an assessment of capital needs and viability in accordance with terms of reference prepared in consultation with EC/ECB/IMF.

2

06/30/2013

PM

Introduced at R0. Objective: strengthen financial stability. At R1, partially met. Capital needs of individual CCIs have been assessed on time but the viability assessment was completed on July 19, 2013.

4

2

2013-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Develop a strategy to recapitalize and restructure the CCI sector with public money as needed.

3

07/31/2013

M

Introduced at R0. Objective: strengthen financial stability

4

3

2013-07-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

CBC to require the BoC board to prepare a restructuring plan defining the bank's business objectives.

4

09/30/2013

MOD-SB

Introduced at R0. Objective: strengthen financial stability. At R1, text of the condition as well as test date were modified.

4

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

CBC to prepare an assessment of BoC's restructuring, business, funding and capital plans.

5

10/31/2013

M

At R1, previously a structural benchmark the content of which has been modified and the deadline moved to end-October 2013. Objective: strengthen financial stability.

4

5

2013-10-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

CBC to instruct Hellenic Bank to launch an offer for private participation in the bank's capital.

6

09/30/2013

M

Introduced at R1. Objective: strengthen financial stability.

4

6

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Recapitalize Hellenic Bank in line with the capital needs identified by the PIMCO exercise.

7

12/31/2013

M

Introduced at R1. Objective: strengthen financial stability.

4

7

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

25.2

6.2. Restructuring and privatization of financial institutions

Completion of an independent fair value assessment of the CCB's and CCI’s assets aimed at quantifying the size of the government’s stake in the sector and submission of the final restructuring plan of the CCI sector to the European Commission.

8

01/13/2014

M

Introduced at R2. At R3, met.

4

8

2014-01-13

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

06/30/2013

M

Treated as a performance criterion.

4

1

2013-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

09/30/2013

M

Treated as a performance criterion. Met for R2.

4

1

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

12/31/2013

M

Treated as a performance criterion. Met for R3.

4

1

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2014-06-30

P1

R4

BLANK

SB

26

7. Exchange systems and restrictions (current and capital)

There will be no measures to intensify restrictions on the making of payments and transfers for current international transactions or to introduce multiple currency practices.

1

Continuous

SB

Introduced at R0. Objective: strengthen financial stability. This is to be treated as a performance criterion.

4

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

20

1. General government

Adoption by Parliament of the fiscal responsibility and budget systems law.

1

Third Review Prior action

M

Previously a structural benchmark, made a prior action for completion of R3.

5

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Adopt legislation and Council of Minister decisions, as needed, implementing measures consistent with the program targets. Measures include: increasing the CIT rate from 10 to 12.5 percent, raising the bank levy rate from 0.11 to 0.15 percent, raising the tax rate on interest from 15 to 30 percent, and reforming the property tax (for a total consolidation of 2 percent of GDP with immediate effect); and rationalizing the housing benefits (savings of 0.2 percent of GDP).

1

Program Prior Action

M

N/A

5

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

20.1

1.1. Revenue measures, excluding trade policy

Adoption of legislation and regulations to fight tax evasion.

2

Fourth Review Prior action

M

N/A

5

2

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

20.2

1.2. Revenue administration, including customs

Submission to parliament of measures to fight tax evasion (TMU ¶17).

1

Third Review Prior action

M

Previously a structural benchmark, made a prior action for completion of R3.

5

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

20.8

1.8. Budget preparation (e.g., submission or approval)

Submission to parliament of amendments to the 2014 budget in line with program's macroeconomic framework and revised targets.

1

Second Review Prior action

M

N/A

5

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

21.1

2.1. Central bank operations and reforms

Approval by the CBC of BoC's proposed set of quarterly targets for the next 12 months of key financial and operational indicators in critical areas and the terms of a quarterly report on progress relative to these targets.

1

Second Review Prior action

M

N/A

5

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

24.2

5.2. Privatization, public enterprise reform and restructuring, other than pricing

Adoption by Parliament of the legal framework for privatizations (TMU ¶18).

1

Third Review Prior action

M

N/A

5

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Establish the legal framework for an appropriate ownership and governance structure to manage the government's majority stake in the CCI sector.

1

First Review Prior action

M

N/A

5

1

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Amend the cooperative and banking laws provisions to establish the CBC as the single supervisor of the CCI sector.

2

First Review Prior action

M

N/A

5

2

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Finalize an agreement between the Ministry of Finance and the CCB on the terms of the relationship framework defining, on the basis of international best practices, the responsibilities and governance boundaries between bank owners and the bank (MEFP ¶9).

3

Second Review Prior action

M

N/A

5

3

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

PA

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption by Parliament of amendments to the Foreclosure Law.

4

Combined Fifth, Sixth, and Seventh Reviews Prior Action

M

N/A

5

4

2023-09-23

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

20

1. General government

Submit to Parliament a law on fiscal responsibility and budget systems (TMU ¶17).

1

12/31/2013

MOD-SB

Introduced at R0. Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. At R1, text of condition was modified.

5

1

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

20

1. General government

Adopt a law on fiscal responsibility and budget systems.

2

12/31/2013

MOD-PA

At R1, the original benchmark referred to "submission to the Parliament". Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. This structural benchmark was made a prior action for completion of R3.

5

2

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

20.2

1.2. Revenue administration, including customs

Adopt measures to fight tax evasion.

1

12/31/2013

MOD-PA

Introduced at R1. This structural benchmark was made a prior action for completion of R3.

5

1

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

20.2

1.2. Revenue administration, including customs

Submission to Parliament of the new Cyprus Tax Department’s enabling law.

2

04/30/2014

MD

Introduced at R3. At R4, not met. Requirement achieved on May 8, 2014.

5

2

2014-04-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

20.2

1.2. Revenue administration, including customs

Establishment of an integrated large taxpayers unit.

3

12/31/2014

MD

Introduced at R3. At R5R6R7, implemented in January 2015.

5

3

2014-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

20.5

1.5. Debt Management

Roll over and extend the maturity of at least Euro 1 billion of domestic debt held by residents through a voluntary debt exchange covering maturities falling due in 2013-15 and roll over the Euro 1.9 billion recapitalization bond of CPB.

1

06/30/2013

M

Introduced at R0. Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. At R1, completed on July 1, 2013. The closing date for the exchange was set on July 1, as the deadline of June 30 fell on a weekend.

5

1

2013-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

20.5

1.5. Debt Management

Approval by Council of Ministers of the strategy for reforming the debt-restructuring legal framework.

2

07/31/2014

M

Introduced at R4.

5

2

2014-07-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

20.5

1.5. Debt Management

Approval by Council of Ministers of the debt-management strategy.

3

10/31/2014

MD

Introduced at R4. At R5R6R7, implemented in December.

5

3

2014-10-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

20.5

1.5. Debt Management

Adoption by the Council of Ministers of the institutional arrangements to monitor and manage government guarantees.

4

06/30/2015

SB

Introduced at R5R6R7.

5

4

2015-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

21.1

2.1. Central bank operations and reforms

Adoption by the CBC of a plan to strengthen the effectiveness and adequacy of resources allocated to the AML/CFT supervisory function (TMU¶18).

1

02/28/2014

M

Introduced at R2. At R3, met.

5

1

2014-02-28

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

21.1

2.1. Central bank operations and reforms

Completion by the CBC of an in-situ assessment of the degree of operational capacity of the banks’ loan workout units to implement their arrears management plans.

2

03/31/2014

MD

Introduced at R2. At R4, not met. Requirement achieved in May 2014.

5

2

2014-03-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

21.1

2.1. Central bank operations and reforms

CBC units responsible for the supervision of BoC and the coops to submit to the CBC Board the first quarterly report regarding BoC’s/coops performance against selected operational and financial targets.

3

05/31/2014

MOD-SB

Introduced at R3. At R4, not met. The requirement related to the report on BoC was achieved on time; for the coop sector, it was not achieved. Text of this structural benchmark is modified to cover quarterly report for coops' performance; and a new test date of end-July 2014.

5

3

2014-05-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

21.1

2.1. Central bank operations and reforms

CBC supervisory units to submit to the CBC Board the first quarterly report regarding the coop's performance against selected operational and financial targets.

4

07/31/2014

M

At R4, modified text of a previous structural benchmark.

5

4

2014-07-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

Adopt measures to improve the targeting of social assistance, consolidate welfare programs, and streamline administration costs.

1

12/31/2013

MOD-SB

Introduced at R0. Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. At R1, text of condition and test dates were modified.

5

1

2013-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

Implement a new social welfare system to improve the targeting of social assistance, consolidate welfare programs, and streamline administration costs.

2

06/30/2014

MD

At R1, previously a structural benchmark but text was modfied. Test date was also moved from end-December 2013 to end-June 2014. Objective: strengthen fiscal institutions, reduce fiscal risks and protect vulnerable groups. At R5R6R7, implemented in July 2014.

5

2

2014-06-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

23.2

4.2. Other social sector reforms (e.g., social safety nets, health and education)

Approval by the Council of Ministers of the final design of the reformed social welfare system, including decisions on the type, level and eligibility criteria for GMI and any remaining benefits, consistent with the 2014 and medium term budget ceilings.

3

03/31/2014

NM

Introduced at R2. At R4, not met. Requirement expected to be achieved in mid-June 2014.

5

3

2014-03-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Revise the anti-money laundering legal framework (TMU ¶15).

1

09/30/2013

M

Introduced at R0. Objective: strengthen financial stability

5

1

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adopt the legal framework for a central credit register (TMU ¶16).

2

09/30/2013

MD

Introduced at R0. Objective: strengthen financial stability. At R2, completed on November 2013.

5

2

2013-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Merge the credit cooperative sector into a maximum of 18 institutions which will be recaptitalized to fulfill the capital requirements under the law.

3

03/31/2014

M

Introduced at R1. Objective: strengthen financial stability. At R4, met.

5

3

2014-03-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Resolution Authority to instruct the Special Administrator to entrust the voting rights of legacy Laiki equity stake in BoC to a well-recognized and independent consulting or auditing firm(s) or international institution(s).

4

01/31/2014

MOD-SB

Introduced at R2. At R3, modified into "Appoint a well-recognized and independent consulting or auditing firm(s) or international institution(s) to be entrusted with the voting rights of legacy Laiki equity stake in BoC and manage the disposal of Laiki's assets abroad."

5

4

2014-01-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Appoint a well-recognized and independent consulting or auditing firm(s) or international institution(s) to be entrusted with the voting rights of legacy Laiki equity stake in BoC and manage the disposal of Laiki's assets abroad.

5

04/30/2014

MOD-SB

At R3, a revised text of the structural benchmark on "Resolution Authority to instruct the Special Administrator to entrust the voting rights of legacy Laiki equity stake in BoC...". A new test date of end-April 2014 is also specified. At R4, not met. Requirement expected to be partially achieved by end-June 2014. Text of this condition is revised.

5

2014-04-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Completion of the assessment of the operational capacity of cooperative credit institutions’ loan workout units, including with respect to early arrears.

6

05/31/2014

M

Introduced at R3. At R4, met.

5

6

2014-05-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Appointment of an independent firm and/or international institution to be entrusted with the voting rights of legacy Laiki in BoC.

7

09/30/2014

NM

At R4, a revised text of a previous structural condition.

5

7

2014-09-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

CBC submission of assessment of banks and coops implementation of action plans to address operational deficiencies and potential shortcomings related to compliance with the Code of Conduct and arrears management policies and practices.

8

11/30/2014

MD

Introduced at R4. At R5R6R7, implemented in December.

5

8

2014-11-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

CBC assessment of internal audit on governance of bank debt restructuring.

9

01/31/2015

M

Introduced at R4.

5

9

2015-01-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Publication by the CBC of the targets of loan restructuring, and banks and coops' aggregate performance against them.

10

07/30/2015

SB

Introduced at R5R6R7.

5

10

2015-07-30

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submission to parliament of legislation to modernize personal insolvency procedures.

11

12/13/2014

MOD-SB

Introduced at R3. At R4, text of condition is modified from "submission" to "adoption by parliament.." as related to personal insolvency and combined with the structural condition on corporate insolvency.

5

11

2014-12-13

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Submission to parliament of legislation to modernize corporate insolvency procedures and to regulate insolvency practitioners assisting in the restructuring process.

12

12/31/2014

MOD-SB

Introduced at R3. At R4, text of condition is modified from "submission" to "adoption by parliament.."

5

12

2014-12-31

N/A

698

CYPRUS

423

EFF

2013-05-15

2,013

2016-05-14

2,016

N/A

2015-06-19

P1

R5R6R7

BLANK

SB

25.1

6.1. Financial sector legal reforms, regulation, and supervision

Adoption by parliament of legislation to modernize personal and corporate insolvency procedures and to regulate insolvency practitioners assisting in the restructuring process.

13

12/31/2014

MD

At R4, revised text of the 2 structural conditions related to personal insolvency and corporate insolvency procedures. At R5R6R7, implemented in April 2015.

5

13

2014-12-31

N/A