Cyprus - Financial Sector Assessment Program Update - Technical Note - Factual Update on Basel Core Principles for Effective Banking Supervision (Central Bank of Cyprus) (Electronic book text)

1. This note presents a factual update of the 2005 assessment of Cyprus compliance with the 1997 Basel Core Principles for Effective Banking Supervision (BCP), including a follow up on implementation of the 2005 BCP assessment, undertaken in the context of the original Offshore Financial Center (OFe assessment in 2005. The note was based on a factual update prepared by the Central Bank of Cyprus (CBe; interviews with staff of the CBC, external auditors, industry, and professional associations; and legal and other background documents. The update follows the 1997 BCP and took into account the revised Principles which came into effect October 2006.