ECB fined Bank of Cyprus €575,000 for unapproved liquidity transfers to subsidiaries

Summary

The European Central Bank imposed a €575,000 administrative penalty on Bank of Cyprus Public Company Ltd on 2 February 2022. The ECB found that, despite an obligation to obtain prior supervisory approval, the bank intentionally made numerous capital or liquidity transfers to operating subsidiaries between September 2016 and December 2017 without approval. The ECB classified the breach as moderately severe and said it prevented proper assessment of the bank's prudential position. The ECB announcement notes the bank's right to challenge the decision; no challenge or annulment was identified in the three research passes. Source: https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220311_1~6c3bbddb80.en.html