Bank of Cyprus Public Company Ltd

Registration Name  Bank of Cyprus Public Company Ltd
Location  Cyprus, Nicosia
Head of Group  Bank of Cyprus (Cyprus)

Bank Identifiers 
    BIC (SWIFT)  BCYPCY2N
    MFI ID  CY110002
Credit Ratings (July 2014) 
    Fitch  RD (restricted default)
    Moody's  Ca (in default with little prospect for recovery)
    S&P's  - (not rated)
Deposit Guarantee  Yes (up to 100 000 EUR per depositor)

Bank of Cyprus Public Company Ltd located at Cyprus, Nicosia is a head of a banking group Bank of Cyprus (Cyprus). It is one of 70 credit institutions operating in Cyprus.

Bank Identifiers

Any bank can be identified for different purposes and hence can have several different identifiers.

BIC

BIC (Business Identifier Code) is a the mostly used international identifier of financial institutions. SWIFT is the registration authority for BICs. BICs are used in financial transactions, client and counterparty data bases, compliance documents and many others.

BIC  BCYPCY2N
Bank BIC Code  BCYP
Country Code  CY (Cyprus)
Location Code  2N
Branch Code  -

A BIC consists of eight or eleven characters, comprising a financial institution code (four characters), a country code (two characters), a location code (two characters) and, optionally, a branch code (three characters).

MFI ID

MFI ID (Monetary Financial Institution Identifier) is a code, unique to each institution in the MFI list provided by ECB (European Central Bank). MFI ID is hence applicable to MFIs resident in the European Union.

MFI ID  CY110002

The code is alphanumerical, with the first two digits representing the two-digit ISO code for the country of residence of the MFI and the remaining number of digits (no limit has been specified) is any combination of alphanumerical characters.

Credit Ratings

Credit Rating is an opinion of a credit rating agency about credit worthiness of a company or a government.
Of the 'Big Three' rating agencies, Bank of Cyprus Public Company Ltd is rated by Fitch and Moody's.

Credit ratings assigned to Bank of Cyprus Public Company Ltd as of July 2014 are shown in details in the following sections.

Fitch

Long-term issuer default rating is Fitch's view of a credit institution’s relative vulnerability to default on its financial obligations, for Bank of Cyprus Public Company Ltd it is set to RD (restricted default). The rating is not on watch. Short-term issuer default rating for Bank of Cyprus Public Company Ltd is set to RD (restricted default).

Long-Term Issuer Default Rating  RD
    On Watch  No
Short-Term Issuer Default Rating  RD
Viability Rating  f
Support Rating  5
Support Rating Floor  NF

Viability rating for Bank of Cyprus Public Company Ltd is set to f (has failed, and that either has defaulted or would have defaulted had it not received extraordinary support); support rating is 5 (there is a possibility of external support, but it cannot be relied upon); support rating floor is NF (no floor; no reasonable presumption of potential support being forthcoming).

Moody's

Long-term rating is for Bank of Cyprus Public Company Ltd it is set to Ca (in default with little prospect for recovery). Long-term bank deposit rating is Ca (in default with little prospect for recovery). Bank financial strength rating is E (very modest intrinsic financial strength). Short-term rating is not assigned.

Long-Term Rating  Ca
Long-Term Bank Deposit Rating  Ca
Bank Financial Strength Rating  E
Short-Term Rating  -
Outlook  positive

Outlook for the ratings of Bank of Cyprus Public Company Ltd is set to positive (may be raised).

Deposit Guarantee

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

All credit institutions operating in Cyprus are obliged to participate in Cyprian deposit guarantee scheme.

In the case of Bank of Cyprus Public Company Ltd failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:

Maximum Protected Amount  100 000 EUR
Paid In Currency  EUR

Further Information: Deposit Guarantee Scheme in Cyprus

ECB Minimum Reserves Requirements (MRR)

Minimum reserves is the minimum amount of reserves a credit institution is required to hold with a central bank.

Subject to MRR by ECB  Yes
Exempt from MRR by ECB  No

Contact Information


Primary Address  2002, Nicosia, 51, Stasinou Street, Strovolos

Related Information on Cyprus

Economy and Banking Sector of Cyprus

List of Banks in Cyprus