Bank of Cyprus Public Company Ltd
Any bank can be identified for different purposes and hence can have several different identifiers.
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.
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 (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.
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 Rating is an opinion of a credit rating agency about credit worthiness of a company or a government.
Credit ratings assigned to Bank of Cyprus Public Company Ltd as of July 2014 are shown in details in the following sections.
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).
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).
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.
Outlook for the ratings of Bank of Cyprus Public Company Ltd is set to positive (may be raised).
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:
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.
Related Information on Cyprus