ECONOMY

ECB, Nicosia say bringing BoC out of resolution is priority

European Central Bank President Mario Draghi and Cyprus President Nicos Anastasiades agreed on Wednesday at a meeting in Frankfurt that bringing Bank of Cyprus out of resolution is a priority for the period ahead.

An asset valuation is expected in the second half of July, and the discussions will continue when these results are available.

The meeting, in which Cyprus Finance Minister Haris Georgiades and Central Bank of Cyprus Governor Panicos Demetriades also took part, along with ECB executive board members Joerg Asmussen and Benoit Coeure, consisted of an exchange of views on the ongoing implementation of the macroeconomic adjustment program in Cyprus.