Bloomberg News

Bank of Cyprus Says Can Cover Any Needed Additional Capital

October 27, 2011

Oct. 27 (Bloomberg) -- Bank of Cyprus Plc said it can cover an additional required capital buffer of 1.47 billion euros announced by the European Banking Authority.

The figure may change as data through September will be reviewed by banks and regulatory authorities and the revised figure would “form the basis for any plans required to increase level of capitalisation in the period to June 2012,” according to an e-mailed statement from the Nicosia-based lender today.

Based on the preliminary figure 887 million euros has been covered and the 585 million euros remaining can be dealt with through internal profit generation in the period through June 2012 and “other actions” including management of risk weighted assets, the lender said.

To contact the reporter on this story: Natalie Weeks in Athens at

To contact the editor responsible for this story: Maria Petrakis at

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