Cyprus central bank to conduct banks' stress test
Friday - 9/28/2012, 5:11am ET
LIMASSOL, Cyprus (AP) - Cyprus' central bank says the country's top lenders will undergo a stress test after a request from potential creditors to determine the amount of money they need to shore up their capital base.
The central bank said in a statement Friday that the stress test will be carried out by PIMCO and Deloitte, and will cover the country's top three banks _ Bank of Cyprus, Laiki and Hellenic, as well as the Co-Operative Central Bank and the Cypriot arms of Eurobank EFG and Alpha Bank.
The process will be overseen by Cypriot authorities in conjunction with representatives from the so-called troika _ the European Central Bank, the European Commission and the International Monetary Fund.
Cyprus applied to the troika in June for aid to prop up its Greece-exposed banks.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
