Law 169(I) of 2017 and Law 170 (1) of 2017, which took effect on 1 December 2017, amend the Business of Credit Institutions Laws of 1997 to 2017 and the Central Bank of Cyprus Law of 2002 to 2016 respectively to designate the Central Bank of Cyprus as the national information authority for the purposes of obtaining account information under article 14 of EU Regulation 655/2014 of 15 May 2014 establishing a European Account Preservation Order procedure to facilitate cross-border debt recovery in civil and commercial matters.
The new laws exempt the Central Bank of Cyprus and its staff and consultants from liability arising from acts or omissions arising from its responsibilities under the laws, as long as the act or omission complained about was done in good faith and was not grossly negligent, and allow the bank to recover all costs relating to the performance of its duties.
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