Cyprus:
Shadow Banking Practices
20 February 2019
Patrikios Legal
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Cyprus Companies in "shadow banking" – what to
look out for
In recent years Cyprus companies have sought, albeit not often,
to generate financing outside the regular banking system through
unconventional non-bank credit activities (ie, so-called
'shadow banking', which are backed by quasisecurity
arrangements). Shadow banking takes the form of, among other
things:
- securities lending transactions;
- repurchase transactions; and
- derivatives transactions.
This has created a large sector parallel to the banking system,
resulting in a call for strengthened regulations to mitigate risks
and support financial stability.
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