The EBRD participated in the successful €1 billion capital-raising by the Bank of Cyprus to help stabilise the largest financial institution in its newest country of investment.

We hold a 5 per cent stake in the bank, which is implementing a comprehensive restructuring programme in line with a €10 billion international support package aimed at helping the island emerge from a deep financial crisis. Due to its size, the stabilisation of the Bank of Cyprus is critical for the full recovery of the Cypriot economy and financial sector.

A key focus for us in our role as a shareholder will be to ensure that the bank adheres to the best international standards of corporate governance.

At the EBRD Annual Meeting in Warsaw, shareholders decided to start investing in Cyprus. One of our priorities is to strengthen the financial sector, making it more robust to future shocks and improving its governance.