Economy category powered by

Four CySEC-regulated firms affected by US bank collapse

Four companies licensed by the Cyprus Securities and Exchange Commission (CySEC) had deposits at Silicon Valley Bank and Signature Bank, the two US banks that collapsed causing fresh turmoil in the global economy.

Addressing a press conference, CySEC Chairman George Theocharides was reassuring, saying that the deposits were of the companies' own resources and not their customers' money, noting that US authorities have said all depositors at the two banks will be protected.

The Commission’s Vice-Chairman, George Karatzias, said that CySEC requested information from the supervised companies when the issue with the two banks arose.

"There are four companies with deposits, the vast majority of which had been withdrawn after rumours surfaced that there was a problem with the specific banks. When (the problem) arose, there was a small amount of deposits for each company from their own money, not from their customers' money," he said.

Read More

All the details of the bill on the control of foreign direct investments
Marios Tannousis: The National FDI Control Mechanism is a very important and positive step
Contracts signed for €29.92m phase B3 of the Nicosia perimetre highway
EU invests €2.8 billion in 94 transport projects, including Cyprus ports
Negative inflation for second consecutive month in June at 0.4%
Registered unemployed persons down 9.5% y-o-y in June
Unlocking the future of shipping at the Maritime Cyprus 2025 Conference
€18.8m EU co-financing creates new phase in Vassiliko port development
A spotlight on each sector's job vacancies and the industry with no available positions
Ministry of Agriculture: Cyprus reaffirms cooperation with FAO on climate change