29/10/2013 12:06
Bank of Cyprus new CEO, John Hourican believes that bad loans are a big challenge not only for Bank of Cyprus but globally.
In his statements from the Presidential Palace after the end of the meeting between the BOCY Board and President Anastasiades, he said; “We also have a very clear plan, we have a lot of work to do and we have to do a lot to restore the confidence not just in the Bank of Cyprus but the banking system in Cyprus”.
“I wouldn’t have taken the job if I didn’t think we can make a difference and I look forward to engaging with all of you and with the lawmakers and everyone in Cyprus over the course of the coming years, I will be moving here and I look forward to moving in Cyprus and trying to make a difference not just for the Bank but also for the country”, the Irish banker said.
Invited to state what the key challenges of his position are, especially the split of the bank, Mr. Hourican said it’s too early to say what precisely the solution will be.
“But the problems are very clear, there is a non performing loan issue in the Bank which we need to resolve not just domestically but also internationally and of course that has to be resolved in order for us to restore the confidence on the deposit side of balance sheet. This is an unprecedented situation that has happened in Cyprus and to the Bank of Cyprus. And while the problems are actually quite clear the solutions are as of yet untested, and not clear to me given that I haven’t yet taken full possession of the job.
The Irish banker, who is married and has four children, said that the intention is to settle with his family in Cyprus, for as long as his contract with the bank is effective.
In his statements from the Presidential Palace after the end of the meeting between the BOCY Board and President Anastasiades, he said; “We also have a very clear plan, we have a lot of work to do and we have to do a lot to restore the confidence not just in the Bank of Cyprus but the banking system in Cyprus”.
“I wouldn’t have taken the job if I didn’t think we can make a difference and I look forward to engaging with all of you and with the lawmakers and everyone in Cyprus over the course of the coming years, I will be moving here and I look forward to moving in Cyprus and trying to make a difference not just for the Bank but also for the country”, the Irish banker said.
Invited to state what the key challenges of his position are, especially the split of the bank, Mr. Hourican said it’s too early to say what precisely the solution will be.
“But the problems are very clear, there is a non performing loan issue in the Bank which we need to resolve not just domestically but also internationally and of course that has to be resolved in order for us to restore the confidence on the deposit side of balance sheet. This is an unprecedented situation that has happened in Cyprus and to the Bank of Cyprus. And while the problems are actually quite clear the solutions are as of yet untested, and not clear to me given that I haven’t yet taken full possession of the job.
The Irish banker, who is married and has four children, said that the intention is to settle with his family in Cyprus, for as long as his contract with the bank is effective.
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