Cyprus

Cyprus uses the euro (EUR). Its banking sector includes institutions incorporated locally and banks operating through branches or cross-border permissions. Financial institutions may have similar consumer brands while being supervised under different arrangements depending on their licence and legal establishment.

The Central Bank of Cyprus (CBC) works alongside the European Central Bank within the Single Supervisory Mechanism. The CBC publishes a register of credit institutions operating in Cyprus. The country also has a Deposit Guarantee and Resolution of Credit and Other Institutions Scheme for eligible deposits at participating institutions. Whether an account is covered locally or through another state’s scheme depends on the specific provider.