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Cyprus Capital Controls Come Years After They Were Needed
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Capital inflows into banks in Cyprus in the form of demand deposits accelerated in 2008 after it appeared that the banking system in Ireland was having serious problems. About $40.7 billion of capital inflows went into Cyprus in the form of loans and demand deposits in 2008, 161% of the GDP of the country, according to the McKinsey Global Institute. Cyprus became the place for hot money from other countries because of the higher interest rates on euros and the lax banking laws.
Capital inflows of hot money, the lack of capital controls and the financial crisis in Cyprus
09/21/2011
Capital inflows into Cyprus accelerated after it appeared that Ireland's banking system had serious problems. This happened through demand deposits that could be withdrawn quickly. The problem of volatile capital flows is similiar to that faced by Asian countries in the 1997 Asian banking crisis when capital outflows came at the worst possible time for the banks.
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Cyprus Popular Bank and the Bank of Cyprus passed EU stress test in 2010 and 2011, resulting in the banks issuing dividends and increased their holdings of Greece's bonds even as the Greece faced a financial crisis in 2010. The losses from Greece bonds totalled 4.3 billion euros for the two banks in 2013, leading to the closing of Laiki Bank and the downsizing of the Bank of Cyprus under an EU bailout. The bank also made other risky investments in Greece, with the chief risk officer of Laiki Bank taking on more risks in 2010-2011 even as other European banks were reducing their investments in Greece.
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The 2010 and 2011 EU stress tests that failed of Laiki Bank and Bank of Cyprus- origins of the banking crisis in Cyprus
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The two Cyprus banks passed the EU's 2010 stress tests, and passed them again in 2011, going on to give out dividends and increase their exposure to Greece, even as Greece faced a deepening financial crisis. The two banks increased their holdings of Greece's bonds by $1 billion in 2010, according to EU regulators, and took on more risks. The EU stress tests looked at how the banks would do in deteriorating economic conditions but did not consider the possibility of losses from sovereign government bonds.
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The IMF pushed for investors to share the cost of a bailout in Cyprus. The Netherlands finance minister who heads the EU finance ministers group pushed strongly for this. The president of Estonia was quite vocal about the fact that Russian oligarchs were using Cyprus as a tax haven. He said the EU could not agree to "money laundering."
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New York Times 03/28/2013
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