20 March 2015

Stavros Zenios, a non-Executive member of the Board of Directors of the Central Bank of Cyprus, resigned from the Board this morning, 20 March. He is the second member to step down in recent days; Stelios Kiliaris resigned a week ago citing the impossibility of continuing to serve in the present environment. Mr Kiliaris was also a member of the three-person Resolution Committee who imposed the Resolution Decree on FBME.

In making his resignation Stavros Zenios gave journalists a statement explaining the reasons for his decision, which he has also posted in Greek on his blog: https://zenios.wordpress.com

He cites seven reasons that led to his decision. Among these he included, as point number five, that he had decided to resign from the Board of Directors because of the rejection of his written recommendation of 28 July 2014 that an internal investigation should be carried out into the FBME case and the approach that had been devised by the Governor and the two Executive Directors.