EY Cyprus COVID-19 Updates

COVID-19 Industry Pulse Report: Banking

Executive Summary

The unprecedented humanitarian effect of the COVID-19 crisis comes along with a potential economic downturn. We are in unchartered territory that is beset with further shocks both to the local and the global economy, however what is clear is that the road to recovery will be an uphill one. Addressing a volatile situation like this requires coordinated actions across all levels and stakeholders. Banks will have a critical role to play as a conduit for liquidity into the economy.

The EY Cyprus Survey conducted during the period 6-13 April captures the realistic collective sense of the industry sentiment and expectations of this crisis, the views of bank executives and leaders in relation to the response measures to date and their insights with regards to recovery scenarios and trends. The Banking sector Pulse report combines all these and provides sector-specific perspective with regards to the impact of COVID-19.

We remain available to support you in addressing the undeniably multiple challenges surfacing as a result of the COVID crisis.


Full report can be found here


Stay safe and connected.


For additional information with respect to this Alert, please contact the following:


Stelios Demetriou

Partner, Strategy and Transactions

+357 22 209 746

+357 99 629 728



Savvas Pentaris

Partner, Head of Financial Services

+357 22 209 737



Andreas Socratous

Senior Manager, Strategy and Transactions

+357 22 209 858

+357 95 561 610




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For more information about our organization,please visit ey.com © 2020Ernst&YoungCyprusLtd All rights reserved. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to youradvisors forspecificadvice. ey.com/cy