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Despite the fact that the Bank of Cyprus is in a difficult position because of the collapse of the banking system last year, and has suffered losses following the 2.05 billion dollars taxation in 2013, its CEO John Hourican receives a salary of 840,000 euro per year.

This emerged from the Economic Report of the Bank of Cyprus for 2013, according to which Hourican’s monthly remuneration amounts to 70,000 euro. He was appointed on 1 November 2013.

Losses after taxation for the fourth quarter of 2013 amounted to 103 million euro.

The index of the basic main own capital on 31 December 2013 was 10.2%, at the same level as on 30 September 2013, and the total index was 10.5%.

Profits before debt reduction, restructuring costs and discontinued operations for the year which ended on 31 December 2013 amounted to 622 million euro, and amounted to 184 million euro for the fourth quarter of 2013 alone.

On 31 December 2013 loans and deposits amounted to 26.7 billion euro and 15 billion euro respectively, and the loan-deposit ratio was 145%.

Funding under the mechanisms for the provision of emergency liquidity (ELA) was reduced to 9.56 billion euro by 31 December 2013, from 9.86 billion on 30 September 2013. Lending by the European Central Bank amounted to 1.4 billion euro on 31 December 2013.

Total revenues for the year which ended on 31 December 2013 amounted to 1.174 billion euro; net interest income amounted to 999 million euro and the net interest margin was 3.62%.

Total revenues for the fourth quarter of 2013 amounted to 314 million euro, while net interest income amounted to 274 million euro and the net interest margin was 3.87%.

Total costs for the year which ended on 31 December 2013 amounted to 552 million euro, while the cost-to-income ratio was 47%. Total costs for the fourth quarter of 2013 amounted to 130 million euro and marked a 5% decrease compared to the third quarter of 2013.