Deleveraging and Financial Overview
Russian Operations
Russian Loans (€ bn)
1,79
1,62
1,43
1,29 1,30
1,21
0,97
30.06.13 30.09.13 31.12.13 31.03.14 30.06.14 30.09.14 31.12.14
Russian Deposits (€ bn)
1,15
1,08
0,92
0,85
0,77
0,79
0,55
30.06.13 30.09.13 31.12.13 31.03.14 30.06.14 30.09.14 31.12.14
Based on the progress of the disposal process of
the Russian operations, the said operations have
been classified as a disposal group held for sale.
In line with the Group's accounting policy, an
impairment loss of up to the carrying value of non-
current assets within IFRS 5 measurement scope
(e.g. tangible and intangible assets and other non-
financial assets) is recognised. As a result, the
Bank has recognised an impairment loss of €84
mn, which is included in losses from discontinued
operations in the Group's Income Statement.
The total loss of discontinued operations for the
fourth quarter was €214 mn. The total loss of
discontinued operations for the year ended 31
December 2014 amounted to €303 mn. €299 mn
of this loss relates to the Russian operations.
Following the announcement of the Preliminary
FY2014 Financial Results and as part of the
disposal process, the Group's net exposure was
reduced by a further €30 mn due to the increase
in provisions for impairment of customer loans,
reducing the Group's overall net exposure to €130
mn
Bank of Cyprus
KOINO
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