The Bank of Cyprus is the only bank in Cyprus, which is directly connected with "STEP 2" and acts as an entry point in Cyprus for incoming fund transfers through this system.

"STEP 2" is a common payment system in Euro and falls within the European Union?s actions aiming at the promotion of the Single Market and the adoption of common systems. The scope of "STEP 2" is to expedite the transfer of money in Euro and introduce the same pricing policy within the European Union. There is no manual intervention for transfers made through "STEP 2".

In addition, the Bank of Cyprus is the only bank in Cyprus, which is a full member of the Euro Βanking Association (EBA). ΕΒΑ's main responsibility is the promotion of the Single European Payments Area (SEPA). Full membership in the EBA gives the Bank the right to participate in decision making for further development of the payment systems.

Nicosia, 17 November 2004