Cyprus Government And ADMIE Reshape Management Of The Great Sea Interconnector

by THEFUTURE.TEAM

September 30, 2025

Executive Overview

In what proved to be one of the most relaxed teleconferences in recent memory, the General Directorate of Energy hosted a strategic discussion with regulators from Cyprus and Greece, alongside ADMIE, the body tasked with executing the Cyprus-Greece electricity interconnector project. Notably, the dialogue moved beyond the contentious issue of the €25 million owed by the Republic of Cyprus to ADMIE—a matter that has now transitioned to the purview of the Cypriot Government following a recent disbursement approval by RAEK.

Regulatory Milestones And Project Oversight

The session clarified that RAEK has secured two pivotal decisions: the awarding of both the ownership and management licenses for the interconnector, now designated as the Great Sea Interconnector. Until this point, ADMIE maintained exclusive ownership. With the forthcoming publication of these decisions in the Official Gazette, ADMIE will formally assume dual roles as the owner and administrator through the GSI, marking a significant turn in the project’s governance.

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Fiscal And Operational Implications

Further details emerged from ADMIE CEO Manos Manousakis, who confirmed that payments to Nexans—integral to the cable construction—have been suspended since the summer. This pause is directly related to the unsettled €25 million installment from the Cypriot state. Additionally, such delays are compounded by the Hellenic Government’s repeated postponements in issuing navtex permits essential for conducting maritime research in international waters between Crete and Cyprus, underscoring broader challenges that may impact the region’s energy and infrastructural initiatives.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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