Hellenic says current regulation requirements deter investors

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A spokesperson has released a statement Hellenic Banks mentioning that current regulatory requirements for banks within in the EU are excessively harsh; which discourages investment into the local economy and the consolidation of the banking sector in Cyprus. Mr Ioannis Matsis is the banks’ Executive Director, and was quoted stating: “Regulation has many different facets, certain ones are good, however we need to be disciplined, self-regulation works to a certain extent, but at the same time we have the pitfalls that come with the increased regulations”.