The Bank of Cyprus has completed the securitization of €1 billion ($1.34 billion) in mortgage debt, according to market reports.

The bank said the project was carried out through its Greek operations, since there is no provision in Cypriot law for debt securitization. Chief Executive Andreas Eliades stated the securitization would be instrumental for absorbing cash from the European Central Bank at lower interest rates.

The amount was set on the basis of the mortgage loan book of Bank of Cyprus in Greece, the bank said. The bank also plans to cut its mortgage loan base rate by one percentage point to 4.25% and finance three large infrastructure projects in Cyprus.

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