The Cyprus cabinet has approved a bill to define the criminal responsibility for the way government ministers act or fail to act during terms in office.

For decades, Cyprus has been successful at attracting investors and with the tough economic climate of today, both the need and opportunities for foreign direct investment are ever increasing.

Inspectors from the troika of international lenders – European Commission, European Central Bank, International Monetary Fund – focused mainly on the banking sector during the third day of their Cyprus review mission.

Confidence could be restored by removing capital controls, guaranteeing all domestic deposits with EU backing and adopting a national financial services strategy.

International businesses are still using Cyprus as their base, despite the tough terms of the bailout which imposed a haircut on uninsured deposits to recapitalise the island’s largest banks.

Bank of Cyprus shares will remain suspended until January 31, according to the island’s stock exchange, after its shareholder structure was revamped by imposing losses on depositors.

The trade deficit has dropped thanks to a decrease in imports and boost in exports.

The outflow of deposits continued in September by €924 million with total deposits reaching €47,465 billion, according to Central Bank of Cyprus data.

The government has issued its 22nd decree, gradually lifting credit controls imposed to prevent a run on local banks and abolishing some measures that have hampered business transactions on the island.

Bank of Cyprus top brass are optimistic about the lender’s future, but non-performing loans are a key challenge to tackle to restore confidence.