The report assesses compliance with the terms and conditions set out in the updated MoU. The MoU was updated following the fourth review mission and was agreed between the Cypriot authorities and the programme partners, i.e. the European Commission (EC), the European Central Bank (ECB), and the International Monetary Fund (IMF). This report is based on information obtained during the fifth review mission, taking into account economic and policy developments until 1 September 2014. A new report will be published after the next review mission, including updated macroeconomic forecasts and... assessment of policy developments.