Brussels, 26/03/2014 (Agence Europe) - Bank of Cyprus, the country's biggest bank, is carrying out a root-and-branch review of its restructuring plans, the bank's managing director, John Hourican has announced in an interview with Reuters. Hourican said that the bank had asked for help from HSBC bank and that, in his view, the best thing “is to re-open the entire option list for the bank - do we continue with the plan we currently have? Is there a possibility of a more formal good bank/bad bank? Is there another set of options we could approach in terms of accelerating our restructuring plan?” The process will focus, like the previous plan, on management of bad debt, along with the sale of non-core assets. Bad debt has reached 47.47% of loans in the cooperative bank sector, according to the latest figures from the Cypriot central bank. Commenting on banks' reliance on emergency funding from the European Central Bank (ELA), Hourican said: “I think a lot of possibilities and opportunities will open up over the coming few months on how we might go about tackling this problem”. He said that BoC was looking at lots of solutions, including private finance solutions, and issuing bonds. Comparing the situation facing Cypriot and Greek banks, he said that Greek banks were at a different stage in their restructuring and there had not been any restrictions on the movement of capital in Greece. The head of the Eurogroup, Jeroen Dijsselbloem, will be in Cyprus on Monday 31 March for a meeting with the Cypriot president and finance minister. (EL)