NICOSIA -- A meeting of the Steering Committee, which oversees the due diligence review on the Cypriot financial system carried out by the US-based investment management firm Pimco, will take place Tuesday morning.

Central Bank of Cyprus spokeswoman Aliki Stylianou told CNA today that the meeting was scheduled to take place Monday afternoon but due to the fact that European Central Bank representatives did not arrive on time, because of delays at Vienna airport, the meeting was rescheduled for Tuesday.

The steering committee includes representatives from the European Commission, the European Central Bank, the European Stability Mechanism, the International Monetary Fund, the European Bank Authority, Cyprus Finance Ministry, the Central Bank of Cyprus and Cyprus Authority for the Supervision and Development of Cooperative Societies.

The capital needs of the financial sector will be part of Cyprus` financial assistance package estimated at €17.5 billion, of which up to 10 billion will be used for recapitalizing the banking sector, which posted mammoth losses as a result of the Greek debt haircut and its exposure in the Greek economy.