Established in 1963, Central Bank of Cyprus contributes to the implementation of the Eurosystem's monetary policy as well as performs licensing and supervision of financial institutions operating on Cyprus, as well as promotion, regulation and oversight of the smooth operation of payment, clearing and/or settlement systems. Following the accession of the Republic of Cyprus to the European Union in 2004, the Central Bank of Cyprus became a member of the Eurozone group of central banks in 2008, when the island converted from using the Cyprus pound to the euro currency.