Cyprus Business Now

Association for the Protection of Borrowers (Syprodat) director Tzeni Papacharalambous on Wednesday met with Hellenic Bank head of retail banking Andreas Assiotis, discussing a range of issues.

Points of discussion included loan restructurings, foreclosures and overcharging.

“The meeting was held in a friendly and constructive environment and it was agreed to maintain continuous and close communication between the two parties in order to resolve any problems that arise between Hellenic Bank and borrowers during the handling of non-performing loans,” the association said in a statement.

Moreover, according to a Syprodat statement, Assiotis stated that foreclosures, especially those concerning people’s primary residence and other real estate, are not an end in itself for the bank.

In addition, Assiotis explained that in the event of foreclosures, although the relevant letters may be sent, efforts are made for a sustainable restructuring or settlement for all borrowers.

Moreover, Syprodat also put forth the issue of respecting the decisions of the financial ombudsman, something which was positively received.

The Institute of Certified Public Accountants (Selk) on Wednesday said that it participated in the Global Money Week 2022 campaign, organised by the OECD, under the coordination of the Central Bank of Cyprus.

With the help of the Ministry of Education, Selk conducted a series of educational seminars in schools around Cyprus, presenting the accounting profession and all of its aspects.

“The participation of Selk in GMW 2022 events, and the enthusiastic reception by the students and their teachers in schools around Cyprus, is proof that continuously informing the public, and especially the youth, about issues related to the topic of financial literacy and the need to bolstering financial education are an urgent need,” Selk general manager Kyriakos Iordanous said.

“In this regard, Selk, acting within its strategic goals, undertakes continuous actions and always responds positively to the calls of both the state, as well as other bodies and organisations, joining forces in any action that aims to promote the public interest and is beneficial to society,” he added.

The association of recreation centres (Osika) on Wednesday that venues in Paphos were at between 60 and 70 per cent capacity during the Catholic Easter period.

Osika president Neophytos Thrasyvoulou said that all coastal area venues had adequate business during this time, particularly due to the increase in tourist arrivals from the United Kingdom.

Thrasyvoulou expressed satisfaction about the sector’s turnover, while also expressing the hope that in the coming days, Cypriots will also travel domestically for Easter, especially after the relaxation in pandemic-related restrictions.

The Cyprus Stock Exchange (CSE) ended Wednesday, April 20 with losses.

The main Cyprus Stock Market Index was at 68.04 points at 13:19 during the day, reflecting a drop of 0.13 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.99 points, which represents a decrease of 0.1 per cent.

The total value of transactions came up to €70,935.

In terms of the sub-indexes, the main index rose 0.5 per cent, while the hotel index remained stable.

The alternative and investment firm indexes fell by 1.28 per cent and 0.63 per cent respectively.

The biggest investment interest was attracted by Vassiliko Cement Works (-0.7 per cent), the Bank of Cyprus (+1.03 per cent), Logicom (no change), and Atlantic Insurance (+0.5 per cent).