Cyprus Business Now

The Cyprus Association for the Protection of Borrowers (Syprodat) this week issued a statement welcoming President Christodoulides’ call to banks to follow proper loan restructuring procedures.

The president’s comments were made during a speech delivered at a recent meeting of the Cyprus Union of Bank Employees (Etyk).

“The president’s official position on this matter is particularly significant because it acknowledges the fact that borrowers indeed need support,” the association said in an official announcement.

“This is because the increase in lending rates, which the ECB has already announced will increase by 0.25 basis points each month in June and July, has put them in a very difficult position, making it impossible for them to repay their instalments,” it added.

In addition, it also issued a reminder that the need for restructuring is also a longstanding position of the Governor of the Central Bank of Cyprus Constantinos Herodotou.

“Borrowers indeed need support.”

Syprodat also noted that restructuring is also beneficial for Cypriot banks, as they will be able to receive payments for the restructured loan, which borrowers will be able to pay regularly.

“This means that foreclosures will become unnecessary,” the association added.

What is more, the association argued that it is now acknowledged by everyone that foreclosures are “being used as leverage to pressure borrowers to pay more than the legally owed amount, but also the excessive and illegal charges”.

“It is high time to seriously consider, and this is something we propose is done as soon as possible, what is already being implemented in Greece, namely the large-scale haircuts and debt settlements through the Extrajudicial Debt Settlement Mechanism,” Syprodat concluded.

The Cyprus Chamber of Commerce and Industry (Keve) on Wednesday announced that its open call for sustainability experts and consultants has been extended until June 21, 2023.

According to an official announcement, the call is related to the EU co-funded project entitled Island Sustainable Tourism Action through Resilient SMEs (I-STARS).

“The project is all about helping tourism enterprises based on islands, allowing them to take their transformation journey down the 2030 road to recovery and sustainability,” the chamber explained.

To this end, the Cyprus Chamber of Commerce and Industry (CCCI), together with 5 more organisations from the islands of Greece, Ireland, Italy (Sicily) and Spain (Mallorca), partners in the I-STARS project, will launch later this year an ‘Open Call for SMEs’ whereby tourism businesses can apply to receive a grant of up to €5,600 in the form of a voucher to be redeemed against the provision of services offered by sustainability experts and service providers.

“The project is all about helping tourism enterprises based on islands.”

The provided vouchers aim to boost tourism SMEs’ awareness, development, and capacity to integrate sustainable innovations in their business practice, adopting sustainability, resilience and circularity as drivers of their competitiveness in the rapidly changing global tourism market scenario.

“At this stage of time, the CCCI is calling out for Experts-Consultants interested to join the I-STARS Sustainability Experts Directory, and who have experience in assisting tourism businesses transition into sustainability, by offering a variety of services to the,” Keve stated.

Interested parties must express their interest by filling in the online form, clicking here https://forms.gle/Ai7HLKA9fVcm1Zfw7.

There are minimum requirements to apply, while applications can be submitted by more than one consultant per company.

Applications must be received by Wednesday, June 21, 2023.

There is limited space to join the I-STARS Sustainability Experts Directory, while applications will be treated on a first-come basis.

For more information, please contact CCCI tel. 22889840, c/o Demetra Palaonda ([email protected]) or Maria Klokkari ([email protected]).

The Cyprus Stock Exchange (CSE) ended Wednesday, June 14 with losses.

The general Cyprus Stock Market Index was at 117.75 points at 13:08 during the day, reflecting a decrease of 0.56 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 70.63 points, representing a drop of 0.58 per cent.

The total value of transactions came up to €123,915.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.74 per cent and 1.83 per cent respectively.

Moreover, the hotel index rose by 1.23 per cent while the alternative index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (-2.06 per cent), Lordos United Plastics (no change), Demetra Holdings (-1.92 per cent), and Lordos Hotels (-1.28 per cent).