Alpha Bank Cyprus this week announced that it is proactively rewarding its customers who remain diligent in repaying their variable-rate housing loans.

According to the announcement, in line with its commitment to support society and the local economy, the bank will launch the ‘Consistent Borrowers Housing Loan Reward Programme’ from August 1, 2023, lasting for 12 months. The full duration of the programme will last from August 1, 2023, to July 31, 2024.

The primary objective of the programme is to reduce the current interest rates on qualifying housing loans and safeguard consistent mortgage borrowers from potential increases in base rates during the programme period.

Under the programme, a cap will be placed on the variable base interest rate agreed upon in the respective housing loan contracts as of March 31, 2023. This cap will be reduced by 20 basis points (0.20 per cent).

Moreover, the aforementioned cap on the variable base interest rate will remain fixed throughout the programme, the announcement stated.

It should be noted that if during the 12-month programme period, the base interest rates for the qualifying housing loans are adjusted or reduced to values lower than those stipulated in the programme, the affected loans will automatically benefit from the reduced interest rate.

“By doing so, borrowers are shielded from future increases in base rates while still retaining the benefits of potential rate reductions during the programme,” the bank stated.

The programme applies to all variable-rate housing loans granted to individual borrowers in all currencies that have been disbursed (in full or in part) up to July 31, 2023.

To be eligible for inclusion in the programme, the housing loan must not have any overdue payments as of July 31, 2023, and borrowers should not have any non-performing or delinquent loans, which have exceeded 30 days of delay, at the start of the programme.

The preferential interest rate will be applicable if borrowers ensure that their housing loan remains up-to-date during the entire 12-month duration.

Additionally, consistent mortgage borrowers will be automatically enrolled in the programme, without the need for any further action on their part.

They will receive notification of their reduced loan interest rate and adjusted repayment instalment, if applicable, through a letter sent to their mailing address immediately after the programme commences.

The detailed terms of the scheme are available on the bank’s website.

Enteca Plc, a leading technology investment company, announced this week that it successfully made its debut on the Emerging Companies Market (ECM) of the Cyprus Stock Exchange (CSE) on July 25, 2023.

“The entry and commencement of trading for Enteca Plc’s securities were carried out through a private placement, as announced by the Cyprus Stock Exchange on July 14, 2023,” the statement said, noting that Fincap Advisers Ltd acted as the company’s listing advisor.

Enteca Plc’s primary objective, as stated in the informational document it submitted, is to become a holding company investing in internet technology, as well as directly in the stocks of other technology companies, including firms in the Fintech and Martech sectors.

In addition, the Cyprus Stock Exchange will maintain the registry of the company’s securities in the central depository that acts as the main register of the CSE.

Representatives of Enteca Plc were seen visiting the offices of the Cyprus Stock Exchange during the listing ceremony on July 25, 2023, where they were warmly welcomed by Nicos Trypatsas, Deputy CEO of the Cyprus Stock Exchange.

It should be noted that according to the CSE, the Emerging Companies Market is considered a Multilateral Trading Facility (MTF) according to “the provision of Investment Services, the exercise of investment activities, the operation of regulated markets and other related matters”.

The Cyprus Stock Exchange (CSE) ended Thursday, July 27 with losses.

The general Cyprus Stock Market Index was at 115.59 points at 13:07 during the day, reflecting a decrease of 0.47 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 69.92 points, representing a drop of 0.44 per cent.

The total value of transactions came up to €24,265.

In terms of the sub-indexes, the main index fell by 0.43 per cent while the alternative and investment firm indexes rose by 0.1 per cent and 0.88 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.36 per cent), Hellenic Bank (-2.6 per cent), Demetra (-0.93 per cent), Logicom (+1.75 per cent), and K+G Complex (-2.5 per cent).