The Bank of Cyprus on Tuesday said that a recent meeting with the government allowed for the bank’s initiative aimed at providing assistance to homeowners with loans secured by their primary residences, up to a value of €350,000, to be extensively discussed.
The Bank of Cyprus said that it has taken a proactive stance to address the concerns of eligible borrowers by sending its representatives to communicate the details of the plan and the available options.
Two main options have been outlined, based on a recent assessment of the property value, regardless of the outstanding loan balance:
The first option involves a full loan repayment. Under this option, borrowers will have the opportunity to settle their loans by paying a specific amount determined based on the value of their primary residence. This will enable borrowers to repay their loans independently, whether by using their own resources, obtaining a new loan from another licensed credit institution, or securing a loan from a first-degree relative, provided they meet the bank’s lending criteria.
The second option involves a loan restructuring, in accordance with the guidelines and the Code of Conduct of the Central Bank of Cyprus, provided that borrowers meet the bank’s lending criteria.
Borrowers who do not fall within the scope of this initiative, the statement explained, can also approach the Bank of Cyprus directly to discuss loan arrangements. In such cases, the bank will assess and consider proposals and solutions on a case-by-case basis, the statement concluded.
In a significant development for Cyprus’ hospitality sector, MHV on Tuesday announced the inclusion of The Landmark Nicosia Hotel in the Autograph Collection Hotels, following a partnership agreement with Marriott International, Inc.
Set to reopen its doors by the end of 2024, the renowned establishment will be reborn as “The Landmark Nicosia, Autograph Collection,” marking a remarkable milestone as the first property in Cyprus to join this exclusive collection, celebrated for its design and boutique hospitality.
The Autograph Collection boasts an exquisite portfolio of over 290 hotels worldwide, with each property meticulously chosen to meet stringent criteria emphasising originality and uniqueness.
While each hotel tells its own distinctive story, the statement explained, they all share a deep connection to their surroundings, promising guests a sensory experience they won’t soon forget.
Charis Michael, CEO of MHV, expressed his pride and excitement about the extended collaboration with Marriott International.
“We are proud and delighted with the extension of our already successful collaboration with Marriott International,” Michael said.
“Currently in Limassol with Parklane, a Luxury Collection Resort & Spa, and soon with The Landmark Nicosia, Autograph Collection. It is an important agreement, which reflects the prestige and the wide scope of this entire project, expected to be a true gem for Nicosia and Cyprus as a whole,” he added.
The refurbishment of the iconic Landmark Nicosia Hotel is just one facet of the ambitious Landmark Nicosia development project, the statement noted.
It continued by noting that this endeavour also encompasses the construction of two spectacular towers in the hotel’s vicinity, including offices and residences, the development of underground parking facilities, and the revitalisation of the adjacent park.
“The Landmark Nicosia is embracing a refined design while transforming into a holistic well-being destination, all while respecting its illustrious history,” the statement said.
The Cyprus Stock Exchange (CSE) ended Tuesday, September 26 with losses.
The general Cyprus Stock Market Index was at 131.99 points at 12:42 during the day, reflecting a decrease of 0.26 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 80.01 points, representing a drop of 0.25 per cent.
The total value of transactions came up to €67,811.
In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.14 per cent, 0.05 per cent, and 1.40 per cent respectively. The hotel index rose by 0.33 per cent.
The biggest investment interest was attracted by the Bank of Cyprus (-1.95 per cent), Hellenic Bank (no change), Petrolina (no change), Demetra (-1.45 per cent), and Salamis Tours (no change).