The Central Bank of Cyprus (CBC) this week released a report noting that a total of 36 bounced checks were issued during October 2023, amounting to €566,732.

Among them, 21 individuals, comprising 14 legal entities and 7 individuals, have been recorded in the CBC’s Central Information Repository (CIR).

According to the report, from January to September 2023, 280 bounced checks, totalling €1,536,853, were added to the preliminary list of the CIR.

This figure surpasses the total amount of bounced checks for the entire year of 2022, which stood at €1,518,669.

The 10-month period saw entries related to 192 individuals, including 109 legal entities and 83 individuals, marking an increase from the 258 recorded in the corresponding period last year.

Furthermore, the CBC provided insights into the entries in the CIR for October 2023. The number of individuals registered in the CIR reached 21 during the month in question, consisting of 9 legal entities, 2 individuals, and 10 individuals controlling legal entities.

Over the first ten months of the year, a total of 228 individuals were registered in the CIR, compared to 209 individuals during the same period in 2022.

 

The Association for the Protection of Borrowers’ Rights (Syprodat) this week said that the window is closing for legislative regulations on foreclosures, before the expiration of the voluntary suspension implemented by banks and credit servicing companies.

The association noted that borrowers are driven to despair due to the “negligence and confusion of the government” regarding the anticipated legislative package for foreclosures.

In its statement, the association pointed out that, based on a thorough evaluation of information gathered from the media, as well as their contacts with political parties, “there is great confusion” about the final form of the draft law on expanding the powers of the Financial Ombudsman, as well as the draft law on the ‘Special Court.’

The association added that “the only thing that appears clearly visible is the actual inability of the government to finally propose substantive and definitive solutions to an issue that has been plaguing the Cypriot economy for years”.

“The risk of the collapse of the Cypriot economy is now evident. Everyone will now bear the consequences of their actions and omissions,” Syprodat concluded.

 

The Cyprus Stock Exchange (CSE) ended Thursday, November 9 with losses.

The general Cyprus Stock Market Index was at 126.67 points at 13:18 during the day, reflecting a decrease of 0.35 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 76.84 points, representing a drop of 0.38 per cent.

The total value of transactions came up to €109,324.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.47 per cent, 0.23 per cent and 1.53 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Vassiliko Cement Works Public Company Ltd (no change), the Bank of Cyprus (-1.02 per cent), the Cyprus Cement Public Company (-0.81 per cent), Pandora (-8.11 per cent), and Hellenic Bank (+0.46 per cent).