According to the association, this can be explained by several factors related to the way interest rates are calculated and the terms of loan agreements.
The association explained that “loans may be linked to different reference rates, such as the ECB rate, the interbank EURIBOR rate, or the base interest rates of banks”.
“The adjustment of repayments depends on the type of interest rate and the frequency of adjustments set out in the loan agreement,” it added.
In a recent piece of analysis, he explained that in a world where every business process is now digital, “the responsibility for cybersecurity and data protection cannot rest with a single department or individual”.
“The answer to the question of who is responsible for cybersecurity in an organisation is simple: everyone,” he said.
The fund, a subsidiary of Prodea Investments, said that it is offering the 52-metre-high property to potential buyers.
The announcement mentioned that “Irida Tower is one of Larnaca’s most recognised commercial buildings”, primarily housing office spaces.
Hellenic Bank has completed its latest voluntary exit scheme, with 154 employees departing the bank between February 17 and March 11.
The initiative, which cost the group approximately €24.2 million, is expected to yield annual payroll savings of around €11.2 million.
According to the bank’s annual report for 2024, the scheme was open to permanent staff across the bank, Pancyprian Insurance, and Hellenic Life Insurance, and took the form of a voluntary separation.
The changes aim to enable the Republic of Cyprus to recover €43 million withheld by the European Commission due to legislative shortcomings.
The funds were withheld after deficiencies were identified in the implementation of legislation linked to two key milestones necessary for the disbursement of Recovery and Resilience Plan funds.
The ‘digital citizen’ app was launched to allow people to issue and save official documents, identity cards, driver’s licences and MOT certificates. When it was launched in December more services were promised.
The Digital Assistant features aim to answer people’s questions around the clock. Greek or English can be used, or even Greek in English letters.
People can submit their questions, either by typing them or asking the application using the voice assistant feature.
Major Greek banks have recently pursued acquisitions of Cypriot financial institutions, and this trend is now extending to insurance, a sector seen as a lucrative avenue for expansion.
For years, the country’s largest insurance firms have been tied to banking institutions. Bank of Cyprus owns Eurolife and General Insurance, which have consistently held leading positions in the life and general insurance markets.
The Cyprus Stock Exchange (CSE) experienced a decline today, with the general index edging down by 0.04 per cent to 241.58 points at 12:44.
The FTSE/CySE 20 index also saw a slight decrease of 0.05 per cent, settling at 146.49 points.
Trading activity was relatively subdued, with total transactions amounting to €168,777.62.
In terms of sector performance, the main market dropped by 0.09 per cent, while the investment sector recorded a more significant fall of 0.86 per cent.
Conversely, the alternative sector witnessed a modest increase of 0.19 per cent, and the hotels index remained steady.
Leading the trading volume was the Bank of Cyprus, which rose by 0.33 per cent with trades totalling €155,584.70. Not far behind in activity, Atlantic Insurance experienced a decline of 0.79 per cent, amounting to €25,175.84 in trades.
Other notable stocks included Demetra Investment, down by 1.17 per cent with a trading volume of €8,338.45, and the Cyprus Trading Corporation, which surged by 8.38 per cent, trading at €1,761.20.
Overall, the market dynamics showed six stocks advancing, two declining, and four maintaining their previous closing prices, out of a total of 44 trades conducted during the session.
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