MPs put competition commission under the cosh
Members of the House ethics committee on Wednesday called on the competition commission to be harsher on companies and more vigilant in its efforts to ensure healthy competition in Cyprus’ ...
Financial crisis showed why banks must be well regulated
Banks play a key role and are inextricably linked to the outlook of the economy, mainly through supporting growth by providing financing to businesses and individuals.
However, as demonstrated during ...
Thousands to benefit from reduction in bank charges
Thousands of people will benefit from the expected reductions in some banks charges and preferential interest rates for vulnerable groups that banks are set to announce by the end of ...
Cyprus banks unwilling to fund development
By taking fixed deposits at the second lowest interest rate in the euro area at an average of 1.8 per cent and lending part of these funds at the third highest ...
House to vote on contentious ‘bank tax’ bill
Disy and Akel on Wednesday were predictably on the opposite sides of the argument over the contentious ‘bank tax’ bill set to go to plenum on Thursday.
Submitted by Akel, ...
Akel insistent on bank profit tax
Opposition party Akel is bent on taxing banks’ historically high profits on Thursday, while critics argue the move intended to effect social justice is misguided.
Member of the House finance ...
‘No evidence’ of cartels on fuel prices or banks
No evidence has come up concerning the existence of cartels or cartel-like behaviour in the retail fuel market or the banking industry, the Commission for the Protection of Competition (CPC) ...
Banks ‘positive’ on improving services for elderly
The third age observatory said on Monday it was satisfied with the banks’ response to providing better service for the elderly.
A recent meeting between the watchdog organisation and the ...
Windfall tax on banks heading for rejection
Banks as well as government officials on Monday all but gave the thumbs-down to the idea of taxing the windfall profits of commercial lenders, a proposal brought by opposition party ...
MPs upset about lack of ATMs in Cyprus
MPs expressed their disappointment at the lack of ATMs available in Cyprus at the House commerce committee on Tuesday.
Committee chairman and Disy MP Kyiacos Hadjiyiannis said he had contacted ...
PEO calls for windfall tax on bank profits
The state should proceed with the taxation of the windfall profits of banks and renewable energy (RES) companies to procure revenue for implementation of an integrated social policy, PEO union ...
Joint bank accounts of spouses
Banks are obliged to act on the terms agreed with clients when opening the account
The opening of a joint bank account in the name of more than one person ...
Banks offering ‘insufficient’ support over interest rate hikes
Commercial banks have so far offered insufficient support amid interest rate hikes, the House commerce committee heard on Tuesday.
During a session focusing on the issues caused by the European ...
Finance minister meets banks over interest rates
Finance Minister Makis Keravnos on Tuesday met the bosses of commercial banks in a crunch meeting aimed at getting lenders to provide some relief to customers to compensate for rising ...
Questionable performances of Cyprus banks
Large increases in profits not due to better performance in using the funds of depositors to improve the economy
Recent media reports on the performances of the largest Cyprus banks ...
Finance minister pleads with banks not to raise interest rates again
Finance Minister Makis Keravnos said on Monday he will have a new round of meetings with bank executives to see how lenders might refrain from raising interest rates again, as ...
Windfall tax under ‘serious consideration’
The government is “seriously considering” levying a windfall gains tax on banks to offset the earnings they’re making due to the rise in interest rates, reports said on Tuesday.
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Our View: Cyprus banks bounce back after ten years of uncertainty
After more than a decade of uncertainty, Cyprus’ two systemic banks, Bank of Cyprus and Hellenic Bank have made a full return to healthy profitability, sound fundamentals and positive prospects. ...
Our View: Are borrowers more deserving of state support than the low paid?
One of the interest groups set up to protect people with bank loans on Tuesday called on the government to take measures to protect borrowers from the continuous rise of ...
Cyprus banks facing a cocktail of challenges
Cyprus and global banking sectors are facing a cocktail of challenges that lead to radical change, banking expert Chris Davis told the Cyprus News Agency on Sunday, underlining that enhancing ...
Minister urges banks to absorb interest rate hikes
Pledging to support vulnerable groups where needed while maintaining an ardent fiscal policy, Finance Minister Makis Keravnos on Tuesday said he expected more action from banks to absorb increasing interest ...
New bill allowing court challenges to foreclosures would be a disaster, banks warn
Banks warned on Friday that a proposed bill to allow loan defaulters to file a case in court to suspend the foreclosure process, posed a huge risk to the banking ...
How have skyrocketing interest rates affected banks?
By Andreas Charalambous and Omiros Pissarides
The prolonged period of rising inflation over the past year and a half has pushed major Central Banks to successive interest rate hikes. Specifically, ...
Flurry of activity over Russian accounts
Sanctions imposed on Russia and Russian citizens so far will not significantly impact the Cypriot economy as its banks have very satisfactory levels of capital and one of the best ...