Peo union calls on finance minister to pressure banks over new charges
Left-wing umbrella union Peo said on Wednesday it has written a letter to Finance Minister Harris Georgiades calling on him to use everything at his...
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Banks need the ability to adapt quickly to survive and prosper
By George Theocharides Recently we experienced fallout between the main banks (BoC, Hellenic Bank) and the union of bank employees (ΕΤΥΚ) that resulted in strikes....
CBC: NPLs may have fallen but they’re still in the economy
While the Central Bank of Cyprus (CBC) was happy to see banks’ exposure to NPLs reduce due to deleveraging, it was not thrilled that these...
Banking on tech: incumbents and challengers
Traditional banks are struggling to keep up with virtual banks like Revolut with no service or transaction fees By Philippe Orphanides Banks have thrived...
Annulment of loan agreements in Swiss francs
By George Coucounis EU law does not preclude the annulment of a loan agreement, including a mortgage loan, in CHF (Swiss francs) if the nature of...
Our View: Bank union resorting to strikes to preserve power
ONLY in our union-dominated country was it possible for a union to call a strike because it wanted the employer to spend less money on...
Bank employees’ unions ‘sending clear message’ with strike action (Updated)
Bank employees’ union Etyk intends to send a clear message to the management of Hellenic Bank by staging a work stoppage on Friday, an announcement...
Deposits in Cyprus banks reach highest level in 11 months, loans historically low
Total deposits in Cyprus banking system reached their highest level in the past 11 months in August 2019, according to figures released by the Central...
Moody’s: Thomas Cook’s liquidation credit negative for Bulgarian, Cypriot and Greek banks
Moody’s rating agency said Thursday that Thomas Cook`s liquidation was credit negative for Bulgarian, Cypriot and Greek banks as tourism would be negatively affected. “On...
Cash bonds to cover foreign workers being ‘held hostage’ in banks
A LAW amendment drafted by Interior Minister Constantinos Petrides which seeks to scrap ‘anachronistic’ bank deposits paid by employers of foreign nationals as a guarantee,...
Securities watchdog warns risk of bogus investment opportunities is high
The Cyprus Securities and Exchange Commission (CySec) on Wednesday warned investors and the public about various risks that could arise during the current period due...
Total new loans down to €249m in July
Τotal new loans given out by Cyprus’ banks fell €90m to €249m in July 2019 compared with June’s €339.1m according to data released by the...
Georgiades reminds borrowers that Estia scheme begins Monday
Finance Minister Harris Georgiades on Sunday urged any homeowners who believe they are eligible for the debt-relief scheme Estia to submit their applications as of...
Estimates suggest 10,000 borrowers will benefit from Estia scheme
Eligible applications for the Estia debt-relief scheme are not expected to exceed 10,000, according to estimates from the labour ministry, which is involved in implementing...
MoUs signed with banks ahead of Estia kick-off
The government on Friday signed a Memorandum of Understanding (MoU) with banks and credit buyers for the implementation of the Estia debt relief scheme, which...
MPs ignore warnings, freeze foreclosures (updated)
Parliament on Friday voted to temporarily suspend foreclosures on properties that could be eligible for inclusion in a state borrower relief scheme but also changed...
Sustained reform key to mitigating Cyprus’ economic risks, ESM warns
Cyprus regained an investment grade rating in 2018 thanks to strong economic growth, a prudent fiscal policy, and a more resilient financial sector, and the...
Cypriots are back in charge of the banks. We hope it’s different this time
By Demetris Theodorou This week was quite intense for Cypriot banks. The Bank of Cyprus announced a new CEO, appointed the pre-announced chairman of the...
DBRS confirms Cyprus at BBB (low), Stable Trend
DBRS Ratings Limited (DBRS) has confirmed Cyprus’ Long-Term Foreign and Local Currency – Issuer Ratings at BBB (low). At the same time, DBRS confirmed Cyprus’...
Banks need to speed up due diligence, CBC governor says
New Central Bank Governor Constantinos Herodotou, has called on Cypriot banks to invest in technology and staff training to speed up due diligence checks on...
