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...
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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...
IMF welcomes economic progress but tags on risk-warning
The IMF said Thursday it expected Cyprus to maintain the capacity to repay its debt but warned that this could change under certain circumstances, including...
Parliament passes bill to create fund for depositors affected by 2013 crisis
Parliament passed a bill on Friday to create a solidarity fund for depositors and bondholders affected by the bank haircut in 2013. The bill was...
Moody’s upgrades Bank of Cyprus’ and Hellenic Bank’s deposit ratings
Moody’s Investors Service on Thursday said it had upgraded Bank of Cyprus and Hellenic Bank long-term deposit ratings to B3 from Caa1, and their long-term...
Legal fracas over BoC lances the boil of the old guard
By Demetris Theodorou Cousins, god-siblings and koumbaroi in the legal world are having a spectacular falling out, divided among themselves into what has become one...
