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
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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
Economy set to grow around over 3 per cent a year by 2021, CBC says
The government will continue to strengthen and deepen the current positive economic growth spokesman Prodromos Prodromou said on Saturday, after the Central Bank of Cyprus
IMF: banking sector still facing one of highest NPL ratios in Europe
Cyprus ‘ banking sector still faces one of the highest non-performing loan (NPL) ratios in Europe, while both private and public sectors have a large
‘Generous’ Estia scheme still of concern, EU says
Some borrowers could interpret Estia handout as a reason to stop paying loans By George Psyllides Despite tightening the eligibility criteria of a subsidy scheme
By end of 2018, Cyprus will have recovered lost economic ground, Georgiades says
By the end of 2018, the Cyprus economy will have grown by 16 per cent of GDP, which more than covers lost ground, and
Top official raises doubts over Estia loan repayment scheme
The state aid watchdog said on Wednesday that a debt relief scheme for vulnerable homeowners was unfair and an indirect subsidy to banks. State aid
The ‘glaring flaw’ in Estia
Economy pundits feel vindicated by island’s lenders saying home-loan default plan has ‘fairness issues’ By George Psyllides THE European Stability Mechanism (ESM) has added its
A new reality for borrowers
‘You wouldn’t believe what kind of breaks they used to get from banks’ By Elias Hazou LOAN defaulters expecting more flexibility from debt collection agencies
Hellenic officially takes over Co-op operations (Updated)
Hellenic Bank on Monday officially took control of the operations of the state-owned Cyprus Cooperative Bank (CCB), with officials saying the transition went without a
US curbs on Russian banks would be act of economic war – PM
Russia would consider any US move to curb the operations of Russian banks or their foreign currency dealings a declaration of economic war, Prime Minister Dmitry Medvedev
New bank digital tool will be able to predict likely bad debtors
By Lizzy Ioannidou A new tool, which will be able to predict whether a borrower is likely to become a bad debtor or not, will
‘Shocked by Co-op’s fate, other banks may now act’
By Stelios Orphanides THE supervisory decision to go hard on the Co-op, ultimately leading to the bank going out of business, may prompt other banks
Borrowers’ group says banks piling on the pressure
The chairman of a borrowers’ protection group said that banks were piling on the pressure on non-paying customers in recent days after the parliament modernised
