Lies, damned lies, and … the World Bank
By George M Georgiou Although the phrase “lies, damned lies, and statistics” is often attributed to Mark Twain, no one can say with certainty...
banks
CBC, stakeholders agree on ten steps to speed up banking procedures
The Central Bank of Cyprus (CBC), professional regulatory bodies and business stakeholders have agreed on ten steps to rationalise banking procedures. These include Know-Your Client...
Banks expect stricter lending criteria for households
Banks expect stricter lending criteria for households, unchanged criteria for lending to businesses and an increase in the demand for loans in all categories for...
Battle lines drawn in row over foreclosures
This past week saw another episode in the long-running saga The ongoing tussle between the government camp and the opposition over freezing bank foreclosures has...
Latest EU stress tests show Cyprus banks resilient
The European Central Bank (ECB) has published the results of the 2021 stress tests, which show that the euro area banking system is resilient to...
In special session, House to revisit foreclosures
The House plenum will convene in an extraordinary session on Tuesday to revisit a bill that further renews a moratorium on foreclosures and which President...
Only ten Estia applications left to process from over 6,000
Only ten applications remain to be examined under the Estia programme to assist distressed mortgage holders, it was reported on Sunday. Total applications for Estia...
MPs say trying to protect small businesses from unfair bank contracts
The House commerce committee is trying to afford small businesses protection from unfair terms and conditions included in standard bank contracts through a bill on...
Opposition seeks to beef up watchdog’s role in banks
An opposition party said Monday it will table a bill that would make decisions taken by the financial ombudsman legally binding on banks. Angelos Votsis,...
Lawmakers welcome first court ruling against bank
Lawmakers on Thursday welcomed the first court judgment against a bank for unfair terms of contract, but still harangued the banks for acting with “impunity”...
Borrowers who suspended their loans are restructuring
Many borrowers who opted to use a scheme suspending loan payments for nine months in a bid to cope with the financial fallout of the...
Discussion of bill to protect consumers from banks begins
The House commerce committee on Tuesday began discussion of a bill designed to protect consumers from unfair terms included in bank contracts but also bad...
Rejection of budget jeopardises recovery planning, Central Bank warns
The Central Bank of Cyprus (CBC) said on Wednesday that the rejection of state budget for 2021 by the parliament was a negative development that...
MPs extend freeze on foreclosures until next March
The House on Thursday passed an amendment to the law extending a freeze on property foreclosures until the end of March 2021. The foreclosures to...
MPs urge banks to be lenient with stricken SMEs
MPs urged banks on Tuesday to show sensitivity towards stricken small and medium businesses (SME), as lenders show reluctance to lend money amid the coronavirus...
Coronavirus: ATMs for all transactions below 500 euros says Hellenic Bank
Hellenic Bank announced that key services will be changing from Monday, stating that customers will have to use ATMs for cash withdrawals for amounts less...
Finance ministry warns against any more changes to foreclosure processes
Any extension of the freezing of foreclosures until the end of the year or beyond, would bring potential negative effects and disproportionate costs to both...
The challenges facing the banking and financial sectors
By Andreas Charalambous and Omiros Pissarides The well-known economist Rüdiger Dornbusch argued that a crisis takes a long time to materialise but it then happens...
Banks warn suspending foreclosures could do more harm than good
Banks have warned that suspending foreclosures would do more harm than good as opposition parties were poised to do just that, tabling five bills citing...
Five separate bills freezing foreclosures to be discussed at House finance committee
Five bills tabled by various political parties with the central focus of freezing foreclosures will be discussed on Monday at the House Finance Committee. The...