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...
banks
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...
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...
