Under the US cosh? The crackdown on money laundering
On June 14, the Central Bank of Cyprus (CBC) sent a circular letter to all credit institutions advising them to step up their game when...
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What is holding back economic development?
By Savvakis Savvides Almost four years after the bail-in of March 2013 the fundamentals of the Cyprus economy remain dire. Despite the completion of the...
CySEC’s Kalogerou vows to clamp down on financial offenders
The chairwoman of the Cyprus Securities and Exchange Commission Demetra Kalogerou said that her agency will utilise the new powers given it from the transposition...
Co-op welcomes external auditing, it says
THE Cooperative Central Bank (CCB) said on Thursday that it welcomes external auditing, provided however that these checks are lawful and done according to proper...
Bank employee detained in connection with theft (update 2)
A bank employee was remanded in custody for eight days in Nicosia on Tuesday for allegedly taking almost €400,000 over the last five years from...
Major banks eliminate €1.9bn in NPLs in H1
Cyprus’s major banks reduced their overall stock of non-performing loans in June by almost €1.9bn, or 7.8 per cent, in the first six months of...
Britain counting on fintech for banking revolution
British banks will from 2018 have to share customers’ data with third parties who can then show how much could be saved by using other...
CySEC suspends licence for financial services company
The Cyprus Securities and Exchange Commission (CySEC) has suspended the licence for Mutual Trust Limited, a Nicosia-based financial services intermediary, to provide administrative services, saying...
Supreme Court dismisses accusations it acted like a trade union
The Supreme Court did not act as a trade union in advising parliament that including judges, the attorney-general, and his deputy, in a government bill...
Turkish Cypriots sign overdue financial protocol with Turkey
The new financial protocol, which gives the green light for the cash flow from Turkey to the breakaway regime in the north, was signed and...
Cypriots’ total financial liabilities exceed assets by €22.2bn, CBC says
Overall financial liabilities of corporate and non-corporate Cyprus residents were worth €410.4bn in December against €388.2bn of financial assets, resulting to a negative net balance...
Excalibur buyout team to meet banks over funding for Tata UK bid
Excalibur Steel, the management buyout vehicle interested in purchasing Tata Steel’s UK assets, will meet bankers on Friday to seek financing for the deal. Tata...
Βanks need to inject healthy loans to avoid increased provisions
Cypriot banks need to inject fresh, healthy lending into the economy in order to support growth and so help job creation which will reduce non-performing...
Cyprus, EIB sign loan guarantee deals worth €150m
Finance minister Harris Georgiades said that last year’s growth rate suggests that Cyprus, which will continue its reform effort and maintain fiscal discipline even after...
Search for better returns makes Cypriot bonds more attractive, source says
By Stelios Orphanides The search for good returns has led to an increase in demand for domestic securities as economic and financial uncertainty worldwide puts...
EIB to finance EU projects worth €100m and €15m in Hellenic Bank SMEs loans
By Stelios Orphanides Cyprus and the European Investment Bank will sign a €100m loan agreement which will help finance projects co-financed by the European Union’s...
Association of Cyprus Banks fears capital adequacy impact from law on title deed issue
By Stelios Orphanides Cypriot banks may require an unspecified amount of additional capital, should the parliament pass the draft bill facilitating the issuance of title...
Bank deposits rise in June as deleveraging continues, central bank says
By Stelios Orphanides Deposits in the Cypriot banking system rose by €238m in July compared to June to €46.2bn, mainly on increased deposits held by...
Greek owned Cyprus banks likely to be taken over
By Stelios Orphanides The subsidiaries of the four Greek banks operating in Cyprus are likely to change hands in the coming days as sweeping changes...
District post offices expand into citizens’ services
THE postal services’ district offices in Nicosia, Limassol, Larnaca and Paphos are now also providing services to the public, Communications Minister Marios Demetriades said yesterday....