Supreme court backs House over foreclosure bills (Updated)
The supreme court full bench on Wednesday ruled that two bills passed relating to foreclosures were constitutional while a third on bank contract clauses was...
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European Commission paints gloomy picture of Cyprus’ economy
Cyprus’ economy is still characterised by large economic imbalances, which, unless addressed, may impede its medium-term economic prospects, the European Commission said on Wednesday, noting...
House finally asks for Central Bank input over MPs’ bad loans
After months of prevarication, MPs on Thursday agreed to invite Central Bank Governor Constantinos Herodotou before the House watchdog committee to inform them about a...
NPLs fall to just under 30 per cent of all loans
Non-performing loans (NPLs) dropped by around €1.4 million on a monthly basis in August last year, the central bank (CBC) said on Tuesday, as the...
State-owned asset-management company brings in €288m in its first 10 months
The Cyprus Asset Management Company (Kedipes) generated income of €288.3 million in the first 10 months of operation of the state-owned asset manager, established following...
Cabinet approves debt relief scheme for homeowners
The long-awaited debt relief scheme for vulnerable homeowners was approved by the cabinet on Wednesday and is expected to be fully implemented by the end...
State co-op asset management agency reports €180m in NPL revenues
The state-owned Cyprus Asset Management Company (Kedipes), established to administer whatever assets were not sold to Hellenic Bank after the Co-op Bank was shuttered, reported...
MPs delay bills on NPL disclosures
LAWMAKERS on Thursday kicked the can down the road on legislation that would oblige them, the president and ministers to declare whether they have non-performing...
Outgoing CBC boss has sent updated list of PEPs’ bad loans to House
Outgoing Cyprus Central Bank (CBC) Governor Chrystalla Giorghadji has sent to House President Demetris Syllouris a list of non-performing loans of politically exposed persons (PEPs),...
Estia beneficiaries should not worry about eviction, says Averof
Borrowers with non-performing loans (NPLs) with a mortgage on their primary residence, the value of which does not exceed €350,000, should not worry about being...
Non-performing loans drop by €5.6 billion due to co-op sale
Non-performing exposures (NPEs) in the Cyprus banking system dropped to €11.02 billion in September 2018 marking a €5.6 billion reduction since end-June 2018 as Hellenic...
Final witnesses testify in last day of Co-op inquiry
The end for the Co-operative Bank was sealed when the European supervisors lost their confidence, the lender’s former CEO said on Wednesday, in what was...
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...
Finance minister lied about Co-op, says auditor-general (Update 1)
Auditor-general Odysseas Michaelides said on Monday that Finance Minister Harris Georgiades publicly lied and misled the both the council of ministers and the bank’s supervisor over the donation of...
NPLs drop to below €20bn in March, CBC says
By Stelios Orphanides Non-performing loans in the Cypriot banking system dropped in March by almost €2.1bn to €19.9bn in a month, which is the lowest...
House poised to pass bill to sweeten sale of debtors’ homes
MPs of the ruling Disy party sounded upbeat on Monday that a series of bills granting tax relief to bank debtors would make it...
MPs to vote on tax relief for bank debtors
Parliament is expected by July to vote on a package of legislative proposals granting tax relief to bank debtors. On Monday, the House finance committee...
Cyprus in race against time to reduce NPLs
By Stelios Orphanides The Finance Ministry and the Central Bank of Cyprus on Thursday presented political parties with proposals to resolve the non-performing loans problem...
Hellenic completes sale of €144m NPLs to B2Kapital
By Stelios Orphanides Hellenic Bank said that it completed the sale of a €144m non-performing loans portfolio to B2Kapital Cyprus Ltd, a unit of Norway’s...
House to postpone discussion of pre-2014 mortgage bill
The House finance committee on Monday said it would for the time being sit on a bill proposing that mortgages granted prior to passage of...
