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...
NPL
MPs vote to publish PEP bad loans list but it will go to the president first (Updated)
Parliament on Friday voted to immediately publish a controversial list of names of politically exposed persons (PEPs) with non-performing loans despite agreeing that it contained...
Georghadji hits out, says efforts afoot to discredit PEP list
Former central bank governor Chrystalla Georghadji hit back on Thursday at detractors of a list of names of politically exposed persons (PEPs) with non-performing loans,...
PEPs list returned to House, back and forth continues
A controversial list of politically exposed persons (PEPs) and the money they owed banks, including bad debts, has been sent back to parliament after the...
Drama at House over PEP loans
Elias Hazou and George Psyllides House president Demetris Syllouris was forced to interrupt a meeting of the watchdog committee on Thursday after a war of...
Banks need to step up efforts to tackle NPLs, CBC boss says
Central Bank of Cyprus (CBC) Governor Constantinos Herodotou called on Cypriot banks to step up their efforts to further reduce non-performing loans (NPL) as the...
NPEs in Cyprus banks down to €9.7bn in July
Non–Performing Exposures (NPEs) in Cyprus’ banking sector fell €27m to €9.68bn in July 2019, compared with the previous month, according to the latest data released...
High debt, NPLs could magnify any external shocks to Cyprus economy, experts say
Economic experts on Tuesday debated whether the recovering Cyprus economy was ready to weather any external shocks after putting its house in order for the...
Addressing inefficiencies in justice system ‘key to improving business environment’
Addressing inefficiencies in the justice system in Cyprus is key for improving the business environment and the enforcement of claims, the European Commission said on...
Land registry pledges speed on Estia applications
THE land registry will not delay any procedures related to the Estia debt-relief scheme, the organisation’s head, Andreas Socratous said on Thursday. Socratous gave reassurances...
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...
Cyprus registers the second-highest NPL ratio in the EU
The Cyprus banking system continues to post the second highest Non-Performing Loan (NPL) ratio in the European Union, following Greece, according data published by the...
BoC completes sale of NPLs
Bank of Cyprus announced Friday the completion of the sale of €2.7bn non-performing loans known as Project Helix for €2.1bn. In a statement, the lender...
Economy settling into ‘growth phase’ Hellenic says
Cyprus’ ‘recovery phase’ has passed and the economy is settling into its ‘growth phase’, Hellenic Bank’s Economic Research Department said on Tuesday. In its Economic...
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...
Reform, reform, reform, Fiscal Council says
By Gregoris Savva Cyprus needs to implement reforms, boost competitiveness and maintain fiscal surpluses, President of the Fiscal Council Demetris Georgiades said on Thursday. External...
ESM’s chief economist calls for Cypriot prudence as external risks loom
By Gregois Savva Rolf Strauch, the European Stability Mechanism’s (ESM) chief economist called for the continuation of prudent economic policies and keeping fiscal buffers as...
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),...
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...