Η Τράπεζα Κύπρου, τέσσερα και πλέον χρόνια μετά την κρίση του 2013 άρχισε να χάνει την υπομονή της με όσους στρατηγικά δεν αποπληρώνουν τα δάνειά τους, τόνισε ο Διευθύνοντας Σύμβουλος της Τράπεζας Κύπρου Τζον Πάτρικ Χούρικαν σε συνέντευξή του στο ΚΥΠΕ.

Καθώς η τράπεζα έχει ήδη αξιοποιήσει τέσσερα εργαλεία για τη μείωση δανείων (αναδιαρθρώσεις, προβλέψεις, διαγραφές και ανταλλαγές ακινήτων έναντι χρέους), ο κ. Χούρικαν αναγνώρισε πως η πώληση δανείων είναι ένα εργαλείο προς την κατεύθυνση της ταχύτερης μείωσης των «κόκκινων δανείων», υπογραμμίζοντας ωστόσο ότι πρόκειται για μια λεπτή γραμμή μεταξύ γρήγορης μείωσης των ΜΕΔ και της προστασίας του κεφαλαίου της τράπεζας. Ανέδειξε εξάλλου και την κοινωνική διάσταση μιας τέτοιας πράξης. «Αυτό που θα ήταν καλό για την τράπεζα μπορεί να μην είναι καλό για τη χώρα και την κοινωνία», υπέδειξε.

Ζήτησε από τη Βουλή να θεσπίσει το νόμο για την τιτλοποίηση δανείων, που εκκρεμεί ενώπιον του νομοθετικού σώματος, καθώς αυτό θα δώσει στις τράπεζες μια περαιτέρω βοήθεια στη διαχείριση των ΜΕΔ.

Ο Ιρλανδός τραπεζίτης κάλεσε τους δανειολήπτες να προσέλθουν στην τράπεζα η οποία θα τους αντιμετωπίσει δίκαια, αλλά υπογραμμίζει ότι η τράπεζα θα εξετάσει την κάθε περίπτωση έχοντας υπόψη τι συνέβη στους καταθέτες της τράπεζας, οι οποίοι έχασαν γύρω στα €9 δις από το κούρεμα καταθέσεων.

Η μη αποπληρωμή των δανείων αποτελεί κηλίδα για τη χώρα, είπε.

Για την κυπριακή οικονομία, ο κ. Χούρικαν είπε πως το μέλλον είναι ευοίωνο, με σημαντική ανάκαμψη στην πλειοψηφία των παραγωγικών τομέων, οι οποίοι ζητούν νέα δάνεια. «Παραχωρήσαμε στην Κύπρο και στην ανακάμπτουσα οικονομία της δάνεια πέραν του ενός δισεκατομμυρίου πέρσι και δανείσαμε το πρώτο εξάμηνο φέτος €845 εκατομμύρια. Συνεπώς έχουμε διπλασιάσει το επίπεδο των δανείων στην οικονομία σε σύγκριση με πέρσι και αναμένω την τάση να συνεχιστεί και τον ισολογισμό μας να σταματήσει να μικραίνει καθώς προχωρούμε στο 2018».

Τα ΜΕΔ και η πώληση δανείων

Ο κ. Χούρικαν σημείωσε πως χρησιμοποιώντας την οργανική ή εσωτερική διαδικασία, η τράπεζα κατέγραψε 10 συνεχόμενα τρίμηνα μείωσης των ΜΕΔ, με την μείωση να φτάνει τα €600 εκατομμύρια το δεύτερο τρίμηνο του τρέχοντος έτους, για να προσθέσει πως η οργανική μείωση θα χρειαστεί χρόνια.

Ερωτηθείς αν συμφωνεί με τη θέση του οίκου Moody’s ότι η τράπεζα δεν θα πετύχει τον μεσοπρόθεσμο στόχο μείωσης των ΜΕΔ κάτω του 20% χωρίς να προβεί σε πωλήσεις δανείων, ο κ. Χούρικαν είπε πως η τράπεζα προχώρησε στην αύξηση των προβλέψεων κατά €500 εκατ. προκειμένου να διατηρεί αυτή την προοπτική ανοικτή. Ωστόσο, είπε, μια πώληση ενδεχομένως να στοιχίζει περισσότερο από την οργανική διαδικασία μείωσης των ΜΕΔ.

Σε παρατήρηση ότι η πώληση δανείων είναι το εργαλείο που δεν χρησιμοποιήθηκε μέχρι στιγμής και θα οδηγούσε σε ταχύτερη μείωση των ΜΕΔ, ο κ. Χούρικαν υπογράμμισε αυτό μπορεί να ισχύει για τον ισολογισμό της τράπεζας αλλά μπορεί να μην είναι το ορθό για την χώρα.

«Πρέπει να διασφαλίσουμε ότι χρέος εξυπηρετείται, ότι είναι βιώσιμο, ότι η τράπεζα θα επιβιώσει και ότι υπάρχει αγοραστής (στη σωστή τιμή) στην άλλη πλευρά».

Η Τράπεζα, είπε, μπορεί να κάλυψε με προβλέψεις των 50% των δανείων της, αλλά επιθυμεί να πάρει κάτι πίσω από αυτές τις προβλέψεις.

«Αυτή είναι η δουλειά μου, να προστατέψω την αξία της τράπεζας και να διασφαλίσουμε ότι η τράπεζα θα είναι βιώσιμη μετά την μείωση των ΜΕΔ. Ναι, η πώληση δανείων είναι ένα εργαλείο αλλά η πώληση δανείων είναι μια λέξη που λέγεται εύκολα και δύσκολα επιτυγχάνεται», τόνισε.

Εν τω μεταξύ, ο Ιρλανδός τραπεζίτης είπε πως η τράπεζα θα στραφεί στο χαρτοφυλάκιο των τερματισμένων δανείων, που περιλαμβάνει πιο δύσκολες υποθέσεις, καθώς και στο χαρτοφυλάκιο των μικρομεσαίων επιχειρήσεων και των νοικοκυριών.

Όπως είπε, εκεί υπάρχουν περισσότερα προβλήματα με ένα ποσοστό 40% αναδιαρθρωμένων δανείων να επιστρέφουν στα ΜΕΔ. «Το πρόβλημα στο χαρτοφυλάκιο των νοικοκυριών είναι πραγματικό και παραμένει στο σύστημα», συμπλήρωσε.

Οι πολιτικά εύκολες ταμπέλες

Ερωτηθείς αν θα δούμε στην Κύπρο τα «ταμεία – γύπες» που αγοράζουν προβληματικά δάνεια και ακολουθούν στην συνέχεια μια επιθετική πολιτική, ο κ. Χούρικαν επεσήμανε πως και η τράπεζα κατά καιρούς ήταν επιθετική με δανειολήπτες, λαμβάνοντας υπόψη την κοινωνική της ευθύνη, το κλίμα που επικρατεί στην κοινωνία τη δεδομένη στιγμή, αλλά και το τι συνέβη στους καταθέτες της τράπεζας.

«Πιστεύω ότι λέξεις όπως ταμεία – γύπες και τα λοιπά είναι πολιτικά βολικές ταμπέλες που χρησιμοποιούνται από πρόσωπα που δεν θέλουν να υπάρξουν αλλαγές και κατ’ ακρίβεια πρέπει να ωριμάσουμε περισσότερο», σχολίασε.

Χαρακτηρίζοντας την μη αποπληρωμή δανείων ως «κηλίδα στη φήμη της χώρας», ο κ. Χούρικαν υπέδειξε πως όταν κάποιος δεν αποπληρώνει τα δάνειά του επηρεάζει αρνητικά έναν καταθέτη που αποταμιεύει που ενδεχομένως να είναι γείτονας του.

Λέγοντας ότι η όποια κίνηση όσον αφορά ενδεχόμενη πώληση δανείων θα γίνει με προσοχή στην κοινωνική ευθύνη της τράπεζας, ο Ιρλανδός τραπεζίτης είπε πως «δεν θα φέρουμε στην κυπριακή κοινωνία χαζούς αγοραστές δανείων, αλλά σίγουρα θα αυξήσουμε την επιθετικότητά μας στην προσπάθειά μας να ανακτήσουμε αυτά τα δάνεια».

«Είμαστε τώρα τέσσερα χρόνια μετά την κρίση… είναι πλέον καιρός για τους δανειολήπτες και ειδικά αυτούς που μπορούν να πληρώσουν να σταματήσουν να χρονοτριβούν και να αρχίσουν να αποπληρώνουν τα δάνειά τους».

Εξάλλου, ο ισχυρός άνδρας της Τράπεζας Κύπρου εξέφρασε απογοήτευση από τις αντιδράσεις στην δημοπρασία μιας πολυτελούς κατοικίας, στην οποία προέβη πρόσφατα η Ελληνική Τράπεζα.

«Ξέρετε, οι άνθρωποι μπορεί να ζήσουν σε μικρότερα σπίτια, αν αντιμετωπίζουν δυσκολίες, πρέπει να αναγνωρίσουν ότι το βάρος που αντιμετωπίζουν δημιουργήθηκε κυρίως με δική τους υπαιτιότητα. Υπάρχουν ίσως συνθήκες που αντιμετωπίζουν, αλλά ξέρετε, η οικογένειά τους θα μπορούσε να ήταν ευτυχισμένη και εύκολα να ζούσε σε μικρότερο σπίτι και δεν είναι λογικό για αυτούς να λένε πρέπει να κρατήσουμε την πισίνα μας και τα δύο μας αυτοκίνητα και τα έξι δωμάτια και δεν ξέρω τι άλλο».

Διαγραφές δανείων «αν πονέσει και ο δανειολήπτης»

Σε ερώτηση αν η αύξηση των προβλέψεων αυξάνει την πιθανότητα διαγραφών δανείων, ο κ. Χούρικαν παρατήρησε ότι υπάρχει ο ηθικός κίνδυνος, σημειώνοντας ότι πρέπει να υπάρξει επιμερισμός του βάρους σε μεγάλο βαθμό.

«Η τράπεζα αναγνωρίζει τη θέση της σε κάθε ξεχωριστή περίπτωση. Αλλά εάν πρόκειται να διαγράψω κάτι, εκτός από επιβαρύνσεις, για παράδειγμα, τόκους που νόμιμα θα έπρεπε να είχαν καταβληθεί, ή κεφάλαιο που έπρεπε να καταβληθεί πρέπει να υπάρξει και πόνος από πλευράς του δανειολήπτη που να είναι πραγματικός. Διαφορετικά η τράπεζα είναι κορόιδο», είπε χαρακτηριστικά.

Λιγοστεύει η υπομονή με τους στρατηγικούς κακοπληρωτές

Ερωτηθείς αν μια ενδεχόμενη πώληση δανείων σημαίνει ότι η τράπεζα έχει χάσει την υπομονή της με τους λεγόμενους στρατηγικούς κακοπληρωτές, ο κ. Χούρικαν είπε ότι υπάρχει ένα μέρος στρατηγικών κακοπληρωτών αλλά δεν αποτελούν την πλειοψηφία. Όπως είπε, πολλοί βλέπουν την άνοδο των ακινήτων και προσπαθούν και να κερδίσουν χρόνο.

«Και αυτό με κάνει πιο ανυπόμονο και με ενοχλεί γιατί πέρασαν τέσσερα χρόνια και έπρεπε να προσέλθουν στο τραπέζι και να προσπαθήσουν να συμφωνήσουν μαζί μας και όχι να προσπαθούν να αγοράσουν περισσότερο χρόνο, όχι να προσπαθούν να μας καθυστερούν κατά τρόπο που το επιτρέπει η νομοθεσία και τα δικαστήρια», συμπλήρωσε, για να σημειώσει ότι η κοινωνία πρέπει να σταματήσει να τους ανέχεται.

Ο ΕΕΜ και οι πιέσεις για αύξηση προβλέψεων

Σε ερώτηση αν ο Ενιαίος Εποπτικός Μηχανισμός ζητά αύξηση προβλέψεων κάθε φορά που οι τράπεζες παρουσιάζουν κερδοφορία και αν η εποπτεία αυτή είναι βοηθητική, ο κ. Χούρικαν είπε πως αν και το βάρος της εποπτείας έχει αυξηθεί σημαντικά και θα μπορούσε να μειωθεί, είναι κάτι καλό γιατί βασίζεται σε ενιαίους κανόνες για όλη την ΕΕ.

«Κρατήσαμε πρόσθετες προβλέψεις €500 εκατ. προκειμένου να δημιουργήσουμε περαιτέρω επιλογές για να εξετάσουμε δυνητικές συναλλαγές γιατί θα είναι πιο ακριβές από την φυσιολογική, οργανική μείωση των ΜΕΔ και δεν υπάρχει αμφιβολία ότι κάποια από αυτή την πίεση προέρχεται από την ΕΚΤ, αλλά σε τελική ανάλυση είναι μια απόφαση την οποία πήρα εγώ και το Διοικητικό Συμβούλιο, γιατί θεωρήσαμε ότι ήταν το σωστό πράγμα, δεδομένης της προόδου που κάναμε μέχρι σήμερα», συνέχισε.

Ακίνητα: Υπάρχουν έξυπνες λύσεις

Για την ανταλλαγή ακινήτων με χρέος, που μέχρι το τέλος του εξαμήνου έφτασε στα €1,5 δις., ο κ. Χούρικαν σημείωσε πως η τράπεζα έχει αυξήσει δραματικά την πώληση ακινήτων, οι οποίες ανήλθαν στα €300 εκατ φέτος. Σημείωσε πως θα συνεχιστούν και οι πωλήσεις αλλά και η απόκτηση νέων ακινήτων, με αποτέλεσμα να υπάρχει αυξομείωση στο απόθεμα.

«Πιστεύουμε ότι υπάρχουν κάποιες πραγματικά έξυπνες λύσεις που μπορούμε να φέρουμε. Δεν είμαι έτοιμος να τις ανακοινώσω, αλλά εξετάζουμε το ενδεχόμενο περαιτέρω επιτάχυνσης της μείωσης της έκθεσής μας σε ακίνητα. Η δουλειά μας δεν είναι τα ακίνητα. Αποκτήσαμε ακίνητα λόγω της κακής συμπεριφοράς των δανειοληπτών μας», κατέληξε. 

Δείτε στο βίντεο που ακολουθεί όλη τη συνέντευξη: 

ΠΗΓΗ:Newsit

Finance Minister Harris Georgiades welcomed on Saturday the latest rating by Standard & Poor’s (S&P) that placed the sovereign credit rating outlook of Cyprus from stable to positive.

On Friday, S&P maintained Cyprus’s BB+ sovereign credit rating – still a notch below investment grade – but upgraded the outlook from stable to positive, citing the consolidation of public finances and the economic growth rate at higher levels than previously expected.

“This is a positive sign for the international investment community to build trust and growth prospects, provided we continue our effort responsibly and credibly away from the practices that led us to downgrades,” Georgiades said in an announcement.

“We expect the budgetary position to remain in surplus over the forecast horizon, without factoring in any further discretionary measures,” the rating company said in a statement late on Friday. “Even if there were some fiscal slippage in the run-up to the 2018 presidential election, we would expect public finances to subsequently consolidate, leading to a decline in general government debt. We also expect that the strength of the underlying recovery – reflected broadly across economic sectors and evidenced further in improved labour market outcomes, resurgent corporate profitability, and rising disposable incomes – will allow private balance sheets to deleverage further”.

With non-performing loans in the Cypriot banking system still accounting for almost half of the total in the system, S&P said that it will consider increasing the island’s credit rating if credit monetary conditions in the economy continue to improve and converge with conditions in the euro area “via a material reduction” of delinquent loans in the system.

Further economic recovery to pre-crisis levels and a reduction of government debt as a percentage of economic output will also justify an upgrade, the agency said.

Days after the finance ministry revised its economic growth forecast to 3.5 per cent from a previous 2.9 per cent for 2017, S&P said that it expects the Cypriot economy, which emerged two years ago from a prolonged recession, to grow on average 3 per cent over the 2017 to 2020 “supported by investment activity and services exports”.

“We expect the impact of Brexit on Cyprus to be limited,” it added. “In our base case, we do not anticipate a detrimental shift in policy following the presidential election in early 2018”.

S&P last updated Cyprus’s rating in March from a previous BB- assigned a year ago. The current BB+ rating is Cyprus’s highest. Fitch Ratings assigned Cyprus with a BB- with a positive outlook, Moody’s with B1 with the outlook placed also on positive and DBRS with BB low with stable outlook.

Source: CyprusMail

Whether it’s the only living room you have or you’re creating a more formal area apart from the bonus room where all the movie watching takes place, it can be tons of fun creating a spot in the house that looks a bit more couture than the rest. Today, we’re showing of 20 stunning living rooms cultivated in a designer’s eye. Formality, luxury and fashion-forward style were all used in these gorgeous settings. Let’s have a peek!

1. Textural & Feminine

If there were a catwalk for living rooms, this would be one of the last to end the show with a bang. The romantic colors, strong accents and textural elements all come together to create a room that’s full of live and style envy. The natural light that pours through the windows bounce off the blush and gold tones, while the chandelier helps to cultivate an even more relaxed romance too.

2. Minimal Hipster

Here’s a glimpse at a living room made with chic tendencies and crisp lines. The neutral tones keep things clean while the pops of rose gold and copper make an surprising statement that’s a bit outside-the-box in terms of traditional living rooms. There’s an artsy feel that arises from its combination that’s also very attractive.

3. Family Take

Closer to a family living room, this gorgeous and spacious living room has so many elements to love and swoon over. From the fireplace and artwork placement, the teal pops and the contemporary chandelier, there are so many ways this space has incorporated accents to heighten the style of the room.

4. Cottage Charm

Whoever cultivated this room knew how to infuse some cottage style into a space without losing it’s more formal, designer appeal. Creams, grey and some dashes of floral prints all come together in a way that’s makes a living room approachable and pristine all at the very same time.

5. Glittering Bits

Layered pillows on a large, sectional sofa, bits of glitter in the corners, high windows and fresh flowers are just some way to make your space look a bit more luxurious. And this example does it seamlessly while still creating a very enveloping escape for guests to come into.

6. Small & Mighty

Even a smaller living area can be made to look extra fashion-forward and designer-made. Neutral tones keep the space open and the addition of gold can highlight the area into seeming a bit more expensive in taste. We love the mixture of prints here for the added interest benefit and love the delicate decorum accents as well.

7. On Trend

Everything about this living room is right on trend with the present-day styles. But it’s also got a timeless feel as well making it a classic design that won’t need to be changed around with the moving seasons or new ideas. From the sheepskin stools to the mirror by the windows, there is a lot to envy about this space.

8. Springtime Eclecticism

These springtime colors highlight this creamy, subdued room in a way that’s fit for a showroom home. We’re loving the addition of the acrylic coffee table, which helps to bring in a small bout of luxury feelings as does the artwork covering the small nook in the background.

9. Desert Posh

There’s something about this space that reminds us of a sparkling, desert in the sun. With the pops of powder blue reminiscent a blue, springtime sky – it’s amazing how you can grab inspiration from a variety of places an then incorporate them into something like a gorgeous living room!

10. Youthful Edge

If you’re looking to create something with a bit more youth and edginess, then take this room as your inspiration or example of how to do it the right way. Starting with a classic black and white foundation and utilizes the right accents and accessories to cultivate a crisp style, this living room has a design appeal and younger charms.

11. Slick & New

There’s one word that comes to mind when taking a first glance at this larger, spacious living room and that’s  … slick. It’s got a monochromatic look but with the layers of texture provides the right amount of interest and artsy of a room that’s been thought out to every last detail.

12. Beige Beauty

Beige can look and feel like a designer’s dream when played up with its strengths. Just look at this gorgeous creation and imagine it sitting inside your home! This space has the perfect mixture of texture, tradition and lighting: three very important elements when designing a room for a family home.

13. Creating Collages

This is a very friendly space but it’s decorated in a way that brings about a rich, luxurious style. It could be all the feminine touches, of course, or it could be its use of outside-the-box collage makes. From the candles to the pillows to the family photos in the background, there’s a great deal of detail and artsy in this room.

14. Dreamy & Grandiose

Here’s a room that was made in a grandiose, luxuriously styled home and it just fit the mark and the space it was in. There’s a dreaminess involved with the choices made – the lights and the tufted sofa. It’s a bit too formal for everyday TV watching with the family, but it’s great for when guests come!

15. Stylish Collection

A personal favorite color combination is the chic and neat black, white and gold. The glimmering topping that highlights this classic duo is what makes the magic arise out of rooms dresses in the trio. And this living room is no exception with its couture-visions and youthful spirit.

Source: Homedit

Lightening up a dark and dreary room will instantly make it more appealing. But if adding windows or making other structural changes isn’t an option, you don’t need to worry. There are plenty of easy ways to decorate a dark room and turn it into a lighter, brighter place you and your loved ones will want to spend time in.

Paint the Ceiling Bright White

By now everyone knows that a white ceiling helps make a room feel taller, but not everyone knows that it has to be the right white.

If you really want to brighten a dark room make sure it's the clearest, brightest, whitest white you can find. No cream, no ivory, and no versions of off-white. Clear and true is the way to go.

Maximize Light with Mirrors

Mirrors are perfect tools for brightening dark rooms. Whenever possible, place mirrors directly opposite windows to reflect as much natural light as possible. If this isn't possible don't fret. Strategic use of mirrors will always brighten a room - no matter where they're placed. Over mantles, over couches, placed on bookcases, or over side tables, mirrors are like little windows that open up spaces wherever they are.

Paint the Woodwork

Some people are totally against painting woodwork, but the reality is that if you want to lighten a dark room it's a surefire way to do it. If you have an oak staircase, dated wood wainscotting, or unattractive ceiling beams give them a coat of white paint.

It will instantly lighten, freshen and modernize a room. Once you paint woodwork it's very difficult to restore it so you need to be sure. If you can't decide if you should take the plunge read this article on the pros and cons of painting woodwork.

Slimline the Furniture

Overstuffed and heavily carved furniture will pull your room down, making it feel darker and heavier than it really is.

Try to stick with streamlined, lighter pieces that don't have a lot of frills. If you really love the style of carved or heavy furniture, try to keep them to a minimum. Choose one or two pieces you really love and keep the rest light.

Lighten the Lampshades

Lampshades are great because they help to diffuse light and provide a nice decorative element. But if your room is dark you have to be careful which shades you choose. Opaque shades are a no-no, even if they're a light color. Make sure you've got a light material (such as linen) that allows a good amount of light to filter through.

Avoid Heavy Light Fixtures

Large, heavy fixtures can be detrimental to creating a light and airy space. When choosing an overhead, hanging fixture make sure you opt for something visually light. Crystal chandeliers (as long as they're not too ornate) can be wonderful as the crystals (particularly if they're faceted) will reflect the light from the bulbs.

Streamline the Window Treatments

Window coverings are a must, but heavy drapes and embellishments are not. To keep a room light, avoid heavy drapes and valances. One streamlined panel on either side of the window is probably the way to go (make sure they kiss the floor and don't puddle or fall short).

Roman shades are another great option.

Put Down a Light Area Rug

Don't ignore what's underfoot. Flooring can set the tone for the whole room. A dark floor can make a room feel heavy, whereas a light floor can brighten it. The best way to take control (other than replacing your floors) is to put down a light area rug. It doesn't have to be a solid color, but if you opt for a patterned rug make sure the overall color scheme is light and bright. If you prefer a bare floor, consider painting it. It's not the right option for everyone, but it can be a lot of fun!

The government is planning to construct a jetty at Vassilikos port to host a floating storage facility for liquefied natural gas (LNG) to be used for power production, it emerged on Thursday.

According to local daily Phileleftheros, the plan is for Cyprus to start importing LNG at the end of 2019, with the state-owned electricity authority (EAC) pledging to have modified its generators to burn natural gas as of 2020.

In addition to the EAC, three private companies that have already been licensed to generate electricity in Cyprus but are unable to as gas is not yet available, are keen on seeing the project press ahead.

The cost of building the jetty, as well as an emergency shelter for the floating storage and regasification unit (FSRU) in case of adverse weather conditions, has been estimated at €340 million.

The state-owned Natural Gas Public Company, which by law will be the sole importer of natural gas into the Republic, has already decided to hire advisors with a view to invite tenders by early 2018 for the supply of natural gas and the construction of the jetty.

The project is eligible for co-financing by the European Union’s Connecting Europe Facility, up to 75 per cent of the total cost.

According to the plan, the winning bidder will receive a fixed income for the first 10 years, regardless of the quantities of LNG imported and regasified.

Cynergy, as the project has been termed, is a proposed approach “towards the establishment of a natural gas supply system on the island of Cyprus”.

“It will focus on executing all the necessary market-related, technical and financial, commercial, environment and permitting studies for the development of the supply chain, the market roll-out and the introduction of LNG and CNG [compressed natural gas] as alternative fuels in the energy and transport sectors,” a 2016 Connecting Europe Facility report said.

The planned investment includes the construction of a jetty, at an estimated cost of €53.5 million, to serve a permanent FSRU, as well as infrastructure to serve an LNG carrier at a cost of €148.7 million, which will include on-shore pipelines to transport the regasified LNG to the EAC power-production plant at Vasilikos.

The jetty will extend 750 metres southward into the sea, turning south-west for another 436 metres.

An emergency shelter designed to host the FSRU in case of adverse weather conditions is expected to cost around €100 million.

Source: CyprusMail

Cyprus has entered a period of real sustainable economic growth, Minister of Finance Harris Georgiades has said, stressing that despite the creation of fiscal space, fiscal discipline should continue. 

After completing an economic adjustment programme funded by the EU and the IMF, Cyprus recorded two consecutive years of economic growth, with the Finance Ministry projecting GDP growth by 2020. 

“I would like to stress that the strong growth we have today is not due to ay false boost either by debt-driven expenditure or irrational credit expansion, which were the characteristics of the years before the crisis,”, Georgiades said in an interview with CNA. 

He stressed that economic growth will become sustainable only if efforts to reform the economy continue. 

Referring to the 2018 state budget, Georgiades pointed out that the fact that it is balanced shows the improvement both in the economic situation as well as in public finances. 

“There is improvement, there is fiscal space, but I would like to make it clear that under no circumstances will we return to a loose fiscal management,” he said, when asked if the period of less strict public expenditure control is over. 

“The policies of deficits may suit only temporarily, and would allow a Finance Minister or a government to satisfy more easily requests and needs but this would be an irresponsible practice because in this way the bill would be pushed further, to the citizens and the taxpayer,” he added. 

Asked if development spending provided for in the 2018 budget would have a positive impact on the economy, Georgiades said what’s important is to have expenditure that would be sustainable but also create prospects for the economy. 

He referred to the government’s fiscal planning that includes projects such as e-justice, full digitalisation of the Tax Department, new budget management systems but also state investments in academic and research infrastructures, which combined with new legislation on university start-ups, would link academic research with market investors. 

“With such moves, I believe we enhance the economy’s growth prospects,” the Finance Minister explained. 

Georgiades fended off criticism that growth is based on temporary factors, noting that the two ingredients of the past which led to the protracted crisis are missing from the current growth cycle, debt-driven expenditure and irrational credit expansion. 

“I believe that growth today is real, essentially driven by all productive sectors of the economy, the private sector which I consider the driver of growth, the horse that pulls the wagon of growth,” he said, vowing that the state will continue to support the private sector with tax breaks and public investments in infrastructure projects. 

Replying to a question, Georgiades told CNA that the current growth would become sustainable provided that reforms continue. 

“The effort and the aim of consolidating the competitive advantage of an economy and its productive capacity is up to constant reform effort, modernisation which must not have an expiration date,” he said, pointing out that despite moving close to completing its term in office and although it completed the adjustment programme, the government continues reforms. 

He referred the decision to establish a commercial court, and the programme of supporting movie business in Cyprus, as well as the government decision to reform the stamp tax law limiting taxation to large transactions.

Asked whether Cyprus could generate more primary surplus and reduce its public debt through repaying domestic bonds, Georgiades recalled that Cyprus generates one of the highest surpluses in the euro area in the last two years, noting that he believes the maintaining a higher primary surplus “would not be productive and efficient for the economy.” 

“Debt maturities are specific and we make sure not to add more debt, but if we had a higher surplus we would have an excessive rise in the state’s cash reserves,” he said. 

Asked whether the state could repay local short-term bond such as the 13-week T-bills Georgiades said this is a small part of the overall debt. 

“These (bonds) are a complementary tool which, among others, are the cheapest loans because in essence (the yield) is zero,” he said. 

Replying to a question on whether the government will reduce taxation imposed during the financial crisis, Georgiades said the government intends to do so if fiscal discipline and financial conditions allow this. 

He recalled that the government did not raise any additional taxes but on the contrary it abolished the temporary contribution by salary earners in the public and the private sector introduced in 2011, it abolished the immovable property tax and introduced tax breaks to specific economic sectors. 

“The will is there, a gradual capacity for tax reductions can be created provided we remain focused on prudent fiscal management. The government’s approach is towards this direction,” he said. 

In expectation of a rating action by Standard and Poor’s, the Minister was asked whether Cyprus bonds will exit the “junk” classification. Although this is up to the rating agencies, he said he believes that “the facts justify an upgrade.” 

S&P’s was the first rating agency to downgrade Cyprus’ bonds to junk in January 2012, followed by Moody’s and Fitch. Cypriot long-term bonds are one notch below the investment-grade category in S&P’s rating scale. The rating is scheduled for September 15. 

“Actually, the markets are ahead of the rating agencies because they have confidence in the Cypriot economy, which is in a position to borrow with lower yields than before (the crisis)” he added, noting that “we are interested in obtaining the next step but also in further upgrades.” 

Cyprus will achieve this, he went on to say, “if we remain steadfast on this policy that has restored the economy with very satisfactory growth rates, that allows us to gain lost ground, the policy of fiscal consolidation but also the significant effort concerning the banking sector.”

Source: Stockwatch

Two foreign businesspeople advocated yesterday why they chose Cyprus as their operating base. Speaking to the 2nd Cyprus International Business Summit, Captain Eberhard Koch, a partner in OL Shipping and Kiril Zimarin, CEO of RCB Bank highlighted Cyprus’ comparative advantages and investment opportunities in their line of business. 

“I call Cyprus the shipping star of the Mediterranean and I firmly believe it”, Koch said. 

Koch, a former captain and Chairman of German origin and now CEO and partner of Osterreichischer Lloyd Shipping (OL), highlighted that fact that the government and the people of Cyprus succeeded to recover from the deep financial crisis of 2013 “means there is a dynamic for a new era” marked by sustainable growth. 

Recalling that 7% of the Cypriot GDP is derived from shipping without any state aid, Koch said Cyprus “has a capacity of being a very strong European as well as international shipping hub.” 

Answering the question, “Why Cyprus,” Koch pointed to the flexibility of an EU open registry provided to a non-Cypriot citizen with the availability to register ship under the Cyprus flag, the classification of Cyprus’ flag in the white flag of Paris and Tokyo MoU revalidating the quality of the Cyprus flag. 

“Those of us in the maritime industry are also well aware that Cyprus is the biggest ship management hub in the EU and amongst the top 5 in the world… the Cyprus registry is robust and positioned among the world leading shipping powers,” he said. 

Pointing out Cyprus’ relatively low operation costs, Koch highlighted Cyprus’s simplistic tax system, noting “on this aspect Cyprus scores highly.” 
Instead of corporate income tax tonnage tax is paid on the tonnage of each vessels at the Department of Merchant Shipping. 

“Cyprus is without doubt one of the most attractive shipping centres in the world. The island is on the map and will reveal its determination to continue spread its mark in shipping,” he said and concluded by saying “For me Cyprus ticks all the right boxes.” 

"Banks are still attractive" 

From the banking sector, Kiril Zimarin, Chief Executive Officer and shareholder of RCB bank referred to a series of diverse business and investment examples that highlight the success of the “Cyprus’ product.” 

Describing Cyprus as a very attractive destination for business, Zimarin referred to projects such as the Limassol Marina, the American Medical Centre, Engino Engino, a company founded in 2004 inventing and producing innovative modular construction toys, as well as his bank, RCB which in 1995 obtained banking license in Cyprus by the Central Bank. 

Despite the crisis, he said “Cypriot banks are still alive, are still attractive and still powerful.” 

As he noted, since 1995, his bank has become the second largest bank of the island in terms of assets, having branches across Cyprus and Luxembourg as well as representative offices in Moscow and London. 

Enjoying the highest ratings from all Cypriot banks, he added, RCB has been declared as the safest bank in Cyprus by Global Finance magazine. 

“Having started 20 years ago and now operating a multi-billion business is also a success story, showing that “you have all the possibilities to do business in Cyprus.”

Source: Stockwatch

College students use their rooms for two things: relaxing and studying. To do both, their spaces need to be inspiring and organized. These double-duty pieces and creative tricks will guarantee all of the above.

Invest in quality trunks.

The secret to making any space feel bigger is making sure every item you own serves multiple purposes. These pretty trunks are both a nightstand and a storage unit.

Buy a functional mirror.

This mirror is supported by a ladder — perfect for slinging clothes that don't make the final cut to wear to class. 

Keep pictures front and center.

Nothing makes a space feel more special than pictures of loved ones. This grid lets you hang a collection of images without making tons of tiny holes in the wall.

Create a reading corner.

Most people read more in college than any other time in their life. Create a colorful spot that'll keep you inspired and motivated.

Store stuff in your ottoman.

Buying something to prop your feet up might seem frivolous, but when it also serves as storage for throws and books, it's a no brainer.

Don't underestimate a headboard

Who says you have to accept the bare bones furniture provided in dorm rooms? These studentsgave their room a glamorous upgrade by bringing their own tufted headboards, custom curtains, bed skirts and more.

Make over your bookshelves.

This organizer becomes a makeshift vanity for two clever college students when touch lights are added to the bottom of each shelf, and mirrors are mounted on the back.

Use a colorful hamper.

To make the chore of laundry more bearable, pick out a bright and happy bin. 

Set your desk up for success.

In other words, buy organizers that'll keep your tools at-the-ready, like this lamp, which ensures a pen or pencil is within reach whenever you need one for your homework.

Show off your wardrobe.

Not only does this rack provide extra storage, but you can display your favorite items on it and let them serve as art.

Source: GH

Energy Minister Giorgos Lakkotrypis was briefed on Friday on the results of exploratory drilling in the field “Onisiforos” of Cyprus’ offshore Block “11” by energy majors ENI and Total. 

Government sources said on Saturday Energy Ministry technocrats are evaluating the facts before them and on Tuesday Lakkotrypis will inform the House Commerce Committee before making statements to the press. 

The same sources said that an overall evaluation of the results of the exploratory drilling will take some time by both the government and the two companies. 

Saturday’s edition of Phileleftheros newspaper said that no large natural gas discoveries were made at Onisiforos but that TOTAL/ENI consortium which are carrying out the drilling were satisfied as it as raises the chances to find other reserves. 

In July, Lakkotrypis had said that the government does not expect a large natural gas discovery in block 11. 

“The estimates are that Onisiforos will be of the caliber of Aphrodite (block 12, 4.5 trillion cubic feet) and is not expected to be a game-changer in the region,” the minister had said. 

ENI had said that it expects the results of the exploratory drilling in the field “Onisiforos”, to determine its next drilling target within the Republic’s Exclusive Economic Zone (EEZ). 

Source: Stockwatch

If you can't decide what to do with a blank wall, turn to the easy-to-hang statement

makers ahead!

Try tiny triangles.

Stick stacks into a lonely corner to create a decorative vignette that showcases all of

your favorite things.

Use all surfaces.

Floating shelves are super chic and practical, but forgetting to use the underside is a

common mistake. Hang mugs underneath to eke out every drop of storage.

Store children's books.

Pick out chunky wood.

These burly shelves add heft to a bare nook and offer the perfect platform for bulkier

knick knacks.

Use all angels.

The clean lines of these slim shelves won't overpower a room — even when you wrap

them onto adjoining walls.

Create a playful display.

Have fun with shapes and angles when you group shelves of different sizes into a pretty,

3D wall collage.

Make a statement.

Here, white shelving (and a brand-new someone's cute name) pops off of a deep navy wall.

Elevate art.

Turn childhood doodles into gallery-worthy pieces by framing them. Resting the pictures

on top of each other creates a casual, yet uniform look.

Accessorize your stairway.

Let the line of your staircase determine the placement of your shelves and the items on t

they mimic your home's color palette.

Source: GH