FINANCE

How the bank workers clawed back their 2013 losses

The decision to bail in depositors at Bank of Cyprus and Cyprus Popular Bank, widely known as Laiki, wiped out €8bn in deposits held at the island’s largest lenders. For many it meant a disaster. [...]

BY Elena Economou
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Mar 19 2018

S&P keeps Cyprus at BB+ rating, positive outlook, citing NPLs

While Cypriot banks, which are struggling with a €20bn mountain of bad debt, roughly two fifths of their loan portfolio, are making efforts to reduce them via loan write-offs and restructuring and o [...]

FINANCE
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BY Elena Economou
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Mar 17 2018

Government starts repaying €2.5bn Russian loan

The Russian loan accounted in September for 13 per cent of the total public debt of €18.8bn, according to the latest available figures on the website of the Public Debt Management Office. Source: Cy [...]

FINANCE
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BY Elena Economou
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Mar 09 2018

Capital Intelligence affirms Cyprus’s rating, outlook placed on positive

The economy is expected to grow at a rate about 3 per cent this year and in 2019, the rating company said. Capital Intelligence also cited the government’s satisfactory access to finance and the gra [...]

FINANCE
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BY Elena Economou
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Mar 04 2018

Government raises more than €9 million through a six-year bond issue

The Ministry of Finance has raised €9,04 million through a six-year bond issue for natural persons 3rd Series (March 2018), the Public Debt Management Office (PDMO) said in a press release. The PDM [...]

FINANCE
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BY Elena Economou
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Mar 03 2018

Co-op workers give union green light to call strike

Workers at the Cyprus Cooperative Bank (formerly the Cooperative Central Bank) on Thursday gave their union the green light to take all necessary action, including strikes, as a reaction to the bank� [...]

FINANCE
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BY Elena Economou
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Mar 02 2018

Bank of Cyprus sounds the alarm over pressures to its operating costs

The Bank of Cyprus management sounded the alarm on Tuesday pointing out the need for cost cuts, as the bank's operating cost structure will be challenged by the need to reduce its non-performing loan [...]

FINANCE
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BY Elena Economou
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Feb 28 2018

NPLs and European banks – a way forward

It has been widely recognised that the high level of nonperforming loans (NPLs) in certain European countries is an obstacle to economic growth and a burden on their banking sectors. A loan is classif [...]

FINANCE
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BY Elena Economou
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Feb 18 2018

Banks relax household credit rules for first time in 3 years

Demand for mortgages and consumer credit as well as corporate credit rose in the previous quarter and is expected to increase further in the current quarter, the central bank said.

FINANCE
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BY Elena Economou
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Feb 16 2018

Fitch: Strong growth, election result should ‘underpin’ improving finances

Strong economic growth in Cyprus and the expectation of policy continuity after the outcome of the recent presidential elections “should underpin” improving public finances, Fitch Ratings believes [...]