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91. Banks imposing stricter lending standards

Cyprus banks have tightened credit standards in the second quarter of 2022, while net new lending demand subsided, reflecting the geopolitical tensions and the uncertainty in the global economic environment, the Central Bank of Cyprus Bank Lending Survey for Q2 says....

92. National credit bureaus crucial in assessing consumer creditworthiness

The need to assess a borrower's creditworthiness and capacity through the use of national credit bureaus was highlighted at an annual conference held by the European Association of Credit Bureaus “ACCIS” in Brussels in the past month....

93. President signs controversial foreclosure law

A controversial foreclosure bill has been signed into law in the Republic of Cyprus over the objection of the country’s finance minister who accused lawmakers of populism...

94. Cypriot minister lashes out at ‘populist’ lawmakers

Cypriot Finance Minister Constantinos Petrides lashed out at lawmakers on Tuesday warning against “dangerous and unrestrained populism” after members snubbed a presidential veto on three crucial pieces of legislation...

95. ECB raises interest rates .5%, with further rate hikes on the horizon

The European Central Bank (ECB) increased interest rates by more than expected on Thursday, raising its benchmark deposit rate by 50 basis points to zero percent, impacting the Cyprus banking system and local borrowers....

96. Foreclosures suspended until the end of October 2022

The Cyprus Parliament on Thursday passed a bill suspending foreclosures until the end of October,...

97. EU official calls on Cyprus to implement recovery plan or lose funding

A European Commission official on Monday urged the Cypriot authorities to proceed with the implementation of Cyprus’ National Recover and Resilience plan, warning that Cyprus risks losing EU funds in case of new delays....

98. Cyprus will request EC permission to implement mortage-to-rent scheme

Cypriot authorities plan to submit in June an official request to the European Commission for the implementation of a mortgage-to-rent scheme, aiming to address non-performing loans collateralized by primary residences and SME business premises with an estimated contractual value of €3 billion....

99. Property sales hit 14-year high in Cyprus

Property sales in March, as measured by the number of sale contracts deposited at Land Registry offices, hit a 14-year high according to figures released by the Department of Lands and Surveys....

100. Housing projects to be funded from casino revenue

CLDC plans to build more than 800 housing units in the coming years, which will be allocated either through the affordable housing plan or through the new affordable rent plan for economically vulnerable households....

101. SYPRODAT: Demands response from Central Bank, Government and Parliament regarding increased charges

The Bank of Cyprus Borrower Association (SYPRODAT) is calling for an immediate response from the Central Bank of Cyprus, the Government and Parliament in relation to the increase of charges from the largest Cypriot banks....

102. Hellenic posts 21 million euro profit

Hellenic Bank posted after-tax profits of €21 million for the first half of 2021....

103. ECB tells Cyprus lawmakers to get it right

Elizabeth McCaul, Member of the Supervisory Board of the ECB, advised caution over possible amendments to the Cyprus foreclosure law stressing that 'such policies can also backfire and destabilize the banking sector if designed in a haphazard manner'...

104. IMF: Withdrawal of support measures should be gradual

An International Monetary Fund (IMF) mission met virtually with the Cypriot authorities from March 8–29, 2021 to discuss recent economic developments and policy priorities on the island. In an interview with Kathimerini Cyprus, IMF mission chief for Cyprus, Anita Tuladhar, said the longer the recovery period in sectors related to tourism, the greater the chance that permanent scars will remain in the economy of Cyprus. Tuladhar also noted the importance of state-sponsored programs to support the economy....

105. MPs vote on budget hanging by a thread

The House takes another vote on the state budget on Thursday, with representatives expected to pass the bill narrowly following behind-the-scenes consultations since the first time it was rejected in mid-December...

106. State budget battles rage on in Cyprus

Ruling party DYSI has been mounting a campaign over the last 24 hours to secure votes to pass the state budget, which is up in the air over golden passport probe wars, with added pressure also causing rifts even within smaller parties...

107. Banks must prepare for a new cycle of NPLs due to Covid-19

Constantinos Herodotou, Governor of the Central Bank of Cyprus (CBC) told Cyprus commercial banks to prepare to face a new cycle of non-performing loans in 2021 due to the coronavirus pandemic....

108. Government extends support schemes until end October

The Cabinet on Thursday decided to extend current government support programs aiming to cushion the blow of the coronavirus pandemic until the end of October, Labour Minister Zeta Emilianidou said....

109. KPMG Property Lending Barometer 2020

110. Apollo CEO investigated over Epstein ties

The CEO of Apollo Global Management, whose affiliates acquired billions of bad debt in Cyprus, is being investigated over alleged financial ties to Jeffrey Epstein...

111. Moody's: Payment holidays shield Cyprus banks in 2020, but deterioration likely in 2021

Around one third of Cyprus banks’ gross loans were deferred as a result of the coronavirus pandemic, the Moody’s rating agency said Monday, noting that while the payment holiday may shield local banks in 2020, asset quality deterioration is “still very likely next year.”...

112. Coronavirus derails southern Europe's clean-up from the last crisis

This year was meant to mark a turning point for Greek and Italian banks as they finally laid the ghosts of the financial crisis to rest. Then the coronavirus struck....

113. Over 23,000 applications filed for suspension of loan payments

More than 23,000 persons have applied to the island’s two largest banks for a suspension of loan repayments, as retail borrowers and companies are trying to preserve disposable income amid the economic activity shutdown due to the coronavirus pandemic....

114. Tax alert: Cyprus

115. Estia scheme kicks in for eligible borrowers

The Estia plan aimed at boosting borrowers’ ability to repay their defaulted loans went into effect on Monday, as the Cypriot government embarks on a scheme to subsidize repayments of restructured loans...

116. Foreclosure legislation unconstitutional

The latest piece of legislation on foreclosures which was approved last Friday is unconstitutional...

117. Lifeline as Parliament accepts President's referral

The House of Representatives has heeded warnings voting to accept the President's referral of legislation that would have made it difficult for banks to recover mortgaged non-performing exposures...

118. Finance Committee seeks compromise on foreclosures

The House of Representatives Finance Committee meets on Friday to discuss proposals that would normalize the legislative framework on foreclosures...

119. S&P affirms Bank Of Cyprus ratings

Standard & Poor’s affirmed on Tuesday their `B+/B` long- and short-term issuer credit ratings on Bank of Cyprus Public Co. Ltd. (BoC), noting that the outlook is stable...

120. ECB warns of 'significant negative impact'

The European Central Bank (ECB) has warned of “significant negative impact” to the Cypriot banking system in case a new law amending the legal on foreclosures is implemented. ...