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571. ESM warns Cypriot banks of quick fixes

The European Stability Mechanism warns Cyprus that despite a recent decline in non-performing loans (NPL), the banking sector remains vulnerable due to weak profitability and a still high NPL ratio...

572. Probe countdown begins for Cyprus Co-Op debacle

Attorney General Costas Clerides is moving forward with the launching of an investigation into possible offences at the Cyprus Cooperative Bank, in connection with bad loans worth €7.5 billion...

573. Co-op bankers plead not guilty in loans scandal

Senior co-op executives pleaded not guilty to fraud charges in connection with a banking scandal where loans worth millions were given out without due process...

574. Government throws Co-Op ball in Hellenic’s court

The Cyprus Cooperative Bank will examine Monday a final offer from Hellenic Bank to acquire the troubled state-owned institution, with government seeing the buyout as a good step while critics saying tax payers are unfairly picking up the tab...

575. Hellenic moments away from CCB offer

The privatisation deal for Cyprus Cooperative Bank could be moments away, with Hellenic Bank putting the finishing touches on the final makeup of its new shareholder base...

576. Audit report on CCB made public amid negotiations

An audit report on the Cyprus Cooperative Bank (CCB) was made public on Friday, amid negotiations between the Co-op and its two bidders, making recommendations for improvement but also criticising the institution on a number of decisions...

577. Greece cannot afford policy reversal after bailout ends, says EU's Costello

Greece is on course to complete its third international bailout program but cannot afford to backtrack on adopted reforms after its expiration in August, the European Commission’s mission chief to Greece said on Thursday....

578. Government and Co-op begin consultations with bidders

579. IMF, Berlin still divided over Greek debt but progress in sight

A meeting of the so-called Washington Group – representatives of Greece’s creditors as well as the governments of Germany, France, Spain and Italy, the biggest eurozone economies – failed to break a deadlock over the Greek debt as the International Monetary Fund and Berlin remain divided on the length of an upfront extension on bailout loans....

580. Cyprus forecasts high GDP growth of 3% plus until 2021

High growth rates exceeding 3% of the GDP and high primary surpluses are projected until the year 2021 in the Strategic Fiscal Policy Framework (SFPF) 2019-2021, which was approved by the cabinet...

581. Tsipras says Greece will meet fiscal targets with no fiscal gap in 2018-9

Greece and its foreign creditors agreed that the country will meet its fiscal targets in the coming years and there will be no fiscal gap in 2018 and 2019, Prime Minister Alexis Tsipras told his cabinet ...

582. Non-performing loans in banking system spike by €1.5 billion

Non-performing exposures (NPEs) in the Cyprus banking system jumped up by €1.5 billion in January, as International Financial Reporting Standard 9 entered in to force...

583. Co-op receives two bids in good bank, bad bank scenarios

The Cooperative Central Bank (CCB) announced on Monday it has received two bids as part of its privatisation process launched in March, with one bidder going after the ‘good bank’ scenario just as the European Commission approved the acquisition of Altamira Cyprus by a joint platform with CCB and one of the bidders...

584. Experts says Cyprus economy to grow by 3.8% this year

The Cypriot economy will pick up momentum in 2018, the University of Cyprus’s Economic Research Centre predicts, upgrading its growth forecast to 3.8% compared with its previous projection of 3.6%. ...

585. Hellenic Bank in a time crunch to bid on Co-op

The deadline in the privatisation process for the Cyprus Cooperative Bank (CCB) has been postponed until mid-May, setting in motion the executive board at the Hellenic Bank to intensify discussions on making a bid. ...

586. ECB mulls shelving rules tackling eurozone NPLs

The European Central Bank is considering shelving planned rules that would have forced banks to set aside more money against their stock of unpaid loans, after suffering a political backlash....

587. Cyprus recovery is being recognised by international agencies

Fitch does not currently anticipate developments with a high likelihood of leading to a downgrade...

588. Co-op suffered 'nightmare' bank run

A top official at the Cooperative Bank says more money was lost in bank deposits first quarter this year, just shy of 2 billion, than the outflow during the 2013 crisis....

589. #PoliticsBlog Loans to Politicians

The Non-Performing Loans (NPL) associated with political public figures reach over €160 million just in the cooperative bank alone. New measures are welcome but can they deliver?...

590. FinMin: Revenue from NPLs management will repay cost of support to Co-op

Government moves include establishing an asset – management company, based on conditions that the competent European institutions will set and depending on the finalisation of investment interest in the Co-op...

591. Banks in Cyprus, Greece and Portugal may need further reserve build-up

Fitch also notes that average NPL/total loan ratios at the EU`s largest banks had declined to 4% by end-2017 from 6.5% at end-2014...

592. Georgiades makes a “good case” for Co-op sell-off

Borrowers who default on a loan won’t be able to pick up the phone and ask a politician to intervene, according to Finance Minister Harris Georgiades, who insists that separating healthy banking from bad loans is the best way forward for the Cyprus Cooperative Bank....

593. Russia can build Turkey power station alone

Russian firm Rosatom has been seeking investors for a 49 percent stake in the Akkuyu nuclear power plant project...

594. Privatisation of Co-op may lead to the creation of a 'bad bank'

A process launched by the nationalised Cooperative Cyprus Bank may lead to the creation of an Asset Management Company also known as a bad bank ...

595. Cooperative bank outflow appears to have stopped

The Cyprus finance minister says outflow has stopped at the state-owned Cyprus Cooperative Bank, following a €2.5 billion deposit by the government that is seeking private investors for the troubled institution....

596. Cyprus Cooperative Bank gets €2.5 billion deposit

The Cyprus government says it is depositing €2.5 billion at the Cooperative Bank of Cyprus, as part of a broader plan to eliminate uncertainty among depositors in the wake of a privatisation bid...

597. Ukraine's Privatbank files $3 billion lawsuit against PwC subsidiaries

Kiev has already withdrawn PwC’s right to audit Ukrainian banks as punishment for its alleged failure to flag evidence of wrongdoing at PrivatBank...

598. Hourican is one of the best paid Irish bankers

The Dubliner CEO of the Bank of Cyprus, was paid €2.1 million last year, putting him among the best-paid Irish bankers in the world...

599. Bad loans still high despite fast economic growth

Cyprus' economic growth has been supported by construction, tourism and professional services...

600. Coops privatisation process attracts «significant investor interest»

The privatisation process of the Cyprus Cooperative Bank (CCB) attracted “significant interest” both from financial entities in Cyprus and abroad in acquiring a stake in its share capital of part of its assets, the CCB said after the completion of the first phase concerning the expression of interest....