https://knews.kathimerini.com.cy/en/business/moody-s-thumbs-up-to-bank-of-cyprus-bad-loans-deal
Moody’s credit rating agency says the recent sale of Non-Performing Loans by the Bank of Cyprus worth €2.8 billion is a positive step...
https://knews.kathimerini.com.cy/en/business/bank-of-cyprus-gets-rid-of-small-business-bad-loans
The Bank of Cyprus says it has sold a portfolio of non-performing loans worth €2.8 billion to Apollo Global Management, a transaction that will reduce its stock of NPLs to €5.2 billion...
https://knews.kathimerini.com.cy/en/business/bank-of-cyprus-ceo-stays-put-through-2020
Bank of Cyprus CEO John Patrick Hourican will stay in his current position through the end of 2020, following a decision by the executive board at the largest lending institution in Cyprus...
https://knews.kathimerini.com.cy/en/news/odysseas-says-harris-was-being-stubborn
The auditor general is pointing fingers at the finance ministry’s handling of the Cyprus Cooperative Bank affair, telling an independent investigation committee that some actions were misleading...
https://knews.kathimerini.com.cy/en/news/abandoned-berengaria-goes-up-for-auction
The abandoned Berengaria hotel in Cyprus, a historic building known around the world for its ‘ghosts lurking in the dark’ is going up for auction next month...
https://knews.kathimerini.com.cy/en/news/over-a-thousand-employees-choose-co-op-buyout
Over a thousand employees at Cyprus Cooperative Bank signed up for a voluntary severance package, well above the target of 900 set by the bank ahead of a takeover by Hellenic Bank...
https://knews.kathimerini.com.cy/en/news/shadows-loom-over-government-s-‘clean-exit-scenario
Greece’s bailout exit has been eliciting condescending and bitter commentary on the country’s beaches and in its near-deserted cities, as few Greeks believes their lives are going to improve or that the country’s prospects will be akin to those of other bailed-out eurozone states. Greece’s “return to normalcy” and “clean exit,” much touted by the government, appear to be happening somewhere else....
https://knews.kathimerini.com.cy/en/news/unions-to-discuss-ccb-severance-offer
The Cyprus Cooperative Bank is making another effort to strike a deal with unions in order to get 900 employees agree to walk away...
https://knews.kathimerini.com.cy/en/news/house-approves-state-guarantees-in-co-op-deal
The House passed legislation Sunday night in favour of providing state guarantees to Hellenic Bank in its acquisition of Cyprus Cooperative Bank’s healthy portfolio...
https://knews.kathimerini.com.cy/en/news/house-shifts-into-gear-with-sunday-bad-loans-session
It will be a long weekend for the House finance committee, which will hold emergency sessions ahead of a crucial Sunday vote on bad loans and state guarantees for Hellenic Bank...
https://knews.kathimerini.com.cy/en/news/cabinet-okays-homeowner-plan-ahead-of-crucial-house-session
The Cabinet approved on Tuesday the “Estia” scheme aimed at addressing the high volume of non-performing loans in the Cypriot banking sector, but time is running out as a crucial legislation package on bad loans is also up for a vote on Friday...
https://knews.kathimerini.com.cy/en/news/house-prepares-to-define-good-and-bad-borrowers
The distinction between responsible and irresponsible borrowers is at the forefront of heated debate this week, with Presidential Palace and Parliament scrambling to strike balance ahead of a crucial vote...
https://knews.kathimerini.com.cy/en/news/government-welcomes-diko-support-on-bad-loans
The Cyprus government says it can work with opposition centrist party Diko to pass much needed comprehensive legislation on bad loans that would also pave the way for a co-op deal to go forward...
https://knews.kathimerini.com.cy/en/news/bad-loans-revive-mp-financial-disclosure-debate
A ruthless debate is picking up steam among members of parliament following public discussion and media coverage that raises the issue of conflict of interest ahead of a crucial vote on bad loans...
https://knews.kathimerini.com.cy/en/news/ag-names-investigators-to-comb-though-entire-co-op
A former judge, an economist, and a banker will make up the executive committee that will investigate any suspicious dealings that took place in the troubled Cypriot co-op...
https://knews.kathimerini.com.cy/en/news/co-op-deal-with-hellenic-still-up-in-the-air
The government is running against the clock with bad loans legislation, which would include a bill approving state guarantees for Hellenic Bank to absorb potentially high-risk loans in co-op takeover...
https://knews.kathimerini.com.cy/en/business/cyprus-co-op-bank-freezes-accounts-with-bad-loans
The Cyprus Cooperative Bank on Friday froze accounts of customers who keep their loans delinquent on purpose, as the bank makes an effort to force them to seek refinance terms...
https://knews.kathimerini.com.cy/en/business/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...
https://knews.kathimerini.com.cy/en/news/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...
https://knews.kathimerini.com.cy/en/news/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...
https://knews.kathimerini.com.cy/en/news/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...
https://knews.kathimerini.com.cy/en/business/non-performing-loans-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...
https://knews.kathimerini.com.cy/en/business/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...
https://knews.kathimerini.com.cy/en/business/cyprus-recovery-is-being-recognised-by-international-agencies
Fitch does not currently anticipate developments with a high likelihood of leading to a downgrade...
https://knews.kathimerini.com.cy/en/news/passenger-killed-when-engine-explodes-on-southwest-airlines-us-flight
The death of 43-year-old Jennifer Riordan on Flight 1380 was the first in a US commercial aviation accident since 2009...
https://knews.kathimerini.com.cy/en/business/georgiades-makes-the-good-case-for-ccb
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....
https://knews.kathimerini.com.cy/en/business/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 ...
https://knews.kathimerini.com.cy/en/news/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....
https://knews.kathimerini.com.cy/en/business/government-boosts-ccb-s-hand
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...
https://knews.kathimerini.com.cy/en/business/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...