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26th April 2024
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Yearly Archives: 2010

News

Cyprus banks try to protect themselves

David Crowther -
The Bank of Cyprus and the Hellenic Bank will try to absorb half a billion euros from their shareholders in the next few months in efforts to protect their balance sheets from the Greek crisis and the unfavourable conditions in the domestic market.
News

Marfin Popular and Bank of Cyprus to face CEBS tests

Nigel Howarth -
The Marfin Popular Bank and the Bank of Cyprus will be part of an EU-wide stress testing exercise to be undertaken by the CEBS (Committee of European Banking Supervisors) before the end of the month.
News

Cyprus property sales improving

Nigel Howarth -
The number of property sales in Cyprus during the first six months of the year has improved by almost a quarter on the number sold during the first six months of last year. However, they are still less than half of the number sold during the first six months of 2008.
News

Cyprus to get financial ombudsman

Charles Charalambous -
The days of banks in Cyprus granting mortgages to home buyers without advising them that the land on which their property is built is already mortgaged may soon be over with the appointment of a financial ombudsman expected in the near future.
News

Sales to non-Cypriots improving slowly

Nigel Howarth -
Foreign interest in the Cyprus property market is showing signs of a slow recovery following last year’s disastrous performance, with sales during the first half of 2010 up 9.6% on last year.
Investment

Moody’s cuts Cyprus’ two main bank ratings

Editorial -
Moody’s has downgraded the deposit and debt ratings of the Bank of Cyprus and the Marfin Popular Bank. According to their report “The country’s real estate market, which is a significant component of the banks’ loan books, remains a risk area with unclear growth prospects and weak demand”.

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