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Archive for 2013

Controversial rent bill ditched by parliament

Parliament has accepted the President’s decision to reject the law that would have imposed compulsory rent reductions on the grounds that it was unconstitutional and in conflict with EU.

Constructive work on title deeds issue

David Lidington the UK Minister for Europe has completed a two-day working visit to Cyprus during which was received by President Anastasiades and met with Ioannis Kasoulides, the Minister of Foreign Affairs.

Majority have paid their Immovable Property Tax

The Inland Revenue Department had collected around €93 million in Immovable Property Tax by lunchtime yesterday from some 207,000 registered property owners according to reports.

Big three banks announce loan rates cut

The Alpha Bank, Bank of Cyprus and the Hellenic Bank have announced plans to lower their interest rates on certain categories of loans including home loans, business loans and credit card loans.

Why Bank of Cyprus should not be separated

Rather than establishing a separate Asset Management Company, it’s likely that the Bank of Cyprus will set up a separate internal non-performing loan unit to pro-actively manage problematic loans.

Hellenic Bank recapitalised

The Hellenic Bank has announced its successful recapitalisation following a 24-hour grace period it received from the troika, with three firms offering a total of over €100 million for its recapitalisation.

Banking commission final report released

The Independent Commission on the Future of the Cyprus Banking Sector has published its final report and recommendations for the long term recovery of the Cypriot banking industry.

Rent reduction law judged unconstitutional

President Anastasiades has asked parliament is to reconsider a law it agreed two weeks ago that imposed compulsory rent reductions of up to 20 per cent for commercial and residential premises.

Town planning permits within three months

Unacceptable delays in processing applications for town planning permits could become a thing of the past – Interior Ministry Socrates Hasikos considers a three-month timeframe achievable.

Transfer fee discount could be win-win for all

A generous discount on Property Transfer Fees would provide a serious incentive for both vendors and purchasers to complete transfers and bring millions of much needed revenues into state coffers.

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