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Archive for May, 2014

Revised Memorandum of Understanding full text

Available here – the revised Memorandum of Understanding (MoU) between Cyprus and its international lenders following the troika’s fourth assessment of the island’s adjustment programme.

Banks need tools to pressurise delinquent borrowers

The banks need the means to pressurize obstinate and viable borrowers into servicing their loans; average borrowers and homebuyers should not be their primary targets, says Cyprus Finance Minister.

Immovable Property Tax reform a priority

The government must bring before the Parliament a bill reforming Immovable Property Tax legislation and another one introducing the Guaranteed Minimum Income before the end of June.

Hourican calls for change in the law

John Hourican has called for a change in the law concerning the collection and recovery of non-performing loans to assist the bank and help it return to normal operations and profitability.

Immovable Property Tax will be less in 2014

Owners of property in Cyprus will be asked to pay less Immovable Property Tax this year as many more properties have been included the island’s Interior Minister Socratis Hasikos has stated.

Fourth year in recession

The recession in the Cyprus construction sector continued for the fourth consecutive year in 2012 recording a provisional decrease of 19.5 per cent compared to the previous year according to the Cyprus Statistical Service.

Building permits & certificate issuance progress

The Cyprus Interior Ministry has recently published the statistics relating to the issuance of planning permits, building and division permits and certificates as required under section 5.3 of the MoU.

Bank of Cyprus furious over leaked debtors list

The publication of an internal report by the Corporate Banking Division of the Bank of Cyprus dated 14th June 2013 listing details of the bank’s largest debtors has infuriated the bank.

Investment opportunities in Cyprus

In a question and answer session Dr George Mountis of Emergo Wealth discusses the opportunities for institutional investors who may be considering investing in the Cyprus real estate market.

Cyprus programme remains on track

Following their fourth review of the Cyprus economic adjustment programme the troika, comprising the European Commission, ECB and IMF, released an official statement on Saturday.

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