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Archive for November, 2015

€55m Immovable Property Tax collected

Immovable Property Tax (IPT) amounting to €55.5 million had been paid by 193,833 taxpayers (72 per cent of the total number) by mid-November, according to senior tax officer Klelia Papadopoulou.

Foreclosure auction venues selected

A venue in each of the island’s districts has been selected where the auction of foreclosed properties will take place following a tender process by the Association of Cyprus Banks.

Non-performing loans remain high

Non-performing loans (NPLs) in the Cypriot financial system stood at 47.8 per cent of total loans at the end of September 2015, according to data released by the Central Bank of Cyprus.

Hourican to remain at Bank of Cyprus

In April this year John Hourican, the CEO of the Bank of Cyprus, resigned his position for personal reasons; however the Bank’s broad of directors have decided to extend his contract for two more years.

No property bubble in sight

Although the Cyprus Finance Minister does not foresee another property bubble and believes that the downturn of the sector has bottomed out, the ECB believes there will be further price falls.

New plans for Swiss Franc loans

Banks are to put forward new plans to the Cyprus Central Bank for regulating Swiss Franc loans according to a representative from the Cyprus Central Bank speaking at a Parliamentary Committee on Finance.

Government to pay for Pissouri mess

The Interior Ministry is waiting for a report to see how the government can help the affected residents in the Limnes (lakes) area of Pissouri; a figure of €20 million to restore the area has been estimated.

Hourican disappointed by shenanigans

John Hourican, the outgoing CEO of the Bank of Cyprus said he was disappointed by the ‘shenanigans’ of lawmakers that delayed and diluted laws aimed at helping banks collect on a huge number of non-performing loans.

Reduced VAT for home renovations

The Cyprus government plans to lower the VAT for all home renovations from 19 per cent to 5 per cent in a move that is expected to be ratified at the next meeting of the cabinet.

Building permits August

The number of building permits authorised in Cyprus during August 2015 increased compared to the number authorised during the same period last year, while their total area and value declined.

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