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Alpha Bank Cyprus fined (update)

Alpha Bank Cyprus has been fined a quarter of a million Euros by the Office of Competition and Consumer Protection (CCPS) following its investigation into the company’s business practices.

Property tax unpaid by many large owners

Approximately half of all property owners whose properties are valued in excess of half a million Euros at 1980 prices have not paid their property tax analysis of the Tax Department data shows.

Non-performing loans will take time to resolve

The problem of non-performing loans will take some time to resolve due to the complexity of the problem said the Cyprus Central Bank’s Governor speaking before a parliamentary Committee.

Paphos marina secures funding

The consortium awarded the contract for the construction of the Paphos marina has secured a letter from the Bank of Cyprus in which it guarantees to fund the entire project according to the president of the Paphos Chamber of Commerce and Industry.

Local authorities obstructing Title Deeds

Local authorities are preventing the Land Registry from issuing Title Deeds to trapped buyers by refusing to issue Certificates of Approval for properties suffering from trivial planning infringements.

Threat to Paphos marina

A contractual dispute is threatening to derail Paphos marina following a demand by the contracting authority that the initial down payment by the consortium is submitted by November 10.

Coops to offer defaulting borrowers a discount

The Cooperative Central Bank is to offer a scheme enabling borrowers to receive a discount of up to 50 per cent on unsecured, terminated loans that have not been serviced for 1,000 days.

Legal limbo in Paradise

The Title Deed mess affected thousands of expat homeowners, but for those living on the Paradise Hills estate in Paphos it has been particularly brutal since their British developer went bust.

Nicosia protest against foreclosures

A protest outside the presidential palace in Nicosia against foreclosures of primary residences and business premises passed without incident on Thursday with the demonstrators dispersing by around 6pm.

Troika: reforms must accelerate

Following the troika’s recent mission to the island, the ECB and EC have urged Cyprus to accelerate the reform programme in a number of key areas including setting up a sustainable and efficient title deeds transfer system.

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