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28th March 2024
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Yearly Archives: 2012

Families ordered to leave unsafe homes

Families living on the stricken development at Armou, whose homes are continuing to slip down the hillside, have been advised that their properties are unfit for habitation and have been instructed to leave.

High Court Judgement handed down

The judgement in the jurisdiction case brought by Brits who purchased property in Cyprus against their Cypriot developer and British agent, was handed down in the High Court on Monday.

Fitch downgrades Cypriot covered bonds

Following its downgrade of three of the island's banks last Friday, ratings agency Fitch has today downgraded the Bank of Cyprus and the Cyprus Popular Bank's covered bond ratings.

EU report into property development

David Martin MEP, who represents Scotland in Brussels and Strasbourg, has asked the European Commission to outline the conclusions of its report into the practices property developers in Cyprus.

Banking system comes under scrutiny

The promotion of foreign currency loans without advising borrowers of the currency risks is one of the topics being investigated by the House Institutions Committee as it scrutinises the functioning of the banking system.

Fitch piles more junk on the banks

Following Fitch Ratings downgrade of Cyprus sovereign credit rating on Wednesday, it has pushed the islands top three banks further into junk territory and believes that the failure of the Bank of Cyprus and the Cyprus Popular Bank "is imminent".

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