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Archive for November, 2013

Court rules in favour of Swiss Franc loan victim

In a move that may help those who purchased homes in Cyprus with Swiss Francs loans, the Montenegrin appeal court has ruled that a bank cannot profit from interest charges AND exchange rate movements.

Downward trend in building permits continues

The contraction in the Cyprus construction activity continued in August with the very difficult economic conditions discouraging new investment as reflected in the latest building permit statistics from CySTAT.

IMF specialists to scrutinize Cyprus solvency laws

A reliable source has told CNA that a team from the IMF arrived in Cyprus yesterday and will meet all stakeholders in a bid to scrutinize the Cypriot solvency laws and provide recommendations for amendments.

Loan rate cuts are a step in the right direction – BUT

The recent announcement by the island’s ‘big three’ banks to lower interest rates are a step in the right direction, but problems remain and these rate reductions are not enough as George Mountis explains.

Property sales crash 44 per cent

The number of properties sold during the first ten months of the year has fallen sharply, down 44 per cent on the numbers sold during the same period last year with no prospects of a recovery in the foreseeable future.

Revised Memorandum of Understanding (Updated)

Update 11 November. Updated MoU available. Earlier today the Finance Minister and the Troika agreed an updated MoU; discussions included the avoidance of mass and uncontrollable liquidations resulting from non-performing loans.

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.

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