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Archive for February, 2014

Stemming the rise of non-performing loans

If the rise in non-performing loans is to be stopped, the Cypriot banks need to start thinking ‘out of the box’ and employ innovative approaches that can provide short and long-term solutions to the problem.

Cyprus Title Deeds bank extortion (updated)

Update – 13 February. Receivers acting for the Alpha Bank are threatening to sell the homes of people who purchased property from defunct developer unless those people pay off the developer’s defaulted mortgages, their taxes and other creditors.

Cyprus program remains on track says Troika

On its completion of its third assessment of the Cyprus Economic Adjustment Program, the Troika has issued the following statement noting that although the program remains on-track, Cyprus still faces significant risks.

Business development stifled by bureaucracy

The 11th edition of the Doing Business 2014 – Understanding Regulations for Small and Medium-Sized Enterprises report highlights some of the bureaucratic problems that hamper Cyprus’ ability to attract investment.

NPLs reached €26.25 billion in November 2013

Figures released by the Cyprus Central Bank reveal a worrying increase in non-performing loans with bad loans accounting for 35.2 percent of the €7.25 billion credit facilities granted to the construction sector.

New High Court action: all currencies, all banks

New action group launched to pursue action against unfair bank loans at the English High Court and the European Court of Justice by the Anglo-Hellenic & Cypriot Law Association; deadline to join group extended until 10 March 2014.

Delinquent loans remain an issue for troika

Although the troika’s third assessment of the Cyprus economic adjustment programme is expected to be positive, delinquent loans remain a permanent danger looming over the banks.

Troika discussing title deeds delay

The Troika delegation is continuing its meetings in Cyprus and will be discussing the delays in issuing title deeds today as part of its third review of the economic adjustment programme.

No Title Deeds unless you pay developer’s debts (update)

UPDATE 7/2/2013 – MEP Sir Graham Watson has asked the Commission if it is aware that Cypriot banks are telling property buyers they will not receive title deeds unless they contribute thousands of Euros to their developer’s outstanding debts.

Housing loan rates down, business loan rates up

Although housing loan interest rates continued to fall in December, business loan rates increased reversing an earlier downward trend according to the latest statistics from the Cyprus Central Bank.

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