Latest Headlines

Archive for 2015

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.

URGENT notice – trapped buyers

Nefarious individuals are deceiving ‘trapped buyers’ in Cyprus into believing that they will not be offered the Title Deeds to the property they purchased under the provisions of the ‘hidden mortgage’ law if they bought by way of a housing loan.

Troika concludes eighth review

Subject to four prior actions, the eighth review of the Cyprus economic adjustment programme has been successfully completed by the troika of the island’s international lenders (IMF, EC, ECB).

Loan sale bill passed by whisker

The bill administrating the sale of loans was has been passed by the Cyprus parliament by the narrowest of majorities although it remains to be seen whether it meets with the approval of the troika.

Swiss franc loan time bomb

Time is running out for those with Swiss Franc loans and loans in other foreign currencies who wish to bring a claim against the lending bank within the six year limitation period under the Limitations Law 66(1) 2012.

Back to top