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Banks more aggressive over CHF loans

Cypriot banks are being more aggressive over Swiss Franc (CHF) loans and continue to serve Writs of Summons on clients at their UK residences for defaulting on their loan repayment obligations.

Demolition order sought for Tala homes

A demolition order has been sought by the Paphos District Office for 14 properties in Tala built on a hill along the main road leading to Kamares village in Paphos five years after they started to slip.

Bank of Cyprus derisory Swiss Franc loan offer

The Bank of Cyprus is proposing revised settlements to borrowers alleging the mis-selling of Swiss Franc loans, but these are derisory compared to settlements negotiated with other Cypriot banks.

Crocodile park permit allegation

Political pressure was brought to bear on the Cyprus Environment Department to allow the operation of a crocodile theme park in the area of Psematismenos, Larnaca according to Green Party chairman Giorgos Perdikis.

No apologies for foreclosures

Bank of Cyprus CEO John Hourican made no apologies for foreclosures stressing that the bank will focus on uncooperative borrowers and will not foreclose on vulnerable groups that deserve the bank’s protection.

Primary residences protection scheme

The Cyprus Land Development Corporation has been allocated €2 million to protect primary residences by helping borrowers deemed to be insolvent by the Financial Ombudsman’s office to make repayments on their housing loans.

Hammer time for foreclosures

Around 3,000 foreclosures have been pending at Land registries and thirty auctioneers are polishing their hammers to begin auctioning commercial buildings, holiday homes, and land owned by large debtors.

Bank lending criteria to be relaxed

Under a new draft Cyprus Central Bank directive to be discussed between the Central Bank and financial institutions lending criteria will be reformed, including the procedures for financing real estate mortgages.

Cyprus bailout success likely

Cyprus is likely to successfully complete its bailout programme and receive the last tranche of international aid by the end of March, a senior euro zone official said on Wednesday.

Ayia Napa marina construction starting soon

The construction of the marina at Ayia Napa, which is expected to cost around €220 million, is anticipated to start in early April according to an announcement by the mayor Yiannis Karousos.

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