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All reports tagged with: "loans"

Courts can amend foreign currency loans

Advocate General Niels Wahl of the EU Court of Justice has advised that national courts can force banks to replace unfair contract terms for customers holding foreign-currency loans.

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.

Millions owed by big names

A committee of inquiry has heard how unsecured loans were granted to some big names in the property development sector following pressure from high ranking executives in the Bank of Cyprus.

Loans of one billion euros to bank board members

Confidential data from the Central Bank reveals that the Bank of Cyprus and the Cyprus Popular advanced credit facilities of more than one billion euros to their board members in 2011.

A very Cypriot Swissgate

If the professional advisors had foreseen the pitfalls of Swiss Franc mortgages and did not tell the borrowers or worse still if they planned it this way, then we would have a scam of scandalous proportions.

Is litigation the answer?

Will a protracted legal battle against the Alpha Bank in Cyprus concerning the alleged mis-selling of Swiss Franc mortgages achieve a positive result or can more be achieved through negotiation?

Alpha Bank Cyprus Ltd announces interest rate cut

An announcement by the Alpha Bank appeared in today’s press advising its clients of a reduction in the default interest rate from 7th May 2012 in acknowledgement of the recession.

Banks not pressuring developers to service their loans

The fall in residential property prices that we reported on Thursday could have been even worse if the banks had pressed developers to service their loans by reducing new property prices still further to encourage sales.

Market stagnant despite price cuts

The global recession, the Title Deed fiasco, greed, stricter bank lending criteria and high interest rates blamed for stagnant property market as plummeting house prices fail to ignite sales.

Legal lifeline for Cyprus property buyers

Buyers can challenge purchases affected by developers’ mortgages. Once a complaint has been lodged, the Competition & Consumer Protection Service of the Cyprus Commerce Ministry is obliged to investigate.

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