Posts by tag: Central Bank

Archives April 27, 2013 posted by

Interim BoC board appointed as bank eases on charges

THE Central Bank of Cyprus yesterday appointed the interim board of directors that will oversee the restructuring of the Bank of Cyprus (BoC), the island’s biggest lender.

The appointment came as the BoC announced a series of measures aimed at supporting its customers, including suspension of certain charges and reductions in interest rates.

The members of the Board of Directors are the following: Constantinos Damtsas, Lenia Georgiadou, Costas Hadjipapas, Philippos Mannaris, Sophoclis Michaelides, Lambros Papadopoulos, Andreas Persianis, Andreas Poetis, Panicos Pouros, Erol Riza, Savvas Savvides, Takis Taoushanis, George Theocharides and Michalis Zannetides.

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Archives April 27, 2013 posted by

Businesses welcome latest cap relaxations

BUSINESSES yesterday welcomed the relaxation of capital controls, including the lifting of restrictions for non-resident account holders in foreign banks, albeit with some conditions.

Officials however warned against exploiting the new regime.

The Central Bank’s (CBC) internal audit department director Yiangos Demetriou said it was a big step in an effort to help the operation of the nearly-paralysed market.

“We must be especially careful,” he told state radio. “Our lenders had reservations about this (and) we had a hard time convincing them,” he said.

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Archives April 26, 2013 posted by

Cronyism and the pot, kettle, black syndrome

A SPAT has broken out between the government and main opposition AKEL over several recent appointments at the Presidential Palace, which the communist party described as cronyism.

AKEL said it had submitted a question to the finance ministry asking about the number of people that had been appointed as special advisers to President Nicos Anastasiades, their duties, and the cost.

The dispute was sparked by the appointment of three journalists – two in the past couple of weeks – as advisers to Anastasiades.

The Palace rejected the criticism, saying that the appointments did not place an extra burden on the state budget.

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Archives April 25, 2013 posted by

ESM grants stability support to Cyprus

CYPRUS IS on track to get €3 billion by the end of June after the Board of Governors of the European Stability Mechanism (ESM) yesterday decided to show “solidarity” and grant, in principle, financial assistance to the troubled island. 

Following the Eurogroup’s decisions taken on March 25, 2013, Cyprus will receive assistance of up to €10 billion over the next three years. 

Repayment of the loan will begin in ten years time and have a maximum maturity of 20 years and an average of 15 years while the interest paid will be calculated based on the funding costs of the ESM, likely to be between 2 and 3 per cent. 

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Archives April 24, 2013 posted by

Loss of second committee member feeds into AKEL propaganda

ONLY ONE of the original three members of the committee set up to investigate the causes of the collapse of the economy is still in his place – Giorgos Pikis. The other two members of the line-up sworn in on April 2, have since resigned – Yiannakis Constantinides a week later for health reasons and Panayiotis Kallis on Monday because of what he described as a conflict of interest. His sons’ law office had taken legal action against the Bank of Cyprus that was related to the terms of reference of the investigative committee.

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Archives April 17, 2013 posted by

Cyprus Today


Turkish Cypriot side wants ‘its share’ of the gold 

THE TURKISH Cypriot leadership is claiming rights to the state gold locked away in the Cyprus Central Bank and earmarked for sale to meet the country’s financing needs. 

According to Turkish Cypriot reports, the office of Turkish Cypriot leader Dervis Eroglu issued a statement in response to recent considerations to sell most of the gold bought by the Cyprus Republic in the 1960s. The government confirms that a gold sale is one of the options being contemplated to raise €400 million as part of the Cyprus rescue package, though the final word rests with the Cyprus Central Bank. 

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Archives April 14, 2013 posted by

Relief but no celebrating over bailout approval

THE EUROGROUP’s endorsement of the €10 billion bailout package for Cyprus provides “relief” but is no cause for celebration, said government spokesman Christos Stylianides yesterday.
Now is the time for responsibility and hard work by all, he added.
The spokesman welcomed messages of support from the European Commission regarding substantial EU structural funds- potentially up to one billion euro- that could be used to help Cyprus get out of the current stalemate. 
“Approval of the loan agreement puts a definitive end to the uncertainty since 2011” when Cyprus was excluded from international markets, said Stylianides, adding that for the first time since 2011 Cyprus has secured its debt and financing needs.

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Archives April 13, 2013 posted by

Sarris: law draft was for haircut on deposit interest

FORMER finance minister Michalis Sarris yesterday sought to set the record straight regarding a controversial deposit haircut bill, saying it was in fact legislation to tax gains from interest.

The bill however did include a condition to tax part of deposits if the capital was withdrawn before the end of the year, he told reporters.

The issue came up after Attorney-general Petros Clerides revealed he received instructions from the finance ministry on the morning of March 15 to prepare a bill concerning a haircut on deposits.

Late that day, the Eurogroup decided to tax depositors as part of the island’s bailout deal.

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Archives April 11, 2013 posted by

Cabinet freezes rents for two years

THE CABINET yesterday decided to freeze controlled rents for the next two years in light of the deteriorating economic situation in Cyprus. 

Justice Minister Ionas Nicolaou said the decision to block rent increases from April 22, 2013 until April 21, 2015 for “controlled areas”, was taken as a result of the impact of the economic crisis, particularly on small and medium-sized businesses who rent property, shops or offices. 

Under Cypriot rent laws, landlords can increase rents by a maximum of 14 per cent every two years. 

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Archives April 11, 2013 posted by

Central bank issues reprieve for bounced cheques

UNTIL capital controls become more relaxed and the banking situation returns to normal, the Central Bank has decided not to blacklist anyone whose cheques may have bounced recently.

“During these difficult times, the Central Bank has informed the Central Information Archive to suspend operation,” Central Bank spokesperson, Aliki Stylianou said. She added this meant that anyone whose cheque may have bounced recently would not be blacklisted. 

Stylianou said the measure would remain in place until things returned to normal and was aimed at helping those who might have unwittingly had their cheques bounce. The problem with the cheques materialised with bank closures last month.

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