Bounced cheques in Cyprus drop to €1.5m in 1H2014

Bounced cheques issued in the first six months of the year reached €1.52 mln, with the value dropping from the highs recorded in 2009, according to figures released by the Central Bank of Cyprus.
In all, 1,301 bounced cheques worth €1,522,083 were issued in the first six months, with 378 individuals and 667 legal entities already in the “preliminary list”, one step before the final listing in the CIR credit information register black list.
Newcomers to the register included 147 individuals, 162 others who control legal entities and 132 legal entities.
Total cheques issued in 2013 amounted to €5.67 mln. The central bank suspended the operation of the CIR from March 15, 2013 to August 31, 2013 amid the disruption to the domestic banking system in the wake of the resolution of Laiki Bank, the forced recapitalisation of Bank of Cyprus and the imposition of controls on banking transactions.
In 2012, total bounced cheques reached €7.76 mln, down from the record €9.3 mln in 2009.
An individual or a legal entity that issues dishonoured cheque above €2,000 or over three cheques in a row is placed in the register and they can be removed if they demonstrate that all cheques have been paid and 12 months have elapsed since the last dishonoured cheque was issued and settled.