Cyprus recorded the biggest reduction of Non-Performing Loans (NPLs) in the EU, with -32.02% drop, between Q3 2017 and Q3 2018, according to a European Commission report. More specifically the stock of NPLs has been reduced from 32.1% in Q3 2017 to 21.8% in Q3 2018. In Greece the reductions happened at a rate of
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Central Bank governor Constantinos Herodotou argues that Cyprus needs to develop a culture of prevention rather than reaction to external uncertainties and risks that could derail the economy. Speaking at the AGM of the Association of Cyprus Banks (ACB), he said the culture in Cyprus should changed from reaction to prevention. He was
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Greek Prime Minister Alexis Tsipras has warned that Turkey’s illegal actions in Cyprus’ Exclusive Economic Zone (EEZ) and the Aegean will have negative consequences. He said a Turkish drillship entering Cyprus waters constituted a violation of the sovereign rights of the Republic of Cyprus, and as such they were unanimously denounced by the European Union.
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Cyprus bank branches and employees cater to fewer customers than other bank networks in the European Union because there’s so many. Despite a significant shrinking of the number of branches, and early retirement schemes, Cyprus banks still have a higher number of branches and employees than any other EU country, apart from Luxembourg. According to
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Cypriot authorities on Wednesday recovered what they believe are the remains of a six-year-old Filipina child at the bottom of a lake, the seventh and last victim of a suspected serial killer, police said. A 35-year-old Greek Cypriot army officer is in custody after reportedly confessing to murdering five foreign women and two of their
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The EuroAsia Interconnector, the Israel-Cyprus-Greece electricity link remains on the official list of European projects of common interest (PCI) making it eligible to receive some €300 mln in EU grants for the Crete-Attica sector of the cable. In its ‘Enhanced Surveillance Report for Greece’ (June 2019), the European Commission gave its backing to the project,
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Parliament’s Commerce Committee has completed discussion on a bill which regulates short-term lets of self-catering Airbnb-type accommodation that will go to a vote on Friday. MPs have agreed a less stringent version of the bill put forward by ruling DISY’s leader Averof Neophytou and EDEK’s Elias Myrianthous. The purpose of the proposed law is to
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. The transition from structured monopolies to free electricity markets, aiming at full competitiveness in electricity generation and electricity supply, creates challenges that often require regulatory intervention. The purpose of intervention focuses on ensuring a smooth transition from the old regime to a fully competitive market structure in terms of tariffs, adequacy, investment sustainability and
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Building permits issued in Cyprus in the first three month to March increased by an annual 5.01% reaching 1,591 from 1,515 in the same quarter of last year, the Cyprus Statistical Service said. The value of the permits issued in the first quarter of 2019 increased by an annual 13% amounting to €464.4 mln from
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European Commission President Jean-Claude Juncker said the non-resolution of the Cyprus issue is "one of his regrets" during his tenure at the helm of the executive branch of the EU. Juncker stated in a televised interview with Politico Brussels, that he regrets not concluding a deal between the Republic of Cyprus and the Turkish Cypriot
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