Cyprus Central Bank Governor Constantinos Herodotou urged all stakeholders to accelerate efforts to deal with the impact of climate change as an ECB stress test for banks looms next year. Addressing the
The Central Bank of Cyprus (CBC), professional regulatory bodies and business stakeholders agreed on ten steps to reduce bureaucratic banking procedures to help the economy tick. Procedures such as Know-Your Client (KYC)
Fitch rating agency reaffirmed Cypriot banks’ negative outlook noting the general environment poses threats to their balance sheets. In a report on the Cyprus banks, the agency notes that while they are
Banks expect to enforce stricter lending criteria for households but not for COVID-affected businesses while preparing for increased demand for loans in all categories. This is according to the Central Bank of
Moody’s Investors Service has affirmed RCB Bank’s deposit rating and upgraded its outlook from ‘stable’ to ‘positive’, despite the pandemic-induced fragile economic environment. RCB Bank said, “the rating by Moody’s has remained
ECB supervisory board member Elizabeth McCaul advises caution over possible amendments to the Cyprus foreclosure law as they could “backfire and destabilise the banking sector”. In an interview with CNA, McCaul said
DBRS Morningstar rating agency reports that Cypriot banks substantially accelerated the reduction of their legacy NPEs in 2020, dropping by 10 percentage points. It noted that NPEs not provisioned for reached their
A surge in renegotiated corporate loans over €1 mln pushed new loan contracts in March 2021 to a 91% increase compared with February, Central Bank of Cyprus data show. Pure new loans
By Michael Olympios Economics is famous for the concept of opportunity cost – an idea that holds that there’s no such thing as a free lunch. Almost every policy decision must
Parliament passing a law that established a €1 bln (4% of GDP) loan guarantee scheme is positive for Cypriot banks because it will reduce the credit risk on loans participating in the
