15/07/2014 07:20
The major issues in today’s financial press are the contacts of the troika delegation for the fifth assessment of the Cyprus program and the meeting of the President of the Republic with the ECB President, Mario Draghi tomorrow.
The “Economy” inset of newspaper “Phileleftheros” refers to the three-year plan of the Cooperatives until 2017 to be examined by the troika. As noted, the troika representatives and the leaders of the Cooperatives will examine the restructuring of loans, which move slowly in relation with the banks, the degree of fulfillment of the objectives and the performance of the main indicators of the Cooperative Central Bank. According to the medium-term targets until December 2017, in relation to the quality of the loan portfolio, is expected to deteriorate as the forecast for the arrears of more than 90 days, based on the targets set for 2017, will be beyond 60%.
Elsewhere the newspaper reports that according to European Central Bank data, the number of the bank employees in the domestic banks was 12.513 in 2009 while in 2013 it dropped to 11.142. This means that in a period of five years, there has been a decrease of 1.371 persons.
Other headlines:
-Tourism on the microscope again
-License for an office to Bank Zenit
-Temporary deputy superintendent of the Attorney General
The “Economy” inset of newspaper “Politis” refers to the contacts that the troika will start today for the fifth assessment of the Cyprus program. According to the report, the heads of the troika will have a meeting with the Finance Minster, to be attended by the Central Bank Governor, Chrystalla Georghadji. As for the banks, the troika will focus on their ability to collect problematic loans. Within the framework of the new strategy and in order to facilitate the recovery of loans, the law on private divestitures should have been approved by the end of June.
“Politis” also reports that the Central Bank granted an approval to Bank Zenit of the Russian Federation to operate a Representative Office in Cyprus.
Other headlines:
-Farmlands and factories for sale – Website on sale of properties of BOCY in the air from yesterday
-They sell shares in view of capital increase – FT report for BOCY
-Hermes Airports announced increased flights
-Lower investors’ interest - CSE
The newspaper “Simerini” refers to the meeting of the President of the Republic with the ECB President, Mario Draghi. As noted, the leadership of the Association of former shareholders of Bank of Cyprus raised certain proposals to the Central Bank Governor on issues that President Anastasiadis should raise at the meeting. Among others, the leadership of the association requested that the President should ask for the write off of €8 billion of the €9 billion of ELA that BOCy inherited from Laiki Bank, when it was obliged to acquire it last year, shortly after the Eurogroup decision on the haircut of deposits.
The “Economy” inset of the newspaper refers to the contacts that Energy Minister, Giorgos Lakkotrypis had in London yesterday on energy issues. According to the report, representatives of British companies presented the specialization sectors and their thoughts for their involvement in Cyprus.
Other headlines:
-BOCY sells factories, shops and farmlands
-Red loans – Troika
-FT: Selling of BOCY shares by “unwilling” shareholders
The “Economy” inset of newspaper “Haravgi” refers to the procedure for the capital issue of Bank of Cyprus. According to a confidential bulletin distributed by the bank to interested investors, the completion of the capital issue is estimated until October. The document records in detail the current economic situation and the future plans of Bank of Cyprus, along with the various steps of the capital issue process.
“Haravgi” also reports that Bank of Cyprus announced yesterday the operation of a new website for the sale of its properties in Cyprus, Greece, UK and Romania.
Other headlines:
-New flights in Cypriot airports
-New assessment starts today
-CB approved Russian Bank Zenit
-Industrial production lower by 5%
The “Economy” inset of newspaper “Alithia” refers to the contacts that the troika is starting today. According to the report, talks will focus on the non-performing loans, which amount to 45% of the total loans or €27.1% billion according to latest CB data.
Elsewhere the newspaper reports that Atum Developments has proceeded with the construction project Eden City in Geroskipou of 200 hectares of land.
Other headlines:
-BOCY sells properties
-CSE marginally down
-Bank Zenit approved by CB
-BLC Business to international investment conference in Bahrain
The “Economy” inset of newspaper “Phileleftheros” refers to the three-year plan of the Cooperatives until 2017 to be examined by the troika. As noted, the troika representatives and the leaders of the Cooperatives will examine the restructuring of loans, which move slowly in relation with the banks, the degree of fulfillment of the objectives and the performance of the main indicators of the Cooperative Central Bank. According to the medium-term targets until December 2017, in relation to the quality of the loan portfolio, is expected to deteriorate as the forecast for the arrears of more than 90 days, based on the targets set for 2017, will be beyond 60%.
Elsewhere the newspaper reports that according to European Central Bank data, the number of the bank employees in the domestic banks was 12.513 in 2009 while in 2013 it dropped to 11.142. This means that in a period of five years, there has been a decrease of 1.371 persons.
Other headlines:
-Tourism on the microscope again
-License for an office to Bank Zenit
-Temporary deputy superintendent of the Attorney General
The “Economy” inset of newspaper “Politis” refers to the contacts that the troika will start today for the fifth assessment of the Cyprus program. According to the report, the heads of the troika will have a meeting with the Finance Minster, to be attended by the Central Bank Governor, Chrystalla Georghadji. As for the banks, the troika will focus on their ability to collect problematic loans. Within the framework of the new strategy and in order to facilitate the recovery of loans, the law on private divestitures should have been approved by the end of June.
“Politis” also reports that the Central Bank granted an approval to Bank Zenit of the Russian Federation to operate a Representative Office in Cyprus.
Other headlines:
-Farmlands and factories for sale – Website on sale of properties of BOCY in the air from yesterday
-They sell shares in view of capital increase – FT report for BOCY
-Hermes Airports announced increased flights
-Lower investors’ interest - CSE
The newspaper “Simerini” refers to the meeting of the President of the Republic with the ECB President, Mario Draghi. As noted, the leadership of the Association of former shareholders of Bank of Cyprus raised certain proposals to the Central Bank Governor on issues that President Anastasiadis should raise at the meeting. Among others, the leadership of the association requested that the President should ask for the write off of €8 billion of the €9 billion of ELA that BOCy inherited from Laiki Bank, when it was obliged to acquire it last year, shortly after the Eurogroup decision on the haircut of deposits.
The “Economy” inset of the newspaper refers to the contacts that Energy Minister, Giorgos Lakkotrypis had in London yesterday on energy issues. According to the report, representatives of British companies presented the specialization sectors and their thoughts for their involvement in Cyprus.
Other headlines:
-BOCY sells factories, shops and farmlands
-Red loans – Troika
-FT: Selling of BOCY shares by “unwilling” shareholders
The “Economy” inset of newspaper “Haravgi” refers to the procedure for the capital issue of Bank of Cyprus. According to a confidential bulletin distributed by the bank to interested investors, the completion of the capital issue is estimated until October. The document records in detail the current economic situation and the future plans of Bank of Cyprus, along with the various steps of the capital issue process.
“Haravgi” also reports that Bank of Cyprus announced yesterday the operation of a new website for the sale of its properties in Cyprus, Greece, UK and Romania.
Other headlines:
-New flights in Cypriot airports
-New assessment starts today
-CB approved Russian Bank Zenit
-Industrial production lower by 5%
The “Economy” inset of newspaper “Alithia” refers to the contacts that the troika is starting today. According to the report, talks will focus on the non-performing loans, which amount to 45% of the total loans or €27.1% billion according to latest CB data.
Elsewhere the newspaper reports that Atum Developments has proceeded with the construction project Eden City in Geroskipou of 200 hectares of land.
Other headlines:
-BOCY sells properties
-CSE marginally down
-Bank Zenit approved by CB
-BLC Business to international investment conference in Bahrain
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