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Press: Energy Minister goes drilling

25/09/2014 06:58
The major issues in today’s financial press are the visit of the Energy Minister to the drilling ship of ENI at block 9 this morning, the letter sent by the CB Governor to the Board members of Bank of Cyprus urging them to resign and the clarification announcement issued by the European Central Bank on the loans granted via the Cypriot banks.

The newspaper “Phileleftheros” reports that the Energy Minister will visit the drilling ship of ENI at block 9 this morning. As noted, Mr. Lakkotrypis will be informed on the drilling details and will stay there until the drilling system presses the bottom and the drilling starts.

The “Economy’ inset of the newspaper refers to the letter sent by the CB Governor to the Board members of Bank of Cyprus urging them to resign. According to CB sources, the letter was a move to avoid conflict and rivalry between old and new shareholders of the bank that would lead to a derailment of financial stability.

Other headlines:

-CIIM and Cyta support businesses

-Labour Ministry to resolve the opening hours of banks

-State management unit for the Coops

-Kyprianou’s letter to EU for foreclosures

The “Economy” inset of newspaper ‘Politis’ refers to the letter issued by the European Central Bank yesterday, which clarified that the loans granted through Cypriot banks ended up to the funding of small-medium companies. According to EIB, in 2009-2013 465 million were injected to the SMEs, €228 million of which stemmed directly by it and another €228 million from own resources of the Cypriot banks.

“Politis’ also reports that according to the Finance Minister, the Parliament’s decision for the referral of the legislations on foreclosures is positive.

Other headlines:

-FBME rejected accusations officially

-HFO under closer supervision

-CSE back to gains

-ASE up 0.21%

The newspaper “Simerini” refers to the inter-party turmoil from the approval of the referrals of the President for the foreclosures by the plenary.

The “Economy” inset of the newspaper refers to the budget 2015 submitted to the Council of Ministers by the Finance Ministry. According to sources, the preamble of the budget 2015 reflects the appreciation of the Ministry, after several years, to growth, albeit anemic, from 0.1% to 0.5%. For 2015, the deficit is estimated at 3.5% to 5.5%.

Other headlines:

-Lenders expect our moves for disbursement of next tranche

-HB adopts its business plan

-BOCY calls companies – For their loans

-Andros Kyprianou asked for deliberations on a European level for foreclosures

The newspaper ‘Haravgi’ refers to the letter sent by AKEL General Secretary, Andros Kyprianou to European officials, analyzing the catastrophic impacts for the society and economy from possible mass and fast foreclosures.

The ‘Economy’ inset of the newspaper highlights that by the end of the month the banks and Coops will be informed on older loans reached by applicants for loan with other banks or Coops.

Other headlines:

-Turn to real economy is necessary

-Foreclosures issue still open

-HB: Capital increase after stress tests

-SIDIKEK warns with measures

The “Economy” inset of newspaper “Alithia” refers to the statements of the Finance Minister to the state TV. Mr. Georgiades said that the course of restructuring of the fiscals and the economy in general must not be jeopardized if we want to reduce dependence on the borrowers fast.

Elsewhere the newspaper reports that the Board of Hellenic Bank took the preliminary decision to proceed with a capital increase via the issue of pre-emption rights and announced that the final decision will be taken after the stress tests.

Other headlines:

-Bill under management unit – Coops

-FBME responds to FinCEN announcements

-SEK wants improvement of national productivity

-Grain producers desperate