You are here

Press: €700m underway by EBRD

16/05/2014 07:19
The major issue in today’s financial press is the decision for the expansion of the activities of the European Bank of Restructuring and Development in Cyprus.

The “Economy’ inset of newspaper “Phileleftheros” refers to the decision of the general meeting of the European Bank of Restructuring and Development to include Cyprus in the countries of its operation. According to the report, investments are expected to reach €700 million in a period of five years. The agenda includes the financial sector, the privatization of the semi-governmental organizations, the financing programs of the SMEs and energy.

Elsewhere the newspaper reports that according to Bank of Cyprus CEO, John Hourican, the non-performing loans in Cyprus are by far the worst in Europe.

Other headlines:

-No talks for ‘bad” bank in Coops

-Fourth assessment to be completed today with no surprises

-HB in internal stress test

-Recession in Cyprus goes slower

The “Economy” inset of newspaper “Politis” refers to yesterday’s decision for the expansion of the activities of the European Bank of Restructuring and Development in Cyprus. According to the report, EBRD will invest or finance the amount of €500 - €700. Based on the agreement, the financing program will be f 5-year duration and will be decided as long as EBRD settles in Cyprus.

“Politis” also reports that according to Eurostat data, the euro area economy on an annual basis grows by 0.9% and the EU economy by 1.4%. On an annual basis, Cyprus is in the deepest recession with its GDP being reduced by 4.1%.

Other headlines:

-Deflation risk – Possibility for eurozone at 25%, IMF says

-Losses of 0.99% in the CSE

-ASE suffers losses

The newspaper “Simerini” refers to the attack against the politicians for their assurances on to non performing loans unleashed yesterday by the executive director of the Cooperative Central Bank Marios Clerides. Speaking at the 4th Economic Forum, Mr. Clerides criticized politicians that give protection to citizens who expect to be exempted from the payment of their loans.

The “Economy” inset of the newspaper refers to the completion of the updated memorandum today. According to the report, the troika delegation will have a meeting with the Finance Minister, also to be attended by the CB Governor, to discuss the troika’s remarks about the public finances and the banking sector. The disbursement of the fifth tranche will depend on the approval of the regulations of the fiscal council, the passage of the law for the composition of the resolution authority and the dispatch of a report to OECD on the actions against money laundering by the end of the month.

Other headlines:

-Investments underway – Agreement with EBRD for its involvement in Cyprus for five years

-Piraeus Bank shareholder in MIG with €250m

-It will take time for recovery – Meeting on the economy

-Interest from investment funds

The “Economy” inset of newspaper “Haravgi” refers to the criticisms of the bankers against the government for the issue of a bond of €100 million. Speaking at the 4th Economic Forum, the Director of the Central Cooperative Bank, Marios Clerides, criticized the government borrowing of 6.5%. Economist Michalis Olympios said the government continues to not disclose the buyer of the bond of €100 million and whether it paid commissions to anyone associated with the specific issue.

“Haravgi” also highlights that Chairman of the Cooperative Central Bank, Marios Clerides, denided reports that a subsidiary bank will be established in the Cooperatives for the management of the non-performing loans.

Other headlines:

-Shrinkage of 4.1% in Q1

-Legislative regulations for restructuring of loans

-Three conditions for next tranche

-EBRD announced financing of privatizations

The “Economy” inset f newspaper “Alithia” refers to the decision for the expansion of the activities of the EBRD in Cyprus. Based on the agreement, the financing program to Cyprus will be of 5-year duration and EBRD will inject €500 - €700 million for investment purposes.

Elsewhere the newspaper reports that Chair of the Securities and Exchange Commissin, Demetra Kalogirou is interested in 18% of former Laiki.

Other headlines:

-GHS issue closes

-Milder recession in Cyprus

-Inflation remained negative – Eurostat