28/03/2014 06:55
The major issues in today’s financial press are the findings of the House Institutions Committee for the economy, the Central Bank data on loans and deposits in February and the financial results of Bank of Cyprus for 2013.
The newspaper “Phileleftheros” refers to the findings of the House Institutions Committee for the economy. According to the report, the MPs of the Committee covered politicians who received preferential treatment from the banks by writing off loans, as they are not specified in the report. The report refers to their capacity only.
The “Economy” inset of the newspaper refers to the Central Bank data on loans and deposits in February. According to them, the deposit balances at the end of February amounted to €46,40 billion from €46,90 billion in January, showing outflows of €502 million in a month and losses of €17,31 bn. Meanwhile the gradual deleveraging of the lending portfolios reduced the balances to €62,95 billion from €63,01 billion in January, recording a decline of €63 million.
Other headlines:
-Hourly labour cost at the 2010 level
-Rating of BOCY – HB – Moody’s announcement
-All tools to strengthen BOCY on the table
-Six steps before Cyprus gets to the markets
The “Economy’ inset of newspaper ‘Politis” reports that despite the significant increase in the public debt, the service cost remains about the same. As derived from data contained in a letter by the Finance Minister Haris Georgiades to the Chairman of the House Finance Committee, Nicolas Papadopoulos, total interest charged annually in Cyprus, based on data of December 31, 2013, amounted to €656 million. A year ago, the annual expense amounted to €643 million.
“Politis” also reports that professors of the University of Nicosia, Andreas Theofanous and Kyriakos Antoniou published yesterday a study with 14 measures for the banks and 12 measures for the economy.
Other headlines:
-HSBC will recommend tools
-Piraeus Bank absorbed €1.75mn – Successful exit to the markets in the context of its share capital increase
-Moody’s upgrades banks
-Losses of 0.92% in the CSE
The “Economy” inset of newspaper “Simerini” refers to the financial results of Bank of Cyprus for 2013. The results showed increased losses of €10 million compared to the preliminary results. Its CEO, John Hourican said that the course of BOCY will be decided when the HSBC assessment is available. He also said that what he stated in his interview to Reuters in relation to the good and bad bank are his own thoughts and have not been discussed.
The newspaper also reports that Moody’s changed the outlook of Bank of Cyprus and Hellenic Bank from negative to positive.
Other headlines:
-Institutions Committee urges banks to support the economy
-Study for the challenges in the banking system
-Loans and deposits went down
The “Economy” inset of newspaper “Haravgi” refers to the Central Bank data on loans and deposits in February. According to them, the outflow of deposits from the domestic banking system in February stood at €502 million mostly due to the withdrawal of deposits of €439 million from Cyprus residents, declining to €46.40 billion.
“Haravgi” also highlights that the administration of Cyprus Airways proceeded with new dismissals few days ago.
Other headlines:
-Concerns for the reduction of Russian tourists
-Oil sales down 4.9%
The “Economy” inset of newspaper “Alithia” refers to the rejection of the scenario for the creation of good and bad Bank of Cyprus from the BoD of the bank and the Finance Minister. The Minister said that nothing has changed in relation to the initial decisions taken based on the restructuring plan of the Bank.
Elsewhere the newspaper reports that the number of building permits in January 2014 fell to 396 from 486 in January 2013.
Other headlines:
-Restructuring in the centre – John Hourican
-Good news for the banks – Moody’s upgraded the outlook of three banks
-Mediterranean chartered
-Production index in constructions down 31%
The newspaper “Phileleftheros” refers to the findings of the House Institutions Committee for the economy. According to the report, the MPs of the Committee covered politicians who received preferential treatment from the banks by writing off loans, as they are not specified in the report. The report refers to their capacity only.
The “Economy” inset of the newspaper refers to the Central Bank data on loans and deposits in February. According to them, the deposit balances at the end of February amounted to €46,40 billion from €46,90 billion in January, showing outflows of €502 million in a month and losses of €17,31 bn. Meanwhile the gradual deleveraging of the lending portfolios reduced the balances to €62,95 billion from €63,01 billion in January, recording a decline of €63 million.
Other headlines:
-Hourly labour cost at the 2010 level
-Rating of BOCY – HB – Moody’s announcement
-All tools to strengthen BOCY on the table
-Six steps before Cyprus gets to the markets
The “Economy’ inset of newspaper ‘Politis” reports that despite the significant increase in the public debt, the service cost remains about the same. As derived from data contained in a letter by the Finance Minister Haris Georgiades to the Chairman of the House Finance Committee, Nicolas Papadopoulos, total interest charged annually in Cyprus, based on data of December 31, 2013, amounted to €656 million. A year ago, the annual expense amounted to €643 million.
“Politis” also reports that professors of the University of Nicosia, Andreas Theofanous and Kyriakos Antoniou published yesterday a study with 14 measures for the banks and 12 measures for the economy.
Other headlines:
-HSBC will recommend tools
-Piraeus Bank absorbed €1.75mn – Successful exit to the markets in the context of its share capital increase
-Moody’s upgrades banks
-Losses of 0.92% in the CSE
The “Economy” inset of newspaper “Simerini” refers to the financial results of Bank of Cyprus for 2013. The results showed increased losses of €10 million compared to the preliminary results. Its CEO, John Hourican said that the course of BOCY will be decided when the HSBC assessment is available. He also said that what he stated in his interview to Reuters in relation to the good and bad bank are his own thoughts and have not been discussed.
The newspaper also reports that Moody’s changed the outlook of Bank of Cyprus and Hellenic Bank from negative to positive.
Other headlines:
-Institutions Committee urges banks to support the economy
-Study for the challenges in the banking system
-Loans and deposits went down
The “Economy” inset of newspaper “Haravgi” refers to the Central Bank data on loans and deposits in February. According to them, the outflow of deposits from the domestic banking system in February stood at €502 million mostly due to the withdrawal of deposits of €439 million from Cyprus residents, declining to €46.40 billion.
“Haravgi” also highlights that the administration of Cyprus Airways proceeded with new dismissals few days ago.
Other headlines:
-Concerns for the reduction of Russian tourists
-Oil sales down 4.9%
The “Economy” inset of newspaper “Alithia” refers to the rejection of the scenario for the creation of good and bad Bank of Cyprus from the BoD of the bank and the Finance Minister. The Minister said that nothing has changed in relation to the initial decisions taken based on the restructuring plan of the Bank.
Elsewhere the newspaper reports that the number of building permits in January 2014 fell to 396 from 486 in January 2013.
Other headlines:
-Restructuring in the centre – John Hourican
-Good news for the banks – Moody’s upgraded the outlook of three banks
-Mediterranean chartered
-Production index in constructions down 31%
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