03/09/2014 07:11
The major issues in today’s financial press are today’s session of the House Finance and Interior Committees on the foreclosures and the briefing of the President of the Republic from the investigating team on the course of the investigations for the economic crime.
The “Economy” inset of newspaper “Phileleftheros” refers to today’s session of the House Finance and Interior Committees on the foreclosures. According to the report, the troika answered in ten points raised by the Finance Ministry and the relevant letter is already in the hands of the Minister of Finance who will inform today the parliamentary parties. Information indicates that the troika with its placements attempts to dispel the serious concerns of the parties and the Cypriot society, as to the possibility to be faced with massive foreclosures, giving explanations that the primary residence and the professional residence of the small borrowers will be protected.
Elsewhere the newspaper reports that the state revenues from the income tax of the civil servants were lower by €17 million in the first seven months of the year compared to the corresponding period of 2013.
Other headlines:
-Foreclosures of main residence is not the end in itself, banks say
-1625 bounced off cheques of €2.3m in first six months
-EU budget lower by €2.1m
-Low response to EEE
The newspaper “Politis” refers to the briefing of the President of the Republic on the course of the investigations in relation to the collapse of the economy. As noted, the investigators evaluated the findings of the SEC and try to find indictments against bankers based on the legislation that provides for penalties of up to ten years in prison.
The ‘Economy” inset of the newspaper refers to the exercise of stress tests concerning Bank of Cyprus, Hellenic Bank, the Cooperatives and the Russian Commercial Bank. According to the report, the exercise of the stress tests has reached its final stages and the first of the three phases of the process, the assessment of asset quality, is already in the end. At the same time, the second phase is running, which is the stress test itself, performed for two scenarios, a base and an extreme. The third and final phase is expected to run in three to four weeks, so will be the so-called "supervisory dialogue" with the banking authorities to discuss possible bank capital needs and how to cover them.
Other headlines:
-Casino will save the Cyprus economy – German Tagesspiegel says
-Russians want lower prices – So as not to cancel reservations in Cypriot hotels
-Decline in house prices slowed down in second quarter
-Lower revenues from direct taxes in first seven months
The newspaper “Simerini” refers to the briefing of the President of the Republic from the investigation team on the course of the investigations for the economic crime. According to the report, although the President announced arrests of bankers by the end of the year, the investigatory task for the economic crime goes through problems and difficulties that make the achievement of the objective questionable.
The “Economy” inset of the newspaper refers to the Tax Department’s figures on revenues in the first seven months of the year. According to them, during the period January – July 2014, the revenues reached €973.2 billion compared to €1 billion in the corresponding period last year.
Other headlines:
-Long session for foreclosures – ‘Yes” or “No” today
-BoD of HB to decide on the new CEO within 40 days
-Increased deposits in Piraeus Bank
-Aristo sells properties to serve its loans
The newspaper “Haravgi” refers to the completed proposal with eleven points to be submitted by AKEL today for the protection of the primary residence. The proposal, as announced yesterday by the general secretary of the party, Andros Kyprianou, splits the loans in two categories and focuses on the protection of those concerning the primary residence of up to €350 thousand and the small professional residence.
The “Economy” inset of the newspaper refers to the reactions from EAC’s move to impose an interest of 4.5% to the overdue bills. Chairwoman of the Cyprus Consumers’ Association, Frini Michael said that the time is not right for this move.
Other headlines:
-Aristo sells properties to reduce NPLs
-Corporate and employee taxes lower by 3%
-Russians want offers for the hotels
-Anastasiades threatens with worse plan
The newspaper “Alithia” refers to the briefing of the President of the Republic from the investigators on the economic collapse. Speaking after the briefing, the President announced the arrest of the guilty and sent a clear message that the state will show zero tolerance.
The “Economy” inset of the newspaper refers to the reactions from EAC’s decision to impose interest of 4.5% to all overdue bills. As noted, Chairwoman of the Cyprus Consumer Association, Frini Michael, said that the tine for such move is not right as the citizens face many difficulties.
Other headlines:
-Tax Department’s revenues down 3%
-Russians push hotel prices down
-Bounced off cheques of €2.3m
-Piraeus Bank to normal pace
The “Economy” inset of newspaper “Phileleftheros” refers to today’s session of the House Finance and Interior Committees on the foreclosures. According to the report, the troika answered in ten points raised by the Finance Ministry and the relevant letter is already in the hands of the Minister of Finance who will inform today the parliamentary parties. Information indicates that the troika with its placements attempts to dispel the serious concerns of the parties and the Cypriot society, as to the possibility to be faced with massive foreclosures, giving explanations that the primary residence and the professional residence of the small borrowers will be protected.
Elsewhere the newspaper reports that the state revenues from the income tax of the civil servants were lower by €17 million in the first seven months of the year compared to the corresponding period of 2013.
Other headlines:
-Foreclosures of main residence is not the end in itself, banks say
-1625 bounced off cheques of €2.3m in first six months
-EU budget lower by €2.1m
-Low response to EEE
The newspaper “Politis” refers to the briefing of the President of the Republic on the course of the investigations in relation to the collapse of the economy. As noted, the investigators evaluated the findings of the SEC and try to find indictments against bankers based on the legislation that provides for penalties of up to ten years in prison.
The ‘Economy” inset of the newspaper refers to the exercise of stress tests concerning Bank of Cyprus, Hellenic Bank, the Cooperatives and the Russian Commercial Bank. According to the report, the exercise of the stress tests has reached its final stages and the first of the three phases of the process, the assessment of asset quality, is already in the end. At the same time, the second phase is running, which is the stress test itself, performed for two scenarios, a base and an extreme. The third and final phase is expected to run in three to four weeks, so will be the so-called "supervisory dialogue" with the banking authorities to discuss possible bank capital needs and how to cover them.
Other headlines:
-Casino will save the Cyprus economy – German Tagesspiegel says
-Russians want lower prices – So as not to cancel reservations in Cypriot hotels
-Decline in house prices slowed down in second quarter
-Lower revenues from direct taxes in first seven months
The newspaper “Simerini” refers to the briefing of the President of the Republic from the investigation team on the course of the investigations for the economic crime. According to the report, although the President announced arrests of bankers by the end of the year, the investigatory task for the economic crime goes through problems and difficulties that make the achievement of the objective questionable.
The “Economy” inset of the newspaper refers to the Tax Department’s figures on revenues in the first seven months of the year. According to them, during the period January – July 2014, the revenues reached €973.2 billion compared to €1 billion in the corresponding period last year.
Other headlines:
-Long session for foreclosures – ‘Yes” or “No” today
-BoD of HB to decide on the new CEO within 40 days
-Increased deposits in Piraeus Bank
-Aristo sells properties to serve its loans
The newspaper “Haravgi” refers to the completed proposal with eleven points to be submitted by AKEL today for the protection of the primary residence. The proposal, as announced yesterday by the general secretary of the party, Andros Kyprianou, splits the loans in two categories and focuses on the protection of those concerning the primary residence of up to €350 thousand and the small professional residence.
The “Economy” inset of the newspaper refers to the reactions from EAC’s move to impose an interest of 4.5% to the overdue bills. Chairwoman of the Cyprus Consumers’ Association, Frini Michael said that the time is not right for this move.
Other headlines:
-Aristo sells properties to reduce NPLs
-Corporate and employee taxes lower by 3%
-Russians want offers for the hotels
-Anastasiades threatens with worse plan
The newspaper “Alithia” refers to the briefing of the President of the Republic from the investigators on the economic collapse. Speaking after the briefing, the President announced the arrest of the guilty and sent a clear message that the state will show zero tolerance.
The “Economy” inset of the newspaper refers to the reactions from EAC’s decision to impose interest of 4.5% to all overdue bills. As noted, Chairwoman of the Cyprus Consumer Association, Frini Michael, said that the tine for such move is not right as the citizens face many difficulties.
Other headlines:
-Tax Department’s revenues down 3%
-Russians push hotel prices down
-Bounced off cheques of €2.3m
-Piraeus Bank to normal pace
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