28/08/2014 07:31
The major issues in today’s financial press are yesterday’s meetings of the President of the Republic with the parties for the foreclosures bill and the general meeting of the Bank of Cyprus shareholders to take place today.
The “Economy” inset of newspaper “Phileleftheros” refers to yesterday’s meetings of the President of the Republic for the foreclosures bill. According to sources, during his meeting with the President of DIKO, he was informed by Mr. Papadopoulos that DIKO rejects the determination of a timetable in the implementation of the foreclosures law but it will consent if the implementation of the law is identified with the operation of the insolvency framework. Today, the President will meet with EDEK President, Yiannakis Omirou, who is expected to submit a proposal for the write off of all default interest and any unilateral rate increases since 2009.
Elsewhere the newspaper reports that Hellenic Bank evaluates borrowers on an individual level, in an effort to find viable and functional solutions for every customer that cooperates.
Other headlines:
-Six-month profits of €81m for BOCY
-I. Charalambidou: Large borrowers remain untouched
-Trade unionists’ platform against foreclosures
-Dispute on foreclosures continues
The newspaper “Politis” refers to the meetings of the President of the Republic with the parties for the foreclosures bill. As noted, President Anastasiades met with DIKO President, Nicolas Papadopoulos, the President of EVROKO and that of the Citizens’ Alliance, while today he will have a meeting with the President of EDEK, Yiannakis Omirou. The key for the approval of the bill is the simultaneous effectiveness of the foreclosures bill with the insolvency framework from 1/1/2015.
The “Economy” inset of the newspaper refers to the general meeting of the shareholders of Bank of Cyprus to take place today. According to the report, among the present shareholders who are expected to approve the reduction of the nominal value of the share and the capital increase by €1 billion are the old Laiki Bank, which holds 18%, the provident fund of the Bank of Cyprus employees with 5% and a number of law offices representing at least 13% of the foreign shareholders. A critical factor is the percentage of the existing shareholders to be present in the EGM.
Other headlines:
-Measures to help borrowers – HB
-Existing laws and foreclosures – Charalambidou’s question
-BOCY maintains profitability
-Losses of 0.39% in the CSE
The newspaper “Simerini” refers to the backroom processes before the approval of the foreclosures bill on Monday. As noted, most parties do not disagree in principle but remain firm in the belief that foreclosures should be limited and should concern specific groups of borrowers. If the minimum requirements set by the DIKO, EDEK, EVROKO and the Citizens’ Alliance are met, the possibilities to approve the bill on Monday are more.
The “Economy” inset of the newspaper refers to the announcement of the fiscal council on the foreclosures. The fiscal council said that the non implementation of a modernized law on foreclosures would create additional capital needs in the banking system of Cyprus.
Other headlines:
-CB – Bankers disagree – Questions about ECB threats for foreclosures
-Three camps in the meeting – Archbishop urged shareholders to say “no” to BOC capital increase
-Parties talk about blackmails and threats
-HB takes measures
The newspaper “Haravgi” refers to the protest outside the Presidential Palace against the foreclosures bill. According to the report, the platform of social movements delivered a resolution to the President of the Republic, stressing that they will defend dynamically the primary and professional residences.
The “Economy” inset of the newspaper refers to the concerns of the trade unions for the non-appointment of Cypriots in the hotel industry. District secretary of PEO Paphos, Andreas Facondis stressed that despite the fact that this year for tourism is positive and despite the hoteliers’ statements that they would appoint Cypriots, this does not seem to be implemented.
Other headlines:
-M. Constantinides becomes CAIR Chairman
-Increase of 6% in arrivals and 8% in revenues
-Governors threaten with taxes and cutbacks
The newspaper “Alithia” refers to the appointment of Tax Superintendent by the government. According to the newspaper, the candidates for the Tax Superintendent and the two deputies were rejected in the last minute and the government is expected to make new choices.
The “Economy” inset of the newspaper refers to the six-month results announced by Bank of Cyprus yesterday. The after-tax profit, excluding the non-recurrent data and the after-tax profit for the period stood at €78 million and €81 million while borrowing from ELA has been reduced by €720 million on June 30, 2014 from 9.51 billion on March 31, 2014.
Other headlines:
-Cypriot bond fell
-HB measures for NPLs
The “Economy” inset of newspaper “Phileleftheros” refers to yesterday’s meetings of the President of the Republic for the foreclosures bill. According to sources, during his meeting with the President of DIKO, he was informed by Mr. Papadopoulos that DIKO rejects the determination of a timetable in the implementation of the foreclosures law but it will consent if the implementation of the law is identified with the operation of the insolvency framework. Today, the President will meet with EDEK President, Yiannakis Omirou, who is expected to submit a proposal for the write off of all default interest and any unilateral rate increases since 2009.
Elsewhere the newspaper reports that Hellenic Bank evaluates borrowers on an individual level, in an effort to find viable and functional solutions for every customer that cooperates.
Other headlines:
-Six-month profits of €81m for BOCY
-I. Charalambidou: Large borrowers remain untouched
-Trade unionists’ platform against foreclosures
-Dispute on foreclosures continues
The newspaper “Politis” refers to the meetings of the President of the Republic with the parties for the foreclosures bill. As noted, President Anastasiades met with DIKO President, Nicolas Papadopoulos, the President of EVROKO and that of the Citizens’ Alliance, while today he will have a meeting with the President of EDEK, Yiannakis Omirou. The key for the approval of the bill is the simultaneous effectiveness of the foreclosures bill with the insolvency framework from 1/1/2015.
The “Economy” inset of the newspaper refers to the general meeting of the shareholders of Bank of Cyprus to take place today. According to the report, among the present shareholders who are expected to approve the reduction of the nominal value of the share and the capital increase by €1 billion are the old Laiki Bank, which holds 18%, the provident fund of the Bank of Cyprus employees with 5% and a number of law offices representing at least 13% of the foreign shareholders. A critical factor is the percentage of the existing shareholders to be present in the EGM.
Other headlines:
-Measures to help borrowers – HB
-Existing laws and foreclosures – Charalambidou’s question
-BOCY maintains profitability
-Losses of 0.39% in the CSE
The newspaper “Simerini” refers to the backroom processes before the approval of the foreclosures bill on Monday. As noted, most parties do not disagree in principle but remain firm in the belief that foreclosures should be limited and should concern specific groups of borrowers. If the minimum requirements set by the DIKO, EDEK, EVROKO and the Citizens’ Alliance are met, the possibilities to approve the bill on Monday are more.
The “Economy” inset of the newspaper refers to the announcement of the fiscal council on the foreclosures. The fiscal council said that the non implementation of a modernized law on foreclosures would create additional capital needs in the banking system of Cyprus.
Other headlines:
-CB – Bankers disagree – Questions about ECB threats for foreclosures
-Three camps in the meeting – Archbishop urged shareholders to say “no” to BOC capital increase
-Parties talk about blackmails and threats
-HB takes measures
The newspaper “Haravgi” refers to the protest outside the Presidential Palace against the foreclosures bill. According to the report, the platform of social movements delivered a resolution to the President of the Republic, stressing that they will defend dynamically the primary and professional residences.
The “Economy” inset of the newspaper refers to the concerns of the trade unions for the non-appointment of Cypriots in the hotel industry. District secretary of PEO Paphos, Andreas Facondis stressed that despite the fact that this year for tourism is positive and despite the hoteliers’ statements that they would appoint Cypriots, this does not seem to be implemented.
Other headlines:
-M. Constantinides becomes CAIR Chairman
-Increase of 6% in arrivals and 8% in revenues
-Governors threaten with taxes and cutbacks
The newspaper “Alithia” refers to the appointment of Tax Superintendent by the government. According to the newspaper, the candidates for the Tax Superintendent and the two deputies were rejected in the last minute and the government is expected to make new choices.
The “Economy” inset of the newspaper refers to the six-month results announced by Bank of Cyprus yesterday. The after-tax profit, excluding the non-recurrent data and the after-tax profit for the period stood at €78 million and €81 million while borrowing from ELA has been reduced by €720 million on June 30, 2014 from 9.51 billion on March 31, 2014.
Other headlines:
-Cypriot bond fell
-HB measures for NPLs
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