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Press: Meeting at CB for capital

20/05/2014 09:09
The major issues in today’s financial press are the meeting of the Board of Directors of Bank of Cyprus with the CB Governor, Chrystalla Georgadji on May 30 for the share capital increase, the speech of the President of the Republic at the general meeting of the Employers’ and Industrialists’ Federation and the Finance Minister’s statements on the non-performing loans in the banks.

Other issues concern the statements of the IMF head in troika’s delegation, Delia Velculescu that the program of Cyprus is on the right track, the forecast of DISY President, Averof Neophytou that Cyprus will exit the memorandum in later 2015 and Eurostat’s data on employment in 2013.

The “Economy” inset of newspaper “Phileleftheros” refers to the meeting between the BoD of Bank of Cyprus and the CB Governor, Chrystalla Georgadji to discuss the share capital increase. Mrs. Georgadji will refer to the need to increase the share capital while she will urge the BoD to ease its dispute with the CEO, John Hourican on the collection of arrears. The capital issue will fluctuate at €500 million.

Elsewhere the newspaper reports that IMF head of the troika delegation, Delia Velculescu stated that the program of Cyprus is on track and the confidence in the Cypriot economy continues to improve, stressing that the performance of the public finances remain better than expected and the targets have been achieved in the first quarter of 2014.

Other headlines:

-Tourism up 1.4%

-Liberty Life to file legal actions against the Superintendent

-Employment shrunk by 3 notches in Cyprus

-Philios: Three great challenges

The “Economy” inset of newspaper “Politis” refers to the speech of the President of the Republic at the general meeting of the Employers’ and Industrialists’ Federation. The President said that addressing the high level of non-performing loans remains the main challenge. He stressed that in order to meet the challenges of the banking sector, the government and the Central Bank try hard to identify the best possible solution under the circumstances.

“Politis” also reports that the government favours the share capital increase of Bank of Cyprus.

Other headlines:

-New capital of €8bn for Deutsche Bank

-Bank of England warns for property bubble

-Losses of 0.09%

The “Economy” inset of newspaper “Simerini” refers to the statements of Finance Minister, Haris Georgiades for the non-performing loans in the banks. The Minister said that all banks have the problem and its solution is not easy. The government is willing to help the banks with legislative regulations and those who face temporary problems due to the crisis.

The newspaper also highlights that the submission of applications for the purchase of six-year government bonds continues successfully.

Other headlines:

-Program on the right track

-Averof sees exit in 2015

-Nicolas – Lillikas talk

The “Economy” inset of newspaper “Haravgi” refers to Eurostat’s data on employment in 2013. The rate of employment of people 20-64 years of age fell to 67.1% from 70.2% in 2012. It is the lowest rate ever.

“Haravgi” also reports that the Movement Against Divestitures organizes a protest in Larnaca tomorrow.

Other headlines:

-Opportunities from European funds

-No house at the hands of the bankers

-No more to decrees

-Turmoil in OSEL

The “Economy” inset of newspaper “Alithia” refers to the statements of Finance Minister, Haris Georgiades for the non-performing loans. The Minister said that the state, with legislative regulations, will provide enhanced opportunities for banks to move against those who for tactical reasons do not meet their obligations. At the same time, he said that there is no need of new taxes and new measures.

Elsewhere the newspaper reports that EBRD undertakes the management of 18% of Bank of Cyprus concerning the share of former Laiki Bank.

Other headlines:

-Cyprus program on the right track

-OEB: Ch. Michaelides new Chairman

-CSE snubs companies that have not submitted their financial statements

-Rumours must stop