11/09/2014 08:13
The major issues in today’s financial press are the decision of the President of the Republic to appeal to the Supreme Court to secure a decision whether the four laws approved by the Parliament for the protection of the primary residence and the small commercial use are constitutional or not and the Central Bank data concerning 20 large debtors in the commercial banks and the Cooperatives.
The newspaper “Phileleftheros” refers to the Central Bank data concerning 20 large shareholders in the commercial banks and the Cooperatives. According to them, in Bank of Cyprus, which is the biggest lender, in total non-performing loans of the largest 20 debtors of €3.08 billion, delays stand at €1.32 billion and the mortgage collateral at €2,89 billion. The total loans to those 20 are of €3.98 billion. In Hellenic Bank on total lending of €698 million, € 645 million are NPLs with delays reaching €263 million. In the Cooperatives, the large customers are relatively small, since the loans of the largest one of the 20 are of €20.26 compared to €478 million in Bank of Cyprus and €96 million Hellenic Bank.
The “Economy” inset of the newspaper reports that the stalemate on the foreclosures law will become clear at the end of the month. Yesterday, the President of the Republic proceeded with a direct reference to the Supreme Court of four legislation, which according to the Attorney General, they are not compatible with the Constitution. Meanwhile, the consultations between the President and the European officials are continuing and the government's goal is to reduce the impact that might result from the non-disbursement of the next tranche.
Other headlines:
-Four laws concern debtors and guarantees
-Moves to suspend legislation
-Nicosia to decide on lifting of stalemate
-ECB informs on preliminary results of stress tests
The newspaper “Politis” reports that according to the troika, Cyprus must comply with what has been agreed to achieve the disbursement of the tranche of €436 million. According to the report, the referral to the Supreme Court does not seem to convince lenders. Government sources say that the troika demands clear solutions to proceed with the disbursement of the next tranche and the cancellation of the laws in question.
The “Economy” inset of the newspaper refers to the figures of the business research of CIIM and Cypronetwork. According to them, the companies see as major problems the fewer customers and the lower sales (52%), the lack of liquidity (49%), the intensity of competition (32%) and the insufficient demand (26%). 46%, one in two, do not seem to have a plan of actions.
Other headlines:
-Fine to Orphanides
-Chrystalla Georghadji rejects accusations
-PASYDY: Hands off the lump sum
-Number of building permits dropped
The newspaper “Simerini” refers to the unrest from the decision of the President of the Republic to appeal to the Supreme Court in order to secure a decision whether the four laws approved by the Parliament for the protection of the primary residence and the small commercial use properties are constitutional or not. This decision refutes and negates the argument of the government on the urgency of the disbursement of the next tranche.
The “Economy” inset of the newspaper reports that the Finance Ministry sounded the alarm for the developments in the labour market. According to the Ministry, the percentage of the long-term unemployed increased from 5.5% of the labour force in the second quarter of 2013 to 7.5% this quarter. This means that the annual increase of the long-term unemployed stood at 8.2 thousand and continues to increase by 35% per annum.
Other headlines:
-SEC imposes fine to Orphanides
-SEK – PEO disagree on benefits of hourly-paid
-Constructions dive 33%
-Drillings in EEZ blocked
The newspaper “Haravgi” refers to the four laws referred to the Supreme Court yesterday by the President of the Republic for their cancellation, including the protection of the primary residence and the small commercial use properties. This action roused strong feelings to AKEL.
The “Economy” inset of the newspaper refers to the reaction of the trade unions to the government’s efforts to review the taxation of the lump sum in the public sector. According to SIDIKEK-PEO General Secretary, Antonis Neophytou, the taxation of the lump sum is an unprecedented development.
Other headlines:
-Applications for EEE until September 30
-Political parties demand explanations by Georghadji
-Fine of €200k to ORF
The newspaper “Alithia” refers to the European Commission’s announcement that some of the legislations approved by the Parliament are not compatible with the MoU requirements.
The “Economy” inset of the newspaper reports that the ECB will announce preliminary results of the stress tests. The stress tests evaluate the sizes of the banks in 2013 but will also include a summary of the funds absorbed by September 30.
Other headlines:
-Constructions dive 33%
-Fine of €200k to Orphanides
-Applications for EEE by September 30
-EU fund for needy students
The newspaper “Phileleftheros” refers to the Central Bank data concerning 20 large shareholders in the commercial banks and the Cooperatives. According to them, in Bank of Cyprus, which is the biggest lender, in total non-performing loans of the largest 20 debtors of €3.08 billion, delays stand at €1.32 billion and the mortgage collateral at €2,89 billion. The total loans to those 20 are of €3.98 billion. In Hellenic Bank on total lending of €698 million, € 645 million are NPLs with delays reaching €263 million. In the Cooperatives, the large customers are relatively small, since the loans of the largest one of the 20 are of €20.26 compared to €478 million in Bank of Cyprus and €96 million Hellenic Bank.
The “Economy” inset of the newspaper reports that the stalemate on the foreclosures law will become clear at the end of the month. Yesterday, the President of the Republic proceeded with a direct reference to the Supreme Court of four legislation, which according to the Attorney General, they are not compatible with the Constitution. Meanwhile, the consultations between the President and the European officials are continuing and the government's goal is to reduce the impact that might result from the non-disbursement of the next tranche.
Other headlines:
-Four laws concern debtors and guarantees
-Moves to suspend legislation
-Nicosia to decide on lifting of stalemate
-ECB informs on preliminary results of stress tests
The newspaper “Politis” reports that according to the troika, Cyprus must comply with what has been agreed to achieve the disbursement of the tranche of €436 million. According to the report, the referral to the Supreme Court does not seem to convince lenders. Government sources say that the troika demands clear solutions to proceed with the disbursement of the next tranche and the cancellation of the laws in question.
The “Economy” inset of the newspaper refers to the figures of the business research of CIIM and Cypronetwork. According to them, the companies see as major problems the fewer customers and the lower sales (52%), the lack of liquidity (49%), the intensity of competition (32%) and the insufficient demand (26%). 46%, one in two, do not seem to have a plan of actions.
Other headlines:
-Fine to Orphanides
-Chrystalla Georghadji rejects accusations
-PASYDY: Hands off the lump sum
-Number of building permits dropped
The newspaper “Simerini” refers to the unrest from the decision of the President of the Republic to appeal to the Supreme Court in order to secure a decision whether the four laws approved by the Parliament for the protection of the primary residence and the small commercial use properties are constitutional or not. This decision refutes and negates the argument of the government on the urgency of the disbursement of the next tranche.
The “Economy” inset of the newspaper reports that the Finance Ministry sounded the alarm for the developments in the labour market. According to the Ministry, the percentage of the long-term unemployed increased from 5.5% of the labour force in the second quarter of 2013 to 7.5% this quarter. This means that the annual increase of the long-term unemployed stood at 8.2 thousand and continues to increase by 35% per annum.
Other headlines:
-SEC imposes fine to Orphanides
-SEK – PEO disagree on benefits of hourly-paid
-Constructions dive 33%
-Drillings in EEZ blocked
The newspaper “Haravgi” refers to the four laws referred to the Supreme Court yesterday by the President of the Republic for their cancellation, including the protection of the primary residence and the small commercial use properties. This action roused strong feelings to AKEL.
The “Economy” inset of the newspaper refers to the reaction of the trade unions to the government’s efforts to review the taxation of the lump sum in the public sector. According to SIDIKEK-PEO General Secretary, Antonis Neophytou, the taxation of the lump sum is an unprecedented development.
Other headlines:
-Applications for EEE until September 30
-Political parties demand explanations by Georghadji
-Fine of €200k to ORF
The newspaper “Alithia” refers to the European Commission’s announcement that some of the legislations approved by the Parliament are not compatible with the MoU requirements.
The “Economy” inset of the newspaper reports that the ECB will announce preliminary results of the stress tests. The stress tests evaluate the sizes of the banks in 2013 but will also include a summary of the funds absorbed by September 30.
Other headlines:
-Constructions dive 33%
-Fine of €200k to Orphanides
-Applications for EEE by September 30
-EU fund for needy students
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