deposits

Cyprus, ’ cash reserves to aid government amid global uncertainty

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Cyprus, ’ cash reserves to aid government amid global uncertainty

The Public Debt Management Office (PDMO) released its annual report for 2023, stating that the robust cash reserves of the Republic of Cyprus are expected to support the government in addressing uncertainty in the global economy. The report highlighted that the strong cash position of Cyprus will help limit negative impacts on cost-risk indicators to moderate levels. Additionally, the reduction in debt in 2023 amounted to €740 million, mainly due to strong economic growth. The majority of Cyprus’ short-term debt is distributed over the period 2024-2028, with 2028 representing the year with the highest annual debt maturity concentration. The PDMO intends to issue at least one benchmark bond per year to cover the government’s financing needs. The surpluses of the Social Insurance Fund are invested in the government annually, with investments amounting to €10.61 billion at the end of 2023.

Cyprus government and banks piling-up cash

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Cyprus government and banks piling-up cash

By end-February 2024, the government had accumulated cash deposits of over €3.5 billion at the Central Bank and €2.1 billion at commercial banks.

Cyprus residents, ’ bank deposits rise by €318.5 million

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Cyprus residents, ’ bank deposits rise by €318.5 million

The Central Bank of Cyprus reported an increase in both loans and total deposits within the Cypriot banking system for March 2024. The liquidity exceeded €27 billion, with total deposits seeing a net increase of €252.1 million. Cyprus residents’ deposits increased by €318.5 million, while total loans recorded a net increase of €133.1 million. The balance of total deposits in March of that year stood at €52.2 billion, and the balance of total loans reached €25.1 billion.

Cyprus sees Surge in deposits and loans in March

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Cyprus sees Surge in deposits and loans in March

In March 2024, total deposits in Cyprus increased by €252.1 million, with a total balance of €52.2 billion. Total loans also increased by €133.1 million, reaching a balance of €25.1 billion. Deposits from residents of Cyprus rose by €318.5 million, while loans to Cypriot residents increased by €134.0 million.

BoCCF podcast episode on South Mathiatis-Strongylou Mine

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BoCCF podcast episode on South Mathiatis-Strongylou Mine

Fact: The South Mathiatis-Strongylou Mine in Cyprus is the only mine in the country that has been a UNESCO candidate in the natural and cultural landscape category since 2002.

Young people purchasing an apartment is nowadays a utopia

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Young people purchasing an apartment is nowadays a utopia

The real estate market in Cyprus has seen rapid growth due to the arrival of foreign companies, making it difficult for Cypriots to find affordable housing. High rent and property prices, combined with low average salaries, pose a significant challenge for young couples and individuals from middle or low-income groups. The need for substantial deposits and strict bank requirements further limit access to housing loans. Efforts are being made to address these issues, including potential changes in the terms and conditions of social housing programs to help more people acquire housing.

AstroBank posts after-tax profit of , €30.4 million in 2023

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AstroBank posts after-tax profit of , €30.4 million in 2023

AstroBank released its financial results for the year ending December 31, 2023, reporting a profit after tax of €30.4 million.

JPMorgan profit rises 6% even as interest income forecast falls short of predictions

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JPMorgan profit rises 6% even as interest income forecast falls short of predictions

JPMorgan Chase’s profit rose 6% in the first quarter, but its shares dropped due to the bank’s forecast for its income from interest payments coming in below analysts’ expectations.

Court dismisses lawsuits over 2013 Laiki Bank haircut

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Court dismisses lawsuits over 2013 Laiki Bank haircut

Limassol district court dismissed four consolidated lawsuits against the now-defunct Laiki Bank of Cyprus, the Central Bank of Cyprus, and the Republic of Cyprus concerning the 2013 haircut. The court ruled that the defendants were not aware of the consequences of their actions at the time, and the restructuring measures did not leave depositors in a worse situation than if the bank had undergone liquidation. The court also found that the allegations of constitutional and human rights violations lacked substantiation.

Limassol Court dismisses depositor claims over 2013 haircut

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Limassol Court dismisses depositor claims over 2013 haircut

The Limassol District Court dismissed lawsuits filed by depositors against Cyprus Popular Bank, the Central Bank of Cyprus, and the Republic of Cyprus regarding the 2013 haircut. The Court ruled that the defendants did not act negligently or breach any duty, and the resolution measures did not put depositors in a worse position than a bank liquidation scenario. The claims of constitutionality and human rights violations were deemed non-essential and unsubstantiated.