A bank windfall tax is not the answer in Cyprus
Since 2022, the huge deposits held by banks at the ECB have been earning millions in interest.
banking system
Hellenic Bank champions green transition at Nicosia summit
The Green Agenda Cyprus Summit highlighted the vision and actions necessary for the green transition of the Cypriot economy. Hellenic Bank is committed to achieving carbon neutrality by 2050 and has set clear goals and indicators to reduce its environmental footprint. The bank offers specialized green products to combat climate change and improve energy efficiency. Cyprus Agriculture Minister introduced a pilot program for green roofs, and the Energy Minister expressed caution regarding hydrogen usage. European Commissioner for Climate Action emphasized Cyprus’ potential in renewable energy and the importance of investments in sustainable transport. European Commissioner for Health and Food Safety highlighted the health impacts of the climate crisis, including heatwaves and air pollution.
MPs struggle to implement EU directive on loans
Fact: Legislators in Cyprus discussed government bills to harmonize current legislation on loan transfers with an EU directive on credit servicers and credit purchasers.
Wealth concentration leads to wealth extraction
– Collateral lending has become the norm in a loosely regulated banking environment in the world today.
– Extreme wealth inequality is a significant issue globally.
– Risk aversion by the wealthy and the depletion of entrepreneurs’ equity through unproductive debt can compromise the real economy.
– Wealth concentration and extreme inequality can suffocate the real economy and transfer existing wealth from the many to the few.
Larnaca port and marina must be concluded , “at all cost”
Projects worth €100 million are planned in Larnaca in the coming years.
Stricter oversight on cross-border credit services
The processes for licensing and supervision of credit managers are becoming stricter, with new legislation being introduced to harmonize national law with European directives. Credit managers must be licensed by their member state of origin before starting their activities, meeting specific conditions such as robust governance and protection rules for borrowers. Buyers will not be licensed, except for those managing their own portfolios. Credit buyers will be supervised by the Central Bank and subject to penalties for any violations. Companies in the debt acquisition sector will be automatically recognized as licensed credit managers. The bills also ensure consumer protection, including timely information on credit agreement changes and the right to raise defenses against loan buyers.
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.
Direct tax collections shoot past budget target by Rs 1.35 lakh cr in 2023-24 – Greater Kashmir
The net direct tax collections for the financial year 2023-24 exceeded the Union Budget Estimates by Rs 1.35 lakh crore or 7.4%, reaching Rs 19.58 lakh crore.
CBC governor wants to address interest rate disparity
The newly appointed governor of the Central Bank of Cyprus, Christodoulos Patsalides, has expressed dissatisfaction with the interest rate disparity between lending and deposit rates in Cyprus.
Greek economy surges after decade of pain
Fact: The Greek economy is forecast to grow nearly 3 per cent this year, approaching its pre-crisis size of 2009 and far outpacing the eurozone average of 0.8 per cent.