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Cyprus News Agency: News in English, 13-12-05

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] CBC issues directive for strict loan origination process
  • [02] President briefs workgroups on Cyprus issue policies
  • [03] UK Shadow Minister pledges Labour's support for a reunited Cyprus
  • [04] Finance Minister: US authorities satisfied over progress in Cyprus

    economy


  • [01] CBC issues directive for strict loan origination process

    Central Bank of Cyprus has issued a directive imposing stricter loan origination criteria both in the commercial banks and the cooperative credit institutions.

    Under the directive, "the most important criterion which the credit institutions should consider, when assessing an application for granting a facility, is the customer's income and source of repayment and eventually customer's ability to repay."

    So far the Cypriot banks had no codified code of practice in loan origination and used collateral value as the main criterion for approving a loan application. Last March the Cypriot banking system came at the brink of collapse, when the government agreed with its international lenders on a €10 billion bailout, featuring haircut on deposits over €100,000 to save the island`s two largest banks, which under a due diligence audit will post losses of nearly €8 billion until 2015, due to asset quality deterioration. The Coops which were mainly exposed to household loans posted a capital shortfall of 1.4 billion and were nationalized after a capital injection by the government.

    [02] President briefs workgroups on Cyprus issue policies

    President of the Republic of Cyprus Nicos Anastasiades met on Wednesday with the members of the workgroups on the Cyprus issue, and briefed them on the latest developments.

    The workgroups are separated into categories, namely governance and power sharing, EU and human rights, property, territory, economy, security, and citizenship and asylum, and comprise persons with expertise in those fields.

    According to CNA sources, President Anastasiades presented the latest developments and pointed out the four axes of policy in the preparations being made for the resumption of negotiations, which concern the Cyprus issue, the upgrading of the role of the EU, confidence-building measures, and the joint statement for the launching of talks.

    [03] UK Shadow Minister pledges Labour's support for a reunited Cyprus

    Gareth Thomas MP, the UK's Shadow Minister for Europe, referred to the Labour party`s good will towards Cyprus, describing the Republic as an historical ally and fellow European Union and Commonwealth member, during a meeting with the President of the National Federation of Cypriots in the UK, Peter Droussiotis.

    At a meeting in Parliament to discuss Cyprus and issues affecting the British Cypriot community, Thomas expressed a keen interest in developments relating to Cyprus. He also expressed appreciation for the Cypriot community`s economic and social contribution to British society.

    "The Shadow Minister left me in no doubt as to the Opposition's full commitment to the UN-led negotiating process currently under way. Both the Government and Opposition stand fully behind that process but I remain of the view that the UK can and must do more to encourage Turkey to play a constructive role, not least because of Britain's responsibilities as a Guarantor Power in Cyprus," Droussiotis said.

    [04] Finance Minister: US authorities satisfied over progress in Cyprus economy

    The US authorities are satisfied over the progress in the Cypriot economy following the agreement on a €10 billion bailout between Cyprus and its international lenders.

    The Cypriot Minister of Finance Harris Georgiades met with his US counterpart Jack Lew in Washington, with whom he discussed the correction course of the Cyprus economy after the bailout that featured a haircut to deposits over €100,000 that shattered the island`s oversized banking sector.

    So far Cyprus had two positive programme implementation reviews by the Troika of the European Commission, the European Central Bank and the IMF. Cyprus received 4.7 billion of the €10 billion bailout.


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