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Cyprus News Agency: News in English, 12-10-04

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

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


CONTENTS

  • [01] Bank of Cyprus disagrees with Troika proposals on banking

    consolidation

  • [02] EU Commissioners, Ambassadors, to run with the Cyprus Presidency

    at Brussels Marathon

  • [03] Rate of inflation in September 2.5%, on a y/y basis

  • [01] Bank of Cyprus disagrees with Troika proposals on banking consolidation

    Bank of Cyprus expressed its disagreement over proposals tabled by the Troika of the European Commission, the European Central Bank and the International Monetary Fund concerning the consolidation of the Cypriot banking sector.

    Andreas Artemis, Chairman of the Bank of Cyprus, Cyprus' largest bank said the bank disagrees with the proposal by Troika that the Central Bank of Cyprus should direct all banking groups in the island to increase the minimum Core Tier 1 capital ration from the present 8% to 10% and to maintain this level for the duration of the adjustment programme to be agreed between the Troika and Cyprus.

    He also expressed the bank's disagreement on the Troika proposal that the administrative hurdles and legislative framework that currently constraints the seizure and sale of loan collateral should be amended so that the property pledged as collateral can be seized and offered for sale within a maximum time-span of 1.5 years. The Troika believes that this proposal, if implemented, would minimize the incentives for strategic default by borrowers.

    [02] EU Commissioners, Ambassadors, to run with the Cyprus Presidency at Brussels Marathon

    EU Commissioners, Ambassadors, Permanent Representations' officials, journalists and many friends of Cyprus will run at the Brussels Marathon wearing the official colors of the Cyprus EU Presidency to help a charity.

    So far, more than 260 people have registered, among whom are Vice-President of the Commission, Commissioner for Inter-Institutional Relations and Administration Maros Sefcovic, Cypriot Deputy Minister for European Affairs Andreas Mavroyiannis, Permanent Representative of Cyprus at the EU Ambassador Kornelios Korneliou, Cyprus Presidency Spokesman Nikos Christodoulides, Permanent Representatives of Estonia, Hungary and Holland, officials from 25 diplomatic missions in Brussels, and many more.

    The initiative has been welcomed by many diplomatic missions who express the wish it becomes an annual institution.

    [03] Rate of inflation in September 2.5%, on a y/y basis

    The rate of inflation in September 2012 in Cyprus was 2.5%, on a year-to-year basis, compared to 2.7% in August, according to data released on Thursday by the Statistical Service.For the period January-September 2012, the Index rose by 2.7% compared to the same period of 2011.

    In September 2011, inflation had risen by 2.4%.


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