The Bank of Cyprus has announced its full-year loss of €2.04 billion for 2013. The bank, which was recapitalised after bailing in depositors last year registered a loss of €93 million in the fourth quarter of 2013, down from €142 million in the previous quarter. “These results demonstrate stability on the asset and provisioning side […]
The privatisation plan for Cyprus is viable according to Finance Minister, Harris Georgiades. Providing assurances over a disputed bill concerning the privatisation of semi-governmental organistations, Georgiades noted that it does not deprive employees of their employment and pension rights, nor does it remove powers from the House of Representatives. The privatisation plan aims to generate […]
Cyprus’ adjustment programme remains on track according to TROIKA, a statement welcomed by Eurogroup president, Jeroen Dijsselbloem and the Vice-President of the European Commission (EC), Olli Rehn. The third review of the Cyprus economic programme concluded on 11th February with teams from the European Central Bank and the IMF debriefing Eurozone ministers. “We, of course, […]
The announcement came after the Finance Minister, Mr Harris Georgiades met with the President to receive a briefing from the Bank of Cyprus CEO who informed them of the progress of the restructuring plan. The Finance Minister confirmed the Bank of Cyprus has entered a phase of normalisation adding, “we have reached a point where […]
The FBI is investigation allegations that millions of dollars ended up in a Cyprus bank after they were diverted from an Oklahoma State University owned company. A Lawsuit has been filed against the former director of Triton Scientific, which was contracted to run OSU-Multispectral Laboratories and also names his wife. According to the lawsuit funds […]