FRIDAY, 7 OCT 2022

 

CONNECT

Facebook Linked In Twitter
IMH LTD

President Anastasiades To Take Part In Informal European Council In Prague

Biden Says Nuclear Risk Highest Since 1962 Cuban Missile Crisis

IMH LTD

ECONOMY

Hourican Disappointed by Lawmakers’ ‘Shenanigans’

Hourican Disappointed by Lawmakers’ ‘Shenanigans’

Bank of Cyprus CEO John Patrick Hourican expressed his disappointment by lawmakers’ “shenanigans” in delaying important laws aimed at helping banks collect on a huge number of bad loans.

During an interview with the Associated Press at his office in the bank of Cyprus headquarters in Nicosia, on November 18, Hourican said it's been "embarrassing" for him to explain abroad actions that had delayed and diluted a key foreclosure law that was passed last year.

He further pointed out that the law is neither strong enough nor its implementation swift enough, hampering the bank's ability to boost lending and getting the economy growing faster. Legislative gaps — like where auctions on foreclosed property will be held — remain a stumbling block.

Creditors point out that bad loans remain the country's number one priority and Hourican stated that around half of Bank of Cyprus' 24 billion euros worth of loans are sour.

According to The New York Times, Hourican said that Cyprus was "poorly treated" by its European Union partners and called the deposit grab a "cardiac arrest" of such scope that confidence in the Cypriot banking system will take many years to fully restore.

“The parliamentarians have decided heading into an election year that it's good to raise populist measures and what they're doing is driving up delinquencies and not helping us fix them,” the CEO said.

He also mentioned, “I would like some maturity and responsibility taken in helping the country driving its legislative agenda, recognizing that depositors of this bank are the victims at this point in time, whether you like it or not.”

“Now we can provide credit to the economy ... but it will be turbo-charged by people meeting their obligations,” Hourican concluded.

MORE ON ECONOMY

Finance Minister Hands Over To House President The Proposed 2023 State Budget, Projecting A €500 Mln Increase

The proposed 2023 state budget submitted by the Minister of Finance, Constantinos ...

Annual Increase In Registered Unemployed In Actual And Seasonal Data In September

The number of registered unemployed in September 2022 increased compared to September ...

Research Spending In Cyprus In 2020 At 0.85% Of GDP, Average Annual Growth Rate At 10.7% Over 10 Years

Total spending on research activities in Cyprus amounted to just 0.85% of the Gross ...

FROM AROUND GOLDNEWS

   

European Parliament Calls For EU Sanctions On Iran Over Repression Of Street Protests

Members of the European Parliament have called for EU sanctions against Iranian security forces over their "widespread, intentional and ...
   

TheSoul Publishing Names Longtime COO Arthur Mamedov As CEO

COO Arthur Mamedov will transition to the role of CEO. At the same time, Anastasiia Vinogradova will become Chief Creative Officer (CCO).
   

How Expensive Is Your Cup Of Coffee?

Data released by EU’s statistical agency Eurostat for August 2022 show that the price of coffee in the EU was on average 16.9% higher than in August 2021.
   

Elon Musk: Twitter Won't 'Take Yes For An Answer'

Billionaire Elon Musk has said he aims to complete his purchase of Twitter by the end of the month, but the company "will not take yes for an answer".
   

House Prices Up In Q2 2022, Cyprus Central Bank Says

An acceleration in the increase of house prices was recorded in the second quarter of 2022, mainly due to increased construction costs, the Central Bank of ...
   

President Anastasiades To Take Part In Informal European Council In Prague

President of the Republic of Cyprus, Nicos Anastasiades is attending the Informal European Council in Prague where the leaders of the 27 EU member states will ...
   

Biden Says Nuclear Risk Highest Since 1962 Cuban Missile Crisis

The risk of a nuclear "Armageddon" is at its highest level since the 1962 Cuban Missile Crisis, US President Joe Biden has said. Mr Biden said ...
   

One-Stop-Shop Framework For Shipping Companies

The plenary of the House of Representatives unanimously passed a law on Thursday that provides for the establishment of a one-stop-shop framework for shipping ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

gold september issue
cyber security 30/8-25/10

IMH LTD