BAILED-OUT Bank of Cyprus BOC.CY is reviewing its restructuring plans in a move that could result in billions of euros of its troubled assets being put into a “bad bank”, chief executive John Hourican said.
Hourican took the top job at Cyprus’ largest bank in October after it was rescued...
A BILL allowing the taxman to seize personal property – including bank deposits to settle unpaid dues to the government without a court decision has caused a storm of protest.
The bill, empowering the Inland Revenue Department was just submitted to the House, has been met with a furious reaction...
COMMERCIAL banks should establish the proper procedures to adjust the market value of mortgages on the basis of the negative divergences of the Residential Property Price Index, Central Bank of Cyprus said in a circular.
The new circular [Greek] comes in the wake of renewed criticism to banks over...
ACCORDING to information received by Phileleftheros, thirty two land development companies and hotels that owe the state €9.6 million Immovable Property Tax plus interest have paid a mere €215 thousand to date.
The Inland Revenue Department was reported as saying that only 18 of the 32 companies...
THE prospect of a vicious cycle caused by differing property valuations conducted on the same property is a very real one, property valuers have warned.
Recent reports suggest that commercial banks, aiming at minimising the risk of bad-loan write-offs, employ the practice of undervaluing mortgaged...
