UN committed to Cyprus

UN Secretary-General Antonio Guterres reiterated to the President of Cyprus, Nicos Anastasiades, the United Nations’ commitment to Cyprus, including the availability of his good offices for the sides to resume the talks as soon as the sides demonstrate their readiness to re-engage. 

According to a Spokesperson for the UN Secretary-General, Guterres met on Friday with President Anastasiades and welcomed Cyprus’ commitment to the United Nations and the Government’s support to the current efforts to reform the Organisation. 

It is added, in the readout, that the Secretary-General and the President of the Republic of Cyprus exchanged views on the current status of the Cyprus talks, as well as its future. 

Cyprus has been divided since 1974 when Turkey invaded and occupied its northern third. The latest round of UN-peace talks commenced at the Swiss resort of Crans-Montana on June 28, but in the early hours of July 7, it was announced that the Conference on Cyprus ended without an agreement. Talks held under the auspices of the UN aim at reunifying Cyprus under a federal roof.


Source: Stockwatch

Cyprus running out of time to get gas imports right

DEFA has received the green light to proceed with the retention of consultants to finalise plans for LNG imports.

It is aiming to be ready early 2018, perhaps after the presidential elections, to go out for tenders. The plan is to award two contracts by next year, one for gas supply and another for construction of the required infrastructure. LNG imports will be through a floating storage and regasification unit (FSRU) to be based at Vasilikos. The estimated investment is €340million.

This is the eighth such attempt in 12 years, since Golar proposed to import LNG and construct and operate floating electricity power plant (FPGP) on a barge off the coast of Cyprus in 2005. Past failures have undermined Cyprus’ credibility.

The urgency to proceed with this project is dictated by the threat of EU carbon emission penalties, if Cyprus continues burning heavy fuel oil (HFO) and diesel for power generation after 2020.

What is being proposed

The project will involve a jetty at Vasilikos, addition of a breakwater, support facilities to accept and shelter an FSRU and pipelines to link this to EAC’s power plant.

The feasibility study, performed on behalf of DEFA, states that the plan is to convert an LNG ship into an FSRU. Further, it states that a life extension programme should be implemented to ensure that its structural integrity and carrier functionality will last for the duration of the project.

The plan is that the FSRU will start operations in January 2020 and will continue until the end of 2039.

This qualifies as a project of common interest, under PCI 7.3.2 Cyprus – Gas2EU, which provides for ‘Removing internal bottlenecks in Cyprus to end isolation and to allow for the transmission of gas from the Eastern Mediterranean region.’

A grant application will be submitted as part of the upcoming call for funding for the 2017‘Connecting Europe Facility-Energy’programme. It is hoped that EU support may reach 75%, the maximum possible for this project, but this is not guaranteed.

The use of FSRUs for LNG import is now widespread and successful. But in most new projects FSRUs are being leased to minimize costs and allow future flexibility, in cases conditions change, such as high LNG prices.

Given the current status of the global LNG market, with a persistent glut of LNG supply, such a project should attract considerable interest.


DEFA’s plan is to be able to import LNG by the end of 2019 so that electricity production in Cyprus can switch to gas-fired power generation early 2020.

The plan is to invite tenders early next year, presumably after the presidential elections. Timing may be dictated by the result of the elections. If the current government is returned, there should not be a need for a transition period or change.

A new government, though, may need time to settle-in, establish its own energy strategy and review the proposed LNG import scheme before it proceeds. If it decides to alter the proposals then there would be inevitable delays.

What is the urgency

Most important is that, after 2020, Cyprus will incur serious carbon emission penalties, to be imposed by the European Commission, if it continues burning HFO and diesel for power generation. This would, of course, be passed to EAC and its customers, and may create a backlash.

Another is that, by 2018, EU member states must make climate change commitments in support of new, more ambitious, EU targets of at least 40% cuts in greenhouse gas emissions (from 1990 levels), at least 27% share for renewable energy and at least 27% improvement in energy efficiency, to be implemented in 2020 and to be achieved by 2030. These targets have already been agreed to by EU member states.

Cyprus is nowhere near these targets and will not be able to achieve them without switching to gas and liberalising renewables for power generation. The latter cannot progress seriously without the former.

Despite being aware of this for a long time now, unfortunately Cyprus’ response has again been left late, with very little time to achieve the switch from HFO to gas, and no margin for errors or delays.

An expensive scheme

In theory, there may be other potential benefits in importing LNG for power generation. Global LNG prices are low, and will probably stay low for the longer term, and importing LNG may also offer cost advantages and enable other potential uses.

However, what is being proposed is a rather rigid, inflexible and likely to be an expensive, scheme. Given the small quantities of gas that will be needed by Cyprus during the 20-year duration of the project, 0.7-1.0 bcm/yr, such a scheme is likely to be quite expensive in terms of cost per mmBTU.

Egypt, with about 12 bcm/yr LNG imports, opted for leased FSRUs. The first one started operations in 2015. It also opted to buy its LNG by placing periodically short-term supply tenders in the open market. In a buyers’ market this is a sensible approach.

This flexibility is paying-off. Now that Egypt is about to become self-sufficient in gas, it has reduced its LNG imports by 30% and plans to phase them out by 2019. It also plans to terminate one FSRU lease by next year and the other by 2019.

Most other countries that are now entering the LNG market are opting for similar schemes, offering them flexibility to benefit from low LNG prices while these last and potential switch to other fuels, including renewables.

The scheme that appears to be proposed by Cyprus will commit it to fixed costs for at least 10-years.

According to the plan the potential investor will be safeguarded for the first 10 years of the project, through guaranteed income derived from a fixed annual charge regardless of the quantities of LNG delivered and re-gasified.

Such a scheme and guarantees are bound to add cost to the project, which inevitably will be passed to the Cypriot consumers of electricity.

Nothing has yet been disclosed about the likely unit cost (per mmBTU) of such gas imports and the likely impact on the cost of electricity. Ordinarily, the expectation would be that it will lead to a significant reduction. But would this be the case?

Risks and implications

Given the past history of failed attempts to import gas for power generation, the risks to encounter problems and delays can only be high. This latest attempt has been left very late and if the forthcoming presidential elections bring a change of government, the risk is that it may be derailed or at least delayed yet again.

Its 20-year duration is, in effect, an admission that Cyprus does not expect to benefit from its own gas, should discoveries be made that allow commercial exploitation.

Adopting a scheme similar to Egypt could have given Cyprus the flexibility to respond to such developments or to changes in the global LNG market and potential penetration of renewables.

This is a contract of immense public interest. It requires transparency and disclosure of information to demonstrate what Cypriots will be paying for electricity between 2020 and 2039, in relation to the cost of delivered gas, how these prices compare without this contract, and clearly demonstrate its benefits.

Source: incyprus

IMF focused on private and public debt in talks with Nicosia

The IMF has started consultations with the government, focusing on the reduction of excessive private and public debt and the management of non-performing loans.

This year’s consultations will conclude on October 4, 2017.

IMF Resident Representative Vincenzo Guzzo said that “this is a regular visit to member countries, during which staff engage with government and central bank officials in discussions about risks to domestic and global stability”.

He said staff will review the recent developments, the medium-term growth prospects and the risks surrounding the economic outlook.

Moreover, they will hold discussions with the country authorities on financial and fiscal policies as well as on structural reforms.

The focus of the mission will be on approaches to reducing excessive private and public debt as well as managing non-performing loans, which are critical priorities for Cyprus, Guzzo said.

During part of their mission, IMF staff will collaborate with European institutions on post-bailout surveillance.

Source: incyprus

The Floral Patterns Of Today And The Ways To Use Them In Home Decor

We finally reached a point when we’re giving florals a second chance. We know they kind of look like grandma’s furniture but we’re starting to see past that and to rediscover their beauty and charm. It’s a great thing since a floral pattern can fit in almost anywhere. The trick is knowing how to use them to create the desired look and ambiance. A look inspired by nature can take many different forms and floral patterns can be a big part of it.

Florals on walls and wallpapers

Back in the 18th century when chintz was very popular, wallpaper started being the new way to decorate the walls. At that time wallpaper was expensive, being made of leather and silk. Today things are different. You can find wallpaper everywhere and it comes in all imaginable colors and prints. Floral patterns are just one of the options.

Large prints can serve as focal points so don’t overwhelm the space with them


For cohesiveness, the colors found on the wallpaper should also be the ones repeated throughout the room


For a modern twist, give your wallpaper some depth by also decorating the walls with 3D flowers


Use a black backdrop to give the floral pattern a dramatic look


Choose an oversized pattern to highlight an accent wall or to add color to a certain space


Instead of a repetitive wallpaper pattern you could opt for a floral or nature-inspired mural


A busy wallpaper pattern is best used with a simple, perhaps even monochromatic decor


A floral wallpaper pattern, used in the right setting, can give a space an exotic look


Not all floral patterns have to be colorful. The classic black and white combo can be successfully adapted


A wallpapered wall is in a way just an oversized painting and it almost always becomes a focal point for the space

Floral patterns on carpets and rugs

If you feel like covering your walls with flowers would be a bit too much, there are other ways of introducing a floral pattern into a room’s decor. For instance, you could pick a carpet or an area rug with a floral pattern that matches your style. It can be something cheerful and colorful or it can be something more abstract and toned down.


Consider a floral rug for spaces such as your home office or the bedroom


Floral prints definitely have a feminine charm and you can base your room decor on that

Florals on furniture

Yes, floral patterns on furniture can definitely give that grandma’s house look but don’t just to conclusions yet. Sometimes that look can actually be comforting and you can definitely give it a chic spin. Still, if you want something more suitable for today, there are plenty of fresh new prints and patterns to choose from. Florals have really evolved over the years. It’s probably why they never really go out of style.

This is very artistic and refreshing interpretation of the traditional floral pattern


When it comes to floral patterns on furniture, the sofa is usually the first thing that comes to mind


That’s actually a chair that takes this whole idea to a new leve


That’s a quirky and original way of customizing a kitchen island with a floral pattern

Source: Homedit

European Commission team looking at Larnaca Port concerns

The EP Committee on Petitions (PETI) is conducting a fact-finding mission in Larnaca between Wednesday and Friday following concerns raised over the creation of an industrial port in the town.

According to a statement from the European Parliament’s office in Cyprus, the purpose of the mission is to provide a follow-up to a series of petitions by local residents concerning environmental and health concerns connected to the creation of an industrial port in Larnaca and consequences of its operation to the broader area.

On Wednesday the delegation was due to meet with Larnaca Mayor Andreas Vyras and then with the citizens who submitted the petitions.

On the second day of their visit, Thursday, the members of the delegation will visit Larnaca port area and then will hold meetings with representatives of the Ministries of Energy, Interior, Transportation and Agriculture, Representatives of the Office of the Commissioner for the Environment, as well as the General Auditor.

Members of the delegation will also pay a visit to the House of Representatives where they will have a meeting with the President and members of the Committee on Environment and with members of the Parliamentary Transport Committee.

On the same day they will give a press conference at the EU House in Nicosia.

On Friday, the delegation will visit Aradippou Municipality and will then have meetings with Mayor Evangelos Evangelides,  the Ombudsman Maria Stylianou-Lottides  and a new get together with citizens who have submitted the petitions.

The European Parliament`s delegation is led by MEP Pál Csáky (EPP) and comprises MEPs Miltiadis Kyrkos (S & D), Angela Vallina (GUE-NGL) and Igor Šoltes (Greens), also participate to it. The delegation will also be accompanied by Cypriot MEPs Dimitris Papadakis (S & D) and Takis Hadjigeorgiou (GUE-NGL).

Source: incyprus

Cypriot economy to grow by 3.5% Hellenic Bank says

The Cypriot economy will grow by 3.5% in 2017, followed by a 3.2% growth in the country’s economic output, Hellenic Bank said in its economic review issued on Tuesday.

“Growth is becoming more vigorous and broad-based, contributing to employment growth and the reduction of unemployment, though still remaining high,” the bank said, adding that public finances have been consolidated to a large extent to secure the sustainability of public debt.

The bank notes that significant progress has been made to restructure and restore confidence in the Cypriot banking system, adding however that the level of non-performing loans (NPLs) is declining but remains very high, which has led to the increase of provision for loan impairments in order to ensure that collateral valuations are reliable and underpin appropriate levels of provisioning.

“While decisive steps were taken and swift progress has been achieved throughout the banking sector, the high share of NPLs still exists,” the bank said, pointing out that creating the conditions for a functional secondary market for NPLs will help to accelerate deleveraging and move NPLs off banks’ balance sheets.

Hellenic Bank points out that accelerating structural reforms would contribute to the revitalization of productive investments which have recently picked up but are still impeded by certain structural weaknesses (for instance, time delays with construction permits and enforcement of contracts).

“The cost of the reforms may have negative effects on the economy’s short-term prospects, but it is the only path to sustainable growth,” the review said, adding that improving the business environment and making it more conducive to growth would support both domestic and foreign investment.

Source: incyprus

Number of foreign property buyers 34% up in August

The number of foreign property buyers rose 34 per cent in August to 75 compared with the respective month of 2016, the Department of Lands and Surveys said.

The number of non-Cypriots who acquired real property in Cyprus, incentivised by government schemes offering investors a Cypriot passport or a visa depending on the value of the investment, rose in the first eight months of the year an annual 4.2 per cent to 618, the department said.

According to reports in Britain’s The Guardian on Sunday, Cyprus extended more than 400 passports to investors as part of the government’s citizenship-by-investment scheme which allows investors to get a Cypriot passport by investing €2m in Cyprus or previously €2.5m.

According to a source with knowledge of the situation, since the inception of the scheme in the months following the 2013 banking and fiscal crisis, the scheme triggered almost €5bn in investment in the economy, including €0.5bn in government bonds which are no longer an eligible option in the latest version of the scheme updated a year ago, €0.5m in deposits, also no longer eligible, and €0.7bn in company acquisitions, while the bulk of the remaining amount went into real estate. The number of persons who benefited from this scheme and a similar scheme introduced by the government under former President Demetris Christofias exceeds 1,200.

The report said that beneficiaries of the scheme, who can liquidate their investment at a later stage, excluding a residence worth at least €500,000, include Russian and Ukrainian oligarchs implicated with corruption.

The overall number of properties that changed owners in August rose 27 per cent to 572 and in January to August 20 per cent to 4,921.

Source: CyprusMail

Χούρικαν: Αρχίσαμε να χάνουμε την υπομονή μας με τους στρατηγικούς κακοπληρωτές [vid]

Η Τράπεζα Κύπρου, τέσσερα και πλέον χρόνια μετά την κρίση του 2013 άρχισε να χάνει την υπομονή της με όσους στρατηγικά δεν αποπληρώνουν τα δάνειά τους, τόνισε ο Διευθύνοντας Σύμβουλος της Τράπεζας Κύπρου Τζον Πάτρικ Χούρικαν σε συνέντευξή του στο ΚΥΠΕ.

Καθώς η τράπεζα έχει ήδη αξιοποιήσει τέσσερα εργαλεία για τη μείωση δανείων (αναδιαρθρώσεις, προβλέψεις, διαγραφές και ανταλλαγές ακινήτων έναντι χρέους), ο κ. Χούρικαν αναγνώρισε πως η πώληση δανείων είναι ένα εργαλείο προς την κατεύθυνση της ταχύτερης μείωσης των «κόκκινων δανείων», υπογραμμίζοντας ωστόσο ότι πρόκειται για μια λεπτή γραμμή μεταξύ γρήγορης μείωσης των ΜΕΔ και της προστασίας του κεφαλαίου της τράπεζας. Ανέδειξε εξάλλου και την κοινωνική διάσταση μιας τέτοιας πράξης. «Αυτό που θα ήταν καλό για την τράπεζα μπορεί να μην είναι καλό για τη χώρα και την κοινωνία», υπέδειξε.

Ζήτησε από τη Βουλή να θεσπίσει το νόμο για την τιτλοποίηση δανείων, που εκκρεμεί ενώπιον του νομοθετικού σώματος, καθώς αυτό θα δώσει στις τράπεζες μια περαιτέρω βοήθεια στη διαχείριση των ΜΕΔ.

Ο Ιρλανδός τραπεζίτης κάλεσε τους δανειολήπτες να προσέλθουν στην τράπεζα η οποία θα τους αντιμετωπίσει δίκαια, αλλά υπογραμμίζει ότι η τράπεζα θα εξετάσει την κάθε περίπτωση έχοντας υπόψη τι συνέβη στους καταθέτες της τράπεζας, οι οποίοι έχασαν γύρω στα €9 δις από το κούρεμα καταθέσεων.

Η μη αποπληρωμή των δανείων αποτελεί κηλίδα για τη χώρα, είπε.

Για την κυπριακή οικονομία, ο κ. Χούρικαν είπε πως το μέλλον είναι ευοίωνο, με σημαντική ανάκαμψη στην πλειοψηφία των παραγωγικών τομέων, οι οποίοι ζητούν νέα δάνεια. «Παραχωρήσαμε στην Κύπρο και στην ανακάμπτουσα οικονομία της δάνεια πέραν του ενός δισεκατομμυρίου πέρσι και δανείσαμε το πρώτο εξάμηνο φέτος €845 εκατομμύρια. Συνεπώς έχουμε διπλασιάσει το επίπεδο των δανείων στην οικονομία σε σύγκριση με πέρσι και αναμένω την τάση να συνεχιστεί και τον ισολογισμό μας να σταματήσει να μικραίνει καθώς προχωρούμε στο 2018».

Τα ΜΕΔ και η πώληση δανείων

Ο κ. Χούρικαν σημείωσε πως χρησιμοποιώντας την οργανική ή εσωτερική διαδικασία, η τράπεζα κατέγραψε 10 συνεχόμενα τρίμηνα μείωσης των ΜΕΔ, με την μείωση να φτάνει τα €600 εκατομμύρια το δεύτερο τρίμηνο του τρέχοντος έτους, για να προσθέσει πως η οργανική μείωση θα χρειαστεί χρόνια.

Ερωτηθείς αν συμφωνεί με τη θέση του οίκου Moody’s ότι η τράπεζα δεν θα πετύχει τον μεσοπρόθεσμο στόχο μείωσης των ΜΕΔ κάτω του 20% χωρίς να προβεί σε πωλήσεις δανείων, ο κ. Χούρικαν είπε πως η τράπεζα προχώρησε στην αύξηση των προβλέψεων κατά €500 εκατ. προκειμένου να διατηρεί αυτή την προοπτική ανοικτή. Ωστόσο, είπε, μια πώληση ενδεχομένως να στοιχίζει περισσότερο από την οργανική διαδικασία μείωσης των ΜΕΔ.

Σε παρατήρηση ότι η πώληση δανείων είναι το εργαλείο που δεν χρησιμοποιήθηκε μέχρι στιγμής και θα οδηγούσε σε ταχύτερη μείωση των ΜΕΔ, ο κ. Χούρικαν υπογράμμισε αυτό μπορεί να ισχύει για τον ισολογισμό της τράπεζας αλλά μπορεί να μην είναι το ορθό για την χώρα.

«Πρέπει να διασφαλίσουμε ότι χρέος εξυπηρετείται, ότι είναι βιώσιμο, ότι η τράπεζα θα επιβιώσει και ότι υπάρχει αγοραστής (στη σωστή τιμή) στην άλλη πλευρά».

Η Τράπεζα, είπε, μπορεί να κάλυψε με προβλέψεις των 50% των δανείων της, αλλά επιθυμεί να πάρει κάτι πίσω από αυτές τις προβλέψεις.

«Αυτή είναι η δουλειά μου, να προστατέψω την αξία της τράπεζας και να διασφαλίσουμε ότι η τράπεζα θα είναι βιώσιμη μετά την μείωση των ΜΕΔ. Ναι, η πώληση δανείων είναι ένα εργαλείο αλλά η πώληση δανείων είναι μια λέξη που λέγεται εύκολα και δύσκολα επιτυγχάνεται», τόνισε.

Εν τω μεταξύ, ο Ιρλανδός τραπεζίτης είπε πως η τράπεζα θα στραφεί στο χαρτοφυλάκιο των τερματισμένων δανείων, που περιλαμβάνει πιο δύσκολες υποθέσεις, καθώς και στο χαρτοφυλάκιο των μικρομεσαίων επιχειρήσεων και των νοικοκυριών.

Όπως είπε, εκεί υπάρχουν περισσότερα προβλήματα με ένα ποσοστό 40% αναδιαρθρωμένων δανείων να επιστρέφουν στα ΜΕΔ. «Το πρόβλημα στο χαρτοφυλάκιο των νοικοκυριών είναι πραγματικό και παραμένει στο σύστημα», συμπλήρωσε.

Οι πολιτικά εύκολες ταμπέλες

Ερωτηθείς αν θα δούμε στην Κύπρο τα «ταμεία – γύπες» που αγοράζουν προβληματικά δάνεια και ακολουθούν στην συνέχεια μια επιθετική πολιτική, ο κ. Χούρικαν επεσήμανε πως και η τράπεζα κατά καιρούς ήταν επιθετική με δανειολήπτες, λαμβάνοντας υπόψη την κοινωνική της ευθύνη, το κλίμα που επικρατεί στην κοινωνία τη δεδομένη στιγμή, αλλά και το τι συνέβη στους καταθέτες της τράπεζας.

«Πιστεύω ότι λέξεις όπως ταμεία – γύπες και τα λοιπά είναι πολιτικά βολικές ταμπέλες που χρησιμοποιούνται από πρόσωπα που δεν θέλουν να υπάρξουν αλλαγές και κατ’ ακρίβεια πρέπει να ωριμάσουμε περισσότερο», σχολίασε.

Χαρακτηρίζοντας την μη αποπληρωμή δανείων ως «κηλίδα στη φήμη της χώρας», ο κ. Χούρικαν υπέδειξε πως όταν κάποιος δεν αποπληρώνει τα δάνειά του επηρεάζει αρνητικά έναν καταθέτη που αποταμιεύει που ενδεχομένως να είναι γείτονας του.

Λέγοντας ότι η όποια κίνηση όσον αφορά ενδεχόμενη πώληση δανείων θα γίνει με προσοχή στην κοινωνική ευθύνη της τράπεζας, ο Ιρλανδός τραπεζίτης είπε πως «δεν θα φέρουμε στην κυπριακή κοινωνία χαζούς αγοραστές δανείων, αλλά σίγουρα θα αυξήσουμε την επιθετικότητά μας στην προσπάθειά μας να ανακτήσουμε αυτά τα δάνεια».

«Είμαστε τώρα τέσσερα χρόνια μετά την κρίση… είναι πλέον καιρός για τους δανειολήπτες και ειδικά αυτούς που μπορούν να πληρώσουν να σταματήσουν να χρονοτριβούν και να αρχίσουν να αποπληρώνουν τα δάνειά τους».

Εξάλλου, ο ισχυρός άνδρας της Τράπεζας Κύπρου εξέφρασε απογοήτευση από τις αντιδράσεις στην δημοπρασία μιας πολυτελούς κατοικίας, στην οποία προέβη πρόσφατα η Ελληνική Τράπεζα.

«Ξέρετε, οι άνθρωποι μπορεί να ζήσουν σε μικρότερα σπίτια, αν αντιμετωπίζουν δυσκολίες, πρέπει να αναγνωρίσουν ότι το βάρος που αντιμετωπίζουν δημιουργήθηκε κυρίως με δική τους υπαιτιότητα. Υπάρχουν ίσως συνθήκες που αντιμετωπίζουν, αλλά ξέρετε, η οικογένειά τους θα μπορούσε να ήταν ευτυχισμένη και εύκολα να ζούσε σε μικρότερο σπίτι και δεν είναι λογικό για αυτούς να λένε πρέπει να κρατήσουμε την πισίνα μας και τα δύο μας αυτοκίνητα και τα έξι δωμάτια και δεν ξέρω τι άλλο».

Διαγραφές δανείων «αν πονέσει και ο δανειολήπτης»

Σε ερώτηση αν η αύξηση των προβλέψεων αυξάνει την πιθανότητα διαγραφών δανείων, ο κ. Χούρικαν παρατήρησε ότι υπάρχει ο ηθικός κίνδυνος, σημειώνοντας ότι πρέπει να υπάρξει επιμερισμός του βάρους σε μεγάλο βαθμό.

«Η τράπεζα αναγνωρίζει τη θέση της σε κάθε ξεχωριστή περίπτωση. Αλλά εάν πρόκειται να διαγράψω κάτι, εκτός από επιβαρύνσεις, για παράδειγμα, τόκους που νόμιμα θα έπρεπε να είχαν καταβληθεί, ή κεφάλαιο που έπρεπε να καταβληθεί πρέπει να υπάρξει και πόνος από πλευράς του δανειολήπτη που να είναι πραγματικός. Διαφορετικά η τράπεζα είναι κορόιδο», είπε χαρακτηριστικά.

Λιγοστεύει η υπομονή με τους στρατηγικούς κακοπληρωτές

Ερωτηθείς αν μια ενδεχόμενη πώληση δανείων σημαίνει ότι η τράπεζα έχει χάσει την υπομονή της με τους λεγόμενους στρατηγικούς κακοπληρωτές, ο κ. Χούρικαν είπε ότι υπάρχει ένα μέρος στρατηγικών κακοπληρωτών αλλά δεν αποτελούν την πλειοψηφία. Όπως είπε, πολλοί βλέπουν την άνοδο των ακινήτων και προσπαθούν και να κερδίσουν χρόνο.

«Και αυτό με κάνει πιο ανυπόμονο και με ενοχλεί γιατί πέρασαν τέσσερα χρόνια και έπρεπε να προσέλθουν στο τραπέζι και να προσπαθήσουν να συμφωνήσουν μαζί μας και όχι να προσπαθούν να αγοράσουν περισσότερο χρόνο, όχι να προσπαθούν να μας καθυστερούν κατά τρόπο που το επιτρέπει η νομοθεσία και τα δικαστήρια», συμπλήρωσε, για να σημειώσει ότι η κοινωνία πρέπει να σταματήσει να τους ανέχεται.

Ο ΕΕΜ και οι πιέσεις για αύξηση προβλέψεων

Σε ερώτηση αν ο Ενιαίος Εποπτικός Μηχανισμός ζητά αύξηση προβλέψεων κάθε φορά που οι τράπεζες παρουσιάζουν κερδοφορία και αν η εποπτεία αυτή είναι βοηθητική, ο κ. Χούρικαν είπε πως αν και το βάρος της εποπτείας έχει αυξηθεί σημαντικά και θα μπορούσε να μειωθεί, είναι κάτι καλό γιατί βασίζεται σε ενιαίους κανόνες για όλη την ΕΕ.

«Κρατήσαμε πρόσθετες προβλέψεις €500 εκατ. προκειμένου να δημιουργήσουμε περαιτέρω επιλογές για να εξετάσουμε δυνητικές συναλλαγές γιατί θα είναι πιο ακριβές από την φυσιολογική, οργανική μείωση των ΜΕΔ και δεν υπάρχει αμφιβολία ότι κάποια από αυτή την πίεση προέρχεται από την ΕΚΤ, αλλά σε τελική ανάλυση είναι μια απόφαση την οποία πήρα εγώ και το Διοικητικό Συμβούλιο, γιατί θεωρήσαμε ότι ήταν το σωστό πράγμα, δεδομένης της προόδου που κάναμε μέχρι σήμερα», συνέχισε.

Ακίνητα: Υπάρχουν έξυπνες λύσεις

Για την ανταλλαγή ακινήτων με χρέος, που μέχρι το τέλος του εξαμήνου έφτασε στα €1,5 δις., ο κ. Χούρικαν σημείωσε πως η τράπεζα έχει αυξήσει δραματικά την πώληση ακινήτων, οι οποίες ανήλθαν στα €300 εκατ φέτος. Σημείωσε πως θα συνεχιστούν και οι πωλήσεις αλλά και η απόκτηση νέων ακινήτων, με αποτέλεσμα να υπάρχει αυξομείωση στο απόθεμα.

«Πιστεύουμε ότι υπάρχουν κάποιες πραγματικά έξυπνες λύσεις που μπορούμε να φέρουμε. Δεν είμαι έτοιμος να τις ανακοινώσω, αλλά εξετάζουμε το ενδεχόμενο περαιτέρω επιτάχυνσης της μείωσης της έκθεσής μας σε ακίνητα. Η δουλειά μας δεν είναι τα ακίνητα. Αποκτήσαμε ακίνητα λόγω της κακής συμπεριφοράς των δανειοληπτών μας», κατέληξε. 

Δείτε στο βίντεο που ακολουθεί όλη τη συνέντευξη: 



Minister welcomes S&P’s nod of credit rating approval

Finance Minister Harris Georgiades welcomed on Saturday the latest rating by Standard & Poor’s (S&P) that placed the sovereign credit rating outlook of Cyprus from stable to positive.

On Friday, S&P maintained Cyprus’s BB+ sovereign credit rating – still a notch below investment grade – but upgraded the outlook from stable to positive, citing the consolidation of public finances and the economic growth rate at higher levels than previously expected.

“This is a positive sign for the international investment community to build trust and growth prospects, provided we continue our effort responsibly and credibly away from the practices that led us to downgrades,” Georgiades said in an announcement.

“We expect the budgetary position to remain in surplus over the forecast horizon, without factoring in any further discretionary measures,” the rating company said in a statement late on Friday. “Even if there were some fiscal slippage in the run-up to the 2018 presidential election, we would expect public finances to subsequently consolidate, leading to a decline in general government debt. We also expect that the strength of the underlying recovery – reflected broadly across economic sectors and evidenced further in improved labour market outcomes, resurgent corporate profitability, and rising disposable incomes – will allow private balance sheets to deleverage further”.

With non-performing loans in the Cypriot banking system still accounting for almost half of the total in the system, S&P said that it will consider increasing the island’s credit rating if credit monetary conditions in the economy continue to improve and converge with conditions in the euro area “via a material reduction” of delinquent loans in the system.

Further economic recovery to pre-crisis levels and a reduction of government debt as a percentage of economic output will also justify an upgrade, the agency said.

Days after the finance ministry revised its economic growth forecast to 3.5 per cent from a previous 2.9 per cent for 2017, S&P said that it expects the Cypriot economy, which emerged two years ago from a prolonged recession, to grow on average 3 per cent over the 2017 to 2020 “supported by investment activity and services exports”.

“We expect the impact of Brexit on Cyprus to be limited,” it added. “In our base case, we do not anticipate a detrimental shift in policy following the presidential election in early 2018”.

S&P last updated Cyprus’s rating in March from a previous BB- assigned a year ago. The current BB+ rating is Cyprus’s highest. Fitch Ratings assigned Cyprus with a BB- with a positive outlook, Moody’s with B1 with the outlook placed also on positive and DBRS with BB low with stable outlook.

Source: CyprusMail

15 Trendy Living Rooms You Can Recreate at Home!

Whether it’s the only living room you have or you’re creating a more formal area apart from the bonus room where all the movie watching takes place, it can be tons of fun creating a spot in the house that looks a bit more couture than the rest. Today, we’re showing of 20 stunning living rooms cultivated in a designer’s eye. Formality, luxury and fashion-forward style were all used in these gorgeous settings. Let’s have a peek!

1. Textural & Feminine

If there were a catwalk for living rooms, this would be one of the last to end the show with a bang. The romantic colors, strong accents and textural elements all come together to create a room that’s full of live and style envy. The natural light that pours through the windows bounce off the blush and gold tones, while the chandelier helps to cultivate an even more relaxed romance too.


2. Minimal Hipster

Here’s a glimpse at a living room made with chic tendencies and crisp lines. The neutral tones keep things clean while the pops of rose gold and copper make an surprising statement that’s a bit outside-the-box in terms of traditional living rooms. There’s an artsy feel that arises from its combination that’s also very attractive.


3. Family Take

Closer to a family living room, this gorgeous and spacious living room has so many elements to love and swoon over. From the fireplace and artwork placement, the teal pops and the contemporary chandelier, there are so many ways this space has incorporated accents to heighten the style of the room.


4. Cottage Charm

Whoever cultivated this room knew how to infuse some cottage style into a space without losing it’s more formal, designer appeal. Creams, grey and some dashes of floral prints all come together in a way that’s makes a living room approachable and pristine all at the very same time.


5. Glittering Bits

Layered pillows on a large, sectional sofa, bits of glitter in the corners, high windows and fresh flowers are just some way to make your space look a bit more luxurious. And this example does it seamlessly while still creating a very enveloping escape for guests to come into.


6. Small & Mighty

Even a smaller living area can be made to look extra fashion-forward and designer-made. Neutral tones keep the space open and the addition of gold can highlight the area into seeming a bit more expensive in taste. We love the mixture of prints here for the added interest benefit and love the delicate decorum accents as well.


7. On Trend

Everything about this living room is right on trend with the present-day styles. But it’s also got a timeless feel as well making it a classic design that won’t need to be changed around with the moving seasons or new ideas. From the sheepskin stools to the mirror by the windows, there is a lot to envy about this space.


8. Springtime Eclecticism

These springtime colors highlight this creamy, subdued room in a way that’s fit for a showroom home. We’re loving the addition of the acrylic coffee table, which helps to bring in a small bout of luxury feelings as does the artwork covering the small nook in the background.


9. Desert Posh

There’s something about this space that reminds us of a sparkling, desert in the sun. With the pops of powder blue reminiscent a blue, springtime sky – it’s amazing how you can grab inspiration from a variety of places an then incorporate them into something like a gorgeous living room!


10. Youthful Edge

If you’re looking to create something with a bit more youth and edginess, then take this room as your inspiration or example of how to do it the right way. Starting with a classic black and white foundation and utilizes the right accents and accessories to cultivate a crisp style, this living room has a design appeal and younger charms.


11. Slick & New

There’s one word that comes to mind when taking a first glance at this larger, spacious living room and that’s  … slick. It’s got a monochromatic look but with the layers of texture provides the right amount of interest and artsy of a room that’s been thought out to every last detail.

12. Beige Beauty

Beige can look and feel like a designer’s dream when played up with its strengths. Just look at this gorgeous creation and imagine it sitting inside your home! This space has the perfect mixture of texture, tradition and lighting: three very important elements when designing a room for a family home.

13. Creating Collages

This is a very friendly space but it’s decorated in a way that brings about a rich, luxurious style. It could be all the feminine touches, of course, or it could be its use of outside-the-box collage makes. From the candles to the pillows to the family photos in the background, there’s a great deal of detail and artsy in this room.

14. Dreamy & Grandiose

Here’s a room that was made in a grandiose, luxuriously styled home and it just fit the mark and the space it was in. There’s a dreaminess involved with the choices made – the lights and the tufted sofa. It’s a bit too formal for everyday TV watching with the family, but it’s great for when guests come!

15. Stylish Collection

A personal favorite color combination is the chic and neat black, white and gold. The glimmering topping that highlights this classic duo is what makes the magic arise out of rooms dresses in the trio. And this living room is no exception with its couture-visions and youthful spirit.

Source: Homedit




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