NPEs decline marginally in June

Non-performing exposures (NPEs) declined slightly to €2.92 billion in June 2022, marking a reduction of just €34 million compared with the previous month, according to data released by the Central Bank of Cyprus (CBC) on Monday.

 

NPE ratio to total loans amounted to 11.2% in June from 11.4% the month, before.

 

Net Non-performing loans (excluding restructured facilities which remain classified as non-performing as per the EBA directive) dropped by €65 million to €2.05 billion in June.

 

According to the CBC data, total restructured facilities in June amounted to €3.27 billion to €3.30 billion the month before, of which €1.41 billion was classified as non-performing compared with €1.54 billion in May 2022.

 

Total accumulated provisions remained broadly unchanged to €1.48 billion in June 2022, of which €1.35 billion was earmarked for NPEs with the NPEs coverage ratio at 46.2%.

 

According to the CBC data corporate NPES declined in June to €1.16 billion from €1.19 billion in May, of which €0.89 billion concerned small and medium-sized enterprises compared with €0,93 the month before. Coverage ratio for corporate NPEs stood at 61% while the coverage ratio for SMEs amounted to 64%.

 

Household NPEs in June amounted to €1.43 billion from €1.47 the previous month, with bad debts provisions ratio at 33%, the CBC added.

 

Source: Cyprus News Agency

Two festivals in Cyprus in celebration of 10th anniversary of European Citizen’s Initiative

Two festivals will take place in Nicosia to celebrate the 10th anniversary of the European Citizen’s Initiative.

 

The first takes place in Nicosia, Cyprus at the Up to You(th) festival (in Acropolis Park) on 24 September and at the Cyprus Forum (Nicosia Municipal theatre) on 29 and 30 September, the European Representation in Nicosia has said in a press release.

 

“At a dedicated ECI stand, the Cypriot ECI Ambassador will help visitors understand what the European Citizens’ Initiative is,” it adds.

 

Citizens will also be able to learn about the latest citizens’ initiatives, take part in a quiz, share ideas via activities, and have all your ECI-related questions answered.

 

A member from NGO Support Centre (which is the ECI Ambassador organisation) will take part in a session on “Inclusiveness through innovation and entrepreneurship actions” on 30 September.

 

According to the press release, over 800 EU citizens have already started 91 European Citizens’ Initiatives in the past ten years.

 

In total, more than 17 million signatures for initiatives have been collected from across the EU. Over 3,800 of these were from Cyprus.

 

Currently, there are 11 European Citizens’ Initiatives collecting signatures on various topics, including climate change, rules on animal protection, sports, EU trade policy or banning fossil fuel advertising.

 

“The most recently registered initiatives include: ‘Call to achieve a tobacco-free environment and the first European tobacco-free generation by 2030’, ‘Every European house equipped with 1 kw photovoltaic and 0.6 kw wind turbines’ and ‘Protect the EU’s Rural Heritage, Food Security and Supply’,” the press release concludes.

 

Source: Cyprus News Agency

Cyprus, Greece and Armenian FMs have trilateral meeting in New York

Cyprus, Greece and Armenia’s Foreign Affairs Ministers had a trilateral meeting, on the sidelines of the UN General Assembly in New York during which they discussed the Cyprus reunification process, the Eastern Mediterranean and the situation in Armenia and expressed their readiness to continue active contacts in the context of the trilateral format in order to “bring it to a qualitatively new level and expand the scope of cooperation.”

 

In the meantime, following a bilateral meeting Greek Foreign Minister Nikos Dendias had with his Cypriot counterpart Ioannis Kasoulides, he expressed his satisfaction about the lifting of the US embargo on arms sales in Cyprus.

 

“I think thanks also are due to US Secretary of State Antony Blinken, but also to Senators Menendez and Rubio,” he noted, adding that “that this is a reward for the consistent attitude of the Republic of Cyprus all these years; The new perception, which exists, of total cooperation against any form of aggression.”

 

The two Ministers also expressed concern as they said about Turkish President Tayyip Erdogan’s threats against Greece.

 

Afterwards, they had a tripartite meeting with the Minister of Foreign Affairs of Armenia.

 

“He explained to us what is happening in the South Caucasus, and we had the opportunity to jointly articulate our firm position in favour of the independence and territorial integrity of Armenia,” Dendias noted.

 

“Any revisionism, from wherever it comes from, from whatever country it starts – and, in fact, with the attempt to use the energy situation as a weapon against certain states and to attempt changes on the ground – will find us on the opposite side,” he added.

 

“Greece and Cyprus have always come together with one axis and one common position: adherence to international law, to the rights of independence and territorial integrity of all states, and, of course, to the International Law of the Sea,” Dendias pointed out.

 

On his part, Kasoulides expressed satisfaction about the lifting of the US arms embargo in Cyprus while he expressed the solidarity of the Republic of Cyprus towards the Armenian people who, as he said, are being tested once again.

 

The Greek Foreign Minister stated that together with the Greek Prime Minister Kyriakos Mitsotakis he is set to hold a total of 40 meetings with the ultimate goal “to deepen the relations we already have, but also to explain to all our interlocutors the constructive role that Greece plays in its wider region – and in the Balkans and the Eastern Mediterranean but also to promote the great national issue of Cyprus”.

 

In the meantime, in a press release about the trilateral meeting the Ministry of Foreign Affairs said that security issues related to the South Caucasus and the Eastern Mediterranean were discussed.

 

Armenian FM Ararat Mirzoyan “presented the situation resulting from the recent Azerbaijani aggression against Armenia,” it added. Dendias, the press release continued, referred to the escalation of the hostile rhetoric of Turkey against Greece. Kasoulides briefed his counterparts on the situation in the Eastern Mediterranean and on the latest developments regarding the Cyprus reunification process, it said.

 

Ministers Kasoulides and Dendias expressed their solidarity and support to the Armenian people.

 

“The Foreign Ministers expressed readiness to continue active contacts within the trilateral format in order to bring it to a qualitatively new level and expand the scope of cooperation,” the press release noted.

 

It further said that they also discussed issues related to the Armenia-EU partnership.

 

Source: Cyprus News Agency

A humanitarian vision is realized, A. Demetriou said at the opening of the first Ronald McDonald House

A humanitarian vision is finally realized, House President, Annita Demetriou said at the opening of the first Ronald McDonald House in Cyprus, in Strovolos Nicosia.

 

Demetriou addressed the centre’s opening ceremony in the presence of the Minister of Health, of the General Director of the Ministry of Health, as well as heads and representatives of political parties.

 

Demetriou, who recently visited the Ronald McDonald House Charities in Berlin, said that the opening of the first such guesthouse in Cyprus is the result of a two-year long effort and explained that the aim is to host children who are being hospitalized in Nicosia, along with their families.

 

She recalled that Ronald McDonald House Charities is operating abroad since 1974, providing relief and care to sick children and their families in trying times of their lives, and expressed the wish that this guesthouse will not be the only one of its kind in Cyprus.

 

House President meets Deputy Minister for Culture

House President Annita Demetriou met with Deputy Minister for Culture Yiannis Toumazis, vowing to continue close collaboration with a view to promoting culture in Cyprus.

 

In a statement following the meeting, Demetriou expressed her will to continue collaboration with the Deputy Ministry for the protection and promotion of Cyprus cultural heritage.

 

She also noted that she will promote these issues in the competent parliamentary committee with a view to promoting the necessary legislative amendments.

 

On his part, Toumazis highlighted the importance of collaboration over amending the legal framework and promoting significant issues associated with culture.

 

He namely referred to issues such as the legislative protection of artists, the enrichment of public buildings with works of art, the law on intellectual property and the Deputy Ministry’s involvement in construction of public buildings and monuments.

 

Source: Cyprus News Agency