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Latest News In Cyprus
FBME sale halted pending legal decision
Procedures to sell FBME Bank have been halted pending a court decision on a motion for the suspension of a Central Bank (CBC) order placing the lender under resolution, it emerged on Friday.A CBC statement said it had voluntarily accepted, as the resolution authority, not to sign any agreement or issue a new decree concerning the sale of the lender’s branch in Cyprus until the court ruled on an FBME application for an interim order suspending the July 21 order that placed it under resolution with the purpose of selling its operations to protect depositors. “In the bank’s view, the CBC measure is a hostile takeover. FBME does not know who this action is intended to help but it is clear that it will not be to the benefit of FBME Bank, its depositors, its employees, or the Republics of Tanzania or Cyprus.”
Cyprus still has highest loan rates
IN JUNE, Cyprus still had the highest interest rates on new loans for businesses and housing in the eurozone, despite the downward trend recorded in recent months, according to data released on Thursday by the European Central Bank (ECB) and the Central Bank of Cyprus (CBC).By contrast, the interest rate on loans for house purchases rose to 4.40 per cent from 4.37 per cent the previous month, and is still the highest among eurozone countries. The interest on deposits by households with an agreed maturity of up to one year rose to 2.56 per cent from 2.49 per cent the previous month.It is the highest deposit rate for households in the eurozone, the second highest rate in Greece at 2.36 per cent.Meanwhile, the deposit rate for businesses fell to 2.39 per cent from 2.50 per cent the previous month.