Cyprus’s government and opposition parties agreed to an initial austerity package on Friday which includes spending cuts and privatising the island’s stock exchange. The Cyprus Stock Exchange (CSE) may, if the plans go ahead, be procured for sale to private investors. Relevant Links Cyprus Stock Exchange Cyprus Banking and Finance Lawyers
The Central Bank of Cyprus has set a new core tier 1 minimum capital requirement of 8% for the island’s banks with immediate effect. Core tier 1 replaces the capital adequacy ratio as the new benchmark for capital adequacy in Cypriot banks. Under previous regulations, the minimum core tier 1 requirement could have been as [...]
The House of Representatives, Cyprus’ Parliament, passed on 14/4/11 the Bank Levy Bill into Law. The main effect of the new legislation is the establishment of an Independent Financial Stability Fund for financial institutions. Provided that the totalamount of the levy does not exceed 20% of the total taxable profits of the financial Institution, as [...]
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