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Category: Banking Law

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Banking Law

Cyprus Banks Reacting to ECB Interest Rate Cuts

19 September 202419 September 2024Michalis C. Zambartasborrowers, cuts, Cyprus, deposits, Hellenic Bank, reduced interest rates

The European Central Bank (ECB) has reduced interest rates for the second time since June. The deposit rate, which is the ECB’s primary tool, was lowered from 3.75% to 3.5%,
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Rating
Banking Law, Financial Services

Fitch Upgrades Hellenic Bank’s and Bank of Cyprus’s Credit Rating

13 November 202313 November 2023Michalis C. ZambartasBank of Cyprus, bb+, fitch, Hellenic Bank, rating, upgrade

On November 3, 2023, international rating agency Fitch announced that they upgraded the credit ratings of Hellenic Bank Public Company Limited and Bank of Cyprus Public Company Limited. Accordingly, Hellenic
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ATM
Banking Law, Compliance, Financial Services, Government

Lebanese Banking Crisis- Closure of Lebanese Branches in Cyprus- Are You Affected?

25 May 202225 May 2022Michalis C. Zambartasbanking crisis, Central Bank Cyprus, Central Bank of Lebanon, credits, Cyprus, deposit guarantee, Lebanese, loans

According to the recent reports, following the decision of the Central Bank of Lebanon, the Lebanese banks will be closing their branches in Cyprus. Lebanon is going through a severe
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Financial Services Law
Banking Law, Compliance, Financial Services Law, Funds, International Tax

Cyprus Funds Industry Growing Rapidly

27 November 202030 November 2020Michalis C. Zambartas#compliance, CIF, Cyprus, Cyprus Funds, financialservices, funds

The 6th International Funds Summit organized by Invest Cyprus and the Cyprus Investment Funds Association (CIFA) was held on November 16-17, 2020 and gathered more than 500 delegates. A large
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Euro Coins Debt Recovery
Banking Law, Government of Cyprus

DBRS Morningstar confirmed Cyprus’s long term credit rating to BBB

17 November 202017 November 2020Michalis C. Zambartascredit rating, Cyprus, economy

On November 13th, Friday, DBRS Morningstar- Global Credit Rating Agency, published and confirmed the Republic of Cyprus’s Long-Term Foreign and Local Currency – Issuer Ratings at BBB (low). At the
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Brexit
Banking Law, Company Law, Compliance, International Tax, Tax Law

Cyprus – A Possible New Home for the UK Financial Services Industry

7 October 20207 October 2020Michalis C. ZambartasBrexit, Cyprus, ESMA, FCA, financialservices, relocate, UK1 Comment

Despite the fact that the United Kingdom has its own regulatory authorities such as the Financial Conduct Authority (FCA), the core regulation of the financial industry in the UK is
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Banking Law, Government

Fitch confirms Cyprus at ‘BBB-‘; Outlook Stable

5 October 20205 October 2020Michalis C. ZambartasCyprus, economy, fitch, rating

Fitch Rating Agency confirmed Cyprus’s Long-Term Foreign-Currency Issuer Default Rating (“IDR”) at ‘BBB-‘ with a Stable Outlook. According to Fitch one of the key rating drivers is that the COVID-19
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Cyprus CbC Reporting
Banking Law, Government, International Tax, Tax Law

Clarification Bilateral Agreement between the Republic of Cyprus and the United States

18 September 202018 September 2020Michalis C. Zambartasagreement, Country by Country Reporting, Cyprus, USA

On September 4th, 2020, the Cyprus Tax Department has published a clarification in relation to the bilateral agreement between the Republic of Cyprus and the United States. The bilateral Competent
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Banking Law, Company Law

Update – EU Negative Interest Rate Policy in Cyprus

27 January 202027 January 2020Michalis C. ZambartasBank of Cyprus, Cyprus, Euro deposit, liquidity fee bank of cyprus, Negative interest rate

Further to our recent news provided on January 10 on the EU Negative Interest Rate in Cyprus; Bank of Cyprus Plc recently announced that it will charge fees on deposit
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Banking Law, Company Law

EU Negative Interest Rate Policy in Cyprus

10 January 202027 January 2020Michalis C. ZambartasCorporate account holders, Cyprus, EU Negative Interest Rate, Hellenic Bank

As of March 3 2020, Hellenic Bank Plc will start charging negative interest rates on deposits exceeding EURO 100,000. In accordance with the Cyprus News Agency these will only be
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Recent Posts

  • Antigua and Barbuda Removed from the EU List of Non-Cooperative Jurisdictions for Tax Purposes
  • Deletion of Fines for Failure to Comply with Cyprus Beneficial Owner Registry
  • Confirmation of Beneficial Owner Details in the Beneficial Owner Register
  • Transposition of the EU Mobility Directive into Cyprus Companies Law (Cap. 113)
  • Cyprus Banks Reacting to ECB Interest Rate Cuts

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