On the 14th of April 2011, the Cyprus Parliament unanimously passed the Bank Levy Legislation. The law establishes 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 these are assessed by the Director of Inland…
The governor of Cyprus` central bank, Athanasios Orphanides, announced that it will create a financial stability fund worth around 500 million euros. Orphanides, a member of the European Central Bank’s Governing Council, told the finance committee of parliament, that ‘as an initial target, our aim is to build a fund of around 3.0 percent of…
As of the 01.03.2011 the duration of the validity cheques issued has been reduced from the current 6 months to 3 months as of the date of the issue of the cheque. This decision affects cheques issued as of the 01.03.2011 and applies equally to government issued cheques following the 01.08.2011. The decision was taken…
JSC LTB Bank of Latvia, exercising its right of the freedom of establishment and in accordance with article 10A(1) of the Banking Law No 66(I) of 1997, as subsequently amended, has informed the Central Bank of Cyprus of its intent to open a branch in Cyprus. JSC LTB Bank operates in Latvia since 1991 and…
The Central Bank of Cyprus announced that as of the 01.03.2011 the duration of the validity cheques issued will be reduced from the current 6 months to 3 months as of the date of the issue of the cheque. This decision affects cheques issued as of the 01.03.2011 and applies equally to government issued cheques…
On the 5th of August 2009 the Council of Ministers approved draft legislation relating to Payment Services. It is expected that the legislation will be passed by the House of Representatives during the forthcoming months. The legislation will be enacted for the purposes of harmonisation of Cyprus law with the provisions of Directive 2007/64/EC of…