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Wednesday, December 6, 2023

Fiscal loans with state guarantees

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ΑΡΧΙΚΗΕΙΔΗΣΕΙΣΠΟΛΙΤΙΚΗΤΟΠΙΚΑΠΑΡΑΣΚΗΝΙΟMEDIAΕΛΛΑΔΑΚΟΣΜΟΣΕΠΙΣΤΗΜΗΠΡΟΕΔΡΙΚΕΣ 2023ΤΕΧΝΟΛΟΓΙΑΣΥΝΕΝΤΕΥΞΕΙΣΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣΚΟΙΝΩΝΙΑΕΙΔΗΣΕΙΣΚΥΠΡΟΣ ΤΟΥ ΧΘΕΣΑΝΑΓΝΩΣΤΗ ΕΧΕΙΣ ΛΟΓΟΕΠΙΣΤΟΛΕΣΣΥΝΕΝΤΕΥΞΕΙΣΔΗΜΟΦΙΛΗ ΣΤΟ INTERNETVIDEOSΑΦΙΕΡΩΜΑΤΑADVERTORIALINSIDERΕΠΙΧΕΙΡΗΣΕΙΣΚΥΠΡΟΣBRAND VOICECAPITALFORBESBLOOMBERG OPINIONΠΡΩΤΑΓΩΝΙΣΤΕΣΚΑΥΤΗ ΓΡΑΜΜΗΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣΚΑΡΙΕΡΑΑΠΟΨΕΙΣΑΡΘΡΑ ΣΤΟΝ “Φ”ΠΑΡΕΜΒΑΣΕΙΣ ΣΤΟΝ “Φ”ΤΟ ΜΗΝΥΜΑ ΣΟΥ ΣΚΙΤΣΑΟ ΚΟΣΜΟΣ ΤΟΥ TWITTERGOING OUTTHINGS TO DOCINEMAΜΟΥΣΙΚΗΕΣΤΙΑΤΟΡΙΑBAR/CAFETV ΟΔΗΓΟΣΤΗΛΕΟΡΑΣΗΠΟΛΙΤΙΣΜΟΣΚΥΠΡΟΣΚΟΣΜΟΣΚΡΙΤΙΚΕΣΕΚΔΗΛΩΣΕΙΣΠΡΟΣΩΠΑΑΘΛΗΤΙΚΑΠΟΔΟΣΦΑΙΡΟΜΠΑΣΚΕΤΠΑΡΑΣΚΗΝΙΑΕΛΛΑΔΑΔΙΕΘΝΗΑΛΛΑ ΣΠΟΡΑΠΟΨΕΙΣΣΚΙΤΣΟVIDEOSAUTOΝΕΑΠΑΡΟΥΣΙΑΣΗΑΠΟΣΤΟΛΕΣΑΓΩΝΕΣΚΑΛΗ ΖΩΗΥΓΕΙΑΔΙΑΤΡΟΦΗΕΥ ΖΗΝΑΣΤΡΑΧΡΥΣΕΣ ΣΥΝΤΑΓΕΣΣΥΝΤΑΓΕΣ ΣΕΦΒΗΜΑ ΒΗΜΑΧΡΗΣΙΜΑΦΑΡΜΑΚΕΙΑΓΙΑΤΡΟΙΑΕΡΟΔΡΟΜΙΑΛΙΜΑΝΙΑΤΗΛΕΦΩΝΑΟΠΑΠΚΑΙΡΟΣΣΥΝΑΛΛΑΓΜΑΛΑΧΕΙΑAPPSΠΡΟΣΦΟΡΕΣΕΝΤΥΠΗ ΕΚΔΟΣΗ ΠΟΛΙΤΙΚΗΤΟΠΙΚΑΠΑΡΑΣΚΗΝΙΟMEDIAΕΛΛΑΔΑΚΟΣΜΟΣΕΠΙΣΤΗΜΗΠΡΟΕΔΡΙΚΕΣ 2023ΤΕΧΝΟΛΟΓΙΑΣΥΝΕΝΤΕΥΞΕΙΣΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣ ΕΙΔΗΣΕΙΣΚΥΠΡΟΣ ΤΟΥ ΧΘΕΣΑΝΑΓΝΩΣΤΗ ΕΧΕΙΣ ΛΟΓΟΕΠΙΣΤΟΛΕΣΣΥΝΕΝΤΕΥΞΕΙΣΔΗΜΟΦΙΛΗΣΤΟ INTERNETVIDEOSΑΦΙΕΡΩΜΑΤΑADVERTORIAL ΕΠΙΧΕΙΡΗΣΕΙΣΚΥΠΡΟΣBRAND VOICECAPITALFORBESBLOOMBERG OPINIONΠΡΩΤΑΓΩΝΙΣΤΕΣΚΑΥΤΗ ΓΡΑΜΜΗΧΡΥΣΕΣ ΕΤΑΙΡΕΙΕΣΚΑΡΙΕΡΑ ΑΡΘΡΑ ΣΤΟΝ “Φ”ΠΑΡΕΜΒΑΣΕΙΣ ΣΤΟΝ “Φ”ΤΟ ΜΗΝΥΜΑ ΣΟΥ ΣΚΙΤΣΑΟ ΚΟΣΜΟΣ ΤΟΥ TWITTER THINGS TO DOCINEMAΜΟΥΣΙΚΗΕΣΤΙΑΤΟΡΙΑBAR/CAFETV ΟΔΗΓΟΣΤΗΛΕΟΡΑΣΗ ΚΥΠΡΟΣΚΟΣΜΟΣΚΡΙΤΙΚΕΣΕΚΔΗΛΩΣΕΙΣΠΡΟΣΩΠΑ ΠΟΔΟΣΦΑΙΡΟΜΠΑΣΚΕΤΠΑΡΑΣΚΗΝΙΑΕΛΛΑΔΑΔΙΕΘΝΗΑΛΛΑ ΣΠΟΡΑΠΟΨΕΙΣΣΚΙΤΣΟVIDEOS ΝΕΑΠΑΡΟΥΣΙΑΣΗΑΠΟΣΤΟΛΕΣΑΓΩΝΕΣ ΥΓΕΙΑΔΙΑΤΡΟΦΗΕΥ ΖΗΝΑΣΤΡΑΧΡΥΣΕΣ ΣΥΝΤΑΓΕΣΣΥΝΤΑΓΕΣ ΣΕΦΒΗΜΑ ΒΗΜΑ ΦΑΡΜΑΚΕΙΑΓΙΑΤΡΟΙΑΕΡΟΔΡΟΜΙΑΛΙΜΑΝΙΑΤΗΛΕΦΩΝΑΟΠΑΠΚΑΙΡΟΣΣΥΝΑΛΛΑΓΜΑΛΑΧΕΙΑAPPSΠΡΟΣΦΟΡΕΣ ΕΠΙΧΕΙΡΗΣΕΙΣ ΚΥΠΡΟΣ BRAND VOICE CAPITAL FORBES BLOOMBERG OPINION ΠΡΩΤΑΓΩΝΙΣΤΕΣ ΚΑΥΤΗ LINE GOLDEN COMPANIES CAREER

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EXCLUSIVE CONTENTS& Phi; & iota; ά & sigma; & kappa; & omicron; & tau; & alpha; & delta; а & al; & i; & mu; & epsilon; & kappa; & rho; & alpha; & tau; & iota; & kappa; έ & sigmaf; & epsilon; & gamma; & gamma; & upsilon; or & sigma; & epsilon; & iota; & sigmaf;

TOGETHER WITH

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Next Fiasco Loans • INSIDER • CYPRUS • Loans with state guarantees fiasco

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& nbsp & nbspEleftheria Paizanou & nbsp; & nbsp;

A hole in the water was made by granting cheap borrowing with state guarantees, which would contribute, as was widely said by government and parliamentary officials, as well as representatives of employers' associations, to increase the liquidity of companies affected by the coronavirus pandemic.

The dramatic statements of many about the passing of a law on business lending through state guarantees to keep the economy afloat are still fresh in the memory. But on the one hand the political confrontations between the government and the opposition, which lasted more than 20 months, and on the other hand the over-indebtedness to which many companies are exposed, but also the uncertainty that exists due to the pandemic and the Ukrainian, factors that cause restraint in many companies, prevented entrepreneurs from applying for and receiving new loans, even though they would be guaranteed by the state.

SEE ALSO: & nbsp; Half loans will be guaranteed

According to data provided by “Φ”, by March 31, 2022, four of the seven banks that expressed interest in participating in the draft state guarantee, only twelve loans, totaling € €, had been approved. 6.55 million!

This is an extremely small number of loans, as the bill approved by Parliament in October 2021 provided for the provision of state guarantees amounting to € 1 billion, while banks had expressed interest in guarantees amounting to € 510 million. submitted by the Ministry of Finance to the Parliament in April 2020, provided state guarantees amounting to € 1.5 billion, which, however, was later withdrawn by the government, as its parties had changed the lights and made it unrecognizable. >

Who gave loans with guarantees

The twelve applications approved by the banks on March 31, 2022 and amounting to € 6.55 million & nbsp; relate to the following credit institutions:

– Bank of Cyprus approved seven loan applications with state guarantees, totaling € 5.89 million & nbsp;

– A loan application, amounting to € 60 thousand, with a guarantee from the state, was also approved by Hellenic Bank. & Nbsp;

– & nbsp; Alpha & nbsp; Bank gave the green light to three applications, for loans amounting to & nbsp; € 505 thousand & nbsp;

– An application was approved by Eurobank and concerned a loan with a state guarantee of € 100 thousand & nbsp;

According to “Φ”, the twelve applications for loans with state guarantees were received by March 31, & nbsp; while the loan agreements are expected to be signed by June 30. & nbsp;

It is worth noting that after the approval of the costly bill for state guarantees amounting to € 1 billion, last November, the Minister of Finance Konstantinos Petridis proceeded to an invitation to the licensed credit institutions to express interest in concluding contracts and contracts. issuance of new loans. The banks had the opportunity to submit their applications until December 19, 2021. After evaluating the applications, at the end of December, the competent minister decided to grant state guarantees of € 510 million to seven banking institutions, which expressed interest in due time. for concluding a state guarantee concession agreement.

Specifically, loans with government guarantees amounting to € 265 million were expressed to & nbsp; be granted by Bank of Cyprus, Hellenic Bank would provide loans with government guarantees of € 50 million and Alpha & nbsp; Bank & nbsp; € 75 & nbsp; million & nbsp; According to the interest expressed, loans of € 25 million would be granted by Astrobank € 25 & nbsp; and government guarantees of € 75 million corresponded to Eurobank. & nbsp; to the project by granting loans with guarantees amounting to € 10 million

55% of the guarantees would go to small and medium enterprises

The analysis of the data shows that out of the total borrowing of € 510 million with state guarantees, loans of € 153 million would be granted & nbsp; to self-employed and very small enterprises (30% of the requested amount). Also, & nbsp; loans € 280.5 million & nbsp; corresponded to small and medium enterprises (55% of the requested amount) as loans with state guarantees of € 76.5 million will be given to large enterprises (15% of the requested amount). A competent government source had stated at the time that in case the interest of the banks for securing loans with state guarantees is over € 510 million, then the government would proceed with the concession of the remaining € 490 million. , due to the low interest from the borrowers. It is noted that with the extension of the temporary framework for receiving state aid in order to support the economy during the pandemic, on 22/12/21 it was approved to extend the duration of the framework for state guarantees until 31/3/22, with possibility of signing loan agreements until 30/6/22.

Painful history

After the bill remained in the drawers of the Ministry of Finance for several months, it returned to the competent parliamentary committee, a few weeks before the self-dissolution of the previous Parliament, which approved the bill, having previously brought it to its measures. Due to the changes made by the Parliament in the bill, the Commission had not agreed and made recommendations. The European Union's Directorate-General for Competition, after examining the compatibility of the law with the competition rules, had concluded that amendments should be made.

Furthermore, the European Central Bank issued an Opinion, according to which It was proposed that representatives of the Central Bank not participate in the Supervisory Committee, due to the risk of conflict of responsibilities. Following these suggestions, the Ministry of Finance submitted a third bill to Parliament. The main changes made to the third bill, approved in October, concerned the non-participation of the Central Bank in the Monitoring Committee, however, with the participation of the representatives of the General Accounting Office, the Ministry of Finance and the Auditor General as an observer. Also, this Committee has only an informative role and is not involved in the decisions of the banks.

Source: www.philenews.com

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