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Monday, February 6, 2023

Our oysters, unsecured checks and deposits

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Our oysters, unsecured checks and deposits

The number of unsecured checks fell to its lowest point in 2020 since available data became available. According to new data from the Central Bank, in 2020 the number of unsecured checks reached 454, from 914 in 2019. The largest number of unsecured checks was recorded in 2012, reaching 4,753. As of December 2020, the number of unsecured checks decreased to 45, compared to 48 in November 2020 and 55 in December 2019.

Regarding the value of unsecured checks, it amounted to € 741.7 thousand in 2020, from € 1.4 million in 2019. This picture, however, despite what Kassandres predicted, reflects the improvement of liquidity, both households as well as businesses and is doubly important when it occurs in times of crisis like the one we are going through.

The RAI building has been sold

It closed in 2020 with a super deal of € 5 million, with the sale of a well-known building in the center of Nicosia. This is the building that housed RAI headquarters until 2013, which has since been rented to AC Nielsen. The buyer of the property, according to information, is the insurance company Altius Insurance, which bought the property for investment, since the fact that it is rented allows it to have a better return than the bank deposit would offer. The real estate consultant for the deal was Andis Telemachou, of the company React Estate Agents, while details from the parties will be given in the coming days. However, the deal reveals the dynamics of the real estate market and leaves promises for 2021.

Petrolina's super deal

Petrolina strengthened its presence in Greece, which entered the Greek market of diesel fuel trading through the acquisition of the Greek Silk Oil. Silk Oil is a Greek company that is active in the fuel trade and is considered a young and rather small player in the Greek market. Its acquisition by Petrolina adds, however, to the potential of the Cypriot company 414 liquefied petroleum gas and LPG stations throughout Greece, plus two privately owned liquefied petroleum storage facilities in Crete and Samos. The gas stations of Silk Oil will continue to operate in the first phase with the brand of the Greek company, without excluding changes in the future. Due to the pandemic, Petrolina was looking for ways to grow its business in areas it knows well, including the acquisition of Silk Oil in this context. However, the company has been present in Greece for several years, after the acquisition of the Greek HafCo, which is active in the provision of fuel supply services for aircraft at airports in Greece. After the new deal, it entered dynamically in the market of liquid fuels and LPG of Greece.

Deposits up, interest rates down

A significant increase was recorded in deposits in November 2020, according to data published by the Central Bank of Cyprus. According to the data of the Central Bank, the total deposits in November 2020 recorded a net increase of € 190.9 million, compared to a net decrease of € 114.2 million in October 2020. The deposits of Cypriots amounted to € 39.4 billion. , from € 39.2 billion in the previous month and € 38.7 billion in November 2019. Deposits of residents of other eurozone countries, including Greece, amounted to € 2.50 billion, from € 2.56 billion in the previous month and € 2.94 billion in November 2019, while deposits of third country residents amounted to € 6.11 billion from € 6.21 billion in the previous month. The increase in deposits was recorded at a time when there is a record low, both in deposit and lending rates. Specifically, the interest rate on deposits with a maturity of up to one year by households remained unchanged at 0.09%, while the corresponding interest rate on deposits from non-financial companies fell to 0.11%, compared to 0.13% in the previous month. Finally, the interest rate on consumer loans fell to 2.96%, compared to 3.12% in the previous month, while the interest rate on home loans fell to 2.10%, compared to 2.14% in last month.

End to the EAC monopoly

The EAC monopoly officially came to an end on January 1, 2021, with the entry of the first private electricity supplier. The reason for the company Bioland Promithia, a subsidiary of the Bioland Holdings Ltd group, which is the first to take advantage of the transitional arrangement for the competitive electricity market and from the New Year supplies electricity to large private consumers, under bilateral contracts. The electricity generated comes from photovoltaic parks of the same group. This is essentially the first essential step for the competitive market, the official launch of which is expected in late 2021 or early 2022. Whether more competition means better prices for consumers is something we expect to see. and in practice.

1% of Bank of Cyprus changed hands

As notified to the CSE, TD Asset Management Inc reduced its stake in Bank of Cyprus. In particular, the Canadian investment fund had a stake of 3.99% and reduced it to 2.98%. The reduction in participation took place at the end of 2020, while the buyer according to information in the column is another fund also based in Canada.

It is reminded that the main shareholders of Bank of Cyprus are:

C Caius Capital with 9.58%

L Lamesa Holding SA with 9.27%

⦁ the European Bank for Reconstruction and Development with 5.02%

Or the former Laiki Bank with 4.81%.

However, at the same time, ETYK is trying to build a participation in the Bank of Cyprus, which after its presence in the Board of Directors of Elliniki will seek the same in Cyprus. The task here, however, seems more difficult, as it will have to build alliances with foreign investors.

Cyprus is the champion in the big houses

Cypriot households are housed in houses with surplus rooms, as shown by Eurostat data. In the European Union (EU), 17.2% of the population lived in overcrowded households in 2019, which means that they did not have enough rooms compared to the size of the household. Among EU Member States, almost half of the population in Romania (45.8%) lived in overpopulated households in 2019. At the opposite end of the scale, the lowest overpopulation rates were recorded in Cyprus (2.2%). The column tried for another week to enter the brains of famous personalities of the political, state and sports life of the place and reveals to you what they wanted to say and did not say about the above data.

Analytically:

Nikos Anastasiadis, President of the Republic of Cyprus: May the Cooperative be well with the loans it was giving, Mr. Socrates.

Averof Neophytou, president of DISY: I always said that the First Okela Protection Association should be created, Mr. Socrates.

Andros Kyprianou, secretary general AKEL: No house in the hands of a banker.

Nikolas Papadopoulos, president of DIKO: To give the naturalization files to the auditor general.

Marinos Sizopoulos, president of EDEK: Do we know how many houses Papadakis has?

Eleni Theocharous, President of Solidarity: What do you want me to comment, Socrates. To say that we all had to live in a house like the wooden house in Dierona?

Charalambos Theopemptou, president of the Ecologists' Movement: And they want to build other okeles in Lake Magli. But are they not overthrown?

George Lillikas, president of the Citizens' Alliance: If the banks did not prepay loans, we would have smaller houses.

Marios Karoyan, president of DIPA: For me, however, my house is more filthy than that of Nikolas Papadopoulos.

Christos Christou, president of ELAM: If they did not make rooms for foreign domestic helpers, we would have smaller houses.

Anna Theologou, president of the Independents: We make big houses so that my friends the hunters can store their weapons and cartridges.

Archbishop Chrysostomos B: 70% of the houses in the banks. Do you want a priest to tell you?

Prodromos Petridis, president of APOEL: I am the joy of the property owner, Mr. Socrates. Every 3 months I bring new customers.

Source: www.philenews.com

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