|
Economic Adjustment Programme For Cyprus
The Economic Adjustment Programme for Cyprus, usually referred to as the Bailout programme, is a memorandum of understanding on financial assistance to the Republic of Cyprus in order to cope with the 2012–13 Cypriot financial crisis. It was signed in March 2013 by the Cypriot Government on one hand, and on the other hand by the European Commission on behalf of the Eurogroup, the European Central Bank (ECB) and the International Monetary Fund (IMF). Background Credit rating downgrade to speculative On 13 March 2012, Moody's slashed Cyprus's credit rating to speculative status, warning that the Cyprus government would have to inject more fresh capital into its banks to cover losses incurred through Greece's debt swap. On 25 June 2012, the day when Fitch downgraded bonds issued by Cyprus to BB+, which disqualified them from being accepted as collateral by the European Central Bank, the Cypriot government requested a bailout from the European Financial Stability Facility or the E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cypriot Parliament
The House of Representatives ( el, Βουλή των Αντιπροσώπων ; tr, Temsilciler Meclisi) is the national unicameral legislature of the Republic of Cyprus. Members and three observers representing Armenian, Latin, and Maronite Cypriots are elected by proportional representation every five years. 30% of seats are allocated to Turkish Cypriots, but these have been vacant since 1964. The House of Representatives of Cyprus is the only legislature in Europe within a fully presidential system. Elections A general election must be held on the second Sunday of the month immediately preceding the month in which the term of office of the outgoing House expires. The outgoing House continues in office until the newly elected House assumes office, but during this time the outgoing House does not have the power to make any laws or to take any decision on any matter, except in urgent and exceptional unforeseen circumstances. The House may dissolve itself by its own decision bef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Representatives (Cyprus)
The House of Representatives ( el, Βουλή των Αντιπροσώπων ; tr, Temsilciler Meclisi) is the national unicameral legislature of the Republic of Cyprus. Members and three observers representing Armenian, Latin, and Maronite Cypriots are elected by proportional representation every five years. 30% of seats are allocated to Turkish Cypriots, but these have been vacant since 1964. The House of Representatives of Cyprus is the only legislature in Europe within a fully presidential system. Elections A general election must be held on the second Sunday of the month immediately preceding the month in which the term of office of the outgoing House expires. The outgoing House continues in office until the newly elected House assumes office, but during this time the outgoing House does not have the power to make any laws or to take any decision on any matter, except in urgent and exceptional unforeseen circumstances. The House may dissolve itself by its own decision be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tier 1 Capital
Tier 1 capital is the core measure of a bank's financial strength from a regulator's point of view.By definition of Bank for International Settlements. It is composed of ''core capital'', which consists primarily of common stock and disclosed reserves (or retained earnings), but may also include non-redeemable non-cumulative preferred stock. The Basel Committee also observed that banks have used innovative instruments over the years to generate Tier 1 capital; these are subject to stringent conditions and are limited to a maximum of 15% of total Tier 1 capital. This part of the Tier 1 capital will be phased out during the implementation of Basel III. Capital in this sense is related to, but different from, the accounting concept of shareholders' equity. Both Tier 1 and Tier 2 capital were first defined in the Basel I capital accord and remained substantially the same in the replacement Basel II accord. Tier 2 capital represents "supplementary capital" such as undisclosed reserves ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laiki Bank
Cyprus Popular Bank (from 2006 to 2011 known as Marfin Popular Bank) was the second-largest banking group in Cyprus behind the Bank of Cyprus until it was 'shuttered' in March 2013 and split into two parts. The 'good' Cypriot part was merged into the Bank of Cyprus (including insured deposits under 100,000 Euro) and the 'bad' part or legacy entity holds all the overseas operations as well as uninsured deposits above 100,000 Euro, old shares and bonds. The uninsured depositors were subject to a bail-in and became the new shareholders of the legacy entity. As at May 2017, the legacy entity is one of the largest shareholders of Bank of Cyprus with 4.8% but does not hold a board seat. All the overseas operations, of the now defunct Cyprus Popular Bank, are also held by the legacy entity, until they are sold by the Special Administrator, at first Ms Andri Antoniadou, who ran the legacy entity for two years, from March 2013 until 3 March 2015. She tendered her resignation due to disag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Haven
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner ( non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Offshore Bank
An offshore bank is a bank regulated under international banking license (often called offshore license), which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as offshore financial centres. OFCs often also levy little or no corporation tax and/or personal income and high direct taxes such as duty, making the cost of living high. With worldwide increasing measures on CTF ( combatting the financing of terrorism) and AML (anti-money laundering) compliance, the offshore banking sector in most jurisdictions was subject to changing regulations. Since 2002 the Financial Action Task Force issues the so-called FATF blacklist of "Non-Cooperative Countries or Territories" (NCCTs), which it perceived to be non-c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multinational Corporations
A multinational company (MNC), also referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation or a stateless corporation with subtle but contrasting senses, is a corporate organization that owns and controls the production of goods or services in at least one country other than its home country. Control is considered an important aspect of an MNC, to distinguish it from international portfolio investment organizations, such as some international mutual funds that invest in corporations abroad simply to diversify financial risks. Black's Law Dictionary suggests that a company or group should be considered a multinational corporation "if it derives 25% or more of its revenue from out-of-home-country operations". Most of the largest and most influential companies of the modern age are publicly traded multinational corporations, including '' Forbes Global 2000'' companies. History Colonialism T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Cyprus
The Bank of Cyprus (BoC) ( el, Τράπεζα Κύπρου, tr, Kıbrıs Bankası) is a Cypriot financial services company established in 1899 with its headquarters in Strovolos. Current operations The Bank of Cyprus currently operates 108 branches or business offices across the Republic of Cyprus. The group also has representative offices in Romania (€33 million net exposure as of 2007), Greece (€309 million exposure as of 2007), Russia (€21 million net exposure as of 2007), Ukraine, and China. It is the largest bank in Cyprus by market penetration, with 83% of Cypriots having active Bank of Cyprus accounts, representing 60% of total corporate accounts and 40% of the overall banking sector. The shares of the bank are listed on the Cyprus Stock Exchange (CSE). The bank is the largest listed company on the CSE in terms of market capitalization. Since 8 October 2007, it has been part of the Cyprus 10 Index, which comprises the 10 largest companies in Cyprus. It was listed o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deposit Insurance
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability. Overview Banks are allowed (and usually encouraged) to lend or invest most of the money deposited with them instead of safe-keeping the full amounts (see fractional-reserve banking). If many of a bank's borrowers fail to repay their loans when due, the bank's creditors, including its depositors, risk loss. Because they rely on customer deposits that can be withdrawn on little or no notice, banks in financial trouble are prone to bank runs, where depositors seek to withdraw funds quickly ahead of a possible bank insolvency. Because banking institution failures have the potential to trigger a broad spectrum of harmful events, including economic recessions, policy makers mainta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurozone
The euro area, commonly called eurozone (EZ), is a currency union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies. The 19 eurozone members are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The eight non-eurozone members of the EU are Bulgaria, Czech Republic, Croatia, Denmark, Hungary, Poland, Romania, and Sweden. They continue to use their own national currencies, albeit all but Denmark are obliged to join once they meet the euro convergence criteria. Croatia will become the 20th member on 1 January 2023. Among non-EU member states, Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. In addition, Kosovo and Montenegro h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
