House prices in Cyprus fell 5.7% year-on-year in the first quarter of 2014, the third largest drop in the European Union, the EU’s statistical service, Eurostat, said recently.

Finance Minister Harris Georgiades recently welcomed banks’ efforts to recapitalise ahead of EU-wide stress tests in the autumn of 2014.

Property owners will pay this year’s immovable property tax (IPT) on rates based 1980s values, parliament unanimously decided recently, after disagreements over the updated rates tabled by the government.

The House unanimously voted an amendment recently to the legislation governing the Financial ombudsman’s office, expanding its mediating powers and fulfilling Cyprus’ obligation towards its international lenders to have the institution up and running.

Parliament recently passed a bill overhauling the current welfare system and replacing it with a new troika-inspired one, with the Guaranteed Minimum Income (GMI) at its forefront.

The European Commission has found the restructuring plan of the Greek Alpha Bank, including the acquisition and integration of Emporiki Bank, to be in line with EU state aid rules.

Contraction in the economy will be at 4% of GDP in 2014, according to the Finance Ministry macroeconomic indicators for May 2014, an improvement over the 4.2% revised prediction by the Troika.

The Statistical Service recently announced that the number of building permits authorised by the municipal authorities and the district administration offices in April 2014 totalled 384, down from 448 recorded in March 2014.

The retail Trade Turnover Value Index was up by 4.0 units or 5.4% in March this year compared to March 2013, according to data released recently by the Cyprus Statistical Service.

The Bank of Cyprus has embarked on a series of roadshows to potential investors, while minority shareholders were blocked out of the upcoming capital increase.