Foreign Minister Ioannis Kasoulides said recently that the government was looking into setting up an escrow account where it could deposit part of the natural gas revenues to be used for future generations.

The Central Bank of Cyprus will investigate how Laiki Bank received emergency liquidity assistance of more than €9 billion, it was announced recently.

Demand for 6-year Cyprus government retail bonds shot up to €27.4m in November 2014, with most of the interest coming from foreign investors.

Cyprus saw its government debt fall in the third quarter of 2014 by €956m to €18.2b after it redeemed part of the bond issued to recapitalise Cyprus Popular Bank in 2012, the Finance Ministry said.

Industrial turnover index in Cyprus was down by 6.4% in the first eight months of this year compared to the same period in 2013, according to data released by the Statistical Service.

The Labour Ministry will pay €41 million more in social spending next year, Minister Zeta Emilianidou said recently, mainly because of the introduction of the guaranteed minimum income (GMI).

The government would like to see the €1 billion of bailout money not required for recapitalising the Cooperative Central Bank used to repay more expensive, short-term debt, Finance Minister Harris Georgiades said recently.

Property owners have until April 25, 2014 to appeal the government’s valuation of their real estate and correct any other mistakes made in the process of fixing immovable propertytax (IPT).

Aegean Airlines said it was interested in developing its operations on the island, but it was not yet clear whether the processinvolved acquiring the island’s ailing carrier Cyprus Airways (CY).

Bank of Cyprus shareholders elected former Deutsche Bank’s Josef Ackermann, US billionaire Wilbur Ross and Russian Vladimir Strzhalkovskiy to the new board recently.