The government reiterated recently that the proposed foreclosures bill provides great opportunities for borrowers to protect themselves and their immovable property.

In the midst of critical deliberations with potential investors nominally interested in taking over Cyprus Airways, former permanent secretary at the Communications and Works ministry Makis Constantinides was confirmed recently as the government’s choice to replace outgoing Tony Antoniou at the helm of the ailing national carrier.

Property prices fell across the board in the second quarter of 2014, with Paphos recording the biggest drop, according to the latest RICS Property Price Index.

Bank of Cyprus announces a six-month net profit of €81m for the first half of 2014, marking the second consecutive profitable quarter following seven loss-making quarters.

The island's largest lender, Bank of Cyprus (BoC) announces extra measures to support customers who are facing difficult times because of the recession.

On the heels of recent announcements by the Bank of Cyprus and the Co-operative Central Bank offering distressed borrowers more favourable repayment terms, Hellenic Bank followed suit with an announcement of its own policies.

Tourism has risen 6.0% between January and July, and revenue by 8.0% compared to the same period last year, Cyprus Tourism Organisation chairman Angelos Loizou said recently.

Non-performing loans (NPLs) in Cyprus' banking system recorded an increase by €317 million at the end of June 2014 compared with the previous month.

The Bank of Cyprus announced recently that its financial results for the first half of 2014 will be released on August 27 and its report audited by the Group's external auditors will be announced on August 29.

Banks will not foreclose on homes belonging to vulnerable groups, the bank association said recently, as it sought to allay concerns ahead of a vote on a foreclosures bill at the end of this week.