Popular Bank gets support from State

The House of Representatives late last night approved legislation providing for state support to the island’s second largest lender. The item was passed with 43 votes for, none against, and three abstentions.

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Popular Bank seeking state aid

THE Popular Bank said yesterday it was in talks with the finance ministry and the Central Bank about state guarantees to raise fresh capital after being battered by the Greek debt write-down.

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15 firms to bid for gas drilling rights off Cyprus

Major oil and gas companies such as Russia’s Novatec, Italy’s ENI, France’s Total, and Malaysia’s Petronas are among 15 firms and consortiums that are seeking to carry out exploratory drilling for gas deposits off southern Cyprus, the island’s commerce minister said Friday, despite Turkey’s strong objections.

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THOSE who were looking for an incentive to switch to more environmentally friendly solutions or just need a loan may be pleased to learn that the Bank of Cyprus (BoC) yesterday announced three separate loan schemes to encourage ‘green’ investments.

The BoC’s Green Loans are targeted to individuals who want to buy eco-friendly cars, build energy efficient houses or set up photovoltaic systems, the BoC’s retail banking general manager Charis Pouangare said.

The schemes “are a long term investment in the environment,” Pouangare said.

Pouangare said that in terms of the housing loan, applicants will have to get an energy performance certificate from the commerce ministry.

This needs to be obtained along with a building permit and is also valid for existing buildings of up to 1,000 square metres (to be renovated accordingly).

In such a case, “the client will not have to pay any expenses to be granted the loan,” Pouangare said adding that for a €100,000 loan the benefit to a client would come to over €1,000.

For cars, “there will be a ‘green bonus’ which will have specific benefits relative to the car’s worth,” Pouangare said.

For photovoltaics, the bank might not insist on any guarantees for loans up to €25,000 while favourable terms may apply for loans up to €70,000 requiring guarantee, Pouangare said.

Pouangare said that the BoC was committed to helping the environment and would once again publish their annual report online rather than printing it, “saving in this way huge amounts of paper and energy”.

The BoC is also collaborating with Larnaca and Paphos to help clean up their historical centres, Pouangare said.