The Cyprus Borrowers Association (Syprodat) released a statement on Monday saying that despite recent interest rate cuts by the European Central Bank (ECB), many borrowers have not noticed a decrease in their monthly loan repayments. According to the association, this can be explained by several factors related to the way interest rates are calculated and the terms of loan agreements. The association explained that “loans may be linked to different reference rates, such as the ECB rate, the interbank EURIBOR rate, or the base interest rates of banks”.
“The adjustment of repayments depends on the type of interest rate and the frequency of adjustments set out in the loan agreement,” it added. Cybersecurity has evolved from being a luxury to becoming a strategic priority for organisations, according to Minos Georgakis, Director of Advisory Services at PwC Cyprus. In a recent piece of analysis, he explained that in a world where every business process is now digital, “the responsibility for cybersecurity and data protection cannot rest with a single department or individual”.
“The answer to the question of who is responsible for cybersecurity in an organisation is simple: everyone,” he said. Cyprus-based alternative investment fund Cyreit has announced the sale of Irida Tower, a multi-storey commercial building in Larnaca. The fund, a subsidiary of Prodea Investments, said that it is offering the 52-metre-high property to potential buyers.
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