The Central Bank of Cyprus has launched a Legal Cost Reduction Program to assist individuals involved in litigation concerning Bank of Cyprus and Laiki Bank restructuring. Eligible cases include lawsuits against CBC for withdrawal, withdrawn cases with pending legal fees, and adjudicated cases with CBC as the prevailing party, with applications accepted until December 31, 2024.
What is the Central Bank of Cyprus’ Legal Cost Reduction Program?
The Central Bank of Cyprus has introduced a Legal Cost Reduction Program to offer financial relief by reducing legal costs for individuals involved in litigation related to the restructuring of the Bank of Cyprus and Laiki Bank. Eligible cases include active lawsuits against CBC for withdrawal, withdrawn cases with pending legal fees, and adjudicated lawsuits with CBC as the prevailing party. Applications must be submitted by December 31, 2024.
Legal Cost Support for Litigants
In what has been a significant move, the Central Bank of Cyprus (CBC) is revisiting its legal cost support framework. The CBC’s latest initiative offers reduced legal costs to individuals engaged in litigation concerning the restructuring procedures and bond issues of the island’s major financial institutions, specifically the Bank of Cyprus and Laiki Bank. This approach reflects a broader commitment to address the aftermath of the financial challenges these banks faced.
The CBC has specified that the support will extend to various cases. These include active lawsuits against the CBC intended for withdrawal, cases already withdrawn but with pending legal cost payments, and adjudicated lawsuits where the CBC was the prevailing party yet to settle awarded legal costs. This measure is anticipated to provide financial relief to litigants entangled in long-standing legal battles.
Application and Deadline
For those interested in taking advantage of this opportunity, the CBC has outlined the application process on its official website, detailing procedures and stipulating requirements posted on July 3 and July 10, 2023. Applicants should act promptly, as the deadline for submissions is firmly set for December 31, 2024, at noon. Addressing queries or concerns, the CBC has opened lines of communication via their website or through their contact number, urging interested parties to seek further guidance.
KEVE and UN Envoy Discuss Trade as Peace Catalyst
Strengthening Bicommunal Trade
In parallel to financial remedies, economic development through trade consistently plays a vital role in peace-building efforts. The president of the Cyprus Chamber of Commerce and Industry (Keve), Stavros Stavrou, met with the United Nations Secretary-General’s Special Representative in Cyprus, Colin Stewart, to discuss just such an economic focal point. Emphasizing the critical nature of this dialogue, a social media update revealed their discussions centered around augmenting trade between the island’s communities, a strategic move poised to foster reconciliation and address the protracted Cyprus issue.
The engagement signals a refreshed impetus towards utilizing commerce as a bridge to unite the Greek Cypriot and Turkish Cypriot communities. This meeting symbolizes a step forward in a long journey towards economic cooperation and fortifying community bonds, which is expected to have positive ripple effects throughout the island’s socio-political landscape.
Cyprus Stock Exchange Witnesses a Downturn
Market Performance Indicators
Moving to the financial markets, the Cyprus Stock Exchange (CSE) experienced a slight downturn on Thursday, February 22. The general market index, a barometer of market health, slipped by 0.31 percent, settling at 141.77 points midday. Mirroring this trend, the FTSE/CySE 20 Index also edged down by 0.32 percent, resting at 86.11 points. Despite these dips, the day’s transactions totaled €215,848, evidencing continued investor engagement.
Sub-index performance varied, with the main, alternative, investment firm, and hotel indices recording declines that ranged from moderate to significant. Investor focus was notably directed towards several prominent companies, including the Bank of Cyprus, whose shares remained stable, and Atlantic Insurance, which saw a notable decrease. This stock market snapshot provides a glimpse into the nuanced shifts within the island’s economy, as businesses navigate the complex interplay of local and global financial currents.
What is the Central Bank of Cyprus’ Legal Cost Reduction Program?
The Central Bank of Cyprus has introduced a Legal Cost Reduction Program to offer financial relief by reducing legal costs for individuals involved in litigation related to the restructuring of the Bank of Cyprus and Laiki Bank. Eligible cases include active lawsuits against CBC for withdrawal, withdrawn cases with pending legal fees, and adjudicated lawsuits with CBC as the prevailing party. Applications must be submitted by December 31, 2024.
How can individuals apply for the Legal Cost Reduction Program by the Central Bank of Cyprus?
Interested parties can find detailed information about the application process on the official website of the Central Bank of Cyprus. The application procedures and requirements were posted on July 3 and July 10, 2023. The deadline for submissions is December 31, 2024, at noon. For further guidance, individuals can reach out to the CBC through their website or contact number.
What are the types of cases eligible for the Central Bank of Cyprus’ Legal Cost Reduction Program?
Eligible cases for the Legal Cost Reduction Program include active lawsuits against the CBC for withdrawal, withdrawn cases with pending legal fees, and adjudicated lawsuits where the CBC was the prevailing party. These cases must be related to the restructuring of the Bank of Cyprus and Laiki Bank.
How does trade play a role in peace-building efforts in Cyprus?
Trade is considered a catalyst for peace-building efforts in Cyprus, particularly in strengthening bicommunal trade between the Greek Cypriot and Turkish Cypriot communities. By fostering economic development through commerce, initiatives like increasing trade between the island’s communities aim to promote reconciliation and address the protracted Cyprus issue. This dialogue is crucial in fortifying community bonds and creating positive impacts on the island’s socio-political landscape.
