Cyprus-Forum.com

[psycho]

Does anyone have any idea how Banks in Cyprus will be affected by the current global credit crunch situation, i.e. could we see something similar happening to a Cypriot bank in the same way that has happened with Northern Rock and Bradford & Bingley in the UK?

[purdey]

No.

[miltiades]

Cypriot Banks are not exposed to the type of lending or International investing that European Banks are finding themselves currently.
The Bank of Cyprus survived the 1974 events and has very little exposure to the European markets embroiled in the present financial melt down .

[psycho]

Cypriot Banks are not exposed to the type of lending or International investing that European Banks are finding themselves currently.
The Bank of Cyprus survived the 1974 events and has very little exposure to the European markets embroiled in the present financial melt down .

Is the Bank of Cyprus UK still considered a Cypriot bank?

[DT.]

Cypriot Banks are not exposed to the type of lending or International investing that European Banks are finding themselves currently.
The Bank of Cyprus survived the 1974 events and has very little exposure to the European markets embroiled in the present financial melt down .

Is the Bank of Cyprus UK still considered a Cypriot bank?

Bank of Cyprus UK is a branch of the Cypriot bank. Laiki Bank UK however is a separate entity.

[miltiades]

Cypriot Banks are not exposed to the type of lending or International investing that European Banks are finding themselves currently.
The Bank of Cyprus survived the 1974 events and has very little exposure to the European markets embroiled in the present financial melt down .

Is the Bank of Cyprus UK still considered a Cypriot bank?

Bank of Cyprus UK is the UK division of Bank of Cyprus Public Company Ltd . It has a very strong deposits base amounting to some 25 billion Euros as against 22 billion Euros of lending , most of which is with businessess unlike most of the UK banks that are reliant on the money markets to meet their exposure to the housing market.

""Bank of Cyprus UK is a member of the UK Financial Services Compensation Scheme which provides customers with protection on their deposits up to the Compensation Scheme limit of £50,000 (previously £35,000).

As a Cyprus registered bank, this protection is partly provided by the Central Bank of Cyprus Deposit Protection Scheme, which complies with EU standards. This Scheme covers 90% of any deposit, with a maximum compensation limit of €20,000. Protection for deposits in excess of this amount is provided via the UK's Financial Services Compensation Scheme.""

[psycho]

Cypriot Banks are not exposed to the type of lending or International investing that European Banks are finding themselves currently.
The Bank of Cyprus survived the 1974 events and has very little exposure to the European markets embroiled in the present financial melt down .

Is the Bank of Cyprus UK still considered a Cypriot bank?

Bank of Cyprus UK is the UK division of Bank of Cyprus Public Company Ltd . It has a very strong deposits base amounting to some 25 billion Euros as against 22 billion Euros of lending , most of which is with businessess unlike most of the UK banks that are reliant on the money markets to meet their exposure to the housing market.

""Bank of Cyprus UK is a member of the UK Financial Services Compensation Scheme which provides customers with protection on their deposits up to the Compensation Scheme limit of £50,000 (previously £35,000).

As a Cyprus registered bank, this protection is partly provided by the Central Bank of Cyprus Deposit Protection Scheme, which complies with EU standards. This Scheme covers 90% of any deposit, with a maximum compensation limit of €20,000. Protection for deposits in excess of this amount is provided via the UK's Financial Services Compensation Scheme.""

Miltiades when you say most of the lending is with businesses unlike most of the UK banks that are reliant on the money markets to meet their exposure to the housing market, have BOC lent to the Cypriot developers? If so, then surely that could result in the same sort of exposure?

[CBBB]

The banks in Cyprus are going to end up owning ALL the land and properties!

[roseandchan]

from what i understand some of the cyprus banks give mortgages to expats.
this could be the danger as if they are feeling the pinch at home, the holiday home will be first to go. this will cause problems for the banks. it will do nothing for the property market.
how many people purchased with the intention of buy to let? are they still paying their mortgages? lots of properties empty and rents are getting lower in order to get the property let . this causes a short fall.
something will have to give, so i don't see any country avoiding this global situation.

[Get Real!]

from what i understand some of the cyprus banks give mortgages to expats.

I think you’ll find banks in most countries give mortgages to anyone who passes their stringent tests… what difference does it make if one’s collateral is overseas?

Banks are not just there to serve the locals but ANYBODY who meets their criteria and I think you’ll find this happens in all capitalist countries.