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Questions & Answers
2/9/2012
Νο.970
Q.: What is your opinion on the 2013 projection Mr
Loizou on the Cyprus economy? In addition to the
economic mess that we are in, we are going through an
election period and listening to the various candidates,
little they care about the well being of the economy. I
am fed up and greatly disappointed.
Akis Georgiou
A.: I could not agree with you more. Much of the
development of the economy will depend on the Troika
measures and it appears that our existing Government is
taking its time. This is very wrong, since the later we
leave it, the worse will become. It appears that the
left wing party will not win, so in terms of economy we
stand a better chance to respond to a capitalist system.
Regards,
A.P. Loizou
No.971
Q.: What is the meaning of a non performing loan Mr
Loizou? I got a letter saying that because my loan is
non-performing, the Bank will charge me interest on the
delays at 11%!! Can the Bank do it?
J & K
A.: A non performing loan is a loan which has 3
consequential instalments delayed. It depends on your
agreement with the bank, since it might agree, for you
to cover only the interest and not the capital (in most
occasions the bank will go for it). Regrettably the
banks can charge over and above the “normal” 6%-7%
interest up to (or more it depends on the loan agreement
usually recorded in the appendix in small letters)
11%-13%. This is very high, bearing in mind that deposit
rates are in the region of 4½%, but based on local and
U.K. high court decisions, it is within the banks’
rights to do it. For me and having a middle of the road
attitude, I find it odd to charge someone when is in
trouble and make him pay more and thus pushing him under
at an earlier time frame rather than otherwise. Having
made this comment, I found out that banks abroad are
much more aggressive than the local banks.
Regards,
A.P. Loizou
No.972
Q.: In order to build we need to have a “satisfactory”
access. What is a satisfactory access Mr Loizou?
Matt & Greta Charles
A.: I will give you the basic information only my
friends. It means that the access could be by a road of
at least 4 meters wide (made or unmade) as it is shown
on the topographical plan, or a right of way 3.65 mts.
wide and no more than 100 meters away from a public road
(4 meters wide). Make sure that upon application to
build, the earth road/right of way is passable. Invest
in a grader so that there are no questions asked when
the officials from the authorities visit the site.
Regards,
A.P. Loizou
3/32612-td
3.9.2012
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