Does a bank owe a duty to its customers?

It is a well-known fact that many people face very serious problems with their loan agreements, bank accounts, deposits and the like. As a consequence, they become parties in a judicial dispute after banks initiate a legal claim against them in order to gain back ‘their’ money. The outcome is very obvious; being in favour […]


Banking in Cyprus


A successful recapitalised banking sector in Cyprus passed External Commercial Borrowing (ECB) stress tests and found a stable footing after the turmoil of the 2013 bail-in. Liquidity and solvency in the banking system have improved significantly, with exchange controls fully lifted in May 2015. Foreign investors who want to open a company in Cyprus will have to open a bank account for […]


EU Launches Investigation into Hungarian Advertising Tax


An investigation into whether Hungary’s advertising tax complies with EU state aid rules has been launched by the European Commission (EC). The tax, which was introduced in June 2014, is presently based on turnover as opposed to profits and is applied at progressive rates ranging from 0 to 50%. While the European Commission does not […]


Cyprus Exits Bailout Program


Eurozone finance ministers celebrated in Brussels as Cyprus exited its bailout programme – the fourth EU country to do so, while Greece’s creditors continued to stall over its latest rescue package. Cyprus signed up to a rescue package of as much as €10 billion ($11 billion) in March 2013, when its banks collapsed and the […]