Group Financial Results
Group Financial Results for the year ended 31 December 2020
Timely and strong response by the Government of Cyprus
Comprehensive and far reaching measures to support performing businesses and the wider economy
2021
• Additional package of measures of c. €400 mn for the support of the
businesses and the self employed launched in 1Q2021, including:
2020
• Fiscal measures of c.€950 mn¹ accounting for c.4.5%¹ of GDP
launched in 2020, including:
•
Subsidy plan for businesses and self employed impacted by
•
Moratorium of loan instalment for 9 months until Dec 2020
•
lockdowns:
Coverage of rents and other operational expenses
• c.30,000 businesses expected to benefit
Second loan moratorium for business and private individuals impacted
by the second lockdown up to 30 Jun 2021
Eligible borrowers entitled to total moratorium of up to 9 months,
inclusive of any time spent on moratorium during 2020
Extension of subsidy of interest rate of new business and housing
loans
•
Subsidy of interest rate for 4 years
Application deadline extended to 31 Dec 2021
Employment compensation schemes for businesses impacted by the
second lockdown to protect jobs and avoid layoffs
• €1.0 bn of government funding raised in Feb 2021
•
• Liquidity support to businesses and households
•
Employment compensation schemes for businesses impacted by
COVID-19, to protect jobs and avoid layoffs
Subsidy of interest rate of new Business and Housing Loans
•
Financing of SMEs through CYPEF1 (€800 mn)
• €3.0 bn of government funding raised in Apr 2020; vote of
confidence to the Cypriot economy
European Authorities measures-Implications for Cyprus
•
•
.
EU Recovery Fund (€2.4 bn)
Pan-European Guarantee Fund (PEGF) (€300-€400 mn)
EU SURE Programme (€479 mn)
Access to ESM's Pandemic Crisis Support through the Enhanced
Conditions Credit Line, for c.€440 mn (2% of GDP)
1)
Estimation of Bank of Cyprus' Economic Research Department
Bank of Cyprus Holdings
8View entire presentation