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Annual Report 2008-2009

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Annual Report 2008-2009 annual report 2008 / 2009 Table of Contents Message from the Director General 3 Economic Environment The Cyprus Economy 4 Stock Market Developments 7 Major Economic Indicators 8 The Banking Sector General Overview & Key Figures 9 Commercial Banking 9 Government measures for ensuring financial stability 10 Financial Intermediation 11 Bank Credit by Sector 12 Credit Card Transactions 13 The Member Banks 14 Year Under Review Artemis Banking Information Systems Ltd 21 Tax Incentives for the Development of Mutual Funds 22 ACB’s Training Programme 23 Other Activities carried out by the Association 24 The ACB Background 26 Mission 26 Organizational Framework 27 Team of ACB 28 ACB events in 2008/9 29 2 3 Message from the Director General Since the edition of last Information Systems Ltd. The operation of a Credit Bu - year’s Annual Report, reau will provide our members with reliable credit-re - what has started as a sub lated data and is expected to contribute towards the prime mortgage crisis in smoother functioning of the banking system. the United States has turned the global finan - The Association has been heavily involved in the revi - cial landscape on its head. sion of tax laws aimed at providing tax incentives for The unprecedented the development of collective investment funds. In severity of the turmoil is addition, we have successfully advocated the adop - demanding novel re - tion of procedures based on OECD guidelines for the sponses from govern - exchange of tax information with countries with ments, Central Banks and which Cyprus has double tax treaties. We have been the banking industry. active in supporting the development of a compre - hensive Property Price Index for Cyprus, which will en - In the midst of these testing economic conditions, able banks to monitor price changes and improve Cyprus cannot remain unaffected. Sectors which are ex - credit risk management practices. We have supported posed to foreign demand like tourism and the construc - our members in the revision of the Banking Code of tion sector with emphasis on holiday homes are Conduct and in the harmonization of the Account beginning to show signs of weakness. Switching Code with the common principles agreed by the European banking community and the Euro - Not all news is negative, however. A notable success for pean Commission. Following our initiative, the Elec - Cyprus has been its inclusion in the OECD’s “white list”, tronic Checks Clearing System is now developed and in recognition of the island’s implementation of inter - is in the process of being implemented. As far as on - nationally agreed standards of cooperation. Further - going activities are concerned, we have been heavily more, Cyprus has renegotiated its double-tax treaty involved in supporting our members with matters with Russia, effectively ending its inclusion in Russia’s arising from the Payment Services Directive, the im - “blacklist” of countries and territories offering preferen - plementation of Basel II, as well as with continuous tial tax treatment. These developments further enhance developments in the area of suppression of money Cyprus’ attractiveness as a reputable and stable financial laundering activities. The Association has continued centre and in conjunction with the G-20 nations’ pledge providing seminars for member banks and has to deploy sanctions against tax havens, create new op - arranged for a number of the seminars in 2009 to be portunities which the local banking sector is set to seize. partly subsidized by the Human Resource Develop - ment Authority of Cyprus. Throughout 2008, our members have managed to re - main profitable despite the negative environment, These achievements were made possible through the maintaining high capital adequacy ratios and adequate support of our Board of Directors, as well as through the liquidity ratios. Cyprus banks have avoided any expo - efforts of colleaques from our member banks who con - sures to toxic investment products and are continuing tribute their valuable knowledge and skills to our work - to supply the domestic economy with much-needed ing committees. In the months to come, the financial liquidity. Due to the robustness of the banking sector, sector will continue to be under close scrutiny. Cyprus no public recapitalization or asset purchase has been banks will be expected to participate in the discussions necessary. On the contrary, a number of successful cap - for regulatory reform both domestically as well as at a ital issues bears witness to the continuing investors’ con - European level. Our Association will rise to the chal - fidence in the local banking sector. lenge of promoting our members’ positions, taking into account the particularities of our own financial sector The past year has also been successful for the Associa - and the small open economy we operate in. tion, which has achieved several important objectives. Notably, in 2008 the Association proceeded with the es - Dr. Michael Kammas tablishment of a local Credit Bureau, Artemis Banking Director General 4 Economic Environment The Cyprus Economy • The labor force is highly skilled and multilingual • The island is strategically located and has excellent cli - Cyprus is an independent republic with a presidential mate and high standard of living system of government and, as at 1 May 2004, a member of the European Union. The euro has been used as legal • International Financial Reporting Standards have been tender since 1 January 2008. used for over three decades The island’s increasing attractiveness as an International • There is a strong banking infrastructure Financial Centre is supported by the following: Cyprus has an open market economy dominated by the • Cyprus offers the lowest tax rate in the EU and has a service sector which accounts for more than 77% of number of advantageous double tax treaties GDP, while the importance of agriculture and manufac - turing is declining steadily. Services include tourism, • Cyprus’ legal system is based on its British counterpart banking, accounting, consultancy, telecommunications, and UK court decisions are often used as precedent education and medical. Percentage Distribution of 2008 GDP Finanacial Others Agriculture Intermediation 8% 4% 2% Construction 9% Transport & Communications Services including 7% tourism 62% Manufacturing 8% Source: Statistical Service of Cyprus (provisional data for 2008) 5 annual report 2008 / 2009 The service sector has proved resilient in coping with the In 2008 there were signs of growth deceleration in key global slowdown. This, together with the dominance of sectors of the economy; nevertheless, economic the service sector in the Cypriot economy, has so far shel - growth reached 3.7% which compares favorably with tered Cyprus from the recession of the Εurozone economy. the EU27 average (see table to the left). The economic outlook is expected to deteriorate further in 2009 as the effects of the global crisis and weakening domes - tic demand take effect. According to the latest Euro - GDP Real, % Change stat estimates, in 2009 Cyprus is expected to be the only EU member with positive GDP growth, albeit at 2004 2005 2006 2007 2008 2009F 2010F nominal levels (0.3% GDP increase). Cyprus 4.2 3.9 4.1 4.4 3.7 0.3 0.7 Private consumption has not shown signs of a slow - down in 2008 as the Turnover Volume Index of Retail EUR 27 2.5 2.0 3.1 2.9 0.9 -4.0 -0.1 Trade grew by 6.5% throughout the year. However, this Euro Area 2.1 1.7 2.9 2.6 0.8 -4.0 -0.1 trend was sharply reversed in the beginning of 2009 as indicated by the 12.5% decrease of revenues from indi - USA 3.6 2.9 2.8 2.0 1.1 -2.9 0.9 rect taxes in March 2009 compared to the correspon - ding month in 2008. The drop in indirect taxes is Japan 2.7 1.9 2.0 2.4 -0.6 -5.3 0.1 attributable to the lower VAT revenues which tradition - Source: Eurostat ally provide a reliable indication for the course of con - sumer demand. In 2008, Cyprus exhibited the highest growth in the euro Growth in the construction sector remained relatively area. As a result, the GDP per capita in purchasing power strong at 4.6% in 2008. In 2009 cement sales recorded standards moved closer to the European average. a drop of 27.5% between January and March compared to the corresponding period of 2008, indicating a reduc - GDP per capita in Purchasing Power Standards tion in construction activity. (EU27 = 100%) The tourism sector has already felt the crisis’ effects, with 120 revenues from tourism declining by 3.5% in 2008 and 110 110.6 110.7 110.3 109.7 number of tourist arrivals declining by 0.5%. The year ahead is expected to be tougher as a result of the dete - 100 100 100 100 100 100 % riorating sterling exchange rate and the prolonged re - S 92.9 P 90 90.3 90.9 90.2 90.8 P cession in the UK, traditionally the biggest source of 80 visitors. 70 In addition to the decline in receipts from tourism, ex - 60 2004 2005 2006 2007 2008 ports of goods have remained stagnant in 2008. This, together with rising imports fuelled by the high levels EU (27 countries) Εuro area Cyprus of private consumption, has worsened the current ac - Source: Eurostat count balance in 2008, which is estimated at -12.9% over GDP. 6 Real GDP Growth Rate The Cyprus unemployment rate remains low in 2008 at 12 levels of 3.8% compared to 7.5% in the euro area. Al - 10 though it is not expected to increase significantly in 2009, initial figures for the first months of the year suggest an 8 increase in the sensitive tourism and retail sectors.
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