Housing Finance Corporation hit by global crisis.Byline For the use of the term in football (soccer), see Byline (soccer).
The byline on a newspaper or magazine article gives the name, and often the position, of the writer of the article. : Jacqueline Jacqueline, 1401–36, countess of Hainaut, Holland, and Zeeland (1417–33). The daughter and heiress of William IV, duke of Bavaria and count of Hainaut, Holland, and Zeeland, and of Margaret of Burgundy, Jacqueline was passed over for the succession to the Theodoulou
THE HOUSING Finance Corporation (HFC 1. (networking) HFC - Hybrid Fiber Coax.
2. (hardware) HFC - hydrofluorocarbon. ) has asked the Finance Minister to inform him on his plans to deal with the difficulties in the Cyprus Cyprus (sī`prəs), Gr. Kypros, Turk. Kıbrıs, officially Republic of Cyprus, republic (2005 est. pop. 780,000), 3,578 sq mi (9,267 sq km), an island in the E Mediterranean Sea, c.40 mi (60 km) S of Turkey and c. banking system.
The HFC is especially worried about what the government plans to do, especially since state funding towards banks was stopped and interest rates have increased due to the international financial crisis, it said yesterday.
Presenting the HFC 2009 budget yesterday, the Chairman of the organisation's Board of Directors Christos Loizides informed the House Finance Committee that HFC income for 2009 was estimated at [euro]15.75 million compared to the previous year, when it was [euro]16.74 million.
Furthermore, expenditures are expected to reach [euro]8.89 million compared to 2008's [euro]8.49 million.
The organisation's surplus is also expected to decrease to [euro]6.85 million compared to the previous year's [euro]8.24 million.
Loizides said the reduction in income was due to lower revenue from interest compared to last year.
In 2008, the HFC brought in [euro]14.09 million from interest compared to the [euro]12.94 million expected this year.
"The difficulties have arisen because due to the international financial crisis and the consequential con·se·quen·tial
1. Following as an effect, result, or conclusion; consequent.
2. Having important consequences; significant: increase in interest rates, in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem"
tandem with acute competition among banks, the Housing Finance Corporation has been forced to offer high interest rates to its depositors, while maintaining the lowest possible interest rates for loans," Loizides said.
He added that being aware of its social role, the HFC was offering its depositors up to 7.0 per cent interest, while for loans, it was charging up to 5.75 per cent.
Loizides called for an urgent meeting with Finance Minister Charilaos Stavrakis to be informed on what the government was prepared to do to help the Corporation.
Copyright [c] Cyprus Mail Cyprus Mail is a Cypriot English-language newspaper. It is published daily (except Mondays) and a number of articles are available online. Its current chief editor is Kosta Pavlowitch.
The managing director is Kyriakos Iacovides. 2008
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