Etek Finalizes 40 Million Euro Damage Estimate For Limassol Wildfire

by THEFUTURE.TEAM

September 25, 2025

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Comprehensive Damage Assessment

The Scientific Technical Chamber of Cyprus (Etek) has completed its evaluation and submitted detailed damage estimates to the Ministry of Interior following the large wildfire on July 23, 2025, in the mountainous area of Limassol. The overall restoration cost is estimated at approximately 40 million euros.

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Methodical Evaluation And Key Metrics

Etek reviewed around 760 requests, with 650 cases falling under its jurisdiction. The analysis reveals that roughly half of these requests involved complete destruction, with an average restoration cost of 115,000 euros per structure. Additionally, about 220 cases reported minor damage with a mean cost of 3,700 euros, while nearly 100 instances were classified as moderately damaged, each incurring an approximate cost of 30,000 euros.

Robust Methodology And Transparent Process

The damage assessments were conducted using a proprietary mass valuation methodology developed by Etek. This method incorporates a detailed categorization of damage levels along with current cost estimates per square meter. The findings were gradually submitted to stakeholders beginning in early August, with final decisions pending Ministry approval; affected parties retain the right to appeal.

Leadership And Industrial Collaboration

ETEK President Konstantinos Konstantis emphasized that the engineering professionals demonstrated exceptional readiness and reliability during the crisis, delivering scientifically backed assessments through swift and transparent procedures. The Chamber extended its gratitude to the professional engineering organizations and all experts who contributed to the damage evaluation process.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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