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Cyprus Consumers Association Alerts Travelers On Refund Safeguards Amid Agency Disputes

by THEFUTURE.TEAM

September 23, 2025

Overview Of The Issue

The Cyprus Consumers Association has issued an urgent advisory following a notable surge in complaints directed at a travel agency that failed to fulfill its refund obligations for undelivered services. Although the agency in question was not specifically named, the inquiry highlights widespread concerns regarding operational accountability in the travel industry.

Legislative And Regulatory Safeguards

Under current legislation, travel organizers are mandated to provide a comprehensive guarantee covering the entire sum paid by customers for services that remain unprovided. The Consumers Association underscored that the Consumer Protection Service, in coordination with the Association of Cyprus Travel & Tourism Agents (the designated approved body by the Minister of Energy, Commerce and Industry), is responsible for supervising and enforcing these guarantees.

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Activation Of The Guarantee

In instances where a travel organizer is unable to meet its commitments, the guarantee is triggered automatically. Funds are then allocated promptly to travelers who did not receive the services they had paid for, ensuring prompt restitution without undue delays. This measure is pivotal in maintaining consumer trust and protecting financial interests.

Consumer Advisory And Best Practices

The association advised travelers to meticulously verify that their selected travel agency is a properly registered travel organizer and maintains the legally required insolvency guarantee. Emphasizing the significance of these checks, the advisory noted that a lapse in such due diligence could jeopardize the excitement and security inherent to planned journeys.

Reporting Non-Compliance

Consumers who have been informed that paid services will not be delivered are urged to contact the Cyprus Consumers Association directly via email, providing all pertinent booking details for immediate assistance and investigation.

Wider European Consumer Protection Initiatives

In a related development, the European Commission and the Consumer Protection Cooperation Network have recently secured an agreement with major travel platforms such as Expedia and Lastminute.com. These industry leaders are now obligated to guarantee refunds within 14 days for cancelled flights and ensure transparency in contact information and customer rights. These enhanced measures extend to additional platforms, including Edreams ODIGEO, Etraveli Group, and Kiwi.com, all under the same robust standards.

Conclusion

As the regulatory environment tightens and consumers become increasingly vigilant, the Cyprus Consumers Association’s proactive measures serve as a critical reminder of the importance of compliance and consumer protection in the travel industry. Stakeholders across the sector are urged to uphold these standards to foster a trustworthy and resilient market environment.

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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.