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Geneva Mediation For Hotel And Construction Contracts In Cyprus

by THEFUTURE.TEAM

June 11, 2024

As part of the International Labour Organization (ILO) annual meeting in Geneva, Cyprus’s Minister of Labour, Yiannis Panayiotou, is set to engage in informal discussions with key stakeholders in the hotel and construction sectors. These talks aim to address the ongoing disputes regarding the renewal of collective agreements, which have been unresolved since May 2022. The main contention lies in the unions’ demand for legally regulated wages and contract terms, opposed by employers. Panayiotou’s mediation proposal, expected by the end of June, seeks to reconcile these differences and establish a mutually agreeable framework.

Background of the Dispute

The expiration of collective agreements in May 2022 has left a significant gap in the legal regulation of wages and contract terms in these critical sectors. The unions have been advocating for robust legal frameworks to ensure fair wages and working conditions, highlighting the necessity of such measures for worker protection and industry stability. Conversely, employers argue that increased regulation may lead to inflexibility and higher operational costs, potentially impacting the sectors’ competitiveness and growth.

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Importance of Mediation

The mediation in Geneva represents a crucial effort to find common ground between the conflicting parties. Panayiotou’s approach involves leveraging the neutral environment of the ILO meeting to facilitate open dialogue and foster a collaborative spirit. The outcome of these talks is vital for maintaining industrial harmony and ensuring that both employees’ rights and employers’ operational concerns are adequately addressed.

Broader Implications

Resolving these disputes is not just about immediate contractual terms; it reflects the broader economic and social landscape of Cyprus. Successful mediation could set a precedent for future negotiations in other sectors, promoting a balanced approach to labour relations. Furthermore, achieving a consensus would enhance the stability and attractiveness of the Cypriot labour market, potentially leading to increased investment and growth in the hotel and construction industries.

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EBA Finds Gaps In Bank Recovery Dry Run Practices

by THEFUTURE.TEAM

April 15, 2026

Overview Of The European Banking Authority Findings

The European Banking Authority (EBA) published a report examining how banks conduct dry runs to test recovery plans. The analysis focuses on how institutions prepare for stress scenarios and assess their ability to implement recovery measures. Dry runs serve as practical tests of operational readiness under adverse conditions.

Varied Approaches And Institutional Maturity

Findings show clear differences in how banks design and execute these exercises. Approaches vary in scope, methodology, and depth of implementation. Institutions that treat dry runs mainly as compliance exercises tend to gain limited practical value. In such cases, testing does not translate into improvements in recovery planning.

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Integrating Dry Runs Into Broader Risk Management

More advanced institutions integrate dry runs into broader risk management processes. These exercises are used to test internal coordination, decision-making, and operational response. Such integration improves the feasibility of recovery plans and supports faster execution during stress events.

Regulatory Evolution And Future Implications

The EBA highlights the need for consistent and high-quality testing of recovery frameworks. Updates to testing approaches are required as risk conditions evolve. Closer alignment between recovery and resolution planning is also identified as an area for further development.

Moving Forward With Strategic Preparedness

According to EBA, the benchmarking exercise is intended to guide improvements rather than impose requirements. The report provides reference points for strengthening testing practices across institutions. Additional guidance, including the EBA handbook on simulation exercises, supports further development of recovery and resolution planning.