How rising interest rates are exposing bank weaknesses
07 Apr 2023The end of historically low interest rates was billed as good news for banks, which make more money as the difference widens between what they charge borrowers and what they pay for funding. But recent crises on both sides of the Atlantic show that the reality is more complex, upending the conventional wisdom.
Some banks, notably in Europe, are stuck with big loan books at interest rates fixed far below current levels. Others with a higher share of their book at variable rates can immediately charge more for outstanding loans but risk a wave of defaults from borrowers who can no longer afford to service their debt.
Then there is the issue of government bonds, where banks have been holding ever more of their liquidity after post-financial crisis regulations curbed their risk-taking. Bonds bought a year ago have fallen in value because they offer lower interest rates than those sold today, which is fine unless banks are forced to sell them to meet depositors’ demands.
Another concern is the unpredictable behaviour of depositors as they look for more lucrative places to park their cash, including money market funds and crypto, if banks are slow to raise rates for savings.
OUR MISSION & VISION
Our mission at ICC SOVEREIGN GROUP is to sustain our Group’s key position in the Financial & Fiduciary Services sector.
Our vision is to become the leading financial & fiduciary services provider in all jurisdictions we operate
OUR COMMITMENT
At ICC SOVEREIGN GROUP we treat our clients with courtesy and integrity. We guarantee to deliver the highest level of service to our clients.
We give the same attention to all clients, no matter how large or small they may be. Our years of experience in the industry ensure that your company is in good hands
OUR RECORD
Our consistent track record of uncompromising ethics instills confidence and trust. We use cutting edge technologies to ensure up to the minute information from the financial world.
This allows us to respond quickly, and give you the most relevant information and perspectives.
Head Office : 17 Megalou Alexandrou Street, ICC SOVEREIGN BUSINESS CENTRE, 2121 Aglantzia, Nicosia, Cyprus
Correspondence Address : P.O.Box 28558, 2080 Nicosia, Cyprus
Contact : : +357 22 490909 | : +357 22 518484 | : info@iccsovereigngroup.com | : iccgroupeu
Terms Of Use
The use of and access to pages of this website operated by ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP is subject to the terms and conditions set out below. By using www.iccsovereigngroup.com and/or www.iccgroup.com.cy and/or www.iccsovereigngroup.co.uk and/or www.iccgroup.eu, you agree to the provisions contained in these Terms and Conditions which govern your use of the Website. If you have any questions about these Terms and Conditions, please contact us at info@iccsovereigngroup.com.
ICC SOVEREIGN LIMITED is a Limited Liability Company registered in Cyprus under Registration Number HE114592, with registered office address at 17 Megalou Alexandrou Street, 2121 Aglantzia, Nicosia, Cyprus.
These Terms and Conditions may be amended from time to time without notice and any changes will take effect immediately upon publication. By using this Website, you are indicating your agreement to be bound by these Terms and Conditions as may be amended from time to time.
COPYRIGHTAll information and material posted on this Website are subject to copyrights owned by ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP and other individuals or entities as defined by law. Any reproduction, retransmission, republication, or other use of all or part of any document found on this Website, including but not limited to, posting, linking, deep linking, or otherwise modifying its contents is expressly prohibited, unless prior written permission has been granted by ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP or the appropriate copyright owner. All other rights reserved.
The names, logos, trademarks, and service marks of ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP that appear on this site may not be used in any advertising, publicity, promotion, or in any other manner implying ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP‘s endorsement, sponsorship of, or affiliation with any product or service, without ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP’s prior express written permission.
This Website and any Other Website contains copyrighted material, trademarks and other proprietary information, including, but not limited to, text, software, photos, video, graphics, music and sound, and the entire contents of the Website are protected by copyright as a collective work under the Cyprus copyright laws. ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP owns a copyright in the selection, coordination, arrangement and enhancement of such content, as well as in the content original to it. You may not modify, publish, transmit, participate in the transfer or sale, create derivative works, or in any way exploit any of the content, in whole or in part. You may download, print, and save copyrighted material for your personal use only. Except as otherwise expressly stated under copyright law, no copying, redistribution, retransmission, publication or commercial exploitation of downloaded material without the express permission of ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP or the copyright owner is permitted. If copying, redistribution or publication of copyrighted material is permitted, you will make independent attribution and agree to make no changes in or deletion of any author attribution, trademark legend or copyright notice. You acknowledge that you do not acquire any ownership rights by downloading copyrighted material.
The materials contained in this web site are not intended to constitute legal/ tax and or other professional advice relevant to particular circumstances and should not be relied upon as such. The materials are provided for information purposes only and you should consult a suitably qualified professional on any specific problem or matter. No advice or information, whether oral or written, obtained by Users and or third parties through or from the Website shall create any warranty by ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP.
ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP makes no warranties, representations or undertakings about: any of the content of this web site (including, without limitation, any as to the quality, accuracy, completeness or fitness for any particular purpose of such content); or any content of any other web site referred to or accessed by hypertext link through this web site ("3rd party site").
ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP does not endorse or approve the content of any 3rd party site, nor will ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP have any liability in connection with any of them (including, but not limited to, liability arising out of any allegation that the content of any 3rd party site infringes any law or the rights of any person or entity).
ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP shall not be liable for any direct or indirect, special, incidental or consequential damages including any loss of profits, business, revenue or goodwill arising from the use of or access to or inability to use or access, interruption or availability of the Website, its operation or transmission, computer viruses, loss of data or otherwise in respect of its use or the downloading or use of any software, including pdf files, made available by ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP on the Website.
APPLICABLE LAWThese Terms and Conditions are governed by the laws of the Republic of Cyprus, the courts of which shall have exclusive jurisdiction over any disputes arising hereunder or from use of the Website. If any of the Terms and Conditions should be determined to be illegal, invalid or otherwise unenforceable, then to the extent and within the jurisdiction which that Term or Condition is illegal, invalid or unenforceable, it shall be severed and deleted from this clause, but the remaining Terms and Conditions shall survive, and remain in full force and effect, continuing to be binding and enforceable.
If ICC SOVEREIGN LIMITED and/or ICC SOVEREIGN GROUP LTD and/or ICC NOMINEES LIMITED and/or ICC SOVEREIGN GROUP fails to exercise any right or remedy available under the Terms such failure does not constitute a waiver of that right or remedy.
The Headings in the Terms are for convenience only and have no legal meaning or effect.
Privacy Policy
PURPOSE
The purpose of this Privacy Policy ("Policy") is to provide adequate safeguards for the handling of your Personal Data by ICC SOVEREIGN GROUP ("ICC") in accordance with the European General Data Protection Regulation (GDPR) and any other relevant Cyprus or European law.
DISCLOSURE OF PERSONAL DATA
We do not disclose your personal data to third parties other than for the purposes outlined in this Policy. Transfers to third parties may involve the exchange of such personal data with unrelated companies that provide support services for your account or facilitate your transactions with us, including those providing professional, legal or accounting advice to us.
SPECIAL CATEGORIES OF DATA
ICC will not process special categories of data ("sensitive data") without your prior explicit consent where this is necessary, unless otherwise required and / or enforced by law.
PURPOSES AND LEGAL BASES FOR THE PROCESSING OF PERSONAL DATA
We collect and process your personal data (1) after we obtain your consent for purposes marketing products that we believe you are interested in. We will therefore ask for your informed consent before we process any of your personal data for these specific purposes, (2) based on our legitimate interest in improving the content and functionality of our website, such as altering your personal information notifications, and (3) based on the necessity to perform activities in relation to the services we provide to you. We also process your personal data in order to comply with applicable laws and regulations.
YOUR RIGHTS
You have the right to access and update your personal information, the right to erasure, the right to portability of your data in a universally used form, the right of objection, and the right to object to automated decision-making. Please note that these rights are not absolute and therefore subject to exceptions under the Community or Cyprus Laws.
CONNECTIONS
If you follow a link to any other websites, we encourage you to keep in mind that these sites have their own privacy policies and that we do not take any responsibility or responsibility for these policies.
COOKIES
Cookies are small data files that are placed on your computer or on an Internet-enabled device from websites in order to add features. This allows sites to improve their way of working, such as storing user-expressed preferences or tracking the use of a site by a user for statistical analysis. Cookies do not contain personal information, but if you provide us with personal data, they can be linked to the data stored in the cookie.
The site uses the following types of cookies: Strictly necessary cookies for the operation of the site, and first-person cookies which provide us with personal data on the frequency of traffic.
By using this website, you agree to the use of cookies as described above. If you do not consent to the use of such cookies, you can block cookies by turning on the browser setting that allows you to refuse all cookies or certain cookies. However, we remind you that this may prevent you from accessing all or part of the site.
SECURITY
ICC is committed to preserving the confidentiality and integrity of personal data and to preventing unauthorised access to the data. We apply all required security measures to prevent any violation, alteration or destruction of personal data
DATA RETENTION
As long as there is no predetermined retention period required by law to retain any of your personal data, your personal data will only be retained for as long as it is necessary for the purposes of processing. We will then delete them safely taking all appropriate legal and technical measures.
TRANSFERS OF PERSONAL DATA TO OTHER COUNTRIES
ICC does not transfer personal data outside the EEA. However, if it is required to do so, it will implement appropriate transmission mechanisms in accordance with the law and will instruct you to inform you in advance.
REVISIONS
ICC reserves the right to modify this Policy at any time. Any changes will be posted on this page and, if necessary, will be communicated to you by email.
COMPLAINTS AND CONTACT DETAILS
If at any time a person would like to know more or believes that personal data concerning him / her are being processed in violation of this Policy, then he/she can file his/her complaints by sending an email to info@iccsovereigngroup.com or by telephone at +357 22490909.
Supervising Authority
You also have the right to file a complaint with the Supervisory Authority, which is the Privacy Commissioner's Office:
1 Iasonos Street, 1082 Nicosia, Cyprus
P.O.BOX 23378, 1682 Nicosia, Cyprus
Tel: +357 22818456
Fax: +357 22304565
E-mail: commissioner@dataprotection.gov.cy