Cyprus & World News

Restructured loans in Cyprus reach 14.12%

06 February, 2014

Non performing loans by commercial banks and the co – operative sector inside and outside Cyprus stood at 25.24 billion euro by September 30th 2013, according to figures published by the Central Bank of Cyprus.

The data also shows that non performing loans from local operations reached 24.1 billion euro.
The Central Bank figures are based on the new definition of non performing loans which was applied on June 30th 2013.

In particular, the amount of loans which have been restructured by the 30th of September 2013 reached 14.12% of the total credit facilities, or 53 billion euro.
By September 30, 2013, the amount of non performing loans of commercial banks reached 36.89% (19,5 billion euro), from 28.17% which was on the 30th of June, 2013.

Based on the data concerning local operations of commercial banks, loans amounting to 51.22 billion euro were allocated, of which 35.96% or 18.41 billion euro are included in the non performing loans and 14.25% have been restructured.
As regards the co-operative sector, the amount of restructured loans by September 30th 2013 reached 4.62% of the total loans which stood at 13.48 billion euro.

Non performing loans reached during the same period 42.22% (5,6 billion euro of the total credit facilities, from 41.52% on the 30th of June, 2013.

Most credit facilities of banks until the 30th of September 2013 were in the construction sector and reached 7.23 billion euro of which 61.64% is non performing and 20.34% has been restructured.

As regards the co-operatives, most loans allocated by September 30th 2013 were in the public administration sector and defence (compulsory social security) reaching 821.34 million euro, of which 3.34% is non performing and 0.03% was restructured.