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Troika confirms Cyprus Coop's positive track, CCB Chairman says

08 May, 2014

The cooperative sector`s positive track, following its recapitalization, will be reflected in the fourth review of Cyprus` adjustment programme by the country`s international lenders, Chairman of the Board at the Cooperative Central Bank Nikolas Hadjiyiannis said on Thursday.

In statements after a meeting with the Heads of the Troika delegation in Cyprus, Hadjiyiannis noted that the sector`s positive track has been confirmed, along with the strategy that has been followed so far, during an “interesting and substantial meeting” with the European Commission, ECB and IMF representatives.
Cooperative credit institutions go forward, following a stable and serious path, the CCB Chairman said.

Asked about non-performing loans (NPLs), he said that the issue presents a challenge to the country`s financial system and the national economy.
There is already a unit in place to deal with the matter in the right way, Hadiyiannis added and said that there is a concrete plan concenring NPLs.

He explained that the sector`s loan portfolio comprises mainly of small household loans, with an average of 200,000 euros per loan.
Coop`s have the means, the strategy and the will to deal with this matter, within the framework that has been set, Hadjiyiannis concluded.

Cyprus is currently implementing a 3-year fiscal adjustment program, following a deal, reached last year with its international lenders, known as the Troika (European Commission, ECB, IMF).