FINANCE: Cyprus aims to reduce NPLs to a single digit rate over 12 months

Cyprus aims to reduce non-performing loans (NPLs) of Cypriot banks to a single digit rate, said Minister of Finance Harris Georgiades.

He said the Finance Ministry has set the “ambitious goal for the reduction of NPLs to a single digit rate in the next twelve months”.

Since their peak, during the financial crisis years, toxic loans reached €28-29 bln, NPLs are now around €10 bln.

Georgiades said he expected that there would be further progress in addressing the problem by implementing the government’s Estia Plan, to help distressed mortgage borrowers.

According to data from the Central Bank of Cyprus, in December 2018 the share of NPLs on total loans in Cyprus was 30.3%.