The Finance Ministry has stressed the importance of having stable legislation regulating out-of-court auctions in tandem with an effective insolvency framework to achieve a reduction of bad loans. “It is extremely important under
The Central Bank is concerned over a possible rise in non-performing loans following a series of increases in interest rates, as it calls on banking institutions to take pre-emptive measures. Cyprus Central
Cyprus remains the EU country with the highest stock of non-performing loans (assets) of the general government at 20.2% of GDP, according to Eurostat data. This was due to a large transaction
New loans approved by Cypriot banks rose by €217 million in September compared to August, driven upwards by corporate loans of over €1 mln, which rose by 127.6 mln. Furthermore, interest rates
Increased interest revenue from monetary policy normalisation should not overshadow Cypriot banks’ structural vulnerabilities, argued Cyprus Central Bank governor Constantinos Herodotou. Speaking to MPs, Herodotou said Cypriot banks are expected to significantly
Hiking inflation is threatening to halt an upward trend in housing loans from Cypriot banks recorded in the past two years, as interest rates are being pushed up. Cyprus bank officials say
New loans granted by Cypriot banks increased by 15.4% in the first eight months to August compared to 2021, pushed upwards by higher demand for household and business loans. Despite a €182.3
Despite strong inflationary pressures crushing household incomes, the value of new mortgages taken out had reached its highest level since December 2014, when the Central Bank began recording data. Net new mortgage
Debt restructuring declined to €545 mln in the first six months, with loan renegotiations slowing following a record year due to the pandemic as non-performing loans declined to their lowest point since
New credit granted by Cypriot banks increased by nearly 30% in the first five months of the year compared to 2021, pushed upwards by higher demand for household and business loans. According
