During the second quarter of 2023, the lending criteria for businesses and households remained strict, indicating the caution of banks. At the same time, there was a decrease in loan demand, attributed
Political parties are increasing the heat on banks to absorb part of the increased cost of borrowing from interest rate hikes burdening the economy and households. As the European Central Bank prepares
Loan renegotiation in the Cyprus banking system spiked to record levels in the first half of 2023, driven mainly by European Central Bank interest rate hikes to tackle soaring inflation. According to
Pure new credit (excluding renegotiated loan facilities) rose by an annual 1.26% in the first six months, with rate hikes by the European Central Bank affecting mortgages which marked a reduction of
Total new loans in May spiked to €1.07 bln, more than double the previous month due to renegotiated loans for which new contracts were signed, while fresh new credit rose to €536.5
Despite pressures from the government and EU monetary bodies, Cyprus banks still charge higher interest rates for loans and lower rates for deposits than most eurozone countries. Data released by the European
Non-performing loans decreased by €105 mln at the end of March, compared to the end of December 2022, reaching €2.2 bln, according to the Central Bank of Cyprus. The ratio of NPLs
Total new loans decreased to €473.9 mln in April, compared with €922.5 mln in the previous month, as the credit squeeze tightens, the Central Bank of Cyprus said. Regarding deposit rates, it
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
