Cyprus Mail
Business Cyprus

BoC cuts interest rates for over 4,000 ‘vulnerable’ borrowers

BoC chairman Christis Hassapis

By George Psyllides

The Bank of Cyprus (BoC) has cut the interest rates to the loans of 4,200 people belonging to vulnerable groups by up to 1.0 per cent, its chairman said on Tuesday.

Christis Hassapis said the lender cut the rate by up to 1.0 per cent on around 3,000 housing loans and 1,200 student loans.

BoC has also restructured the loans of over 1,500 unemployed people, who were also considered to be part of the vulnerable groups of the population.

This was in line with a scheme providing for a monthly instalment of €10 per month for the first year.

The BoC chairman said the scheme could be extended for an additional year if the borrower continued to be unemployed.

Those who found a job were allowed to only pay interest on their loan for the first year of employment.

The Bank of Cyprus is struggling to find its footing following a Eurogroup decision last year to seize large deposits and use them for its recapitalisation.

The decision also included closure of Laiki Bank, the island’s second biggest.


Related Posts

Unions demand full return of Cola, VAT reduction

Vast majority of sports venues fail to meet safety standards, MPs say

Call for drug addicts to have better access to HIV and hepatitis tests

Jonathan Shkurko

Cabinet approves bill to rein in public sector pensions

Sarah Ktisti

Engomi says old State Fair grounds should become a research centre

Jonathan Shkurko

Chrysochos named top Cypriot tennis player at awards

Christodoulos Mavroudis


Comments are closed.