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BoC concedes lending procedures need to be improved

Bank of Cyprus (BoC) said on Monday that lending procedures concerning European funds had to be improved but there was no question of money being withheld.

The issue came up on Friday during the signing of a loan deal with the European Investment Bank (EIB) worth €85 million to the two banks, BoC and Hellenic, earmarked for business investments.

EIB president Werner Hoyer had also received complaints about banks making it overly difficult for them to borrow.

But Harris Pouagare, head of BoC’s retail banking and SME department, sought to clarify that Hoyer was probably referring to the procedures.

“We are trying to solve this problem,” he told state radio.

He said the bank had already granted €24 million to 318 companies as part of Jeremie one and two, which are now closed.

Jeremie three is still running, he said, with €4.0 million granted to 55 companies. The scheme is worth €16 million and provides for loans up to €100,000.

Same went for an older scheme, 2010, involving €80 million.

The new scheme targets larger, mainly new, investments worth between €1.5 million and €12.5 million.

 

 

 

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Source: Cyprus News Agency

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