Cyprus Mail

Cooperative Central Bank restructures bad loans worth €324m in Q1

CCB General Manager Nicolas Hadjiyiannis

The Cooperative Central Bank, Cyprus’s second largest lender, restructured a total of 2,680 loans worth €324m the first three months of the year, the Cyprus News Agency reported on Friday, citing the bank’s chief executive officer Nicholas Hadjiyiannis.

The cure rate of restructured loans remains at 80 per cent, Hadjiyiannis said, according to the agency’s report.

The cooperative banks, which received in the past two years almost €1.7bn from the government in of capital injections, also saw for the first time the ratio of 90 days past due loans drop below 50 per cent, the Cyprus News Agency reported.

Hadjiyiannis said that the bank, which is scheduled to have its stock listed at the Cyprus Stock Exchange by 2018 as part of a further capital increase, as the European Commission prohibited Cyprus from further boosting the lender’s capital with taxpayers’ money, aims at restructuring loans worth €1bn this year.

The bank’s non-performing loans stood at €7.6bn at the end of 2015 or 59 per cent of its total loan portfolio.

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