Cyprus Mail

Lending standards unchanged as demand for credit rises

Cypriot banks, plagued with a mountain of non-performing loans, kept their already strict lending standards unchanged in all categories in the third quarter and intend to do so during this quarter, as demand picks up, the Central Bank of Cyprus said.

The standards, practically unchanged since the first three-month period of 2015, will apply to corporate lending as well as consumer credit and mortgages, the bank supervisor said in a statement on its website on Wednesday.

Demand for corporate lending rose in July to September and is expected to remain unchanged until the end of this month, the central bank said. Demand for consumer loans remained unchanged in the third quarter and is not expected to change in the fourth. Demand for mortgages, on the other hand, is expected to further increase during this quarter after doing so the previous quarter.

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