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Business Cyprus

House Finance Corporation lawyers currently handling 321 cases of NPLs

House Finance Corporation (HFC) lawyers are currently handling 321 cases of non-performing loans (NPLs), with their total value estimated at €40 mln. Moreover, around 800 loans, worth €100 mln are close to becoming terminated loans and these cases will be sent to courts as well.

At the same time, HFC does not preclude the use of other tools that are already available or will soon become available in the Cypriot banking sector, in order to confront the problem with the NPLs.

Speaking to CNA, HFC Director-General Andreas Georgiou said that NPLs in absolute numbers “remain stable in the past three years, close to €300 mln” and concern a total of 3,000 loans.

The reason for this is, according to Georgiou, borrowers’ complacency that leads to their indifference to cooperate with HFC in order to find viable solutions, knowing that primary homes are protected.

Many do not even reply to the letters we send them, to provide more information regarding their situation, the HFC Director-General has said.

According to data, almost all NPLs at the HFC concern lending to natural persons for homeownership purposes. Total HFC lending amounts to around €700 mln.

CNA

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