Cyprus Mail
Cyprus

BoC CEO pushes for action on NPLs

John Hourican

The Bank of Cyprus CEO John-Patrick Hourican on Wednesday urged the business community in Cyprus to increase the legal and political pressure to move towards a faster solution to the issue of non-performing loans (NPLs).

In his closing remarks at the Business Leaders Summit 2018 in Nicosia, Hourican stressed that tolerance of NPLs remains a major hurdle. He also said that of €7bn in troubled loans only one-third concerned truly vulnerable borrowers, but this was causing too much protection for the whole.

“We need to move beyond that,” he said. “Tackling that now leaves us in control of our destiny.”

Hourican also drew attention to the challenges faced by democracies, saying that Cyprus must be alert because it is in a vulnerable region.

He also referred to recent diplomatic incidents in relation to the recent murder attempts on a spy and his daughter in the UK and said that Cyprus should be alert because of the association the country had with Russia.

“It feels to me like the world is just getting a little more dangerous in rhetoric and indeed dangerous actually. We need to be alert to that in Cyprus because we rely on the expression of our safety as a place to come, to ensure our continued economic success,” Hourican said.
During the event, top business executives in Cyprus shared their experiences and talked about the future challenges they face.


Related posts

Ireland supports international law over Cyprus’ EEZ

Peter Michael

How relatives and allies of Cambodia’s ‘iron fist’ leader gained Cypriot citizenship

Reuters News Service

Urban planning changes will create liveable cities, minister says

Evie Andreou

Teen highlights poorly written ‘Greek English’ rape retraction

Nathan Morley

Death threats and political ruckus in wake of Akinci’s Syria remarks

Jean Christou

‘Difficult’ to extend EU-Turkey refugee deal to Cyprus

14 comments

Comments are closed.