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Coronavirus: applications for loan suspensions reach 23,000

The number of loan applications for suspension of payments for the next nine months at the island’s two largest banks has risen to 23,000, CNA reported on Tuesday.

According to information from the Bank of Cyprus, by Monday afternoon, applications had exceeded 11,000 with the vast majority having been approved.

According to information from Hellenic Bank, applications exceeded 12,000.

Ninety-five percent were from eligible borrowers  – those who were not behind on their payments – while 80 per cent of the applications came from individual borrowers and 20 per cent from businesses.

From the individual borrowers, half related to mortgages.

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