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Coronavirus: over 40,000 applications for loan suspension at two main banks

Borrowers at Bank of Cyprus and Hellenic have filed over 40,000 applications for instalment suspension until the end of the year.

To date, Bank of Cyprus received over 20,000 applications relating to over 35,000 accounts.

Some 84 per cent of the applications were filed by private citizens and the rest by businesses. The majority, or 58 per cent, concern housing loans.

Hellenic has also surpassed 20,000 applications with 80 per cent coming from individuals. Out of that, about half concern housing loans while the rest are consumer loans.

Social distancing measures have also seen many people turn to internet banking. Use of Hellenic’s digital channels has seen a 30 per cent year-on-year rise in March.

In the past 15 days, around 4,500 new subscribers have registered for the bank’s online services without having to physically visit a branch.

Bank of Cyprus’ online banking service has seen 4,500 new subscribers in the first three months of the year while 7,000 people have downloaded its mobile app. Around 5,500 new subscribers registered for its quick pay service.

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