Cyprus Mail

Coronavirus: almost €900m in loan installments in abeyance, due at year’s end

Some €894m worth of instalments will not be paid to banks until the end of the year on close to €7.4bn in loans, as part of a borrower relief scheme amid the coronavirus crisis.

It followed a bill enabling borrowers to suspend repayment of their loans for nine months, starting in March.

Around 61 per cent, or €4.53bn, concern business loans with the remaining €2.85bn relating to household debt, the central bank said.

Broken down, €632.6m represented instalments that otherwise would have been paid towards business loans.

Over 27,000 borrowers applied to have their instalments suspended – 24,266 households and 2,961 businesses – representing 46,734 credit facilities, as borrowers could apply for suspension of instalments on more than one loan.

The majority, or 38,847, represented household debt.

Almost one-third of the loans concerns the hospitality and catering sector with a gross value of €1.3bn and 384 borrowers, followed by real estate, €910m and 392 borrowers.

Wholesale and retail trade had €677.5 in exposures, and construction €453m. The manufacturing sector owed €304m.

It is followed by professional, scientific, and technical activities with €211m, transport and storage, €150m, health services and social activities, €83m, and education with €73m.

The communication and information technology sectors suspended payment of €40.6m in loans while financial and insurance services had €1.4m.

Related Posts

The Fourth Industrial Revolution: a seductive idea requiring critical engagement

The Conversation

Russian forces turn sights on Lysychansk in battle for eastern Ukraine

Crypto exchange FTX in discussion to acquire stake in BlockFi

Reuters News Service

After pressure from Toyota chief, Japan emphasized support for hybrids

Reuters News Service

Apple ready to bargain with its first US store to unionise

Reuters News Service

Egypt’s strategic wheat reserves sufficient for 5.7 months, minister says

Reuters News Service