Cyprus Mail

Coronavirus: almost €1.2bn in loan installments suspended as of May 8

Up until May 8, banks had suspended some €1.19 billion in installment payments on loans, under a special scheme giving temporary financial relief to individuals and businesses during the Covid-19 emergency measures.

Out of the loans in arrears less than 30 days (performing) and held by banks or credit-acquiring companies, €831.79 million in suspended installments related to corporate loans, and €360.22 million to household loans, for a total of €1.19 billion.

The data, released by the Central Bank of Cyprus (CBC) on Monday, showed that the contractual value of the loans for which installments were sought by borrowers, came to €10.15 billion.

Of the €10.15 billion, €5.96 billion concerned business loans and the remainder household lending.

In total, 43,632 borrowers applied for the scheme, of which 38,3276 were households and 5,305 businesses.

A single borrower may apply for more than one loan installment suspension. Overall, loan installments were approved for 76,057 credit facilities, of which 63,206 related to households and 12,851 to corporations.

Of the corporate loans, the largest batch for which loan installment suspensions were requested concerned the hospitality and catering sector for a gross loan contract value of €1.59 billion and 642 borrowers.

Then came real estate for a gross loan contract value of €1.07 billion, retail at €933.3 million, and construction at €909.2 million.

Next was manufacturing at a gross loan contract value of €378.3 million.

There followed scientific and technical activities at €288.9 million; transport and storage at €192 million; and healthcare and social activities at €109.4 million.

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