Debt-relief scheme will not cover those who are servicing loans says minister
The government said Monday that the Estia debt-relief scheme will apply only to distressed borrowers, excluding those who are able to pay off their loans....
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Non-performing loans (NPLs)
Official launch of Estia scheme to help home owners in arrears
The mortgage-relief scheme Estia for struggling home owners was officially launched on Monday with the opening of applications for the scheme which will be accepted...
CBC chief tells bankers to exhaust all options with NPLs
CENTRAL Bank of Cyprus (CBC) governor Constandinos Herodotou on Thursday met with the chief officers of banks licensed in Cyprus, mainly discussing lenders’ approach to...
Bad debts will fall to single digits, finance minister predicts
The government aims to reduce bad debts to single digits, Finance Minister Harris Georgiades said on Wednesday, as the cabinet approved the strategic fiscal policy...
Economy improving but difficult decisions remain says minister
The government aims to bring public debt below 90 per cent by the end of 2020 and reduce non-performing loans (NPLs) to single digits, Finance...
Troika concerned over persistent NPLs
The Cyprus economy may be demonstrating positive growth rates, but the persisting high levels of public debt and non-performing loans (NPLs) must be addressed, the...
House president defends MPs with NPLs voting on related laws
House of Representatives president Demetris Syllouris said on Friday there was nothing improper with MPs who had non-performing loans voting on related bills, as he...
EU green light expected for contentious bad loan payback scheme
A scheme aimed at helping vulnerable homeowners repay their mortgages is expected to receive the green light from the European Commission sometime in November without...
Minister to unveil controversial scheme to aid debt defaulters
Finance minister Harris Georgiades will next Monday be unveiling the final version of the ‘Estia’ scheme targeted at vulnerable homeowners who are in arrears with...
Bad loans in Cyprus decline by €3.28bn since March
Non-performing exposures (NPEs) in the Cypriot banking system declined to 40.3 per cent of total loans in the end of June, marking a reduction of...
President says he working to ensure sustainable development
President Nicos Anastasiades said on Thursday that the government is continuing to work determinedly towards the development of the economy and to boost main productive sectors....
NPLs up by €14m in May, Central Bank says
Non-performing loans in the Cypriot banking system rose by €13.9m in May, to €19.9m, compared with April, mainly on households failing payments, the Central...
What the new foreclosure bills mean
The package of bills passed by parliament on Sunday makes it easier for financial institutions to remove bad loans from their balance sheets, expedites...
MP facing conflict of interest allegations over loans
Independent MP Anna Theologou is facing accusations of conflict of interest after it emerged that she provided consultancy services to delinquent debtors with their properties...
Implications of the shambolic co-op deal
By Leslie Manison The deal negotiated for the Hellenic Bank to acquire the “good part” of the Cyprus Cooperative Bank (CCB) and for the government...
Keve urges NPL reform in wake of Co-op deal
The Chamber of Commerce and Industry (Keve) on Monday lent its support to Hellenic Bank’s acquisition of the ‘good part’ of the Cyprus Cooperative Bank...
A country and its politicians in denial (Updated version)
By Savvakis C. Savvides Two years ago Les Manison and I published a commentary article with the title “A Reality Check – Facing the Hard...
Deadline for investor interest in co-op extended
The deadline for interested parties to submit binding bids for the acquisition of the co-operative bank or part of it, has been extended to mid-May,...
“Co-op IPO success depends on speedy NPL drop”
By Stelios Orphanides The state-owned Cooperative Central Bank (CCB) needs to reduce its stock of delinquent loans substantially, over the next months, in order to...
Despite tourist boom, hotel NPLs practically unchanged
After two successive years of a strong increase in tourist arrivals, the hospitality industry has done little to pay back its more than €1bn in...