Insider Economy Bad loans in Cyprus down by €17 million at the end of...

Bad loans in Cyprus down by €17 million at the end of October 2020

A further drop of €17 million was recorded in total non-performing loans in October 2020 compared to the end of September 2020.

According to an announcement by the Central Bank of Cyprus (CBC), total lending increased from € 29,992 million at the end of September 2020 to € 30,120 million at the end of October 2020, showing an increase of € 128 million.

As a result, the ratio of non-performing loans to total loans decreased from 21.1% at the end of September 2020 compared to 20.9% at the end of October 2020. The coverage ratio reached 53.9% at the end of October compared to 53.1% at the end of September 2020.

Total loans restructured by the end of October 2020 amount to € 4,051 compared to € 4,096 million at the end of September 2020 of which € 2,916 million continue to be classified as NPLs.

It should be noted that credit institutions apply the definition of NPLs adopted by the European Banking Authority. Based on this definition, when an NPL is restructured it is not immediately reclassified as a performing facility but remains under observation within the NPL category for a further period of at least 12 months, even if the borrower strictly adheres to the new agreed repayment schedule. Therefore, according to the relevant definition, a part of the restructured loans remains non-performing, even if the borrower adheres to the new repayment schedule.

(CNA)

Top Stories

France’s Sarkozy convicted of corruption but likely to avoid jail

Former French President Nicolas Sarkozy was found guilty of corruption and sentenced to three years in prison, a stunning fall from grace for a man who...

What you need to know about the coronavirus right now

Here's what you need to know about the coronavirus right now: Global infections up for first time in 7 weeks, WHO says The number of new...

Tango aficionados meet up in front of the Comedie Francaise

Tango aficionados meet up in front of the Comedie Francaise, Place Colette, amid the coronavirus disease (COVID-19) outbreak, in Paris, France.

Total of 170 U.S. lawmakers urge Biden administration to push Turkey on rights

One hundred seventy members of the U.S. House of Representatives signed a bipartisan letter sent to Secretary of State Antony Blinken urging President Joe...

EU to propose vaccine certificates in time for summer holidays

The European Commission will propose this month an EU-wide digital certificate providing proof of a COVID-19 vaccination that could allow Europeans to travel more...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...