Insider Business Central Bank figures show little success with foreclosures

Central Bank figures show little success with foreclosures

As MPs discuss ways to tighten the NPLs framework, figures from the Central Bank show little success with foreclosures under the regime adopted by parliament in 2015.

The figures show 32 foreclosed properties sold at their first auction in the first quarter, compared to 49 in the previous quarter. These were mostly fields and  rural plots of land. One primary home/apartment was also auctioned. It had a purchase value of  €139,000 and was sold for €135,000.

Another primary home was sold in the last quarter of 2017. It had a purchase value of €692,000 and was sold for €801,000.

Banks have sent warning letters for 5,400 properties since the third quarter of 2015, but only 173 properties have been sold during the first auction. A total of 792 letters were sent in the first quarter of 2018 compared to 647 in the previous quarter.

In the first quarter of 2018, first auctions were scheduled for 301 properties compared to 700 the previous quarter — these concern 8 primary homes/apartments, 49 homes/apartments, 32 commercial properties, 60 plots of land, 145 rural plots of land and 7 properties of other categories.

Second auctions led to the sale of 11 properties in the first quarter of 2018, while five fields were sold directly to third parties after the first auction failed.

Central Bank figures also show a slowdown in loan restructuring compared to the previous quarter. Total loans restructured at the end of the first quarter 2018 was €9.3b compared to €9.8b at the end of December 2017. This represents 27.2% of total loans.

Top Stories

WHO reports record daily increase in global coronavirus cases

The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the total rising by 230,370 in 24 hours. The biggest...

Seven new Covid-19 cases on Sunday

  Seven people have tested positive for coronavirus after 1176 tests, the Health Ministry said on Sunday. Five of the new cases were detected from 301...

Nicosia: Biker in critical condition after collision

  A 19 year old biker is in critical condition in hospital after his bike was involved in a collision with a car on Nicosia's...

Yellow alert for third day in a row

  The heat wave is set to continue tomorrow, with the Met Office issuing yet another extreme high temperature warning -- the third in a...

Any prospects for resumption of Cyprus talks would require termination of Turkish provocations

    Any prospects for the resumption of UN-led talks for a settlement to the Cyprus problem would require the termination of the Turkish provocative violations...

Taste

Kolokasi (Taro Root)

Ingredients: (Serves 4) 1 kg kolokasi (taro) root ½ kg pork (lean belly pork or shoulder) cut into large cubes 6 tbsp olive oil 1 head of fresh celery,...

Moungra

Moungra is a traditional Cypriot mezze which consists in cauliflower pickled in fermented bread dough and typically served as an appetizer or meze. It...

Cheesy Eggplant Rolls

Ingredients 4 Eggplants 2 tbsp olive oil 1 chopped onion, 2 grated carrots 1 garlic clove (sliced) ¾ of the cup finely chopped canned tomato, ½ ts sugar 1 ts oregano 2 tbsp...

Black eyed peas with chard (Louvia me laxana)

Ingredients: 2 cups black eyed peas small lemon (juice) + 1 tsp lemon zest 1 bunch Cypriot chards olive oil & lemon for serving salt & pepper Method: Step 1 Put the...