News Local Cyprus holds European record on number of non-performing (‘red’) loans for developers

Cyprus holds European record on number of non-performing (‘red’) loans for developers

The non-preforming loans connected to real estate remain a menace to the Cypriot banking system while their reduction moves at a much slower pace compared to other countries.

According to data announced by the European Banking Authority, Greece and Cyprus are at the two countries with the greatest number of non-performing loans.

Cyprus holds the first place with the most non-performing loans linked to the construction industry with the NPL ratio at 73,8%, with Greece following at 68,3%. The reduction moves at a very slow pace on a trimester basis. In late September it was at 73,8% from 75,1% in late June and 74,4% in late March. The Eurozone average at the end of December 2017 was at 21,4%. The amount of non-performing loans In the construction industry was €3,4 billion at the end of December with a small reduction from €3,8 billion in late March.

Cyprus has the second greatest number of problem loans in the real estate sector with a ratio of 36,8%, with Greece first at 57,6%. In this sector too, the reduction rate of ‘red’ loans is very slow. At the end of September it was at 36,8%, at the end of June 37,2% and at the end of March 37,4%

Top Stories

Everything ready for inoculations among enclaved Greek Cypriots and Maronites

All necessary arrangements have been made to start inoculating against COVID-19 the enclaved population and those who repatriated in the Karpas peninsula and the...

Expert says any relaxations of COVID measures to be made gradually and aimfully

Any relaxations of COVID measures in place until the end of January should be made gradually and aimfully and with a specific procedure, member...

Roads toward Troodos open only to 4WD and vehicles with snow chains

Police are warning drivers heading to Troodos to be careful because of snow and fog and ice. The Karvounas-Troodos, Platres-Troodos and Prodromos Troodos roads are...

Health Ministry introduces new procedure for COVID inoculation appointments

Ηealth Ministry on Tuesday announced a new procedure for COVID inoculation appointments. Cyprus began the vaccination program of its population on December 27th with citizens...

Registration of motor vehicles from the UK

Following Brexit, the Road Transport Department, of the Ministry of Transport Communication and Works, announced the Regulations which now apply for the registration of...

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...