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%

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